THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

American Financial Group, Inc. (AFG)

4/12/2006 Proxy Information

Messrs. Martin and Ambrecht currently serve as directors of the Company’s subsidiary, Great American Financial Resources, Inc. Mr. Ambrecht was a Managing Director with First Albany Capital from July 2004 until December 2005. For more than five years prior to that, Mr. Ambrecht was a Managing Director with Royal Bank Canada Capital Markets. From time to time, the Company has purchased or sold securities through these companies in the ordinary course of business, for which we paid customary commissions or discounts. The amounts involved were deemed by AFG’s Board of Directors not to be material in amount.

From time to time, the Company has transacted business with affiliates. The financial terms of these transactions are comparable to those which would apply to unrelated parties.

An AFG subsidiary owns a 29% interest in an aircraft, the remaining interests in which are owned by Carl H. Lindner and his two brothers. Each owner is committed to use and pay for a minimum number of flight hours. Capital costs and fixed operating costs are allocated generally in proportion to ownership; variable operating costs are allocated generally in proportion to usage. Mr. Lindner has assigned his usage to the AFG subsidiary along with the obligation to pay for allocated operating costs, but Mr. Lindner continues to pay allocated capital costs. Total charges paid by AFG for use of this aircraft during 2005 were $949,500.

During 2005, AFG paid the Cincinnati Reds $97,000 for tickets to baseball games for employees, customers and charitable purposes. Until January 2006, Carl H. Lindner was the Chief Executive Officer of the Reds. A subsidiary of AFG and certain members of the Lindner family were part owners of the Reds during 2005.

The son of one of the Company’s Co-Chief Executive Officers, S. Craig Lindner, Jr., earned $67,000 as an employee of a subsidiary during 2005.

Carl H. Lindner is the father of Carl H. Lindner III and S. Craig Lindner.

Carl H. Lindner is Chairman, founder and principal shareholder of American Financial Group, Inc., and until January 2005, was Chief Executive Officer.

4/15/2005 Proxy Information

From time to time, the Company has transacted business with affiliates. The financial terms of these transactions are comparable to those which would apply to unrelated parties.

4/15/2005

Messrs. Martin and Ambrecht currently serve as directors of the Company's subsidiary, Great American Financial Resources, Inc. Mr. Ambrecht has been a Managing Director with First Albany Capital since July 2004. For more than five years prior to that, Mr. Ambrecht was a Managing Director with Royal Bank Canada Capital Markets. From time to time, the Company has purchased or sold securities through these companies in the ordinary course of business, for which we paid customary commissions or discounts. The amounts involved were deemed by AFG's Board of Directors not to be material in amount.

An AFG subsidiary owns a 29% interest in an aircraft, the remaining interests in which are owned by Carl H. Lindner and his two brothers. Each owner is committed to use and pay for a minimum number of flight hours. Capital costs and fixed operating costs are allocated generally in proportion to ownership; variable operating costs are allocated generally in proportion to usage. Mr. Lindner has assigned his usage to the AFG subsidiary along with the obligation to pay for allocated operating costs, but Mr. Lindner continues to pay allocated capital costs. Total charges paid by AFG for use of this aircraft during 2004 were $756,000.

Carl H. Lindner is the owner of a Company engaged in the production of ethanol. During 2004, an AFG subsidiary had a working capital credit facility in place under which the ethanol company could borrow up to $10 million at a rate of prime plus 3%. This facility was never utilized, and Mr. Lindner assumed all obligations thereunder in December 2004.

Members of the Lindner Family were the principal owners of Provident Financial Group, Inc. ("Provident") until July 1, 2004, when Provident was acquired by National City Corporation. Provident leased from AFG its main banking and corporate offices, which are located in the same buildings as AFG's headquarters. During the first six months of 2004, Provident paid rent of $1.7 million for this office space and AFG paid Provident $177,000 in connection with an expense sharing arrangement for a cafeteria operated by Provident for the employees of both companies. AFG provided security guard and surveillance services at the main office of Provident for which Provident paid $41,000 during the first six months of 2004. In addition, Provident paid AFG subsidiaries $586,000 for insurance coverage during this period.

During 2004, AFG paid the Cincinnati Reds $487,000 for tickets to baseball games for employees, customers and charitable purposes. Carl H. Lindner is the Chief Executive Officer of the Reds. In addition, a subsidiary of AFG, and a company owned by Carl H. Lindner, Carl H. Lindner III, Keith E. Lindner and S. Craig Lindner, are part owners of the Reds.

