AIG Elects Sullivan and Tse as Co-chief Operating Officers

May 2, 2002

American International Group, Inc. (AIG) Chairman M.R. Greenberg 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 Sullivan Vice Chairman and Howard I. Smith vice chairman, CFO and CAO. 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. 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 Greenberg, are: Sullivan; Tse; 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 CIO.

In addition, 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, 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.”

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