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AMERICAN INTERNATIONAL GROUP, INC. AND AMERICAN GENERAL CORPORATION TO BEGIN MERGER DISCUSSIONS

AMERICAN INTERNATIONAL GROUP, INC. AND AMERICAN GENERAL CORPORATION TO BEGIN MERGER DISCUSSIONS

NEW YORK, April 10, 2001 - American International Group, Inc. (AIG) announced today that it has signed a confidentiality agreement with American General Corporation (AGC) and that the parties will commence discussions immediately regarding AIG's April 3, 2001 offer to acquire American General.

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.