Aviva Investors

February 2011

Index Opportunities Fund

2

I t d d diIntended audience

This document is for investment professionals onlywith retail investors or pension scheme members.

y. The content is not approved for use

3

I t d tiIntroduction

• An absolute return product managed by an exp

• Fund performance, and why the short term oppyterm objective

perienced and stable team

portunity is even more attractive than our long y g

4

An experienced and stable team

A hi hl kill d i dA highly skilled, experienced an

Richard Field Executive Director Investment Solution

Dr. Iyad Farah Director of Quant S(15 yrs industry, 10

Ed Wiltshire Quant Fund Manager(16, 9)

Ned Kelly Index Fund Manag(12, 9)

Ruy Alves Quant Fund Manager

Russell Harris Index Fund Manage

Michael Cole Quant Fund Manager

(17, 13) (26, 26)

Brad Beardsell Index Fund Manag

Working together for a numbeWorking together for a numbe

Quant Fund Manager(13, 13)

Index Fund Manag(6, 3)

Working together for a numbeWorking together for a numbe

d t bl tnd stable team

of Global ns

Solutions0yrs Aviva)

Jerome NunanClient Portfolio Manager

Richard SaldanhaQuant Analyst(4, 3)

ger

Amelia SavoryQuant Analyst

(4, 3)

er(3, 3)

ger

er of years at Aviva Investorser of years at Aviva Investors

ger

6

er of years at Aviva Investorser of years at Aviva Investors

A t d tAssets under management

Index (beta)

Index £3.3bn

£4.4bn £8.5

FWI £1.1bn

IndexO t fOutperforma

0.25% to

Data as at 30 June 2010

Quant (alpha)

5bn £1.4bn

x +ance range o 1.5%

7

I d h t f UK tfIndex enhancement of UK portf

Performance of a sub portfolio targeting a retuIndex enh

0.70

0.80

0.90

0 40

0.50

0.60

0.12 0.10

0.24

0 10

0.20

0.30

0.40

0.02 0.020.00

0.10

Q1 2008 Q2 2008 Q3 2008 Q4 2008 1 Year 2008

Q2008

This is the outperformance of an UK FTSE All Share index trackinthe portfolio is to replicate the FTSE All Share. The outperformancthose used in Aviva Investors Index Opportunities Fund

Information provided gross of fees

Source: Aviva Investors. Data as at 31 March 2010

f lifolio

rn of 0.25% p.a. hancement

0.790.85

0.000.04 0.03 0.03

Q1 2009 Q2 2009 Q3 2009 Q4 2009 1 Year 2009

Q1 20102009

ng sub portfolio, with NAV of over £5bn. The primary objective of ce enhancement is achieved using similar arbitrage techniques to

8

Gl b l t itiGlobal opportunities

Region Provider

US S&P

US Russell

US DJ TSM

World MSCI

World FTSEWorld FTSE

Europe Eurostoxx50

Europe Stoxx600

E FTSE 100Europe FTSE 100

Europe CAC 40

Europe DAX

Asia Topix

Asia Nikkei

EMs MSCI

• Additions: Stocks with market capitalisation higher th• Deletions: Stocks whose capitalisation has dropped

Frequency 2010 date

4 x p.a. Mar, Jun, Sep, Dec

12 x p.a. All except Nov

12 x p.a. Monthly

4 x p.a. Feb, May, Aug, Nov

4 x p a Mar Jun Sep Dec4 x p.a Mar, Jun, Sep, Dec

1 x p.a. Sep

4 x p.a. Mar, Jun, Sep, Dec

4 M J S D4 x p.a. Mar, Jun, Sep, Dec

4 x p.a. Mar, Jun, Sep, Dec

4 x p.a. Mar, Jun, Sep, Dec

12 x p.a. Monthly

1 x p.a. Oct

4 x p.a. Feb, May, Aug, Novp y g

han existing index membersbelow companies not in the index.

9

An overview of the product

K f tKey features

• Absolute return: objective is to outperform

• Low risk: The fund manager targetsaverage of 5%.

