Leading Proxy Advisory Firm Glass Lewis Recommends that Aimco Stockholders Vote “FOR” Aimco’s Three Highly Qualified Director Nominees - Seite 2

“Still, L&B's narrative is largely refuted, in our view, by the fact that Aimco initially set out its strategy and objectives for investors more than a year ago, in October 2021, and has provided key updates for investors along the way, including in both February 2022 and June 2022, in addition to quarterly earnings releases.”

On the Strength of Aimco’s Incumbent Directors:

“Lastly, with respect to the incumbents who L&B is opposing this year, we take note of Mr. Stein's accounting, executive, and business separation experience, as well as his role as chairman of the investment committee currently leading the board's review of options to further enhance value, and Mr. Stone's real estate development experience and role as chairman of the governance committee, where he has demonstrated a responsiveness to investor concern by enacting a number of governance improvements. In our view, the expertise and experience of the incumbent directors up for re-election this year remains crucial to Aimco's progress and forward plan.”

“Based on our meeting with Mr. Leupp and other Aimco board members, we believe he and the board are committed to further enhancing Aimco's investor relations and communications. And the board appears well equipped to do so, in our view, given Mr. Leupp's experience and perspective.”

“Although L&B has called out Mr. Stone, as chairman of Aimco's governance committee, for not pressing for the immediate de-staggering of the board or other governance improvements earlier, the fact that he and the board have since shown responsiveness to investor feedback by adopting various governance reforms (as detailed above) suggests to us that Mr. Stone is more likely part of the solution than any ongoing problems on the Aimco board.”

“We also find Aimco's investor relations and capital allocation – primary complaints of the Dissident and the areas where its nominees would presumably make their biggest contributions - to already be in capable hands and not nearly as lacking as L&B has alleged, significantly undercutting the candidacies of L&B's nominees, in our view.”

On Land & Buildings’ Nominees:

“On the other hand, the first of L&B's nominees, Ms. Applebaum, comes from a background in the steel industry, first as an analyst and then a director, with no relevant real estate or REIT experience. We also note she is a perennial L&B nominee, having been nominated by the investor in three prior instances yet never elected by shareholders or otherwise appointed to those boards.”