Apartment Investment and Management Co. (“AIV/ AIV1C”)
Special Cash and/or Stock Dividend (ELECTION)
Ex-Distribution Date: October 23, 2008

Attached, for your information is memo #25011 from the Options Clearing Corporation.

We urge you to read this (see link) and distribute to others within your organization you deem appropriate.

http://www.theocc.com/market/infomemos/2008/oct/25011.pdf

If clicking on the link above does not work, then copy and paste into your browser.

Key Information:
AIV1C changes to AIV2C On 10/23/08
AIV2C CME Clearing Code AI3
AIV1C Standard (100 Shares) Reintroduced on 10/24/08
AIV2C Deliverable 1) 100 Apartment Investment and Management Company (“AIV”) Class A Common Shares2) An additional amount of Apartment Investment and Management Company (“AIV”) Class A Common Shares and/or Cash valued at$1.20 which will accrue to non-electing AIV Shareholders (x 100)3) Cash in lieu of AIV shares, if any
GTC Order Handling New OCC Methodology* No change to Price or Quantity

* Member firms must determine if the new GTC order terms meet their clients’ objectives and cancel or cancel/replace orders as appropriate.