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AARP Services Inc. Announces New Subsidiary--AARP Financial Incorporated

Financial Industry Executive Larry Renfro Named President


Contact: AARP Media Relations, 202-434-2560,

AARP Services Inc. President, Dawn Sweeney, announced today a new wholly owned subsidiary, AARP Financial Incorporated. The new organization will oversee the AARP endorsed financial services and offerings, including credit cards, insurance, and investment products to help AARP members meet their current and future economic security needs and goals. Larry Renfro, 52, a financial services executive with 25 years in the industry, has been named president.

"A key priority of AARP and AARP Services is to provide information, education, products and services to our members striving for economic security. AARP Financial is well positioned to meet the needs of the 50+ population and the 76 million baby boomers approaching retirement. We are pleased to have Larry Renfro lead this organization. He understands the complex financial pressures facing people who are experiencing a variety of lifestages and whose longevity will make health care and retirement savings issues more challenging," stated Dawn Sweeney.

AARP Financial offerings will include: auto and home insurance through The Hartford; credit cards through Chase; life insurance through New York Life; and mobile home and motorcycle insurance through Foremost. AARP Financial will continue to assess and develop products and services that are not readily available elsewhere, have unique value and enhance AARP members' lives.

"AARP Financial will be dedicated to continuing to research, develop and sponsor top-quality, easy-to-understand products and services that are right for AARP members, and for the economic climate," stated Larry Renfro, President, AARP Financial.

One long-time AARP member service provider, New York Life, demonstrates their commitment to AARP Financial as stated by Sy Sternberg, chairman and CEO of New York Life Insurance Company, "We believe the collaboration between financial providers and AARP Services—and now AARP Financial—is tremendous. Together we work hard to design and market affordable products that fill a need that is otherwise not met or whose solution would be very difficult to find. We're excited about AARP's stepped up commitment in financial products and the opportunity to work with an executive of Larry Renfro's caliber and the rest of the fine AARP Financial team."

Mr. Renfro was most recently Chairman and CEO of NewRiver, Inc., a supplier of compliance services to the financial services industry. Between 1990 and 1998, he was Vice President and Group Executive at Allmerica Financial, where he was in charge of the Institutional Services division and oversaw sales, marketing, product development, operations and retirement operations, cash management and information systems. He also spearheaded an entity there that served as a distributor, administrator and transfer agent for banks, including Banc One, Fleet Financial and Wells Fargo. Before Allmerica, he was Executive Vice President at State Street Bank & Trust Co. in charge of the Mutual Fund Services area. While at State Street, he ran Boston Financial Data Services. He began his career at Fidelity Investments, where he ultimately was President of Fidelity Retail Services and Managing Director of Fidelity Management and Research.

Mr. Renfro is a member of the Board of Directors of LoJack Corporation and a Board member and founder of the Hatem Foundation, a cancer support organization. He received his Bachelors degree from Western Kentucky University.

AARP Services, Inc., founded in 1999, is a wholly owned subsidiary of AARP. AARP Services manages the wide range of products and services that are offered as benefits to AARP's 35 million members. The offers span health and financial products, travel and leisure products, and life event services. Specific products include Medicare supplemental insurance; automobile and homeowners insurance; member discounts on rental cars, cruises, vacation packages and lodging; special offers on technology and gifts; life insurance; a credit card; pharmacy services; alternative health services; legal services; and long-term care insurance. AARP Services' responsibilities include developing new products, managing products and services, marketing, creating and maintaining partnership and sponsorship relationships, and developing and managing AARP's award-winning website,

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