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NEW YORK--May 3, 2004--AIG Technologies, Inc. (AIGT), a member company of American International Group, Inc. (AIG), today announced a multi-year mainframe outsourcing and business continuity service agreement with Lehman Brothers, the global investment bank.

AIGT will provide utility-based, complete OS/390 mainframe processing services, complementary network support and co-location server hosting for Lehman Brothers. Based on a utility computing model, the engagement calls for the migration and consolidation of Lehman Brothers' operating environment to AIGT's Livingston, NJ data center and ongoing management of the firm's back-office operations. AIGT will also provide business continuity services to Lehman Brothers, employing advanced data storage and replication technologies at its Fort Worth, TX data center facility.

"This agreement is another validation of AIGT's flexible service model, which tailors technology solutions to clients' individual needs," said Paul Madarasz, President of AIG Technologies. "This approach has been an attractive solution for companies that want to outsource mainframe operations or segments of their IT infrastructure such as disaster recovery or the hosting and management of IT assets. We look forward to a long and productive relationship with Lehman Brothers."

"Our partnership with AIG Technologies underscores the Firm's steadfast commitment to continuing to enhance its processing and business continuity capabilities," said Jon Beyman, CIO, Lehman Brothers. "Lehman Brothers looks forward to working with AIGT to provide IT systems and solutions which will benefit our clients worldwide."

Lehman Brothers (NYSE:LEH), an innovator in global finances, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed-income sales, trading and research, investment banking, private equity, asset management and private client services. The firm is headquartered in New York, London, and Tokyo and operates in a network of offices around the world.

AIGT is a leading provider of utility-based IT management solutions, including managed IT outsourcing, server consolidation and application services, to the Fortune 2000. AIGT's data center facilities combine to form an innovative, world-class infrastructure that affords clients with extensive, on-demand processing power, data redundancy, disaster recovery and critical business contingency opportunities.

For more information on AIGT's products and services, please visit AIGT on the web at http://www.aigtechnologies.com, call 800.788.0144 or e-mail aigtinfo@aig.com.

American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 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 services 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 services 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: For American International Group, Inc.
             Andrew Silver, 212/770-3141

    SOURCE: American International Group, Inc.