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NEW YORK, July 7, 2003 – American International Technology Enterprises, Inc. (doing business as AIG Technologies), a member company of American International Group, Inc. (AIG), today announced a multi-year mainframe outsourcing services agreement with The Stanley Works (Stanley), a worldwide supplier of tools, hardware and door systems for professional, industrial and consumer use. With the agreement, Stanley will leverage AIG Technologies' (AIGT) “pay according to use” computing model, which the company has been employing continuously for over eight years.

Under the terms of the agreement, AIG Technologies will provide utility-based, complete OS/390 processing services and complementary mainframe support for Stanley. On-going management of Stanley's back-office operations was assumed by AIGT on May 11, 2003, after Stanley's operating environment was effectively migrated to AIGT's Livingston, NJ data center in less than 90 days.

“AIGT's flexible approach provides a true value-add solution that meets Stanley's mainframe processing requirements,” said Paul Madarasz, President of AIG Technologies. “Outsourcing a commodity function such as mainframe processing is becoming more and more prevalent amongst businesses today. With AIGT handling Stanley's back-office operations, Stanley is not only positioned to better manage cost, but it is also freed to focus on strategic IT initiatives that improve its core competencies and allow the company to better serve its vast customer base. AIGT is pleased to have such a well-known, successful firm as Stanley as a client and looks forward to a long-term, value-driven relationship.”

The Stanley Works, an S&P 500 company, is a worldwide supplier of tools, hardware and door systems for industrial, professional and consumer use. More information about The Stanley Works can be found at http://www.stanleyworks.com. AIG Technologies is a leading supplier of information technology solutions, including applications geared to the insurance industry, data center outsourcing and consulting services. AIGT's data center, located in northern New Jersey, is a world-class information processing facility with 5,000 MIPS of mainframe capacity as well as significant mid-range (SUN, HP, AS/400) and server configurations. Presently, the data center supports data processing for more than 100 companies worldwide.

For more information on AIGT's products and services, please visit AIGT on the Internet at http://www.aigtechnologies.com, call 1-800-788-0144 or e-mail aigtmarketing@aig.com.

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.

Andrew Silver
Public Relations Manager