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Fund American Enterprises
1998 Annual Shareholder Meeting




"Warren Buffett said [Jack Byrne's] the best general manager that he's ever met."
- K. Thomas Kemp

Fund American Enterprises
1998 Annual Shareholder Meeting
IN ITS ENTIRETY



Opening Business Meeting
Dennis Beaulieu, Secretary


"As you probably have read by now, there was a management coup...."


Opening Comments & Introduction of Directors
Jack Byrne


Business Meeting
K. Thomas Kemp, President & CEO
Fund American


Fund American 1997 Highlights

K. Thomas Kemp, President & CEO
Fund American


Comments:

Terry Baxter, President
White Mountains Holdings


Comments:

Bob Cochran, Chairman & CEO
FSA


Comments:

Phil Koerner, CEO
Main Street America


Comments:

Stuart Olson, President & CEO
Valley National Insurance Co.


Comments:

Carey Benson, President & CEO
Charter Insurance


Comments:

Morgan Davis, President
White Mountains Insurance Co.


Comments:

Steven Fass, CEO
Folks America


Comments:

Jim Ozanne, Chairman
Source One


Comments:

Frank Mohan, CFO
Source One


Comments:

Ray Barrette, CFO
Fund American


Questions & Answers
IN ITS ENTIRETY



Question 1:

Personal auto insurance outlook.


Question 2:

Municipal market overview.


Question 3:

Reasons for increase in share of the municipal market.


Question 4:

Stock split policy and prospects for the next 5 years for Fund American.


Conclusion

Concluding business meeting and a tribute to Jack Byrne.




For additional information
you may contact:

Fund American Enterprises
80 South Main Street
Hanover, NH 03755
(603) 643-1567



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