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NEW YORK, July 13, 1999 - American International Group, Inc. (AIG) announced today that it has entered into a multi-year agreement with the United States Tennis Association to sponsor the U.S. Davis Cup tennis team. The agreement begins with Centennial Davis Cup tie between the U.S. and Australia at Longwood Cricket Club in Boston July 16-18. The sponsorship includes promotional rights surrounding the U.S. Davis Cup team, an AIG patch on U.S. Davis Cup player warmups, advertising time on ESPN's Davis Cup telecasts, entertainment and hospitality opportunities at all home U.S. ties as well as on-site signage at home ties. AIG is serving as presenting sponsor of the Davis Cup by NEC U.S.-Australia Centennial Davis Cup tie.

"The Davis Cup is among the premier international sports competitions and our involvement with the USTA and the United States team provides a good opportunity to advance awareness of AIG's insurance, investment management and financial services operations, both here and around the world," said Evan G. Greenberg, AIG President and Chief Operating Officer. "We are excited, in this the Centennial Year of the Davis Cup, to be supporting the U.S. team and join tennis fans around the country in wishing the team the best of luck."

AIG is currently the only company sponsoring the U.S. Davis Cup team. The U.S. team facing Australia will include stars such as Pete Sampras, Jim Courier and Todd Martin.

Davis Cup by NEC is the oldest, most prestigious annual international team competition in the world. The competition began in 1900 when Dwight Davis instituted an annual tournament in which tennis players would visit each other's countries for matches. The United States has won more Davis Cup titles than any other nation with 31. In 1999, 129 nations are competing in Davis Cup play. The United States and Australia are in the 16-team Davis Cup World Group, which consists of the top tennis-playing nations that compete annually for the Davis Cup trophy. Other nations participate in zonal competition, which serves as a tiered qualifier for the 16-team World Group.

AIG is the leading U.S.-based international insurance organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial lines insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services and investment management 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.

Founded in 1881, the USTA is a not-for-profit organization with more than 530,000 individual members and more than 6,000 organizational members. As the national governing body for the sport of tennis in America, the USTA uses its $154 million annual budget to promote and develop the growth of tennis, from the grassroots to the professional levels. The USTA owns and stages the US Open and also selects the teams that compete in Davis Cup, Fed Cup, the Pan American and Olympic Games. The USTA's web site address is www.usta.com.