AVZ Amvescap

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.