On January 19, 2016, Carl C. Icahn issued a press release relating to American International Group, Inc. In his press release, Icahn stated that in the wake of the recent shareholder poll by Sanford Bernstein, the separation announcement by MetLife, and continued conversation with shareholders, it is abundantly clear that there is only one sensible path for the Company to follow: become a smaller, simpler company with a path to de-SIFI. In addition, Icahn stated that disclosures provided on the third quarter earnings call regarding obstacles to de-conglomerating the Company were in some cases materially inaccurate. Furthermore, Icahn expressed that the minimum expectations of stakeholders of the Company must address 4 key concerns: (i) commit to streamline operations and focus on transforming the company into a competitive, pure play P&C insurer by committing to sell, spin, or otherwise separate non-core operations to de-conglomerate and apply to de-SIFI, (ii) commit to fixing the P&C franchise so that it can generate competitive, double digit return on equity (ROE) through improved underwriting and cost reductions, even if it means bringing in outside talent, (iii) commit to providing additional disclosure so all stakeholders can measure progress along the path outlined above over the next several quarters, and (iv) abandon credit default spreads levels as a metric in the long-term incentive plan and instead adopt ROE.