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20th Century Industries Issues Statement of Clarification

14 August 1998

20th Century Industries Issues Statement of Clarification in Response to News Story

    WOODLAND HILLS, Calif.--August 14, 1998--20th Century Industries , the Woodland Hills-based insurance holding company, today released the following information to clarify a statement attributed to a Company spokesman concerning the voting rights of certain members of the Company's board of directors. The attribution was contained in a Reuters news story dated August 13, 1998.
    The Investment and Strategic Alliance Agreement approved by 20th Century's holders of common stock on December 15, 1994, provided for certain voting rights of directors representing holders of Series A preferred stock. Those rights include, but are not limited to, matters concerning the nature of certain securities, corporate governance, mergers and acquisitions, and certain dividend transactions.
    As of August 10, 1998, American Home Assurance Company, a subsidiary of American International Group, Inc. (AIG) held 200 shares of Series A preferred stock, according to information contained in its Schedule 13D, Amendment 11, filing of August 10, 1998.
    20th Century Industries is the eighth largest publicly held personal automobile insurer in the United States. Founded in 1958, the company is traded on the New York Stock Exchange under the trading symbol TW. The Company's wholly owned subsidiaries, 20th Century Insurance Company and 21st Century Casualty Company, market personal automobile and personal excess liability insurance.
    Both insurance subsidiaries sell directly to consumers without agents. 20th Century Industries is headquartered at 6301 Owensmouth Avenue, Woodland Hills, Calif., 91367; 818/704-3514. 20th Century's address on the Internet is www.20thCenturyInsurance.com.