• Market neutral: each portfolio position is sbasket of securities

• Maximum exposure: 200% gross (100% long pmainly hold cash

• Global: using indices across Euroemerging markets, such aS&P’s indices

• Fund indicators: Bloomberg ticker: AVISIN: LUSedol: B4

the 1 month Euribor by 5% pa

s annual volatility of less than 7.5% with an

systematically hedged with futures, ETFs or

plus 100% short), but also periods when fund will

ope, North America, Japan, Asia Pacific and as Eurostoxx50, Dow Jones, FTSE, MSCI, Topix,

VIOPEI LX EquityU04699309854V66J5

11

The opportunity is now

Th t it iThe opportunity is now

• While historical data suggests the strategy is cover the long term, opportunities are particular

• The credit crunch has resulted in many banks asset managers have been slow to step into th

• Share placings look set to rise, presenting extr

capable of delivering a consistent source of alpha rly attractive at the present time

scaling back proprietary trading activity, while he void.

ra profitable opportunities

13

St th f i d d ETFStrong growth of index and ETF

US: Index fund and ETF assets as a share of all long-term mutu

16

18%

12

14

8

10

4

6

0

2

93 94 95 96 97 98 99 00 01 093 94 95 96 97 98 99 00 01 0

Index Funds

Source: Investment Company Institute, Greenwich Associates, Empirical Res

F t t iF strategies

ual fund and ETF assets (1993 through July 2009)

02 03 04 05 06 07 08 0902 03 04 05 06 07 08 09

ETFs

search Partners Analysis and Estimate.

14

I di d b l iIndices and rebalancing

Index Review / RebalaIndex Rebalance

MSCI WorldFour times per annumFeb, May, Aug, NovMSCI World Feb, May, Aug, Nov

Russell 3000 Once each year

FTSE 100 Four times per annumFTSE 100 Four times per annumMar, Jun, Sep, Dec

• Announcement date: Occurs on a regular, preindex providers announce which stocks will be deleted. Index managers have a number of da

i htiweightings

• Effective date: The date when stocks are offictraded

ance ExampleExampleMay 2010Add – 42 (including CitiGroup, Redback Mining, TEVA Ph i l )TEVA Pharmaceuticals)Delete – 45

Jun 2010 Add 24 (R1000) + 237 (R2000)Add – 24 (R1000) + 237 (R2000)Delete – 4 (R1000) + 201 (R2000)

Jun 2010Add – 2 (African Barrick Gold, ESSAR EnergyAdd 2 (African Barrick Gold, ESSAR EnergyDelete – 2 (Thomas Cook Group, London Stock Exchange)

edetermined (for each global index) date when added to the index and which stocks will be ys to align with new index positions and

cially in or out of the index and can officially be

15

I t li idit d iImpact on liquidity and price

AGK LN (Addition)

14,000

nds)

10,000

12,000

volu

me

(Tho

usan

6,000

8,000Dai

ly v

2,000

4,000

001 Dec 09 Dec 17 Dec 25 Dec

FTSE 100 Review, December 2009Addition - AggrekoDeletion – Rentokil

Source: Bloomberg as at 31 December 2009.

AGK LN (Addition)

14,000

nds) 1,000

10,000

12,000

men

t (Th

ousa

n

900

950

6,000

8,000

Dai

ly V

olum

850

900

2,000

4,000

750

800

001 Dec 09 Dec 17 Dec 25 Dec

700

Announcement Date – 09/12/09Effective Date – 21/12/09

16

U d l i t tUnderlying strategy

AGK LN (Addition)

12 000 000

14,000,000

volu

me

8,000,000

10,000,000

12,000,000

Dai

ly v

4,000,000

6,000,000

-

2,000,000

01-Dec 03-Dec 07-Dec 09-Dec 11-Dec 15-

Volume

Action: go long additions and short del

Source: Bloomberg as at 31 December 2009

950

penc

e)

850

900

Pric

e (£

p

750

800

-Dec 17-Dec 21-Dec 23-Dec 29-Dec 31-Dec700

750

Price (RHS)

etions Action: go short additions and long deletions

17

A b l t t t tAn absolute return strategy

Performance of additions and deletions from MSCI W(between Announcement Date and Effective Date)

