AIG Names Dr. Jacob A. Frenkel Vice Chairman

May 4, 2004

American International Group, Inc. announced that Dr. Jacob A. Frenkel has been named a Vice-Chairman of AIG, effective immediately. 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,” said the bulletin.

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.”

The announcement noted that “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.”

He served two consecutive terms as the Governor of the Bank of Israel between 1991 and 2000, and 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.

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