Aviva UK: Building A Global Asset Management Business, December 2008

Building a global asset management business
Investor and analyst briefing on Aviva Investors and UKGI, 9 October 2008
08 October 2008 page 1

Disclaimer
This presentation may include oral and written “forward-looking statements” with respect to certain of
Aviva’s plans and its current goals and expectations relating to its future financial condition, performance
and results. These forward-looking statements sometimes use words such as ‘anticipate’, ‘target’, ‘expect’,
‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’ or other words of similar meaning. By their nature, all forward-
looking statements involve risk and uncertainty because they relate to future events and circumstances
which may be beyond Aviva’s control, including, among other things, UK domestic and global economic
and business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the
policies and actions of regulatory authorities, the impact of competition, the possible effects of inflation or
deflation, the timing impact and other uncertainties relating to acquisitions by the Aviva Group and relating
to other future acquisitions or combinations within relevant industries, the impact of tax and other
legislation and regulations in the jurisdictions in which Aviva and its affiliates operate, as well as the other
risks and uncertainties set forth in our 2007 Annual Report to Shareholders. As a result, Aviva’s actual
future financial condition, performance and results may differ materially from the plans, goals and
expectations set forth in Aviva’s forward-looking statements, and persons receiving this presentation
should not place undue reliance on forward-looking statements.
Aviva undertakes no obligation to update the forward-looking statements made in this presentation or any
other forward-looking statements we may make. Forward-looking statements made in this presentation are
current only as of the date on which such statements are made.
1. A strong foundation
2. Vision Alain Dromer
3. Brand
4. Key levers of financial performance

Paul Abberley
Richard Field
Greg Boal
5. Investment in growth
Alain Dromer
6. Summary
3. Brand

Paul Abberley
Richard Field
Greg Boal
Alain Dromer
6. Summary
1. A strong foundation - Alain Dromer
Aviva Investors today
AUM by geography AUM by asset class AUM by client
Poland 1.4%
Australia 1.9% Spain 0.4% Other 3%
Fixed income Intermediary 5%
Ireland 3.2% Cash 10% 49%
Institutional
US 8.4%
Real estate 13%
12%
France
27.2%
UK 57.5% Equities 26% Internal 82%
£235 billion in assets under management

Data as of 30 June 2008
5
Revenues by geography Revenues by client

Intermediary 12%
Asia 4%
Europe 8%
Institutional
16%
US 11%
Internal 72%
France 13%
UK 64%
£400 million of annual revenues

Data as at 31 December 2007
6
Proportion of Aviva Investors

to Group IFRS profits
3,000
FY H1 H1
Operating profit £m 2007 2007 2008
Aviva Investors 2,500 6.6%
Profits in £ millions
UK 70 33 28
Europe 43 21 19 2,000
North America 27 11 13
Asia 7 3 1 1,500 4.9%
5.9%
Total 147 68 61
1,000
Cost: income ratio 62% 65%
Cost: AUM bps 10.2 10.9 500
AUM £bn 240 235

0
FY 2007 H1 2007 H1 2008
Aviva Group Aviva Investors
7
Good core capabilities with scale, areas to develop
Asia-Pac
Asia-Pac ex
ex Emerging
Emerging
Asset
Asset Class
Class Global
Global UK
UK Europe
Europe N
N America
America Japan
Japan Japan
Japan Markets
Markets
Fixed
Fixed Income
Income
Equities
Equities
Real
Real Estate
Estate
Quant/Index
Quant/Index
Structured
Structured
Protected
Protected
TAA
TAA
Alternatives
Alternatives
Convertibles
Convertibles
Private
Private Equity
Equity
0 1 2 3 0 1 2 3 0 1 2 3 0 1 2 3 0 1 2 3 0 1 2 3 0 1 2 3
Quality of capability Scale 0 = No capability 1 = Sub-scale 2 = Fit for purpose/change required for scaling up 3 = Fully scaleable
8
Recognised strengths
● European Pensions Awards 2008 – ● Estates Gazette awards 2008 –

