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AIG ELECTS WILLIAM N. DOOLEY SENIOR VICE PRESIDENT- FINANCIAL SERVICES, CAROL A. McFATE TREASURER, AND MICHAEL J. CASTELLI VICE PRESIDENT AND DEPUTY COMPTROLLER
NEW YORK, June 8, 1998 - American International Group, Inc. (AIG) has elected William N. Dooley to the position of Senior Vice President-Financial Services, and Carol A. McFate Treasurer of AIG, succeeding Mr. Dooley in that position. The company has also elected Michael J. Castelli Vice President and Deputy Comptroller.

Mr. Dooley, who had been AIG Treasurer since 1992 and Vice President and Treasurer since 1996, joined AIG in 1978. He served in various positions in AIG's financial management and investment areas prior to being named Senior Vice President/Chief Investment Officer of American International Underwriters (AIU) and Senior Vice President/Treasurer of AIG Investment Corporation, Inc. Before joining AIG, Mr. Dooley worked for European American Bank in New York. Mr. Dooley has a B.S. degree in Business Administration from Manhattan College and an M.B.A. degree in Finance from Pace University.

Ms. McFate was previously AIG Assistant Treasurer, a position to which she was elected in 1996. Prior to that, she had been Director of Financial Analysis. She joined AIG in 1994 from Prudential Insurance Company, where she had been Senior Vice President-Investment Management. Ms. McFate also held financial positions with Citibank/Citicorp and Macmillan, Inc. She has a B.S. degree in Economics from Juniata College and an M.B.A. from Harvard Business School.

Mr. Castelli joined AIG in 1989 as Assistant Vice President and Comptroller of the Domestic General Insurance operations. He subsequently served as Vice President, Comptroller and Treasurer for Domestic General Insurance, and since 1996 as Senior Vice President and Chief Financial Officer of those units. Prior to joining AIG, Mr. Castelli was with Coopers & Lybrand, specializing in the insurance industry practice. He has a B.B.A. degree in public accounting from Bernard M. Baruch College of the City University of New York. He is a Certified Public Accountant, a member of the American Institute of Certified Public Accountants and the New York State Society of CPAs.

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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.

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