4/19/2004 Proxy Information

One of the adult sons of William R. Martin was an employee of AFG's technology group from October 2000 to August 2002. He received compensation from AFG of approximately $100,000 in 2001 and $65,000 during 2002.

Various business has been transacted between AFG and certain affiliates, including rentals, investment management services, insurance and sales of assets. The financial terms (costs, interest rates, collateral, risks of collectibility and other) of these transactions are comparable to those prevailing at the time of consummation which would apply to unrelated parties, unless noted otherwise.

An AFG subsidiary owns a 29% interest in an aircraft, the remaining interests in which are owned by Carl H. Lindner and his two brothers. Each owner is committed to use and pay for a minimum number of flight hours. Capital costs and fixed operating costs are allocated generally in proportion to ownership; variable operating costs are allocated generally in proportion to usage. Mr. Lindner has assigned his hours to the AFG subsidiary along with the obligation to pay for operating costs allocated, but is charged proscribed rates for any personal use of this aircraft. Mr. Lindner continues to pay allocated capital costs. Total charges paid by AFG during 2003 were $625,000. One of Mr. Lindner's brothers paid $70,000 to AFG subsidiaries for hangar rent and for flight hours for another aircraft.

In 1997, Carl H. Lindner and Great American Financial Resources, Inc. purchased 51% and 49%, respectively, of the outstanding common stock of a newly incorporated entity formed to acquire the assets of a company engaged in the production of ethanol. In 2000, the ethanol company repurchased the 49% interest from GAFRI for amounts which included an $18.9 million subordinated debenture bearing interest at 12 1/4% with scheduled repayments through 2005. The highest balance owed on the subordinated debenture during 2003 was $11.9 million and interest received during the year was $786,000. The loan was repaid and terminated in 2003. Another AFG subsidiary has a working capital credit facility in place under which the ethanol company may borrow up to $10 million at a rate of prime plus 3%. There were no borrowings outstanding under this facility in 2003. In 1998, GAFRI made a loan to the ethanol company in the amount of $4.0 million, bearing interest at the rate of 14% and maturing in September 2008. Interest received on this loan during 2003 was $555,000. The loan was repaid and terminated in 2003.

Members of the Lindner Family are the principal owners of Provident Financial Group, Inc. ("Provident"). Provident leases from AFG its main banking and corporate offices, which are located in the same buildings as AFG's headquarters. Provident paid rent of $3.3 million for this office space in 2003. In 2003, AFG paid Provident $240,000 in connection with an expense sharing arrangement for a cafeteria operated by Provident for the employees of both companies. AFG provides security guard and surveillance services at the main office of Provident for which Provident paid $100,000 in 2003. Provident paid AFG subsidiaries $184,000 for insurance coverage in 2003. During 2003, AFG subsidiaries invested $20 million in preferred stock and warrants of an unrelated party who utilized the proceeds to repay bank loans, including $3.4 million in loans and fees to Provident.

During 2003, AFG paid the Cincinnati Reds $186,000 for tickets to baseball games for employees, customers and charitable purposes. Carl H. Lindner is the Chief Executive Officer of the Reds. In addition, a subsidiary of AFG, and a company owned by Carl H. Lindner, Carl H. Lindner III, Keith E. Lindner and S. Craig Lindner, are part owners of the Reds.

In July 2000, AFG's principal insurance subsidiary, Great American Insurance Company, entered into a 32-year agreement with the Reds, pursuant to which the Reds' home stadium was named "Great American Ball Park." AFG subsidiaries paid the Reds an aggregate of $2.0 million under this agreement in 2003. Payments to the Reds will average approximately $2.3 million annually over the term of the agreement. In addition to having the "Great American" name associated with the stadium, AFG subsidiaries also receive approximately $1.3 million annually of premium seating, marketing credits, and related sponsorship rights for the naming rights payments.

A brother-in-law of S. Craig Lindner is employed by GAFRI in a sales and marketing position. During 2003, he was paid approximately $90,000 by GAFRI.

An adult son of William R. Martin was a non-executive officer employee of AFG's technology group from October 2000 until August 2002. Mr. Martin's son received compensation of approximately $65,000 in 2002 and approximately $100,000 in 2001 for his services. The Board determined that the service of Mr. Martin's son to AFG was in the ordinary course of business and that amounts paid to him did not prevent William Martin from being considered independent under the NYSE rules.

