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AIG ELECTS CESAR C. ZALAMEA SENIOR VICE PRESIDENT, INVESTMENTS

NEW YORK, Jun 25, 2002 -- American International Group, Inc. (AIG) has announced that Cesar C. Zalamea has been elected Senior Vice President, Investments.

Mr. Zalamea, who is based in Hong Kong, will continue to serve as President of AIG Investment Corporation (Asia) Ltd., a position he has held since 1986. He joined the American International organization in the Philippines as an investment analyst in 1954, and later served as President of The Philippine American Life Insurance Company (Philamlife), AIG's life insurance company in the Philippines, from 1969-81. He held posts in the government of the Philippines on two occasions, serving first as Deputy Director General of the Presidential Economic Staff and later as Chairman & CEO of the Development Bank of the Philippines. Mr. Zalamea was elected AIG Vice President, Investments in 1997.

Commenting on the appointment, AIG Chairman M. R. Greenberg said, "Over his long career with AIG, Cesar Zalamea has demonstrated exceptional management abilities. He has served with distinction as AIG's senior investment officer in Asia, proving himself to be an outstanding investment professional with exceptional knowledge of the Asian markets."

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.

CONTACT:

American International Group, Inc., New York
Joe Norton, 212/770-3144