AIM Select Real Estate Income Fund Board of Trustees Approves Redemptions of Auction Rate Preferred Shares (Series M, W, R and F

On September 19, 2006, the Board of Trustees of AIM
Select Real Estate Income Fund (the "Fund") (NYSE:RRE) unanimously
voted to approve the redemption by the Fund of all of its outstanding
Series M, Series W, Series R and Series F Auction Rate Preferred
Shares (the "ARPS"). The Board has set the terms of such redemptions,
which terms are stated below.
   The ARPS had been used by the Fund to enhance net income
distributable to holders of the Fund's Common Shares. As a result of
the redemption by the Fund of the ARPS, it is expected that net income
available for distribution to the holders of the Fund's Common Shares
will decrease.

   Series M ARPS

   The Fund will redeem 100% (2,050 shares) of its then outstanding
Series M Auction Rate Preferred Shares par value $.001 per share,
$25,000 Liquidation Preference per share (the "Series M ARPS"), on
Tuesday, October 24, 2006 (the "Series M Redemption Date"). The Series
M ARPS will be redeemed pursuant to and in accordance with Part I,
Section 3(a)(i) of the Fund's Second Amended and Restated Statement
Establishing and Fixing the Rights and Preference of the Auction Rate
Preferred Shares. All such Series M ARPS are to be redeemed from CUSIP
# 00888R-20-6. On the Series M Redemption Date, shareholders of the
Series M ARPS will receive $25,000 per share for each Series M ARPS
share redeemed, which is equal to the liquidation preference of the
Series M ARPS, plus an amount equal to the accumulated but unpaid
dividends on such Series M ARPS for the weekly dividend period ending
the business day before the Series M Redemption Date. Dividends on the
Series M ARPS to be redeemed will cease to accumulate on the Series M
Redemption Date.

   Series W ARPS

   The Fund will redeem 100% (2,050 shares) of its then outstanding
Series W Auction Rate Preferred Shares par value $.001 per share,
$25,000 Liquidation Preference per share (the "Series W ARPS"), on
Thursday, November 2, 2006 (the "Series W Redemption Date"). The
Series W ARPS will be redeemed pursuant to and in accordance with Part
I, Section 3(a)(i) of the Fund's Second Amended and Restated Statement
Establishing and Fixing the Rights and Preference of the Auction Rate
Preferred Shares. All such Series W ARPS are to be redeemed from CUSIP
# 00888R-30-5. On the Series W Redemption Date, shareholders of the
Series W ARPS will receive $25,000 per share for each Series W ARPS
share redeemed, which is equal to the liquidation preference of the
Series W ARPS, plus an amount equal to the accumulated but unpaid
dividends on such Series W ARPS for the weekly dividend period ending
the business day before the Series W Redemption Date. Dividends on the
Series W ARPS to be redeemed will cease to accumulate on the Series W
Redemption Date.

   Series R ARPS

   The Fund will redeem 100% (2,050 shares) of its then outstanding
Series R Auction Rate Preferred Shares par value $.001 per share,
$25,000 Liquidation Preference per share (the "Series R ARPS"), on
Friday, November 10, 2006 (the "Series R Redemption Date"). The Series
R ARPS will be redeemed pursuant to and in accordance with Part I,
Section 3(a)(i) of the Fund's Second Amended and Restated Statement
Establishing and Fixing the Rights and Preference of the Auction Rate
Preferred Shares. All such Series R ARPS are to be redeemed from CUSIP
# 00888R-40-4. On the Series R Redemption Date, shareholders of the
Series R ARPS will receive $25,000 per share for each Series R ARPS
share redeemed, which is equal to the liquidation preference of the
Series R ARPS, plus an amount equal to the accumulated but unpaid
dividends on such Series R ARPS for the weekly dividend period ending
the business day before the Series R Redemption Date. Dividends on the
Series R ARPS to be redeemed will cease to accumulate on the Series R
Redemption Date.

   Series F ARPS

   The Fund will redeem 100% (2,050 shares) of its then outstanding
Series F Auction Rate Preferred Shares par value $.001 per share,
$25,000 Liquidation Preference per share (the "Series F ARPS"), on
Monday, October 30, 2006 (the "Series F Redemption Date"). The Series
F ARPS will be redeemed pursuant to and in accordance with Part I,
Section 3(a)(i) of the Fund's Second Amended and Restated Statement
Establishing and Fixing the Rights and Preference of the Auction Rate
Preferred Shares. All such Series F ARPS are to be redeemed from CUSIP
# 00888R-50-3. On the Series F Redemption Date, shareholders of the
Series F ARPS will receive $25,000 per share for each Series F ARPS
share redeemed, which is equal to the liquidation preference of the
Series F ARPS, plus an amount equal to the accumulated but unpaid
dividends on such Series F ARPS for the weekly dividend period ending
the business day before the Series F Redemption Date. Dividends on the
Series F ARPS to be redeemed will cease to accumulate on the Series F
Redemption Date.
   This communication does not constitute an offer to purchase or
sell any securities nor is it a solicitation of any proxy.

   About AIM Investments

   AIM Investments is dedicated to building solutions for its clients
with exceptional products and services through multiple investment
management styles and a broad range of investment portfolios - mutual
funds, exchange-traded funds, retirement products, separately managed
accounts for high-net-worth and institutional investors, annuities,
cash management, college savings plans and offshore products. For more
information, visit www.aiminvestments.com. AIM Investments had
approximately $138 billion in assets under management as of August 31,
2006. AIM Investments is a service mark of A I M Management Group Inc.
A I M Advisors, Inc., A I M Capital Management, Inc., and AIM Private
Asset Management, Inc. are the investment advisors for the products
and services represented by AIM Investments. A I M Distributors, Inc.
is the distributor for the retail mutual funds and Fund Management
Company is the distributor for the institutional money market funds
represented by AIM Investments.

   About INVESCO Institutional

   INVESCO Institutional (N.A.), Inc. is the principal adviser in the
North American institutional division of AMVESCAP PLC. It is
registered as an investment adviser with the SEC and is the subadviser
to AIM Select Real Estate Income Fund. Dallas-based INVESCO Real
Estate, the real estate division of INVESCO Institutional, commenced
operations in 1983. For more information, visit
www.invescorealestate.com.

   About AMVESCAP

   A I M Management Group Inc. is a subsidiary of AMVESCAP PLC, a
leading independent global investment manager, dedicated to helping
people worldwide build their financial security. Operating under the
AIM, INVESCO and Atlantic Trust brands, AMVESCAP strives to deliver
outstanding products and services through a comprehensive array of
retail and institutional products for clients around the world. The
Company, which had approximately $429 billion in assets under
management as of August 31, 2006, is listed on the London, New York
and Toronto stock exchanges with the symbol "AVZ." Additional
information is available at www.amvescap.com.
   AIM Select Real Estate Income Fund is a closed-end fund which is
traded on the New York Stock Exchange.