AFG pays fees to Lehman Brothers Inc. from time to time for brokerage, investment banking and other services. The Board has determined that William A. Shutzer, formerly a Managing Director at Lehman Brothers, is independent under the NYSE rules because the fees paid by AFG to Lehman Brothers are paid in the ordinary course of business, result from arms' length negotiations, and are not material in amount to either of AFG and Lehman Brothers.

5/8/2003 Proxy Information

One of the adult sons of William R. Martin was an employee of AFG's technology group through August 2002. He received compensation of approximately $65,000 from AFG during 2002.

Various business has been transacted between AFG and certain affiliates, including rentals, investment management services, insurance and sales of assets. The financial terms (costs, interest rates, collateral, risks of collectibility and other) of these transactions are comparable to those prevailing at the time of consummation which would apply to unrelated parties, unless noted otherwise.

An AFG subsidiary owns a 29% interest in an aircraft, the remaining interests in which are owned by Carl H. Lindner and his two brothers. Each owner is committed to use and pay for a minimum number of flight hours. Capital costs and fixed operating costs are allocated generally in proportion to ownership; variable operating costs are allocated generally in proportion to usage. Mr. Lindner has assigned his hours to the AFG subsidiary along with the obligation to pay for operating costs allocated; Mr. Lindner continues to pay allocated capital costs. Total charges paid by AFG during 2002 were $959,000.

In 1997, Carl H. Lindner and Great American Financial Resources, Inc. (an 83%-owned subsidiary of AFG) purchased 51% and 49%, respectively, of the outstanding common stock of a newly incorporated entity formed to acquire the assets of a company engaged in the production of ethanol. In 2000, the ethanol company repurchased the 49% interest from GAFRI for amounts which included an $18.9 million subordinated debenture bearing interest at 12 1/4% with scheduled repayments through 2005. The highest balance owed on the subordinated debenture during 2002 was $12.9 million and interest received during the year was $1.6 million; the balance outstanding on March 1, 2003, was $10.9 million. Another AFG subsidiary has a working capital credit facility in place under which the ethanol company may borrow up to $10 million at a rate of prime plus 3%. There were no borrowings outstanding under this facility in 2002. In 1998, GAFRI made a loan to the ethanol company in the amount of $4 million, bearing interest at the rate of 14% and maturing in September 2008. Interest received on this loan during 2002 was $568,000.

An AFG subsidiary had a loan outstanding during part of 2002 to a Florida-based homebuilder which was 49% owned by AFG and 51% owned by brothers of Carl H. Lindner. The highest outstanding balance owed to the AFG subsidiary during 2002 was $8.0 million and interest paid during the year was $693,000. The loan was repaid and terminated in 2002 when AFG sold its investment to an unrelated party.

Members of the Lindner Family are the principal owners of Provident Financial Group, Inc. ("Provident"). Provident leases its main banking and corporate offices, which are located in the same buildings as AFG's headquarters, from AFG. Provident paid rent of $3,778,000 for this office space in 2002. In 2002, AFG paid Provident $150,000 in connection with an expense sharing arrangement for a cafeteria operated by Provident for the employees of both companies. AFG provides security guard and surveillance services at the main office of Provident for which Provident paid $100,000 in 2002. Provident paid AFG subsidiaries $612,000 for insurance coverage and $114,000 for record retention services in 2002.

During 2002, AFG paid the Cincinnati Reds $162,000 for tickets to baseball games. Carl H. Lindner is the Chief Executive Officer of the Reds. In addition, a subsidiary of AFG, and a company owned by Carl H. Lindner, Carl H. Lindner III, Keith E. Lindner and S. Craig Lindner, are part owners of the Reds.

In July 2000, AFG's principal insurance company subsidiary, Great American Insurance Company, entered into a thirty-two-year agreement with the Reds, pursuant to which the Reds' home stadium was named "Great American Ball Park". Although no payments were required to be made in 2002, payments to the Reds average approximately $2.3 million annually over the term of the agreement. For these payments, Great American also receives approximately $1.3 million annually of premium seating, marketing credits, and related sponsorship rights.

A brother-in-law of S. Craig Lindner is employed by GAFRI in a sales and marketing position. During 2002, he was paid approximately $95,000 by GAFRI.