AIM Select Real Estate Income Fund Board of Trustees Declares Distributions for October 2006 and Formally Approves Plan of Reorg

The Board of Trustees for AIM Select Real Estate Income
Fund (ASREIF) (NYSE:RRE), AIM's closed-end real estate fund, has
declared distributions to be paid during October 2006.
   A distribution of $0.1040 per share will be paid on October 30,
2006, to fund shareholders of record on October 20, 2006. The
distribution consists of approximately $0.0716 of net investment
income and approximately $0.0324 of return of capital.
   Monthly distributions for ASREIF may later be recharacterized
depending on how the character of portfolio distributions received by
ASREIF is reported by real estate investment trusts (REITs) after the
end of the calendar year.
   ASREIF's Board of Trustees has formally approved a Plan of
Reorganization (the Plan) to reorganize ASREIF as an open-end fund.
This formal approval follows the determination by the Board at their
August 1, 2006 Board meeting that it is in the best interests of the
holders of ASREIF's Common Shares to reorganize ASREIF as an open-end
fund.
   On September 19, 2006, the Board unanimously voted to approve the
Plan, pursuant to which ASREIF would transfer all of its assets to a
newly created open-end series portfolio of AIM Counselor Series Trust
(ACST). This newly created open-end fund will also be named AIM Select
Real Estate Income Fund. The Plan requires approval by the holders of
ASREIF's Common Shares and will be submitted to shareholders for their
approval at a meeting to be held on or about February 26, 2007. Any
solicitation of proxies by ASREIF in connection with the shareholder
meeting will only be made pursuant to separate proxy materials sent to
shareholders and filed with the Securities and Exchange Commission
pursuant to applicable federal securities laws.
   If the Plan is approved by the holders of ASREIF's Common Shares
and certain conditions required by the Plan are satisfied, the
reorganization of ASREIF as an open-end fund is expected to be
consummated on or about March 12, 2007. Upon closing of the
reorganization, holders of ASREIF's Common Shares will receive Class A
shares of AIM Select Real Estate Income Fund, the newly created
open-end series portfolio of ACST, in exchange for their Common Shares
and ASREIF will cease operations.
   As previously reported, ASREIF has ceased purchasing its Common
Shares in open market purchases as a result of the Board's
determination to reorganize ASREIF as an open-end fund.
   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.