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AMERICAN INTERNATIONAL GROUP MEMBER COMPANIES TO INCREASE INVESTMENT ACTIVITY IN RUSSIA; COOPERATIVE JOINT VENTURE CREATED IN CONJUNCTION WITH INTERROS HOLDING COMPANY
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NEW YORK & MOSCOW--July 29, 2003--American International Group, Inc. (AIG) today announced the creation of a cooperative joint venture with the Interros Holding Company (Interros) of Moscow. The joint venture permits AIG companies and Interros to bring together their individual strengths to develop investment opportunities that AIG believes are available in Russia.

The AIG-Interros joint venture will generate new investment opportunities in dynamic, high-growth sectors of the Russian economy and seek to deploy significant amounts of capital.

"AIG companies have been operating in Russia for several years and we believe that in the present environment we have the opportunity to expand our business in the region," said M.R. Greenberg, AIG Chairman and Chief Executive Officer. "We are pleased to work with Interros in this joint venture and look forward to the new investment opportunities the joint venture will create."

AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance, and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

CONTACT: American International Group, Inc., New York Andrew Silver, 212/770-3141 SOURCE: American International Group, Inc.