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NEW YORK--May 3, 2004--American International Group, Inc. (AIG) has named Dr. Jacob A. Frenkel a Vice Chairman of AIG, effective today. He will also serve as Chairman of AIG's Global Economic Strategies Group.

Dr. Frenkel joined Merrill Lynch in January 2000. He served as Chairman of Merrill Lynch International Inc. and as Chairman of Merrill Lynch's Global Financial Institutions and Sovereign Advisory Groups.

AIG Chairman M. R. Greenberg commented, "Jacob Frenkel brings a wealth of distinguished experience to this new position at AIG. Our global presence is unmatched by any company in the world, and Dr. Frenkel is superbly qualified to make significant contributions to our worldwide client base and to the growth and development of AIG's businesses."

Dr. Frenkel has been an active participant in the global financial community for many years. He is the Chairman and CEO of the Group of Thirty, which is composed of senior financial leaders of the private and public sectors and leading scholars. He serves on the Boards of Directors of the National Bureau of Economic Research, the Institute of International Finance and the Institute for International Economics. Dr. Frenkel is a Fellow of the Econometric Society and an Honorary Member of the American Academy of Arts and Sciences. He has received numerous awards and honors from governments and other institutions around the world.

Between 1991 and 2000 Dr. Frenkel served for two consecutive terms as the Governor of the Bank of Israel. He was also Chairman of the Board of Governors of the Inter-American Development Bank (IADB) and Vice Chairman of the Board of Governors of the European Bank for Reconstruction and Development (EBRD). During 1987-1991 he was the Economic Counselor and Director of Research at the International Monetary Fund (IMF).

Dr. Frenkel earned his M. A. and Ph.D. degrees in economics from the University of Chicago. Between 1973 and 1987 he was on the faculty of the University of Chicago, where he served as the David Rockefeller Professor of International Economics.

American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 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 services 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 services 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: American International Group
             Joe Norton, 212-770-3144

    SOURCE: American International Group, Inc.