KeyBanc Capital Markets, Merrill Lynch, and Wells Fargo Securities act as agents in equity offering program of Common Stock by Aimco

Client(s) KeyBanc Capital Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC

Jones Day advised KeyBanc Capital Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, LLC, as sales agents, in connection with an at-the-market equity offering program whereby Apartment Investment and Management Company, a real estate investment trust that is focused on the ownership and management of apartment communities, may issue up to seven million shares of its Class A Common Stock in at-the-market offerings over the course of the at-the-market equity offering program.