25 August 2017 AVIVA TO SELL ITALIAN JOINT VENTURE TO BANCO BPM Aviva Italia Holding SpA ("Aviva") today announces that it has exercised an option to sell its entire 50% shareholding in its joint venture in Italy, Avipop Assicurazioni S.p.A. ("the joint venture") and its wholly owned subsidiary Avipop Vita S.p.A. ("AV") to Banco BPM S.p.A [1] ("Banco BPM"). The joint venture is owned by Aviva and Banco BPM and, together with AV, distributes life and general insurance products in Italy through Banco BPM's bank branch network. Today's announcement follows a notification received by Aviva on 29 June 2017 of Banco BPM's intention to not renew its bancassurance agreement with Aviva. In 2016, the two businesses contributed £0.2bn to Aviva's IFRS net assets 2 and generated approximately £14m IFRS operating profit before tax3. Aviva formed a bancassurance partnership in protection and general insurance with the former Banco Popolare in 2007. As is customary in bancassurance arrangements, the original agreement between Aviva and Banco Popolare included an option for Aviva to sell its entire shareholding to the bank in the event of a termination of the distribution agreement. The value of the put option will be determined according to terms set out in the shareholders' agreement and will be announced in due course. Proceeds will be received in cash on completion. Aviva's joint ventures in Italy with UBI, UniCredit, as well as business units Aviva Life S.p.A. and Aviva Italia S.p.A. are unaffected. Aviva Italy offers life and general insurance products to over two million customers. Its product offering includes life, protection, motor, home and personal and commercial lines. At full year 2016 Aviva Italy ranked as the 7 th largest insurance group in Italy. It benefits from well- diversified distribution including partnerships with UBI Banca, Unicredit, Banca Popolare di Bari, a strong and growing franchise with IFAs and a distribution network of over 500 multi tied agents. Maurice Tulloch, CEO Aviva International Insurance, said: "This transaction will realise value for Aviva shareholders and will allow us to invest further in our future growth. Aviva has momentum in Italy and I am confident about our prospects. We are now in a good position to grow our business further, with our partners and through digital." Enquiries: Media Yasmin Saleh +44 (0)20 7662 8710 Analysts Chris Esson +44 (0)20 7662 8115 Notes to editors: • Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers. • In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index. • Aviva's asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion. • Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016. • By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society. • The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive. • For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us • For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/ • Follow us on twitter: www.twitter.com/avivaplc/ • Follow us on LinkedIn: www.linkedin.com/company/aviva-plc • For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva • We have a Globelynx system for broadcast interviews. Please contact the Press Officer noted above if you would like to make a booking. • Aviva's LEI code is YF0Y5B0IB8SM0ZFG9G81 1 Banco BPM S.p.A. was formed by the merger of Banco Popolare and Banca Popolare di Milano and started to operate on 1 January 2017. The acquiring entity may be Banco BPM or its nominee. 2 £0.2bn contribution to net assets or £0.4bn contribution to gross assets 3 Contribution to Aviva Group's profit net of minority interest .