20%

30%

0%

10%

-20%

-10%

-30%

20%

Feb-03 Nov-03 Aug-04 May-05 Feb-06

Additions D

Source: RBS as at 28 February 2010

World Index

Nov-06 Aug-07 May-08 Feb-09 Nov-09

Deletions Event return

18

Th t it i il blThe opportunity is available acr

MSCI World Add-Del Strategy (HSBC)

6%

7%

ateg

y

4%

5%

6%

% R

etur

n of

stra

1%

2%

3%

%

-2%

-1%

0%

T-0 T+2 T+4 T+6 T+8 T+10 T+12

Trading days based around a

% Positive success (RHS) Average of trad( ) g

Source: HSBC as at 28 February 2010

th ldross the world

80%

90%

etur

ns

60%

70%

80%

% P

ositi

ve R

e

30%

40%

50%

0%

10%

20%

T+14 T+16 T+18 T+20 T+22 T+24

announcement date

ding recommendations MSCI World rebasedg

19

I t tInvestment process

FilterIdea generation

Portfolio construction

Groundwork:index rules and

t k i

Exclusions:Stock specific

t l t

Market neutral:beta, sector,

istock price movement

catalysts, insufficient

liquidity

currency, region

Passive Active and passive ActiveIn

put

p

Combining multiple skiCombining multiple skiCombining multiple skiCombining multiple ski

Close outMonitoringImplementation

Trading:Putting on

iti

Adjustment:Volume, l tilit P&L

Trading:Closing out

itipositions volatility, P&L positions

Passive Active and passive Passivep

lls to generate returnslls to generate returns20

lls to generate returns lls to generate returns

Ri k t i t l tRisk management is central to

Fund managers manage risk bExclusion of non-liquidity factors

Portfolio construction

Focus on short term beta and maBalance across sectors and regioManaging overall leverage and riPerformanceUnwind when liquidity premium is

Managers

monitoring

Managers

Unwind

Low confidence in mis-pricing

Mi iMinim

0% po

ththe process

by:

arket neutral positioningonsisk in line with confidence levelss exhausted

s vary risk as shown belows vary risk as shown belowNormal

High confidence in mis-pricing

mum

ositionMaximum

+ 5% position

21

T i l i k l iTypical risk analysis

Rexel (Bloomberg ticker: RXL FP): added to F

Risk factorPre-Announcement Date confidence level

Trading volumes required for index funds to rebalance

Stock specific riskp

Liquidity for exit

Position size

Hedge available

Execution:Execution:

• Bought RXL FP on 31 August 2010, sold futures

• Continuous monitoring of fundamental news flow

• Close out position and hedge on 13 September 2

Source: Aviva Investors, 22 October 2010

FTSE Europe, September 2010

Result of analysisVery high confidence that stock would be included

6 days average daily volume

No company announcements forecast for RXL or similar p ycompanies during anticipated holding period

Medium size company, easy to sell on exit

1.25% appropriatepp p

European futures

as hedge

w and trading volumes during the trade lifetime

2010

22

H d i b t i kHedging beta risk

Strategy success depends on effective hedging

• Initial objective is to create market neutral baskhedging longs (inclusions) with appropriate sho

• If there are insufficient stocks to balance the popappropriate future or ETF (dependent on regio

• Beta is monitored using our desktop risk packag p pzero as possible – both at the implementation

• We monitor the “beta curve” of each stock and30 days out to two years.

g

kets within the same country or currency –orts (exclusions).

ortfolio, we hedge the mismatch with an gon, country, currency or sector)

age to ensure the portfolio has beta as close to g pof the trade, and for its duration.

d basket continuously – looking at beta horizons of y g

23

Li iti d id i kLimiting downside risk

Since inception (23 April 2010) • Average position size has been 0.85%, with a

• Five days VAR@ 95% confidence has always

Back testingBack testing• Using mid-September portfolio, and limiting ea

figures:• For 95% confidence 3 72%• For 95% confidence 3.72%• For 99% confidence 5.26%

