AIM Select Real Estate Income Fund Board of Trustees Approves Open-Market Share Purchases.

HOUSTON -- The Board of Trustees for AIM Select Real Estate Income Fund (NYSE:RRE), AIM's closed-end real estate fund, announced today it has approved the ability to engage in open-market purchases of its common shares.

The purpose of engaging in open-market share purchases is to provide the fund's portfolio managers with an additional means to enhance shareholder returns.

"We are pleased to now be permitted by the Board to buy RRE shares on the open market," said Joe Rodriguez, portfolio manager for AIM Select Real Estate Income Fund. "We believe it is appropriate to consider purchasing shares when they are, in our opinion, undervalued in the market."

Although the fund's management team is permitted to purchase the fund's common shares on the open market, it is not under any obligation to do so. The amount and timing of any open-market purchases will be in sole discretion of the fund's management team, taking into account various factors including, market conditions, cash on hand, and the availability of other attractive investments. Open-market purchases may be financed by cash, fund borrowings or liquidation of fund holdings. Any open-market purchases will be made on the New York Stock Exchange at the prevailing market price, subject to volume, timing and other limitations under Federal securities laws.

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 - mutual funds, retirement products, separately managed accounts for high-net-worth and institutional investors, annuities, cash management, college savings plans, and offshore products. Founded in 1976, AIM Investments had $129 billion in assets under management as of Sept. 30, 2005. For more information, visit www.aiminvestments.com. 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 $381 billion in assets under management as of Sept. 30, 2005, is listed on the London, New York and Toronto stock exchanges with the symbol "AVZ." Additional information is available at www.amvescap.com.