CHARLES M. LUCAS

BIOGRAPHICAL SUMMARY

Charles M. Lucas is Corporate Vice President and Director, Market Risk Management at American International Group (AIG). In that capacity, Mr. Lucas heads the Market Risk Management Department with responsibility for market risk quantification, reporting and management at the corporate level.

Prior to joining AIG in May, 1996, Mr. Lucas was Senior Vice President and Director of Risk Assessment and Control at Republic National Bank of New York. At Republic, Mr. Lucas headed the Risk Assessment and Control Department, reporting to the Risk Assessment Committee of the Board of Directors. The Department has responsibility for market risk assessment, reporting and limit setting for the Republic New York Corporation.

Prior to joining Republic in late 1993, Mr. Lucas was Senior Vice President of the Federal Reserve Bank of New York in charge of the international capital markets staff, which was incorporated into the financial markets group in July 1992.

Mr. Lucas joined the Federal Reserve in 1968 as an economist in the domestic research division. In 1969, he was assigned to the securities department and in 1970, returned to the domestic research division. He moved to the market statistics division in 1971 where he held a variety of posts.

In January 1974, Mr. Lucas was appointed an officer of the Federal Reserve Bank of New York with the title of manager and was assigned to the statistics department. He was granted a leave of absence from the bank in August 1978 to work with the International Monetary Fund on a technical assistance mission to the Central Bank of Ceylon (now Sri Lanka). Mr. Lucas has also consulted in monetary policy planning and implementation with Bank Indonesia, Bangladesh Bank, and the Bank of Morocco.

He returned to the Federal Reserve in 1979 and was appointed assistant vice president in the foreign function. In 1981 he was assigned to the foreign exchange area as assistant vice president. He was named vice president in that area in January 1984, and assumed responsibility for the international financial markets staff, which was originally called international capital markets, in July 1985. He was named senior vice president in October 1987. Mr. Lucas also had responsibility for the dealer surveillance area from June 1989 until January 1992, when it was restructured into market surveillance.

Mr. Lucas is a member of the Advisory Group on the Financial Engineering Program at the Haas School of Business, University of California at Berkeley, is a Member of the Corporation, Woods Hole Oceanographic Institution and a Director of Algorithmics, Incorporated, and is a member of the Board on Mathematical Sciences and the Applications of the National Academy of Sciences.

Mr. Lucas, 65, earned a bachelor of arts degree in economics in 1961 and a doctor of philosophy degree in economics in 1968, both from the University of California at Berkeley.