Property Manager of the Year Norwich Union Life and Pension
fund managed
● UK Pensions Awards 2008 and
2007 – Property Manager of the ● La Tribune: French asset
Year management business ranked 5th
best global asset manager
● Eurohedge Awards 2007 and 2006
– G7 Fund awarded Fixed Income ● Pension and Investment Provider
Hedge Fund of the Year awards 2008 - Money Market Fund
category winner
● Financial Review Smart Investor
Awards 2008 – Elite Opportunities ● Engaged Investor Trustee Awards
Trust, awarded Best Australian – Best Trustee Education Provider
Equity – Large-Cap Share Fund
● Thomson Extel SRI Survey, 2007 –
● Financial News Excellence in No.1 fund manager
Institutional Management Awards,
Europe 2007 – Best Property
Manager
9
Experienced management team in place
Alain Dromer
Chief Executive
Paul Abberley Craig Bingham Greg Boal Eric Duval de Ian Womack
Chief Executive Chief Executive Chief Executive Aviva la Guierce Chief Executive
Aviva Investors Aviva Investors Aviva Investors Chief Executive Aviva Investors
London Asia Pacific North America Aviva Investors France Real Estate
Veronique Arnoldi Siobhan Boylan Richard Field Chris Oglethorpe

Chief Technology Chief Finance Global Investment Chief Operating
Officer Officer Solutions Director Officer
10
3. Brand

Paul Abberley
Richard Field
Greg Boal
Alain Dromer
6. Summary
2. Vision - Alain Dromer
One Aviva Investors, doubling contribution to

the group
Single, global,
integrated asset
manager
Aspiration to
increase operating
‘One Aviva,
profit four times by
twice the value’
2012
Investing for growth
12
3. Brand

Paul Abberley
Richard Field
Greg Boal
Alain Dromer
6. Summary
3. Brand - Alain Dromer
360° asset management. 100% focused on you.
Reinsert ad
14
3. Brand - Alain Dromer
The successful launch of our global brand
Aviva structures around low and high

Aviva investors launches with eye
risk barbell theory
on growth
Aviva combines operations into new

division
Aviva Investors to boost hedge fund-

style products Aviva Investors dilancar
Aviva groups investment operations

into new unit
Aviva Investors formally launched Aviva- Fonds endgültig unter Dach

with more than £235 billion assets and Fach
under management
Aviva Investors se donne cinq ans

pour devenir une référence
mondiale
Aviva aims to be valuable asset in Fund manager Portfolio Partners has

global market changed its name to Aviva Investors
15
Australia
3. Brand
Driving investment performance Paul Abberley, Richard Field

Growth of third party business Greg Boal
Cross-border sales
New and existing market presence Alain Dromer
Improved operational efficiency
Alain Dromer
6. Summary
Driving investment performance - Alain Dromer
Unbundling our portfolios to exploit market trends
Creating more externally marketable products by unbundling

Aligning capabilities to the evolving market traditional core mandates for our clients
AUM by Product Type Single Market Impact to 2011E AUM by Product Type Aviva
Aviva Investors vs Current and Projected Market Equity Fund client Investors vs. Market Forecast
Before
4% 5% 8% 4% 8%
6% 2% £ 1bn @ 6% 7%
7% 12bps
28% Target Fee = £1.2m
FT100
40%
+1% 72%
40%
72% Tracking 20%
error 2%
50% 18% 25%

20%
Aviva Investors Market
18% 25%
15% £300m
After
@28.3bps 8% 8%
Target 5% 7%
Aviva Investors Market AUM Market AUM
FT100 25%
AUM Dec 2007 2006A 2011E +3.25% 40%
Tracking £700m
Absolute/ Hedge Funds Fee = £1.2m
error 6.5% @5bps
Active extension Target
40%
20%
High alpha FT100
Tracking
Enhanced index/ core 22% 25%
error 0.05%
Passive
Aviva Investors Market
Oliver Wyman analysis Illustrative example
Based on sample from Mercer GIMD/Datastream 17
Driving investment performance - Alain Dromer
Flexible component toolkit to meet client requirements
RealEstate
Real Estate
HighAlpha
High Alpha––
Indexing
Indexing Asia
Asia
HighAlpha
High Alpha––
London
London
Asset
Asset Solutions Building
allocation
allocation Capability
HighAlpha
High Alpha––
NorthAmerica
North America
Structured
Structured HighAlpha
High Alpha––
Products
Products Europe
Europe
Multi-manager
Multi-manager
Real Estate Long only Private Equity

funds funds funds 18
3. Brand

Cross-border sales
Alain Dromer
6. Summary
Driving investment performance - Paul Abberley
Local resources, global consistency
Our manufacturing capability
Aviva Investors London

