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

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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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
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ots Originaltext: AIG International Real Estate GmbH & Co.
Im Internet recherchierbar: http://www.presseportal.de

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


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