American Financial Group Issues Preliminary Estimate on Recent New York City Tragedy September 25, 2

September 25, 2001

American Financial Group Inc. issued a preliminary estimate of its expected losses from the terrorist attacks of September 11, 2001. Based on information available at this time, AFG estimates that its pre-tax losses after reinsurance will be less than $20 million. The company has limited property exposures and expects losses to come principally from excess liability and workers’ compensation coverages.

Carl H. Lindner, AFG’s chairman and CEO stated: “We extend our prayers and deepest sympathies to the families and friends of those who lost their lives in this horrible tragedy. We, as all Americans, are repulsed by the tragic events of last week. Our Company and its employees support the efforts of the U. S. government and those of all peace loving nations to restore world order.”

Through the operations of the Great American Insurance Group, AFG is engaged primarily in private passenger automobile and specialty property and casualty insurance businesses and in the sale of retirement annuities, life, supplemental health and long-term care insurance products.

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