The Board of Trustees for AIM Select Real Estate Income Fund (NYSE:RRE), AIM's closed-end real estate fund, has declared a long-term capital gain for 2004 and the fund's monthly dividends for the first quarter of 2005.

An annual long-term capital gain distribution of $0.5009 per share will be paid on December 30, 2004, to shareholders of record on December 17, 2004.

Additionally, a dividend of $0.1030 per share will be paid each month of the first quarter of 2005 as follows: For January, the dividend will be payable on January 28, 2005, for fund shareholders of record on January 18, 2005. In February, the dividend will be payable on February 25, 2005, for fund shareholders of record on February 15, 2005. In March, the dividend will be payable on March 30, 2005, for fund shareholders of record on March 21, 2005.

Dividends and distributions from AIM Select Real Estate Income Fund are generally subject to Federal income taxes. In addition, monthly dividends for the fund may later be characterized as a return of capital and/or capital gains depending on the character of the dividend reported to the fund after year-end by real estate investment trusts (REITs) whose securities are held by the fund.

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 $132 billion in assets under management as of September 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 September 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 $363 billion in assets under management as of September 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.