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NEW YORK, July 31, 1998 - American International Group, Inc. (AIG) has reached an agreement with UNIBANCO-Uniao de Bancos Brasileiros S.A. (Unibanco) to acquire a 50 percent interest in Prever S.A. Seguros e Previdencia (Prever), the second largest private pension company in Brazil. Established in Brazil twenty years ago by Unibanco, Prever today manages the pension funds of individual clients as well as large corporations and small to medium-sized companies.

AIG and Unibanco had previously established a wide-ranging 50-50 insurance cooperative venture, through which AIG and Unibanco exchanged joint ownership of their life and general insurance interests in Brazil.

Commenting on the announcement, AIG President and Chief Operating Officer Evan G. Greenberg said, "AIG's acquisition of 50 percent of Prever, one of Brazil's strongest pension companies, underscores the scope of the AIG Unibanco partnership in this important growth market. AIG and Unibanco are well positioned to provide quality insurance and financial products to the Brazilian market, and AIG is pleased to have this opportunity to expand our relationship with Unibanco and our presence in Brazil."

Unibanco's Chairman Pedro Moreira Salles added, "Although Unibanco's relationship with AIG dates from October 1997, we have perceived such complementarities and shared perceptions in this relatively short period, that we are excited to expand our relationship through the pension fund business. This is a market that presents huge potential to which the joint-venture can bring great expertise by pooling together Unibanco's and AIG's experiences."

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

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