CREATING VALUE

CURRENT & TARGET ALLOCATION 70% 60% 50% 40% 30% 20% 10% 0% AIMCO TARGET ALLOCATION BY SEGMENT & SECTOR Current Target Value Add & Opportunistic Real Estate Core & Core Plus Alternative Investments Real Estate Cash, Hedges, & Other Net Assets Value Add & Opportunistic Real Estate [1] Core & Core Plus Real Estate [2] Alternative Investments Cash, Hedges, & Other Net Assets Total Expected Annualized Returns on Equity Approximate Current Target Target Allocation Allocation Leverage 34% 40% - 60% 65% 51% 30% - 35% 50% 9% 6% 5%-15% 5%-10% 0% Avg. Annualized Project-Level Return on Equity [3] ~18% ~ 9% ~15% 0% 0% 12% -16% [1] Includes management's value creation for ongoing development and redevelopment projects. [2] Includes covered land, or properties that earn a current return as we wait for the land to appreciate and timing to be right for redevelopment or monetization. [3] Individual project-level return on equity is subject to specific investment risk profiles and market dynamics, a range of outcomes is likely. Aimco CREATING VALUE 20 20

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