Apartment Investment and Management Company (“AIV”) has announced a Special Dividend valued at $2.40. AIV Stockholders will have the ability to elect to receive the special dividend in the form of cash or additional AIV shares. The consideration which will accrue to non-electing AIV Shareholders is not known at this time. The cash or stock election must be received prior to 5:00 p.m. (EDT) on August 20, 2008.

The ex-distribution date is Thursday, July 24, 2008. The payable date is August 29, 2008. The record date is July 28, 2008.

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