AIM Investments Announces Availability of Regulatory Update for AIM Select Real Estate Income Fund Shareholders.

HOUSTON -- AIM Investments announced today that a regulatory update for shareholders of AIM Select Real Estate Income Fund (NYSE:RRE), AIM's closed-end real estate fund, is now available upon request.

A I M Advisors, Inc. ("AIM") serves as the investment advisor to AIM Select Real Estate Income Fund ("ASREIF") in addition to a number of open-end mutual funds (the "AIM Funds"). On Oct. 8, 2004, AMVESCAP PLC ("AMVESCAP"), the parent company of INVESCO Funds Group, Inc. ("IFG") the former investment advisor to certain AIM Funds, and AIM announced that final settlements had been reached with the Securities and Exchange Commission (the "SEC"), the New York Attorney General (the "NYAG"), the Colorado Attorney General (the "COAG")and the Secretary of State of Georgia to resolve civil enforcement actions and investigations related to market timing activity and related issues in the AIM Funds. A final settlement also has been reached with the Colorado Division of Securities with respect to this matter. In addition, the AIM Funds, IFG, AIM and/or related entities and individuals have received regulatory inquiries in the form of subpoenas or other oral or written requests for information and/or documents related to a number of issues affecting the mutual fund industry. Finally, a number of civil lawsuits related to certain of these issues have been filed against (depending on the lawsuit) the AIM Funds, IFG, AIM and/or related entities and individuals.

More detailed information about the terms of the settlements and the regulatory inquiries and civil lawsuits can be found on ASREIF's Internet Web site (www.aiminvestments.com/rre) under the headings "Settled Enforcement Actions and Investigations Related to Market Timing" http://www.aiminvestments.com/rresettled.pdf and "Regulatory Inquiries and Pending Litigation" http://www.aiminvestments.com/rreregulatory.pdf. In addition to accessing these documents through the ASREIF Web site, you may also request free copies by calling 800-347-4246 or by writing to A I M Management Group Inc., 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173.

Under the terms of the settlements, IFG agreed to pay a total of $325 million, of which $110 million is civil penalties, and AIM and A I M Distributors, Inc. agreed to pay a total of $50 million, of which $30 million is civil penalties. Under the settlements with the NYAG and COAG, AIM has agreed to reduce management fees on the AIM Funds by $15 million per year for the next five years, based upon effective fee rates and assets under management as of July 1, 2004, and not to increase certain management fees. In addition, IFG will pay $1.5 million to the COAG and IFG and AIM will pay $175,000 to the Secretary of State of Georgia.

About AIM Investments

Houston-based AIM Investments represents one of the nation's leading investment management companies. It 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 under the AIM and INVESCO brand names -- mutual funds, retirement products, separately managed accounts for high-net-worth and institutional investors, annuities, cash management, college savings plans, alternative investments and offshore products. Founded in 1976, AIM Investments had $139 billion in assets under management as of June 30, 2004. For more information, visit www.aiminvestments.com. AIM Investments is a service mark of A I M Management Group Inc. and is the subject of a pending application for trademark registration. A I M Advisors, Inc., A I M Capital Management, Inc., AIM Private Asset Management, Inc., and AIM Alternative Asset Management Company, 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 North American institutional division of AMVESCAP PLC. It is registered as an investment adviser with the SEC and subadviser to AIM Select Real Estate Income Fund. Dallas-based INVESCO Real Estate, the real estate division of INVESCO Institutional, commenced operations in 1983 and, together with its affiliates, managed or provided advisory services on more than $19 billion in private real estate and publicly traded real estate securities as of June 30, 2004. For more information, visit www.institutional.invesco.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 $372 billion in assets under management as of June 30, 2004, is listed on the London, New York and Toronto stock exchanges with the symbol "AVZ." Additional information is available at www.amvescap.com.