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NEW YORK, February 1, 1999 - American International Group, Inc. (AIG) has announced that H.E. Mr. Yuli M. Vorontsov, most recently Ambassador of the Russian Federation to the United States, has been elected Chairman of the Board of AIG's Russian-American Investment Bank.

Ambassador Vorontsov has served his country in a diplomatic career spanning nearly 50 years. He joined the diplomatic service in 1952, serving at the U.S.S.R. Permanent Mission to the United Nations and later at the U.S.S.R. Embassy to the United States. He was named Ambassador to India in 1977 and Ambassador to France in 1983. In 1990, Ambassador Vorontsov was appointed Permanent Representative of the U.S.S.R. to the United Nations, and in 1991, Permanent Representative of the Russian Federation to the U.N. He was named Ambassador of the Russian Federation to the United States in 1994. Ambassador Vorontsov also serves as Adviser to President Yeltsin on foreign affairs.

Commenting on the appointment, AIG Chairman M.R. Greenberg said, "We are very fortunate that Ambassador Vorontsov has agreed to become Chairman of our investment bank in Russia. He is a man of great experience and accomplishment, who also has had a close association with the United States for many years. He combines a deep knowledge of the United States and the U.S.-Russian relationship with a strong sense of business and the role it can play in Russia's future. Ambassador Vorontsov is also a long-time friend of AIG. I know the Ambassador believes in building bridges between our two countries and that he will provide excellent guidance to the investment bank in the future. AIG's commitment to Russia remains strong, as an insurer and also as an investor in Russian infrastructure and industry. We are a long-term player and intend to participate to the greatest extent we can in building a prosperous Russia."

The Russian-American Investment Bank is a fully licensed Russian banking institution specializing in asset management, financial risk management, securities brokerage and structured finance for Russian industry. It is a member of the AIG worldwide network of insurance and financial services companies, and draws on the capabilities of that network in serving its Russian clients.

AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. 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.