Source: Aviva Investors, 22 October 2010

median of 0.73% and max of 2.11%

been between 0.2% - 0.45%

ach stock position to 1%, results in 1 year VAR

24

Th t t i k t tiThe target risk-return equation

Long portfolio

Portfolio Leverage / net exposure

2.5% Alpha(ungeared)

Gross exposure up to 200%

Short portfolio

2 5% Al h

Geared Alpha

Annual volatility

5%

2.5% Alpha(ungeared)

Annual volatility (2.5%-7.5% range) 5%

Net exposure0%

Beta returns 0%

0%Annual volatility 0%

Risk / return equation

Portfolio return

5%0%

Beta Alpha

5% = +

Portfolio

5%0%5%

Portfolio risk

5%0%

Beta Alpha

5% = +

Portfolio

Information ratio = 1

25

MSCI W ld b l M 2MSCI World rebalance – May 2

Date Event ActiDate Event Acti

April/early May Idea generation Broksecu

FilteFilter Filteexclu

7 May Implementation Esta

11 May (after COB) Announcement date11 May (after COB) Announcement date

12 May onwards Monitoring

ClosexistshorClos

26 May (after COB) Effective date Clos

27 May Idea generation Esta27 May Idea generation over

Five best

UNI IM Unipol Gruppo +0 17%UNI IM Unipol Gruppo +0.17%

SPWRB US Sunpower Corp +0.15%

LUPE SS Lundin Petroleum +0.14%

FSA IM Fondaria SAI +0.12%

AER CN Groupe Aeroplan +0.12%

Source: Bloomberg and Aviva Investors as at 24 May 2010

20102010

ononker discussions – identification of approximately 60 urities

r list of potential candidates suggested by brokers (e gr list of potential candidates suggested by brokers (e.g. ude MYGN US). Shortlist 12 longs and 12 shorts

ablish long and short positions

se out positions not included in announcement, increase ting positions. Also implement further 13 longs and 14 rtsse out positions as excess trading occurs

se out remaining positions (approx 10 longs and 10 shorts)

ablish long (x5) and short (x1) positions in oversold and rbought securities

Five worst

CON GR Continental 0 18%CON GR Continental - 0.18%

SIK SW Sika - 0.07%

CIT US CIT Group - 0.06%

KPLD SG Keppel Land - 0.06%

26MTGB SS Modern Times - 0.05%

P f i i tiPerformance since inception

Performance versus benchmark

3.5

4

4.5

2

2.5

3

1

1.5

2

-0.5

0

0.5

Apr-10 May-10 Jun-10 Jul-10 Aug-10

Aviva Investors Index Opportunities I EUR (MF)

1 Month1 Month%

Aviva Investors Index Opportunities I EUR -0.95

EURIBOR 1 Month 0.07

Source: Lipper Hindsight as at 31/01/2011. Data is representative of share cFigures do not take into account the costs incurred on the issue and redemp

k since inception to 31/01/2011

Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

EURIBOR 1 Month (IN)

h 3 Months 6 Months YTD 1 Year Since Launchh 3 Months 6 Months YTD 1 Year Since Launch% % % % %

0.39 1.75 -0.95 3.2

0.21 0.37 0.07 0.58 0.49

27

lass I and is provided net of fees w ith gross income reinvested in GBP. ption of shares. Past performance is not a guide to the future.

MSCCI Rebalance – November 2010

L h i 01 S 20Lanxess share price 01 Sep 20

S Bl bSource: Bloomberg

010 t 15 D 2010010 to 15 Dec 2010

L i t d fLanxess intraday performance

S Bl bSource: Bloomberg

30 N 2010– 30 Nov 2010

L t di l t lLanxess trading volumes at clo

Time Interval Close NetChg OpeTime Interval Close NetChg Ope16:00 ‐ 16:05 53.19 0.32 52.816:05 ‐ 16:10 53.38 0.19 53.116:10 ‐ 16:15 53.53 0.15 53.316:15 ‐ 16:20 53.56 0.03 53.516:20 ‐ 16:25 53.66 0.1 53.516:25 ‐ 16:30 53.56 ‐0.1 53.616:30 ‐ 16:35 53 6 0 04 53 516:30 ‐ 16:35 53.6 0.04 53.516:35 ‐ 16:40 54.3 0.7 54.216:40 ‐ 16:45 54 ‐0.3 54.216:45 ‐ 16:50 54.05 0.05 54.016:50 ‐ 16:55 54.02 ‐0.03 54.016:55 ‐ 17:00 54.1 0.08 54.17:00 ‐ 17:0517:05 ‐ 17:10 54.02 ‐0.08 54.017:05   17:10 54.02 0.08 54.0

