Contacts:
AIG
Investors: Sabra Purtill; +1-212-770-7074; sabra.purtill@aig.com
Media: Daniel O’Donnell; +1-212-770-3141; daniel.odonnell@aig.com
The Carlyle Group
Investors: Daniel Harris; +1-212-813-4527; daniel.harris@carlyle.com
Media: Brittany Berliner; +1-212-813-4839; brittany.berliner@carlyle.com
T&D
Investors / Media: Daizo Hara; +81-3-3272-6103; daizou.hara@td-holdings.co.jp

The Carlyle Group and T&D Holdings Complete Acquisition of Majority Interestin Fortitude Group Holdings from AIG
Fortitude Group Holdings launches as an independent provider of run-off
management solutions, backed by a long-term shareholder base and strong capital
position
NEW YORK, June 2, 2020 and TOKYO, June 3, 2020 -- The Carlyle Group (NASDAQ:CG) and T&D Holdings (TYO: 8795) announced today that they have completed theiracquisition of a 76.6% interest in Fortitude Group Holdings, whose group companies
include Fortitude Re, from American International Group, Inc. (NYSE: AIG). The
transaction, which was first announced in November 2019, closed following receipt ofrequired regulatory approvals and customary closing conditions. At closing, AIG
received approximately $2.2 billion in sale proceeds, including the purchase price of$1.8 billion along with additional consideration paid in accordance with the terms of thepurchase agreement.
Fortitude Re is the reinsurer of approximately $30 billion of reserves from AIG’s Legacy
Life and Retirement Run-Off Lines and approximately $4 billion of reserves from AIG’s
Legacy General Insurance Run-Off Lines related to business written by multiple whollyowned AIG subsidiaries.

Brian Duperreault, AIG’s Chief Executive Officer, said, “Closing this transaction marks
the completion of a significant milestone in AIG’s strategy to efficiently manage ourlegacy liabilities while strengthening our balance sheet and upholding our commitments
to regulators and policyholders. Fortitude Re will continue to be an important partner for
AIG, and I would like to thank colleagues across AIG and everyone who has worked
diligently towards today’s announcement.”
Kewsong Lee, Carlyle’s Co-Chief Executive Officer, said, “Our partnership withFortitude Re represents an important strategic investment that is focused on growing
the platform to bring innovative solutions to the insurance industry. Fortitude Re has
performed remarkably well in the current environment thanks to its robust risk
management, and we believe it is well-positioned to deliver sustainable growth andprofitability. We thank AIG and T&D for their continued partnership and look forward toworking together to drive value for all of Fortitude Re’s stakeholders.”
Hirohisa Uehara, T&D’s Representative Director and President, said, “Despite
increasing uncertainty due to the COVID-19 outbreak around the globe, the successful
completion of this transaction is significantly meaningful for T&D and a strategicallyimportant step towards continued growth of Fortitude Re and our future businesscollaboration. T&D will focus on supporting Fortitude Re by contributing our expertise inlife insurance business in Japan to create synergies with our domestic life insurance
business as well as to diversify our business portfolio. We look forward to working
together with Fortitude Re, AIG and Carlyle in the closed block business.”
Ownership interest in Fortitude Re post-closing remains as outlined in the transaction
announcement: Carlyle and a newly created Carlyle-managed fund hold 71.5 percent,which includes the 19.9 percent stake acquired by Carlyle in November 2018, T&Dholds 25 percent and AIG holds 3.5 percent.
Additional information about Fortitude Re is available on its website athttps://www.fortitude-re.com/.
Additional information from AIG regarding the closing of the transaction will be available
in the Investors section of AIG’s website, https://www.aig.com.
Additional information about T&D’s minority investment will be available in disclosures
T&D will file today with the Tokyo Stock Exchange, which will also be posted on the“News Releases” page of its website: https://www.td-holdings.co.jp/en/news/.

