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AIG ELECTS MARTIN SULLIVAN AND EDMUND TSE CO-CHIEF OPERATING OFFICERS;
MR. SULLIVAN AND HOWARD SMITH ELECTED VICE CHAIRMEN;
FRANK ZARB NAMED CHAIRMAN OF EXECUTIVE COMMITTEE OF
BOARD OF DIRECTORS;
ANNOUNCES NEW OFFICE OF THE CHAIRMAN

NEW YORK, May 1, 2002--American International Group, Inc. (AIG) Chairman M.R. Greenberg today announced that the AIG Board of Directors has elected Martin J. Sullivan and Edmund S.W. Tse co-Chief Operating Officers of AIG.

In addition, the Board has elected Mr. Sullivan Vice Chairman and Howard I. Smith Vice Chairman, Chief Financial Officer and Chief Administrative Officer.

Mr. Greenberg also announced that the Board of Directors has named Frank G. Zarb to the position of Chairman of the Board's Executive Committee, a non-executive position. Mr. Zarb, Former Chairman of the National Association of Securities Dealers, Inc. and The Nasdaq Stock Market, Inc., has been a Director of AIG since 2001.

AIG has also established an Office of the Chairman consisting of seven of AIG's most senior executives. The members of the Office of the Chairman, in addition to Mr. Greenberg, are: Mr. Sullivan; Mr. Tse; Mr. Smith; Donald P. Kanak, who has been elected Executive Vice President and President of AIG Companies in Japan and Korea; Kristian P. Moor, Executive Vice President, Domestic General Insurance; and Win J. Neuger, who has been elected Executive Vice President and Chief Investment Officer.

In addition, Mr. Greenberg announced that Jay S. Wintrob and John A. Graf have been named Executive Vice Presidents, Retirement Savings; Rodney O. Martin, Jr. has been named Executive Vice President, Life Insurance; and Richard W. Scott has been named Senior Vice President, Investments.

Commenting on these management and organizational changes, Mr. Greenberg said, "AIG continues to expand successfully our global businesses in insurance, financial services and retirement savings and asset management. As a result, AIG is a very different and more broadly based company today than it was only a few years ago. The new management structure responds to these changes and will help ensure that AIG has the strongest possible organization to carry out our strategies and business plans for the future. Each of the executives named in today's announcement has a proven track record as a top professional and will be an important contributor to the company's future success. I am also very pleased that Frank Zarb has agreed to serve as Chairman of the Board's Executive Committee. Frank, who was elected to our Board last year, is a distinguished leader in the U.S. financial services industry, and his experience and counsel will be of significant benefit to AIG in the future."

Brief biographies of the individuals named in today's announcement follow:

Mr. Sullivan was elected Executive Vice President, Foreign General Insurance, in 1998. Prior to that, he had been Senior Vice President, Foreign General Insurance and President of American International Underwriters (AIU), AIG's international property-casualty organization. Earlier he served as President of AIU's U.K./Ireland Division and Chief Operating Officer of AIG Europe (UK) Limited, and held a number of underwriting, marketing and management positions in the U.K. and Ireland during his 30-year career with AIG. He joined AIG in 1971 in the AIU Finance Department in London. Mr. Sullivan is an Associate Member of the Chartered Insurance Institute, a Fellow of the Institute of Supervisory Management, a Member of the British Institute of Management, a Director of the International Insurance Society, a Member of the Geneva Association, and Deputy Chairman of British American Business, Inc.

Mr. Tse was elected Senior Vice Chairman, Life Insurance in 2001 after serving as Vice Chairman, Life Insurance since 1997, overseeing AIG's worldwide Life operations. Mr. Tse is also Chairman of American International Assurance Company, Ltd.(AIA), AIG's flagship Southeast Asian life insurance company. Mr. Tse began his AIG career in 1961, when he joined AIA in Hong Kong. In 1970, he joined Nan Shan Life Insurance Company, Ltd., an AIG subsidiary in Taiwan, where he became President and Managing Director in 1975. He returned to Hong Kong in 1983 as President and Chief Executive Officer of AIA. Mr. Tse was named AIG Executive Vice President in 1991 and elected to the AIG Board of Directors in 1996. Earlier in his career Mr. Tse served as Chairman of the Hong Kong Federation of Insurers and was a member of the Hong Kong Government's Insurance Advisory Council.

Mr. Smith joined AIG in 1984 as Vice President and Comptroller from Coopers & Lybrand, where he had been the partner in charge of the firm's New York office insurance practice. He was named Senior Vice President and Comptroller in 1987, and Executive Vice President and Comptroller in 1995. Mr. Smith became AIG's Executive Vice President, Chief Financial Officer and Comptroller in 1996, and at that time also assumed responsibility for AIG's Treasury, Investor Relations, Credit and Market Risk Management functions.

Mr. Kanak was named President and Chief Executive Officer of AIG Companies in Japan and Korea in 2000. Prior to that he had been President and Chief Operating Officer of those companies. Mr. Kanak joined AIG in 1992 as Regional Vice President for Japan and Korea, responsible for Life operations, and later assumed responsibility for direct response activities. He was elected a Vice President in 1999. Previously, he had been Chief Executive Officer of Equitable Life Insurance (Japan), Ltd.

