AIG International Real Estate GmbH&Co. KGaA

euro adhoc: AIG International Real Estate GmbH & Co. KGaA
AIG International Real Estate Announces Increased Valuation of Real Estate Investment in Slovakia

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Frankfurt am Main, December 13, 2005 - AIG International Real Estate GmbH & Co. KGaA ("AIRE") announced today that an independent appraiser has valued the real estate holdings in its Slovak Auto-priemyselny park s.r.o. Lozorno subsidiary ("APP") at EUR 73.95 million, an increase of EUR 15.45 million over the previous fair market value of EUR 58.5 million which was based on a valuation conducted at the end of 2004.

It is expected that the AIRE group NAV for November 30, taking into consideration the new APP valuation, will be approximately EUR 35.50 per share, an approximate increase of EUR 2.84 per share, or 8% over the last reported NAV as of October 31, 2005.  The actual NAV for November 30 will be determined following preparation of the AIRE group’s monthly financial statements and will be included in the NAV report, which is expected to be published by December 19.  The reported NAV included in this report may differ somewhat from the estimate published today, but it is not expected that the difference will be material.

In addition, since the property in question is classified for accounting purposes as real estate held for investment, the increase in valuation of EUR 15.45 million will be booked as income for the fourth quarter of 2005 in the AIRE group consolidated income statement. The consolidated income for the AIRE group through the first three quarters of 2005 was EUR 12.4 million and net income after taxes for the same period was EUR 4.2 million.  Certain expenses (such as deferred tax liabilities and accrued performance fees) will also be booked in connection with the increased valuation.

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ots Originaltext: AIG International Real Estate GmbH&Co. KGaA
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Further inquiry note:
AIG International Real Estate Gmbh & Co. KGaA
Andrew Fletcher
Tel: +49 (0)69 97113225

Branche: Financial & Business Services
ISIN:      DE0006344211
WKN:        634421
Index:    SDAX, CDAX, Classic All Share, Prime All Share
Börsen:  Frankfurter Wertpapierbörse / official dealing/prime standard
              Berliner Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Bremer Wertpapierbörse (BWB) / free trade

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