Great American to Sell Interest in Cincinnati Reds

American Financial Group, Inc. today announced that its subsidiary, Great American Insurance Company, intends to sell all of its interest in the Cincinnati Reds baseball team. This follows the Reds’ recent announcement that the current owners plan to sell a controlling interest in the Reds to a group of Cincinnati investors.

Great American owns approximately 15 percent of the Reds, and has been an investor in the club since 1981. If the transaction is completed under the terms announced by the Reds, AFG would expect to recognize an after-tax gain of approximately $15 million.

While a definitive agreement has not yet been signed, and any sale will be subject to customary conditions, including regulatory and Major League Baseball approvals, the parties hope to close the transaction in the fourth quarter of 2005.

Great American Insurance Group will remain the naming rights sponsor of Great American Ball Park, home of the Cincinnati Reds. The team finished the 2005 season in fifth place in the National League Central Division.

Through the operations of the Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of retirement annuities, supplemental insurance and life products.