Volume on 30  Nov 2010Cl i l / d il l %

Source: Bloomberg

Closing vol / daily vol %

30 N 2010ose - 30 Nov 2010

n High Low Tick Volumen  High   Low Tick Volume87 53.19 52.8 145 47,452         17 53.4 53.11 153 34,098         38 53.53 53.38 165 40,130         52 53.56 53.42 141 32,646         56 53.72 53.54 118 37,604         65 53.76 53.49 145 82,957         56 53 6 53 53 10 2 64856 53.6 53.53 10 2,648         27 54.3 54 3 4,198,228   22 54.22 53.99 9 2,531           05 54.05 54.05 1 100               05 54.05 54.01 3 913             1 54.1 54.1 2 290               

02 54.02 54.02 2 18802 54.02 54.02 2 188             

0 5,470,201   % 76 75% 76.75         

B k t i t d fBekaert intraday performance –

S Bl bSource: Bloomberg

30 N 2010– 30 Nov 2010

B k t t di l t lBekaert trading volumes at clos

 Time Interval  Close  NetChg Open16:00 ‐ 16:05 71.57 0.38 71.216:05 ‐ 16:10 71.74 0.17 71.5516:10 ‐ 16:15 71.91 0.17 71.7616:15 ‐ 16:20 72.06 0.15 71.9316:20 ‐ 16:25 72.07 0.01 72.0616:25 16:30 72 58 0 51 72 0716:25 ‐ 16:30 72.58 0.51 72.0716:30 ‐ 16:35 73.21 0.63 73.2116:35 ‐ 16:40 73.21   unch 73.2116:40 ‐ 16:4516:45 ‐ 16:50

Volume on 30  Nov 2010Closing vol / daily vol %

Source: Bloomberg

30 N 2010se - 30 Nov 2010

 High    Low Tick  Volume71.57 71.12 168 15,367         71.86 71.44 180 18,375        ,71.91 71.7 171 13,115         72.16 71.87 217 18,466         72.12 71.78 195 14,276         72 58 72 07 315 40 05472.58 72.07 315 40,054       73.21 73.21 480 1,847,680   73.21 73.21 1 130               

2,371,895  , ,77.90           

A d i t d fAmadeus intraday performance

S Bl bSource: Bloomberg

30 N 2010e – 30 Nov 2010

I d t i d i t d fIndustrivarden intraday perform

Source: Bloomberg

30 N 2010mance – 30 Nov 2010

Stoxxx 600 addition – January 2011

B t h i 01 O t 20Brenntag share price 01 Oct 20

Source: Bloomberg

010 t 24 J 2011010 to 24 Jan 2011

E t f 01 O tEurostoxx performance 01 Oct

Source: Bloomberg

2010 t 24 J 20112010 to 24 Jan 2011

B t t d J 2011Brenntag trade – January 2011

Source: BloombergSource: Bloomberg

Biographies

I d F h Di t f Q tIyad Farah – Director of Quant

Iyad Farah, Director of quant solutioJoined Investment Industry in 1996

Main responsibilitiesMain responsibilitiesOverall responsibility for active quant p

Experience and qualificationsp qIyad joined Aviva Investors in 2000.

Iyad was previously a senior quantitativthat he was a quantitative analyst at Nthat, he was a quantitative analyst at N

He was a senior research associate atinvestment career in 1996.

Iyad holds a BSc in Aeronautical EnginAeronautical Engineering from the UnivM th ti f th U i it f WMathematics from the University of Waof Investment Management and ReseaManagement Certificate.

