From: Trusted Fellow

Sent: Monday, May 10, 2004 8:05 AM

To: rest

Subject: interesting news

Taps Frenkel to Head

New Global Strategies Unit

Former University of Chicago economist and Israeli central bank governor Jacob A. Frenkel has been named a vice chairman of American International Group Inc. and will chair the company's new global economic strategies unit, the insurance giant said. AIG spokesman Joe Norton said the newly formed global economic strategies group would work with other AIG units to help serve the investment and capital- markets needs of public and private sector companies alike.

An author of more than 15 books on international economics, Frenkel joins AIG from Merrill Lynch, where he had served since January 2000 as chairman of the company's global financial institutions and sovereign advisory groups. He also serves as chairman and chief executive officer of the Group of Thirty, composed of senior public and private- sector financial leaders.

"Jacob Frenkel brings a wealth of distinguished experience to this new position at AIG," said Maurice R."Hank" Greenberg, AIG's chairman and chief executive officer, in a statement. "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." Born in Israel, Frenkel from 1987 until 1991 was economic counselor and research director of the International Monetary Fund.