euro adhoc: AIG International Real Estate GmbH & Co. KGaA / other / Change in NAV as of 30.11.2008 due to change in valuation of the Company's APP investment

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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09.01.2009

AD HOC ANNOUNCEMENT PURSUANT TO § 15 WpHG

AIG International Real Estate GmbH & Co. KGaA:

Change in NAV as of 30.11.2008 due to change in valuation of the
Company's APP investment

Frankfurt am Main, January 9, 2009 - The valuation for the real
estate assets held in the Company's APP (Auto-priemyselny park s.r.o.
Lozorno) investment in Slovakia, determined by an independent
valuation firm, was reduced to EUR 77.8 million as of November 30,
2008 from the valuation of EUR 104.95 million derived by the same
firm as of November 30, 2007 and which valuation was used in the
Company's last reported NAV as of October 30, 2008. Net of
adjustments to deferred tax liabilities, the change in valuation is
expected to result in a reduction of the Company's NAV as of November
30, 2008 by approximately EUR 22 million or EUR 5.21 per share. Due
to positive effects from the rest of the Company's portfolio in
November, the Company expects the NAV as of November 30, 2008 to fall
by about EUR 4 per share, or about 9%. The Company expects to
publish the November 30, 2008 NAV flyer during the week of January
12, 2009.

Due to the reduction in valuation of the real estate held by APP, APP
and its subsidiary are required under the terms of their respective
mortgage agreements to retain all cash generated by operations in a
reserve account. If, based on a new valuation of the properties to
be prepared at the end of 2009, the amount outstanding under the
combined mortgages is still more than 75% of the new value of the
properties, APP and its subsidiary will be required to reduce the
amount of the mortgage outstanding. If the November 2009 valuation
is unchanged from the valuation reported today, the Company expects
that the cash held at the reserve accounts at APP and its subsidiary
would be sufficient to reduce the amount of the mortgages outstanding
by the amount necessary to bring the outstanding mortgage balances
below 75% of the property value. If this turns out not to be the
case, the Company would have the opportunity to inject additional
equity into APP in order to cure the loan-to-value covenants.

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