26.02.2008 – 16:42

AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
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AIG International Real Estate GmbH & Co. KGaA: Announcement of estimated preliminary net asset value (NAV) as of December 31, 2007

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.

26.02.2008

DISCLOSURE ANNOUNCEMENT PURSUANT TO § 15 WpHG

AIG International Real  Estate  GmbH  &  Co.  KGaA:  Announcement  of
estimated preliminary net asset value (NAV) as of December 31, 2007

Frankfurt am Main, February 26, 2008 - AIG International Real Estate 
GmbH & Co. KGaA (the "Company") announced an estimated preliminary 
net asset value (NAV) per share as of December 31, 2007 of EUR 43.82.
This represents a drop of EUR 2.70 per share or, approximately 5.8% 
from the NAV per share as of November 30, 2007 of EUR 46.52.  Based 
on this preliminary estimated net NAV, the Company's NAV per share 
increased slightly during 2007 (from EUR 43.38 as of December 31, 
2006.)  This preliminary estimated NAV includes substantially all 
year end real estate valuations, but may be adjusted in coming weeks 
as additional financial reporting is received from individual 
investments. Preliminary year end unaudited NAV is expected to be 
published before the end of February.

"The drop in NAV was entirely due to a valuation adjustment for the 
Company's Tasman portfolio investment in the Netherlands said Andrew 
Fletcher, managing director of the Company." "In fact, net valuation 
changes for the rest of the Company's portfolio in Europe, Asia and 
North America would have resulted in an NAV increase of approximately
5% absent the effect of the Tasman valuation. The Tasman valuation 
adjustment resulted from the change of the valuation methodology from
"at cost" to "fair value".  The Tasman portfolio was valued by 
independent appraisers as of December 31, 2007.  This was the first 
appraisal since the purchase of the portfolio on December 20, 2006.  
In connection with this valuation, the transaction costs that were 
capitalized at the time of the purchase were recognized as expenses 
in the income statement.  Due to the high level of leverage employed 
on the Tasman portfolio, the recognition of these costs resulted in a
significant reduction in the value of the Company's equity investment
in Tasman.

We expect the reported valuation of the Tasman investment to recover 
over the course of the year 2008 as the result of increased occupancy
levels and sales of selected buildings from the portfolio at prices 
we would expect, based on the current market and recent transactions,
to be above the currently reported appraised values for the 
portfolio."

"Despite the lower valuations indicated in the appraisal report, the 
office market in the Netherlands actually strengthened somewhat 
during 2007, with yields decreasing slightly.  In addition, the 
recent sale of a portfolio of office properties in the Netherlands 
indicates that it is possible to achieve prices in the current market
that are in excess of the appraised values reported for Tasman. In 
2008, the Company and its co-investors will focus on increasing 
occupancy levels in the Tasman portfolio (currently around 83%, and 
essentially unchanged since purchase a year ago) and selling select 
buildings from the portfolio at prices above appraised values.  Due 
to the high leverage in the Tasman structure, even small successes in
lease up efforts or portfolio sales would have a substantial positive
effect on the Company's reported valuation for Tasman."

"The rest of the Company's portfolio performed extremely well, with 
net valuation increases from all regions: valuations for Europe ex 
Tasman increased by approximately EUR 3.2 million, valuations for 
North America increased by approximately EUR 2.9 million, and 
valuations for Asia increased by approximately EUR 6.8 million.  
Total valuation increases other than Tasman totaled approximately EUR
12.9 million, or about 6.6% of the reported November NAV."

Contact:
AIG International Real Estate GmbH & Co. KGaA
Andrew Fletcher
Phone: +49 (0)69 9711 3225
E-Mail:  andrew.fletcher@aig-ire.de

Share Data:
WKN:        634421
ISIN:       DE0006344211

Stockmarkets:    official dealing/prime standard: Frankfurter Wertpapierbörse
                       free trade: Berliner Wertpapierbörse, Baden-
Württembergische Wertpapierbörse,            Bayerische Börse, Bremer

Wertpapierbörse (BWB)

end of announcement                               euro adhoc

Further inquiry note:

AIG International Real Estate Gmbh & Co. KGaA
Nicole Gauchat
Telefon: +49(0)69 97 11 32 25
E-Mail: nicole.gauchat@aig-ire.de

Branche: Financial & Business Services
ISIN: DE0006344211
WKN: 634421
Index: CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse München / free trade