AMERICAN FINANCIAL CORPORATION



         PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR SPECIAL

                MEETING OF SHAREHOLDERS ON ___________ __, 2003



The undersigned hereby appoints James C. Kennedy and Karl J. Grafe, and either

of them, attorneys and proxies, with the power of substitution to each, to vote

all shares of Series J Preferred Stock of American Financial Corporation ("AFC")

that the undersigned may be entitled to vote at the Special Meeting of

Shareholders of the Company to be held on ________ __, 2003, at _____A.M., local

time, at ___________, ______________, Cincinnati, Ohio, in the approval of a

merger agreement, the adjournment or postponement of the meeting and to transact

such other business as may properly come before the meeting.



THE  BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE FOLLOWING PROPOSALS:



1.       To adopt an Agreement and Plan of Merger and Reorganization pursuant

to which all of the shares of AFC Series J Preferred Stock would be converted

into shares of common stock of American Financial Group, Inc.



         [ ] FOR THE MERGER       [ ] AGAINST THE MERGER           [ ] ABSTAIN



2.       To authorize postponement or adjournment of the special meeting, if

necessary, to solicit additional votes to adopt the Agreement and Plan of

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