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ITEM 7 / INVESTMENTS.....................................................................................................................................................................................The following table presents our CDO available for sale investments by credit rating:Fair Value at Fair Value atDecember 31, December 31,(in millions) 2012 2011Rating:AAA $ 144 $ 130AA 542299A 1,284745BBB 485467Below investment grade 583591Total $ 3,038 $ 2,232Commercial Mortgage Loans..............................................................................................................................................................................................At December 31, 2012, we had direct commercial mortgage loan exposure of $13.8 billion. At that date, over99 percent of the loans were current.The following table presents the commercial mortgage loan exposure by location and class of loan based onamortized cost:December 31, 2012 NumberofClassPercentof(dollars in millions) Loans Apartments Offices Retails Industrials Hotels Others Total TotalState:California 153 $ 119 $ 942 $ 286 $ 640 $ 394 $ 652 $ 3,033 22%New York 85 268 1,320 176 98 101 120 2,083 15New Jersey 57 477 283 302 8 19 65 1,154 8Florida 93 52 175 255 99 20 231 832 6Texas 58 37 294 154 208 101 32 826 6Pennsylvania 57 48 99 171 119 17 13 467 3Ohio 54 167 40 98 64 38 10 417 3Colorado 19 11 198 1 – 97 58 365 3Maryland 21 22 145 170 13 4 4 358 3Virginia 25 38 186 50 10 17 – 301 2Other states 333 359 1,253 1,010 397 345 465 3,829 28Foreign 61 1 – – – – 122 123 1Total * 1,016 $ 1,599 $ 4,935 $ 2,673 $ 1,656 $ 1,153 $ 1,772 $ 13,788 100%* Excludes portfolio valuation losses.AIA Investment..............................................................................................................................................................................................We sold our remaining 33 percent interest in AIA ordinary shares for proceeds of $14.5 billion and a net gain of$2.1 billion through three sale transactions on March 7, September 11 and December 20, 2012.See Note 7 to the Consolidated Financial Statements for further discussion...................................................................................................................................................................................................................................AIG 2012 Form 10-K 149