Notes: <b> November 25, 2020 </b> -- Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today announced that a committee of its Board of Directors has established 1-for-1.23821 as the ratio for the previously-announced reverse stock split of its outstanding shares of common stock. The reverse stock split will become effective on November 30, 2020, immediately after the issuance of shares in the special dividend described below, and Aimco's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange ("NYSE") as of the opening of trading on December 1, 2020, under Aimco's existing symbol “AIV.” Aimco's common stock has been assigned a new CUSIP number of 03748R747 in connection with the reverse stock split. <p> When the reverse stock split becomes effective, every 1.23821 of the Company's issued and outstanding shares of common stock will be combined into one share, without any change to the par value per share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fraction of a share will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the stockholder would otherwise be entitled, multiplied by $30.98 (which is the volume weighted average trading price of a share of Aimco common stock during the ten (10) trading day period ending at the close of business on November 24, 2020). </p> The purpose of the reverse stock split is to neutralize the dilutive impact of the stock to be issued in the special dividend that was announced on October 23, 2020. The board of directors of Aimco declared a special dividend on the common stock with an aggregate value of $8.20 multiplied by the number of outstanding shares of common stock on November 4, 2020 (the “Record Date”), comprised of cash and common stock, and gives stockholders the opportunity to elect to receive the special dividend in the form of all cash or all stock, subject to proration if either option is oversubscribed. The special dividend will be payable after the close of business on November 30, 2020, to stockholders of record as of the close of business on the Record Date. <p> <b> November 25, 2020 </b> -- Apartment Investment and Management Company (NYSE: AIV) (“Aimco”) and AIMCO Properties, L.P. (“AIR OP”) announced today that Aimco’s Board of Directors set the close of business on December 5, 2020 as the record date for the previously announced separation transaction to be effected through a pro rata distribution (the “REIT Distribution”), where stockholders of Aimco will receive one share of Class A common stock of Apartment Income REIT Corp. (“AIR”) for every one share of Class A common stock of Aimco held as of the close of business on the record date, and will receive cash in lieu of fractional shares of Class A common stock of AIR. The distributions are expected to be completed prior to trading hours on December 15, 2020. <p> <b> February 13, 2019 </b> -- Apartment Investment and Management Company (NYSE: AIV) today announced that a committee of its Board of Directors has established 1-for-1.03119 as the ratio for the previously-announced reverse stock split effective 2/20/2019. The reverse stock split will become effective at 5:00 pm Eastern Time on February 20, 2019, and Aimco's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange ("NYSE") as of the opening of trading on February 21, 2019, under Aimco's existing symbol “AIV.” Aimco's common stock has been assigned a new CUSIP number of 03748R754 in connection with the reverse stock split. When the reverse stock split becomes effective, every 1.03119 of the Company's issued and outstanding shares of common stock will be combined into one share, without any change to the par value per share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fraction of a share will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the stockholder would otherwise be entitled, multiplied by the closing price of Aimco's common stock on the NYSE on February 19, 2019. The purpose of the reverse stock split is to neutralize the dilutive impact of the stock to be issued in the special dividend that was announced on February 4, 2019.