AIG ACQUIRES ADDITIONAL SHARES OF 20TH CENTURY INDUSTRIES

NEW YORK, July 14, 1998 – American International Group, Inc. (AIG) announced that it has purchased additional shares of common stock of 20th Century Industries (20th Century). AIG now owns approximately 15.4 percent of the outstanding common stock of 20th Century. Upon conversion of the shares of 20th Century convertible preferred stock and exercise of the warrants to purchase common stock that AIG already owns, AIG will own in excess of 50 percent of the outstanding shares of common stock of 20th Century.

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AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

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