Independent auditor's report to the directors of Aviva plc

on the consolidated Aviva Market Consistent Embedded Value (MCEV)

We have audited the consolidated Aviva MCEV financial statements of Aviva plc for the year ended 31 December 2008 which comprise a Market Consistent Embedded Value basis Summarised consolidated income statement, the Consolidated statement of recognised income and expense, the Reconciliation of movements in shareholders’ equity, the Summarised consolidated balance sheet, the Reconciliation of shareholders’ equity, the Group MCEV analysis of earnings and the Segmentation of summarised consolidated balance sheet and the related notes M1 to M15. The consolidated Aviva MCEV financial statements have been prepared in accordance with the basis of preparation.

We have reported separately on the statutory Group financial statements of Aviva plc for the year ended 31 December 2008. The information contained in the consolidated MCEV financial statements should be read in conjunction with the financial statements prepared on an IFRS basis.

This report is made solely to the Company in accordance with our engagement letter dated 28 July 2008. Our audit work has been undertaken so that we might state to the Company those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

The directors are responsible for preparing the consolidated Aviva MCEV financial statements under the basis of preparation.

Our responsibilities, as independent auditor, in relation to the consolidated Aviva MCEV financial statements are set out in our engagement letter dated 28 July 2008. We report to you our opinion as to whether the consolidated Aviva MCEV financial statements have been properly prepared in all material respects in accordance with the basis of preparation. We also report to you if we have not received all the information and explanations we require for our audit of the consolidated Aviva MCEV financial statements.

We read other information contained in the Annual Report and Accounts and consider whether it is consistent with the consolidated Aviva MCEV financial statements.

Basis of audit opinion

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the consolidated Aviva MCEV financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the consolidated Aviva MCEV financial statements, and of whether the accounting policies are appropriate to the Group’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the consolidated Aviva MCEV financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the consolidated Aviva MCEV financial statements.

Opinion

In our opinion the consolidated Aviva MCEV financial statements for the year ended 31 December 2008 has been properly prepared, in all material respects, in accordance with the basis of preparation.

Ernst & Young LLP
London
4 March 2009