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AIG BOARD AUTHORIZES ADDITIONAL PURCHASE OF UP TO 40 MILLION SHARES OF AIG COMMON STOCK
NEW YORK, September 14, 2001 – American International Group, Inc. (AIG) announced today that its Board of Directors has authorized the purchase of up to 40 million shares of its common stock in the open market, in addition to the 10 million shares authorized previously. On September 5, AIG announced its intention to purchase up to 10 million shares of its common stock from time to time in the open market depending upon market conditions.

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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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Contact:

Charlene Hamrah (Investment Community)
212/770-7074

Joe Norton (News Media)
212/770-3144