AIG SunAmerica Asset Management Corp. Launches First Multi-Managed, Focused Closed-End Fund; SunAmerica Focused Alpha Growth Fund Combines Two Highly Experienced Growth Equity Managers - Marsico and Baron.

JERSEY CITY, N.J. -- AIG SunAmerica Asset Management Corp., the mutual fund and asset management business of AIG Retirement Services, today announced the launch of the SunAmerica Focused Alpha Growth Fund ("FGF"), a closed-end fund that brings together two experienced growth equity managers to invest in large-, mid- and small-cap stocks. The fund is the first closed-end fund offered by AIG SunAmerica Asset Management.

In the initial public offering, 18.5 million shares (plus 2,775,000 shares with the greenshoe option) were issued at $20 a share with a total of $425.5 million raised. Merrill Lynch served as lead manager and A.G. Edwards as co-lead manager for the fund, which started trading today on the New York Stock Exchange under ticker "FGF."

"We are very pleased to offer this fund to the marketplace," said J. Steven Neamtz, president of AIG SunAmerica Capital Services. "We are placing experienced growth equity managers from our open-end Focused Portfolios and blending this large-cap and small-/mid-cap growth expertise investing in our successful Focused closed-end fund."

The new fund utilizes Marsico Capital Management, LLC (Marsico) as its large-cap stock subadviser and BAMCO, Inc. (Baron) as the small- and mid-cap stock subadviser. These firms and their respective founders - Tom Marsico and Ron Baron - are well known for their expertise in growth investing. Marsico will contribute 10 of its favorite stock ideas accounting for approximately 65% of the portfolio while Baron will select 20 of its favorite stocks comprising approximately 35% of the fund. Both Marsico and Baron serve as subadvisers to open-end mutual funds managed by AIG SunAmerica Asset Management. The former is one of three subadvisers to the Focused Large-Cap Growth Portfolio and the latter subadvises one-third of the Focused 2000 Growth Portfolio, which invests in small- and mid-cap stocks.

AIG SunAmerica Asset Management Corp. is the mutual fund and asset management business of AIG Retirement Services, Inc. and a member company of American International Group, Inc. As of May 31, 2005, AIG SunAmerica Asset Management managed and/or administered nearly $42 billion of assets including approximately $10 billion in 38 retail mutual funds.

AIG Retirement Services Inc., a member company of American International Group, Inc., specializes in retirement savings and investment products and services, including individual variable and fixed annuities, group retirement products, mutual funds, financial planning and investment advisory services and guaranteed investment contracts. AIG's retirement services businesses serve seven million customers with retirement savings products and services through its vast distribution network of registered representatives, independent broker-dealers, national and regional securities firms, banks and insurance agencies.

American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

Investors should carefully consider the SunAmerica Focused Alpha Growth Fund's investment objective, strategies, risks, charges and expenses before investing. The Fund's prospectus, which contains this and other information about the Fund, should be read carefully before investing. These securities are being offered and sold only by the underwriters and their selected dealers as described in the prospectus. For a prospectus, please call 800-858-8850, ext. 6003.

THE SUNAMERICA ALPHA GROWTH FUND SHOULD BE CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE INVESTMENT PROGRAM. THE FUND'S EQUITY EXPOSURE AND DERIVATIVE INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN THIS FUND SHOULD BE CONSIDERED SPECULATIVE.

There is no assurance that the SunAmerica Alpha Growth Fund will achieve its investment objective. The Fund is actively managed and its composition will vary. Investing in the Fund is subject to several risks, including: Key Adviser Personnel Risk, Investment and Market Risk, Issuer Risk, Foreign Securities Risk, Emerging Markets. Income Risk, Hedging Strategy Risk, Derivatives Risk, Preferred Securities Risk, Debt Securities Risk, Small and Medium Capitalization Company Risk, Leverage Risk, Liquidity Risk, Market Price of Shares, Management Risk, Anti-Takeover Provisions, Portfolio Turnover Risk and Non-Investment Grade Securities Risk.

With respect to mutual funds managed by AIG SunAmerica Asset Management and distributed by AIG SunAmerica Capital Services, investors should carefully consider any mutual fund's investment objectives, strategies, risks, charges and expenses before investing. The mutual funds' prospectus, which contains this and other information about the funds, should be read carefully before investing. For a prospectus, please call 800-858-8850, ext. 6003.