High Alpha Equities Aviva Investors
High Alpha Fixed Income Europe
Aviva Investors
Asia Pacific
Aviva Investors
North America
20
Driving investment performance - Paul Abberley
Local specialist teams, network benefits
The network in practice:

Global Credit Research Platform
High Alpha Team A
Investment research
Best practice
Investment process
innovation
Technology
High Alpha Team B
21
Driving investment performance – Richard Field
Global Investment Solutions
Global activities
● Macroeconomic analysis
● Strategic and tactical asset allocation
● Portfolio construction and risk
UK management
● Quant/index funds
North
Global Europe
America
Regional activities, coordinated globally
● Structured product development
Asia Pacific ● Solutions design
● Manager research
● Investment mandates within multi-asset
funds
22
Driving investment performance – Richard Field
New and established capabilities
Asset allocation Strategic investment advice
+ +
Client-centric
Internally Externally
investment
managed funds managed funds
solutions
+ +
Structuring Ongoing portfolio management
23
3. Brand

Cross-border sales
Alain Dromer
6. Summary
Growth of third party business - Greg Boal
North America
● Leverage best practices, capabilities, and

products
Optimise global ● Raise organisational capacity limits to mobilise
business and transformation agenda
operating models
Key Initiatives
● Key element of success

● Investment in client service, direct sales,
Build Business distribution capacity
Development
● Leverage other distribution centres
● Accelerate Aviva Investors brand recognition

Grow in existing and with North American consultants and potential
new markets clients
● Target growth segments
● Deliver demand oriented investment solutions
25
Growth of third party business - Greg Boal
North America
Growth goals Key initiatives underway

● Materially increase top line revenue from external ● Penetrating market through more robust consultant
clients relationships
● Attain broad US equity capability ● Leverage insurance company distribution
● Leverage existing capabilities
● Distribute credit research strength
● Penetrate Institutional market, Canada and US
● Building distribution capacity
● Product launches:
Capabilities
● Global High Yield
Current Under Near future
Strategy capabilities development capability ● Investors Diversified Fund of Funds in December,
Fixed income 2008
Structured products ● Canadian Core Plus solution

Convertibles ● WealthPro Managed Account
Equities 9 ● Ensuring internal client satisfaction
Hedge funds 9
Liquidity funds
Capable now Limited capability No capability
26
3. Brand

Cross-border sales Alain Dromer
New and existing market presence
6. Summary
Cross-border sales - Alain Dromer
Optimised to deliver performance to clients
● Creating a scalable infrastructure
● Leveraging our Luxembourg SICAV platforms
● New funds recently launched on platform
● Externalising our successful internal capabilities
● Opportunity to grow cross-border business tenfold
28
3. Brand

Cross-border sales
6. Summary
New and existing market presence - Alain Dromer
Deeper penetration in mature markets; entry in high

growth markets
2012 market portfolio
Romania Bubble size
High
represents
Aviva Investors
forecast
Poland revenues in
China
Market growth 2007-2012 (%)
2012 (£m).
Middle East
India
Singapore
Italy
Ireland
Nordic Australia
North America
UK
Spain
France
Low
Germany
Small Market size Large
Source: Cerulli Associates, 'Cerulli quantitative update: Global markets 2007', June 2007.
30
New and existing market presence - Alain Dromer
Real estate: From UK market leader to top 3 truly

global player
Now 2012
Revenues (% mix) Revenues (% mix)
Global securities 1% Global securities
Asia 2%
12%
Europe 12%
Europe UK 42%
UK 85% 22%
Asia 24%
Internal
Internal 43% Third Party 57% 29%
Third Party
71%
31
3. Brand