S l tiSolutions

ons

process and management of Active Quant funds.

ve analyst at Union Bancaire Privee and prior to NPI for three yearsNPI for three years.

t the University of Wales before beginning his

neering from Technion in Israel, an MSc in versity of Manchester and a PhD in Applied l Ab t th I d i b f th I tit tales, Aberystwyth. Iyad is a member of the Institute

arch (IIMR) and holds the UKSIP Investment

41

N d K ll F d MNed Kelly – Fund Manager

Ned Kelly, Fund managerJoined the investment industry in 1998

Main responsibilitiesMain responsibilitiesIndex funds and futures execution

Experience and qualificationsp qNed joined Aviva Investors in July 200

Previously, he worked for Legal & Genanalystanalyst.

Prior to L&G, he was with Barclays Glo

Ned holds a BA (Hons) in European Buand the UKSIP Investment Manageme

8

1.

neral Investment Management as an index fund

obal Investors as a client accountant.

usiness Systems from London Guildhall University ent Certificate.

42

J N Cli t P tf liJerome Nunan – Client Portfoli

Jerome NunanClient Portfolio Manager for Index Oservices industry in 1998

Main responsibilitiesTo provide a primary link between incommunication of investment messamanagement in all areas related to I

Experience and qualificationsJerome joined Aviva Investors in AugJerome joined Aviva Investors in Aug

Before joining Aviva Investors, Jeromthe British Army with the Royal Tanky y

Jerome holds a BA (Hons) in Modera MBA from Cranfield University, Sc

Mo Manager

Opportunities Fund. Jerome joined the financial

nvestment and distribution teams through ages, to support business development and product g pp p pIndex Opportunities Fund and Securities Lending.

gust 2009gust 2009.

me spent 8 years at Deutsche Bank and 10 years in k Regiment. g

n Languages from the University of East Anglia and hool of Management.

43

Other funds

P d t d i d f li t

Developing our Quant and Index proposition

Products designed for client ne

2002 2006 2009 …building

Multi-factor quant Multi-factor quant Multi-factor quantMulti factor quantmodels

Long-short + long only

Multi factor quantmodels

Multi factor quantmodels

Research on call overwriting

Global income funds

Global income funds

Research on Fundamental Indexation

Fundamentally weighted funds

Index team know-how on index rebalancing

strategies

InCapaDepth of research

Regional models and long-short expertise

deeds

The future for Quant SolutionsQuant research to lead us into new products2010g momentum…

Multi-factor quant

FWI 130/30

INC

Multi factor quantmodels

Ind opps

Trend Following?

Global income funds

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+ Index Capability

Minimum Variance

Di t ’

High Quality?!Fundamentally weighted funds

Directors’ Dealing?

dex abilities

Index opps fund New research

!

!

130/30 global funds

Minimum variance

Trend following

High Quality

Directors Dealing

45Future HF long-

short

!

I t t i f tiImportant information

For further information on our services, or to discu

Jerome NunanClient Portfolio ManagerAviva Investors Global Services LimitedAviva Investors Global Services Limited No, 1 Poultry London, EC2R 8EJt l +44 (0) 20 7809 8031tel. +44 (0) 20 7809 8031 mail: jerome.nunan@avivainvestors.com

ss how we can help please contact:

46

I t t i f ti (1)Important information (1)

Except where stated as otherwise, the source of all information is ADecember 2010.Any opinions expressed are based on the internal forecasts of Avivaguarantee of return from an investment managed by Aviva Investorrecommendations of any nature.Performance figures sourced from Lipper Hindsight and illustrated oOther information sourced from Aviva Investors. The value of an inresponse to changes in exchange rates. Past performance is not aThe distribution and offering of shares may be restricted by law in crecommendation or offer by anyone in any jurisdiction in which suchmake such an offer or solicitation. For Germany: Copies of the Full and Simplified Prospectus togethecharge from Aviva Investors Global Services Limited Zweigniederlacharge from Aviva Investors Global Services Limited, ZweigniederlaMain, Deutschland or from Aviva Investors, 34 avenue de la LibertéFor Austria: The "Raiffeisen Zentralbank Österreich AG", Am Stadpaying agent within the meaning of § 34 InvFG. Accordingly, the redÖsterreich AG", Am Stadtpark 9, 1030 Vienna. The prospectus, theÖsterreich AG , Am Stadtpark 9, 1030 Vienna. The prospectus, thereport, once published, are available at the office of the "RaiffeisenAviva Investors Luxembourg, 34 avenue de la Liberté, 4th floor, L-1For Spain: Copies of the Full and Simplified Prospectus together wand registered with CSSF in Luxembourg and CNMV in Spain are aSucursal en España, Calle Velázquez 47, 2 dcha, 28001 Madrid, Esor from Aviva Investors Luxembourg, 34 avenue de la Liberté, 4th f

