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AIG ELECTS EDWARD E. MATTHEWS AND EDMUND S.W. TSE SENIOR VICE CHAIRMEN; KEITH L. DUCKETT AND PETER K. LATHROP VICE PRESIDENTS; AND FRANK PETRALITO II VICE PRESIDENT AND SENIOR TAX ADVISOR
NEW YORK, May 21, 2001 - American International Group, Inc. (AIG) announced that its Board of Directors has elected five AIG executives to new corporate officer positions.

Edward E. Matthews, AIG Vice Chairman, Investments and Financial Services, has been elected AIG Senior Vice Chairman, Investments and Financial Services; and Edmund S.W. Tse, AIG Vice Chairman, Life Insurance, has been elected AIG Senior Vice Chairman, Life Insurance.

Additionally, Keith L. Duckett, who has been AIG Director of Internal Audit since 1995, has been elected AIG Vice President and Director of Internal Audit. Mr. Duckett joined AIG in 1987 as a member of the AIG internal audit staff, and was subsequently promoted to Director of Technical Accounting Standards in the AIG Comptroller's Department.

Peter K. Lathrop, who has been Senior Tax Counsel since joining AIG in 1996, has been elected AIG Vice President and Director of Taxes. Mr. Lathrop earlier served as Vice President and Director of Taxes at Alexander & Alexander Services, Inc. and had been a tax attorney at the New York law firm of Everett, Johnson & Breckinridge. He served for more than a decade as Chairman of the Tax and Legislative Committee of the Society of Insurance Financial Management.

Frank Petralito II, who has been AIG Vice President and Director of Taxes since joining AIG in 1978, has been named AIG Vice President and Senior Tax Advisor.

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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, personal and life 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.