Cross-border sales
Improved operational efficiency Alain Dromer
6. Summary
Improved operational efficiency - Alain Dromer
Rationalised systems, streamlined operational model
Research
Decision support
Portfolio risk
Client services and

construction
management
Full portfolio view Client reporting
Portfolio
Performance
Fund performance Query management
Rebalancing
Pre - trade Attribution Relationship management

Order placement
compliance
Order management New business

development
Trade execution
Stock lending Trade capture Product development and

management
Post trade compliance

Investment administration
Trade settlement Business risk
Corporate action
Financial accounting
processing
Finance
Transfer
Fund servicing Corporate governance
agency
Valuation Fee billing
Unit pricing Legal

● Standard processes and global system
Key
Portfolio accounting ● Multiple processes and multiple systems
● Standard processes and multiple systems
33
3. Brand

Cross-border sales
5. Investment in growth Alain Dromer
6. Summary
5. Investment for growth - Alain Dromer
Investment in distribution, product development and

marketing
North America 2007 2012

FTEs: 6 45
High growth
UK 2007 2012
FTEs: 54 105
Medium growth
Asia 2007 2012
FTEs: 9 80
High growth
Europe 2007 2012

FTEs: 15 55
Medium growth
35
3. Brand

Cross-border sales
6. Summary Alain Dromer

6. Summary – Alain Dromer
Positioned for growth
Achieved to date:
9 Built the executive team
9 Re-branded globally
9 Reshaped the investment portfolios
9 Have developed some global capabilities
Work in progress:
9 Continuing to improve investment performance
9 Recruiting investment professionals
9 Strengthening our solutions platform
9 Investing and expanding our third party distribution capability and cross-border sales
37
38

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Building a global asset management business

08 October 2008 page 1

2. Vision Alain Dromer

4. Key levers of financial performance

2. Vision Alain Dromer

4. Key levers of financial performance

Aviva Investors today

AUM by geography AUM by asset class AUM by client

£235 billion in assets under management

Aviva Investors today

Revenues by geography Revenues by client

£400 million of annual revenues

Aviva Investors today

Proportion of Aviva Investors

Cost: AUM bps 10.2 10.9 500

AUM £bn 240 235

Aviva Group Aviva Investors

Good core capabilities with scale, areas to develop

● European Pensions Awards 2008 – ● Estates Gazette awards 2008 –

Experienced management team in place

Veronique Arnoldi Siobhan Boylan Richard Field Chris Oglethorpe

2. Vision Alain Dromer

4. Key levers of financial performance

One Aviva Investors, doubling contribution to

Investing for growth

2. Vision Alain Dromer

4. Key levers of financial performance

360° asset management. 100% focused on you.

The successful launch of our global brand

Aviva structures around low and high

Aviva combines operations into new

Aviva Investors to boost hedge fund-

Aviva groups investment operations

Aviva Investors formally launched Aviva- Fonds endgültig unter Dach

Aviva Investors se donne cinq ans

Aviva aims to be valuable asset in Fund manager Portfolio Partners has

2. Vision Alain Dromer

4. Key levers of financial performance

Driving investment performance Paul Abberley, Richard Field

Unbundling our portfolios to exploit market trends

Creating more externally marketable products by unbundling

50% 18% 25%

Flexible component toolkit to meet client requirements

Real Estate Long only Private Equity

2. Vision Alain Dromer

4. Key levers of financial performance

Driving investment performance Paul Abberley, Richard Field

Local resources, global consistency

Our manufacturing capability

Aviva Investors London

Local specialist teams, network benefits

The network in practice:

High Alpha Team A

High Alpha Team B

Global Investment Solutions

New and established capabilities

Asset allocation Strategic investment advice

2. Vision Alain Dromer

4. Key levers of financial performance

Driving investment performance Paul Abberley, Richard Field

● Leverage best practices, capabilities, and

● Key element of success

● Accelerate Aviva Investors brand recognition

Growth goals Key initiatives underway