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NEW YORK, February 7, 2001 - The Board of Directors of American International Group, Inc. (AIG) today elected two new Directors: Ambassador Richard C. Holbrooke, most recently United States Ambassador to the United Nations, and Frank G. Zarb, Chairman and formerly Chief Executive Officer of the National Association of Securities Dealers, Inc. (NASD). This brings the total number of Directors on the AIG Board to eighteen.
Ambassador Holbrooke, 59, was U.S. Ambassador to Germany from 1993-1994, before being appointed by President Clinton as Assistant Secretary of State for European and Canadian Affairs. He was the chief U.S. negotiator for the 1995 Dayton Peace Accords in Bosnia. Prior to being named as Ambassador to the United Nations in 1999, he served as Vice Chairman of Credit Suisse First Boston from 1996 to 1999. Ambassador Holbrooke has had an extensive career in the diplomatic service, including serving in a variety of senior positions in Vietnam and on the White House staff under President Johnson. He also served in several high level positions in the State Department, and later was a Director of a number of public policy institutions, including the Council on Foreign Relations.

Before joining the NASD, Mr. Zarb, 65, was Chairman, President and CEO of Alexander & Alexander Services, a worldwide insurance brokerage and professional services consulting firm, from 1994 to 1997. Prior to that, he had been Vice Chairman and Group CEO of The Travelers, Inc., and Chairman and CEO of Smith Barney Inc. from 1988 to 1993. Earlier in his career, Mr. Zarb served in the U.S. Government as Assistant Secretary of Labor, Associate Director of the Office of Management and Budget, Administrator of the Federal Energy Administration, and Assistant to the President for Energy Affairs.

Commenting on the new Directors, AIG Chairman M.R. Greenberg said, "I am delighted that Dick Holbrooke and Frank Zarb have agreed to join our Board. They are two outstanding individuals who will bring a wide range of skills and experience to the Board's work. We are very fortunate to have them, and look forward to working closely with them in the future."

AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.