2About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. AIG
member companies provide a wide range of property casualty insurance, life insurance,
retirement solutions, and other financial services to customers in more than 80 countries
and jurisdictions. These diverse offerings include products and services that help
businesses and individuals protect their assets, manage risks and provide for retirement
security. AIG common stock is listed on the New York Stock Exchange. Additional
information about AIG can be found at www.aig.com. References to additional
information about AIG have been provided as a convenience, and the information
contained on such website is not incorporated by reference into this press release.
About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry
expertise that deploys private capital across four business segments: Corporate Private
Equity, Real Assets, Global Credit and Investment Solutions. With $217 billion of assets
under management as of March 31, 2020, Carlyle’s purpose is to invest wisely andcreate value on behalf of its investors, portfolio companies and the communities inwhich we live and invest. The Carlyle Group employs more than 1,775 people in 32
offices across six continents. Further information is available at www.carlyle.com.
Follow The Carlyle Group on Twitter @OneCarlyle.
About T&D Holdings
T&D Holdings, Inc. (T&D) is a publicly listed insurance holdings company of T&D
Insurance Group, which is comprised of three core life insurers, Taiyo Life Insurance
Company, Daido Life Insurance Company, and T&D Financial Life Insurance Company.
Its headquarters is located in Tokyo, Japan. As of March 31, 2020, total assets of T&D
were JPY 16,520 billion. Daido Life has had a long-term business partnership with AIG
in Japan since 1971. In June 2019, T&D established a wholly owned investment
subsidiary, T&D United Capital Co., Ltd. which is the entity that has acquired a 25
percent ownership interest in Fortitude Group Holdings directly, with an aim ofaccelerating the strategic initiatives of T&D.

AIG Forward-Looking Statements
Certain statements in this press release may include projections, goals, assumptions
and statements that may constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, and AIG may make related oral
forward-looking statements on or following the date hereof. These projections, goals,assumptions and statements are not historical facts but instead represent only AIG’s
belief regarding future events, many of which, by their nature, are inherently uncertain3

and outside AIG’s control. These projections, goals, assumptions and statements
include statements preceded by, followed by or including words such as “will,” “believe,”“anticipate,” “expect,” “intend,” “plan,” “focused on achieving,” “view,” “target,” “goal,” or“estimate.” It is possible that AIG’s actual results and financial condition will differ,possibly materially, from the results and financial condition indicated in these projections,
goals, assumptions and statements.
AIG is not under any obligation (and expressly disclaims any obligation) to update oralter any projections, goals, assumptions or other statements, whether written or oral,that may be made from time to time, whether as a result of new information, future
events or otherwise.

The Carlyle Group Forward-Looking Statements
This press release may contain forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements include, but are not limited to, statements related to ourexpectations regarding the performance of our business, our financial results, ourliquidity and capital resources, contingencies, our dividend policy, our expectations
regarding the impact of COVID-19, and other non-historical statements. You can identify
these forward-looking statements by the use of words such as “outlook,” “believes,”“expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,”“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of thesewords or other comparable words. Such forward-looking statements are subject tovarious risks, uncertainties and assumptions. Accordingly, there are or will be importantfactors that could cause actual outcomes or results to differ materially from thoseindicated in these statements including, but not limited to, those described under thesection entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2019 filed with the SEC on February 12, 2020, as such factors may beupdated from time to time in our periodic filings with the SEC, which are accessible on
the SEC’s website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary statements thatare included in this release and in our filings with the SEC. We undertake no obligation
to publicly update or review any forward-looking statements, whether as a result of newinformation, future developments or otherwise, except as required by applicable law.
This release does not constitute an offer for any Carlyle fund.

4T&D Holdings Forward-Looking Statements
Statements in this press release that relate to future results and events areforward-looking statements based on T&D’s current expectations. Actual results
and events in future periods may differ materially from those expressed or impliedby these forward-looking statements because of a number of risks, uncertainties
and other factors. All statements other than statements of historical fact arestatements that could be deemed forward-looking statements. Actual events may
differ materially from those indicated by such forward-looking statements. Inaddition, the forward-looking statements represent T&D’s views as of the date on
which such statements were made. Subsequent events and developments could
cause T&D’s views to change. Although T&D may elect to update these forward looking statements at some point in the future, it specifically disclaims any
obligation to do so. These forward-looking statements should not be relied upon as
representing T&D’s views as of any date subsequent to the date hereof .

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