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  1. 1. Press Release 26 November 2007 MORLEY INTRODUCES EURO-HEDGED SHARE CLASS FOR ATAA FUND Morley the fund management arm of Aviva plc, is pleased to announce the introduction of a new Euro-hedged share class for the Aviva Morley Absolute TAA Fund. The fund, which will be managed by Morley Interim Chief Investment Officer Adrian Jarvis and Steve Cleal, is a Sub-Fund of the Aviva Morley SICAV and will invest in global equities, bonds and currencies. TAA, or Tactical Asset Allocation, strategies seek to evaluate the attractiveness of a range of asset classes across all regions and countries and to position a portfolio to benefit from pricing inefficiencies. The Euro-hedged share class is designed for institutional investors seeking to diversify their existing portfolio. It uses Index Futures and Forward Foreign Exchange contracts to establish active positions, ensuring that trading costs are low compared to physical securities. This structure means that a small amount of capital can be used with the aim of generating significant additional return. “We’re excited to announce the launch of the Euro-hedged share class in response to demand from our Euro investors who are becoming less and less inclined to bear any currency exposure,” Mr Jarvis said. “Absolute return assets are gaining in popularity, particularly with the recent stock market rout and accompanying sharp decline in government bond yields. “These factors have only served to illustrate the merits of greater diversification at a time when volatility in global markets means that tactical asset allocation strategies are coming into their own and making assets such as the Absolute TAA Fund more popular,” Mr Jarvis said. Morley’s specialist Strategy and Multi Asset Funds team currently manages Global Tactical Asset Allocation (GTAA) overlays on assets in excess of 118.9 billion euros (as of 29 June, 2007). - Ends -
  2. 2. For more information contact: Angela Warburton Corporate Communications Telephone: 020 7809 8618 Notes to Editors The value of an investment in the fund can go down as well as up and can fluctuate in response to changes in exchange rates. Investor may not get back the original amount invested. Past performance is not a guide to the future. Copies of the Full and Simplified Prospectus together with the Report and Accounts of the SICAV are available free of charge from Morley Fund Management Limited, No. 1 Poultry, London EC2R 8EJ or from Aviva Fund Services, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25708. Morley Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £167bn ( 240bn) from offices around the world as at 30 September 2007. Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Morley name. The property team manages in excess of £31bn ( 45bn) of UK and European property assets. Awards Best Property Manager - Financial News Excellence in Institutional Management Awards, Europe 2007 Morley ranks no.1 fund manager in the Thomson Extel SRI Survey, 2007 Property Manager of the Year, UK Pensions Awards 2007 Morley’s G7 Fund awarded Fixed Income Hedge Fund of the Year, Eurohedge Awards 2006 Equity End User of the Year – Derivatives Week DEAL Awards 2006 Property Fund Manager of the Year, Pensions Management Awards 2006 Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006 Property Fund Manager of the Year, Property Week Awards 2006 SRI Provider of the Year, Global Pensions 2006 Central European Property Awards 2005 - Outstanding Company of the Year & Investor of the Year UK Pensions Awards 2005 – Property Manager of the Year Aviva Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world’s fifth largest insurance group based on gross worldwide premiums at 31 December 2006. Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006. The Aviva media centre at includes images, company and product information and a news release archive. Morley Fund Management Limited Morley is a business name of Morley Fund Management Limited, registered No. 1 Poultry, London EC2R 8EJ in England No. 1151805. Registered Office: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated in the UK by the Financial Services Phone +44 (0)20 7809 6000 Authority and a member of the Investment Management Association. Fax +44 (0)20 7489 7940 Morley is also a business name of Morley Fund Services Limited and Morley Pooled Pensions Limited. All are Aviva companies. Telephone calls Web may be recorded for training and monitoring purposes. MFM/07/1135. Email