AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
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Net Asset Value as of March 31, 2007

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Net Asset Value Update

15.05.2007

Frankfurt am Main, May 15, 2007

Dear Ladies and Gentlemen:

The unaudited net asset value ("NAV") of AIG International Real   Estate  GmbH  & Co. KGaA  (the  "Company")  and  its  consolidated   subsidiaries  (together  the "Group") as of March 31, 2007 was EUR 44.79 per share, an increase of  EUR  1.22 or 2.8% from the unaudited February 28, 2007 NAV of EUR 43.57  per  share.    NAV per share increased more than 3% during the first quarter from the audited   year end NAV per share of EUR 43.38.

The increased NAV is due primarily to  increased  valuations  for  a number  of investments in Europe and Asia.  In Europe,  the  Marques Avenue  locations  in France held through the AIG Europe fund were placed under contract for  sale  at a price well in excess of  our   year  end  valuation.    As  a  result,  we  have increased the valuation of our interest in asset  by  about  EUR  2  million  to reflect the sales price.  The sale is expected to close  in  June  or July  and will result in cash distributions to the Group of approximately EUR  5  million. In addition, the valuation of the FM Logistics warehouse facility  near  Moscow, Russia to reflect compressed yields in the local market.

The Kyobashi Land investment in Japan was also sold.  This investment was  held for slightly more than one year and returned nearly two times invested  capital, resulting in a before-tax JPY IRR of approximately 77%  (EUR  IRR  approximately 57%).  Net of Japanese withholding tax, the multiple was 1.75x in JPY,  with  an IRR of approximately 63% (EUR  after  tax  IRR  of  44%).    Also  in  Asia, the valuations  for  the  Group's  four  largest  investments  in   Japan    (Shinanen Canalside, Forest Green, Chayamachi,  and   Oyamacho)  were  increased  based  on regular quarterly reporting from the investments.

The Group received substantial distributions from two  investments   in  the  US. Another building in the Baldwin Park industrial park was sold,  generating  cash proceeds of TUSD 515 (TEUR 389), of which TUSD 210 (TEUR 158) was  characterized as capital gain.  (Another Baldwin Park building  was  sold  in  April.)    Sales valuations at Baldwin Park have been consistent with the Group's  valuation  for the investment.    The Group received a TUSD 958 (TEUR  718)  return   of  capital distribution from its Trivest investment as a result of the refinancing  of  one of the properties in the Trivest portfolio.

The Tasman Portfolio of office  properties  in  the  Netherlands   generated  net income for the Group of TEUR 651 for the period  from acquisition  on  December 20, 2006 through March 31, 2007.  The   Group  accounts  for  its  investment  in Tasman using the equity method, so this income has been booked  in  the  Group's consolidated income statement, leading to an increase in the  valuation  of  the Group's investment in Tasman.

The Group made two new investments in the United States during the   month.    One World  Trade  Center,  an  existing  Class-A  office   property  in  Long  Beach, California with about 54,000 square meters of rentable  space.    The  Group  HAS invested USD 1.2 million (TEUR 905) in this project.  The Group  also  committed to invest USD 1.7 million in  The  Verandas,  an  existing  Class-B  residential property in West Covina, California.  The Group made an  initial   investment  of TUSD 38 (TEUR 28) in The Verandas and made additional investments  of  USD  1.2 million (TEUR 875) during April.  During March, the Group also  made  additional investments in Japanese real estate totaling JPY 134 million (TEUR 854)  through AIG Japan Fund II and AIG Japan Fund III.  As of the end  of  March,  the  Group had twenty-five investments through AIG Japan  Fund  II  and  three   investments through AIG Japan Fund III.

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ots Originaltext: AIG International Real Estate GmbH&Co. KGaA
Im Internet recherchierbar: http://www.presseportal.ch

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:  Frankfurter Wertpapierbörse / official dealing/prime standard
              Börse Berlin-Bremen / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade



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