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AIG AVIATION, INC. INTRODUCES NEW CUSTOMIZED FRACTIONAL AIRCRAFT OWNERSHIP INSURANCE PROGRAM

AIG AVIATION, INC. INTRODUCES NEW CUSTOMIZED FRACTIONAL AIRCRAFT OWNERSHIP INSURANCE PROGRAM

NEW YORK, January 22, 2001 - AIG Aviation, Inc., a member company of American International Group, Inc. (AIG), has introduced an insurance program to provide coverage for Fractional Aircraft Owners.* Fractional Aircraft Ownership, also referred to as Fractional Jet Leasing or Jet Time Sharing, is the fractional purchase or lease of an aircraft by an individual or company.
AIG Aviation's new customized Fractional Ownership Program offers aircraft owners a broad coverage package, providing greater risk management flexibility.

The Fractional Ownership Program combines four distinct coverages relevant to the aircraft owner, which can be individually priced and purchased. A specialized program for the aviation insurance market, the Fractional Ownership Program from AIG Aviation provides coverages for:

Fractional Aircraft Ownership Excess Liability - Coverage provided in excess of the primary aircraft policy for aircraft liability and non-owned aircraft liability.
Non-Owned Aircraft Liability - Non-owned aircraft exposures outside the fractional aircraft owner's aircraft management company's policy.
Contingent Aircraft Physical Damages & Liability - Provided as drop down coverage in selected instances where the primary policy would not provide coverage, or in selected cases where the management company voids coverage for the fractional owner.
Diminution of Value - Coverage provided for reduced resale value of aircraft, if the aircraft has physical damage to the airframe.
For more information on the Fractional Ownership Program, please contact Kyle Sparks, AIG Aviation, Inc., 100 Colony Square, Suite 1000, 1175 Peachtree Street NE, Atlanta, GA 30361, by phone 404/249-1800, or by fax 404/249-1917.

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.

* The above described coverage may not be available in all states, and the above description thereof is neither a complete description nor a complete list of all terms, conditions and exclusions. Note that certain terms used in the above are defined in the policy. Please see the policy for a complete description of its scope and limitations of coverage. Issuance of coverage is subject to underwriting. Insurance is underwritten by member companies of American International Group, Inc.