Approximately US$680 Million of Securities Affected.

New York, June 11, 2002 -- Moody's Investors Service has confirmed its Ba3 preferred stock rating of Apartment Investment and Management Company (AIMCO), and simultaneously changed the REIT's rating outlook to stable, from negative. According to Moody's, this revised outlook reflects AIMCO's successful implementation of its financing strategy and management of the integration of the $1.5 billion Casden Properties apartment portfolio acquisition. In particular, the REIT has reduced its short-term debt with proceeds from a $370 million common stock issue, a $50 million preferred equity issue and asset sales proceeds. The REIT's ability to raise capital given tougher market conditions is a credit positive. Moreover, AIMCO has continued to make significant operational improvements following the Casden acquisition.

Moody's ratings continue to incorporate the REIT's focus on multifamily real estate appealing to middle-income residents. The rating agency added that the Casden acquisition enhances AIMCO's competitive position in the multifamily sector by increasing its presence in the Los Angeles market, and making it one of the largest owners of apartments in the USA. The REIT's increased size, experienced management team and improved operating efficiencies should position AIMCO well to compete. Strong portfolio fundamentals, including solid occupancy levels, sound same-store net operating income growth and strong geographic diversification, are also credit positives.