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Gregory Arms and David L. Herzog Vice Presidents Edward E. Matthews and Thomas R. Tizzio Named Honorary Directors

NEW YORK--(BUSINESS WIRE)--May 21, 2003--American International Group, Inc. (AIG) announced that its Board of Directors has elected five AIG executives to corporate officer positions.

Robert E. Lewis, AIG Vice President and Chief Credit Officer, has been elected AIG Senior Vice President and Chief Credit Officer; Brian T. Schreiber, AIG Vice President, Strategic Planning, has been elected AIG Senior Vice President, Strategic Planning; and Kathleen E. Shannon, AIG Vice President, Secretary and Deputy General Counsel, has been elected AIG Senior Vice President, Secretary and Deputy General Counsel.

Additionally, Gregory Arms, Senior Vice President and Director of the Group Management Division of American International Companies, has been elected AIG Vice President, Life Insurance. David L. Herzog, Chief Operating Officer and Chief Financial Officer of American General Life Companies, has been elected AIG Vice President, Life Insurance.

Brief biographies of the five elected officers follow:

Mr. Lewis joined AIG in 1993 as Vice President and Chief Credit Officer. As such, Mr. Lewis has been responsible for setting worldwide policy for AIG with respect to the extension of credit by all subsidiaries and member companies, establishing credit and risk management guidelines, identifying potential exposures, and establishing systems to manage and monitor these exposures on a global basis. Mr. Lewis was formerly Assistant General Manager for North America and Chief Credit Officer for ING Bank in New York, where he also served as Head of Lending and Corporate Finance. Prior to ING Bank, Mr. Lewis was Vice President, Portfolio Risk and Policy Review, at Chase Manhattan.

Mr. Schreiber joined AIG in 1997 as Portfolio Manager for AIG Global Investment Group (AIGGIG) and was later promoted to Managing Director of AIGGIG's Corporate Acquisitions and Investments Group. In 2002, Mr. Schreiber was promoted to AIG Vice President, Strategic Planning. As AIG Senior Vice President, Strategic Planning, Mr. Schreiber is responsible for mergers, acquisitions and strategic investments for AIG and its member companies. Prior to AIG, Mr. Schreiber was a financial analyst for the Bass Brothers, a private family hedge fund in Forth Worth, Texas. He has also served as an investment banker in the Financial Institutions Group of Lehman Brothers, and a consultant with Booz Allen and Hamilton.

Ms. Shannon joined AIG in 1976 as an attorney and has since held positions of increasing responsibility in the AIG Legal Department. Ms. Shannon was elected Secretary and Associate General Counsel in 1986, and Vice President in 1989. She was named Deputy General Counsel in 2002. Her responsibilities as Vice President, Secretary and Deputy General Counsel have included direction of the Corporate Securities and Corporate Finance practice group of the AIG Legal Department, and Secretary to the Board of Directors.

Mr. Arms joined AIG in 1980 as Country Group Manager with the American Life Insurance Company (ALICO) in Saudi Arabia. Following a succession of positions in Limassol, Paris and New York City, Mr. Arms was named Senior Vice President and Director of the Group Management Division of American International Companies in 1992. In this role, Mr. Arms has responsibility for employee benefits products worldwide. The Group Management Division of the American International Companies is a global business dedicated to the development and distribution of employee benefits, credit, and group association products and services.

Mr. Herzog joined American General in February 2000 as Executive Vice President and Chief Financial Officer of the Life Division. Following AIG's acquisition of American General Corporation in 2001, he was also named Chief Operating Officer for the combined domestic life insurance companies. Earlier, Mr. Herzog held a number of positions at General American Life Insurance Company. Most recently, he was Chief Financial Officer of GenAmerica Corporation, the parent company of General American. Prior to General American, Mr. Herzog was Vice President, Controller for Citicorp Life Insurance Companies and an audit supervisor with Coopers & Lybrand.

As previously announced, two longstanding AIG executives who retired from the Board of Directors have been named AIG Honorary Directors, effective May 14, 2003. Edward E. Matthews, who retired in December 2002 as Senior Vice Chairman, Investments and Financial Services, has served on the Board since 1973. Mr. Matthews will continue to serve AIG on a consultative basis and as a Senior Advisor. Thomas R. Tizzio, Senior Vice Chairman, General Insurance, who has served on the Board of Directors since 1986, will continue in his present management role.

Eli Broad, Chairman, AIG SunAmerica Inc., has also retired from the AIG Board of Directors to devote more time to philanthropic endeavors. Mr. Broad will continue to serve as Chairman of AIG SunAmerica Inc.

AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. 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. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, 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: AIG, New York Joe Norton, 212/770-3144