Mr. Moor has senior management responsibility for AIG's Domestic Brokerage Group, which markets a broad array of property-casualty insurance products and services through brokers to corporate buyers and commercial customers ranging from large multinationals to small businesses. Mr. Moor joined AIG in 1981 and served as President of National Union Fire Insurance Company of Pittsburgh, Pa.'s Management Liability Division before being named President of National Union in 1995. In 1997, he was elected Senior Vice President, Domestic General Insurance, and became Chairman of National Union in 1998. He was elected to his current position of Executive Vice President, Domestic General Insurance in 1998.

Mr. Neuger joined AIG in 1995 as Senior Vice President and Chief Investment Officer with responsibility for overseeing AIG's investment portfolios worldwide. Prior to joining AIG, Mr. Neuger spent ten years with Bankers Trust Company, New York, where he served as Managing Director, Global Investment Management-Equity and earlier as Managing Director, Global Investment Management-Fixed Income. Earlier, Mr. Neuger had been with Northwestern National Bank in Minneapolis as an equity analyst and later fixed income strategist, and with Western Asset Management Company as Director of Fixed Income and Chief Investment Officer.

Mr. Wintrob was elected President and Chief Executive Officer of SunAmerica Inc., an AIG subsidiary and leading provider of retirement savings and asset management products, in 2001. He was named President of SunAmerica in 2000. Mr. Wintrob joined SunAmerica in 1987 as Assistant to the Chairman. He became Senior Vice President in 1989, Executive Vice President in 1991 and Vice Chairman in 1995. Mr. Wintrob was elected to the SunAmerica Board of Directors in 1997 and named Chief Operating Officer in 1998. He was elected to the AIG Board of Directors in 1999 concurrent with AIG's acquisition of SunAmerica. Before joining SunAmerica, Mr. Wintrob was with the Los Angeles law firm of O'Melveny & Myers, specializing in mergers and acquisitions and securities law.

Mr. Graf was named Vice Chairman, SunAmerica Inc. following AIG's acquisition of American General Corporation in 2001. He was Senior Vice Chairman, Asset Accumulation at American General when that company was acquired by AIG. He joined American General as President of Retirement Services in 1998, following American General's acquisition of Western National Corporation, where he had served as Vice Chairman and Chief Marketing and Administrative Officer. Mr. Graf began his 20-year financial services industry career with John Hancock.

Mr. Martin had been Senior Vice Chairman, Financial Services at American General Corporation at the time of the AIG acquisition, responsible for American General's life insurance and consumer lending operations. He joined American General as President and Chief Executive Officer of American General Life Insurance Company of New York in 1995, and assumed responsibility for the company's life insurance organization as Chairman and Chief Executive Officer of American General Life Companies in 1997. Mr. Martin began his career with Connecticut Mutual Life Insurance Company where he served for 20 years in various marketing and general management positions. Last September, Mr. Martin was named President and Chief Executive Officer of the newly realigned American General Life Companies, which combined the domestic life insurance businesses of AIG and American General.

Mr. Scott was Vice Chairman, Investment Management at American General before the acquisition of American General by AIG in 2001. Following the acquisition, he was named Senior Managing Director of AIG Global Investment Group, Inc., responsible for U.S. fixed income investments. Before joining American General in 1998, Mr. Scott served in a number of executive positions with Western National Life Insurance Company, including Director, General Counsel, Executive Vice President, Chief Investment Officer and Vice Chairman. Previously, he was an associate with Vinson & Elkins, L.L.P. from 1979 to 1984, and a partner from 1984 to 1994. He began his legal career as an associate with Sullivan & Cromwell in 1977.

Mr. Zarb serves as Chairman of Nasdaq Europe and Senior Advisor to The Nasdaq Stock Market, Inc. and the National Association of Securities Dealers, Inc. (NASD). The NASD is the securities industry's largest self-regulating organization and the parent of The Nasdaq Stock Market, Inc. and the American Stock Exchange. Mr. Zarb became Chairman and Chief Executive Officer of Nasdaq and the NASD in 1997 and served in those positions until 2001. Earlier, Mr. Zarb was Chairman, Chief Executive Officer and President of Alexander & Alexander Services, Inc., a leading insurance brokerage, risk management and human resources management consulting organization from 1994 to 1997. Prior to that, he was Vice Chairman and Group Chief Executive of The Travelers, Inc. and Chairman and Chief Executive Officer of Smith Barney, a Travelers subsidiary which he joined in 1993. Before joining Smith Barney, Mr. Zarb was a senior partner of Lazard Freres & Co. from 1978 to 1988. From 1974 through 1977, he was the senior official for all U.S. government energy-related activities, serving as Executive Director of the Cabinet-level Energy Resources Council, Administrator of the Federal Energy Administration, and Assistant to the President for Energy Affairs. Earlier, Mr. Zarb had been Associate Director of the Office of Management and Budget from 1973-1974, and Assistant Secretary of Labor from 1971-1972. Mr. Zarb is a former Chairman of the New York Stock Exchange Nominating Committee and former Chairman of the Long Island Power Authority.

AIG is the world's leading U.S.-based international insurance and financial services organization, the largest underwriter of commercial and industrial insurance in the United States, and among the top-ranked U.S. life insurers. Its member companies write a wide range of general insurance and life insurance products for commercial, institutional and individual customers through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making, and consumer finance. AIG has one of the largest retirement savings businesses in the United States and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG'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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