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AIG BOARD REVOKES AUTHORIZATION TO PURCHASE SHARES OF AIG COMMON STOCK IN EXCESS OF 10 MILLION SHARES
NEW YORK, October 12, 2001 – American International Group, Inc. (AIG) announced today that its Board of Directors has revoked its previously existing authorizations to purchase shares of AIG common stock in the open market in excess of 10 million shares. The AIG Board had authorized the purchase of up to 10 million shares on September 5, and authorized the purchase of an additional 40 million shares on September 14, for a total of 50 million shares.

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AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG’s global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. 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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