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NEW YORK, August 23, 2000 – American International Group, Inc. (AIG) has announced that the Ukrainian Ministry of Finance has granted AIG Ukraine a license to operate a general insurance company. AIG Ukraine will market a full range of property-casualty insurance products to Ukrainian commercial entities and consumers.

The General Manager of AIG Ukraine will be Igor Kovalenko. Before joining AIG Ukraine, he served as Marketing Director of Aska, a Ukrainian general insurer. AIG Ukraine will be headquartered in Kiev.

Commenting on the license, AIG Executive Vice President Martin J. Sullivan said, “AIG is the leader in providing insurance coverages in emerging markets. Our network of companies in Central Europe and the C.I.S. is by far the most extensive established by any insurance organization. Ukraine offers considerable potential market for insurance products which, by providing financial security and stability, have proved important to the growth and economic development of emerging economies around the world.”

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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 and personal 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.