Aviva Investors Global Services Limited (Aviva Investors) as at 31

a Investors and they should not be relied upon as indicating any rs. No part of this document is intended to constitute advice or

on a bid to bid, gross income reinvested basis in the currency shown. nvestment in the fund can go down as well as up and can fluctuate in a guide to the future.certain jurisdictions. This document should not be taken as a h an offer is not authorised or to any person to whom it is unlawful to

er with the Report and Accounts of the SICAV are available free of assung Deutschland An der Hauptwache 7 60313 Frankfurt amassung Deutschland - An der Hauptwache 7, 60313 Frankfurt am é, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25708.dtpark 9, 1030 Vienna, has been appointed by the Company as the demption of shares can be made via the "Raiffeisen Zentralbank

e articles of association, the last annual report and the semi-annuale articles of association, the last annual report and the semi annual Zentralbank Österreich AG", Am Stadtpark 9, 1030 Vienna or from 930 Luxembourg. R.C.S. Luxembourg B25708.

with the Report and Accounts of the SICAV which are approved by available free of charge from Aviva Investors Global Services Ltd, spaña. NIF: W0069758D. Inscritos en la CNMV con el número 33, loor, L-1930 Luxembourg. R.C.S. Luxembourg B25708.

47

I t t i f ti (2)Important information (2)

For Switzerland: Fortis Foreign Fund Services AG, Rennweg 57, 8g , g ,Swiss representative of the Fund and acts also as paying agent. Cand Accounts and articles of the SICAV are available from Aviva FuR.C.S. Luxembourg B25708. For Italy: Copies of the Full and Simplified Prospectus together witfrom Aviva Investors Global Services Limited, Corso Matteotti, 10, 2from Aviva Investors Global Services Limited, Corso Matteotti, 10, 2de la Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg BFor Luxembourg; Norway: Copies of the Full and Simplified Prospavailable free of charge from Aviva Investors Global Services LimiteLuxembourg B25708.F UK F C i f th F ll d Si lifi d P t tFor UK, France: Copies of the Full and Simplified Prospectus togecharge from Aviva Investors Global Services Ltd, No. 1 Poultry, Lonla Liberté, 4th floor, L-1930 Luxembourg. R.C.S. Luxembourg B25

On 1 April 2008 the SICAV changed its name from Aviva Morley to p g ythe current fund range before investing.

Aviva Investors Global Services Ltd, registered in England No. 1151Authorised and regulated in the UK by the Financial Services Autho

Contact us at Aviva Investors Global Services Ltd, No. 1 Poultry, Lo

10/1426

8023 Zurich was authorised by the Federal Banking Commission as y gopies of the Full and Simplified Prospectus together with the Report

und Services, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg.

h the Report and Accounts of the SICAV are available free of charge 20121 Milano, Italia or from Aviva Investors Luxembourg, 34 avenue20121 Milano, Italia or from Aviva Investors Luxembourg, 34 avenue B25708.pectus together with the Report and Accounts of the SICAV are ed, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg. R.C.S.

th ith th R t d A t f th SICAV il bl f fther with the Report and Accounts of the SICAV are available free of ndon EC2R 8EJ or from Aviva Investors Luxembourg, 34 avenue de5708.

Aviva Investors. Please read the current Prospectus for full details of p

1805. Registered Office: No. 1 Poultry, London EC2R 8EJ. ority and a member of the Investment Management Association.

ondon EC2R 8EJ

48