ING Clarion Global Real Estate Income Fund (“IGR”) & ING Clarion Real Estate Income Fund (“IIA”) Announce the Closing...

ING Clarion Real Estate Securities, LLC announced today that the reorganization of ING Clarion Global Real Estate Income Fund (NYSE: IGR), IGR Merger Subsidiary, a direct, wholly-owned subsidiary of IGR, and ING Clarion Real Estate Income Fund (NYSE: IIA) is effective as of the opening of business of the New York Stock Exchange on October 1, 2009.

In the reorganization, IGR acquired substantially all of the assets and liabilities of IIA in a tax free transaction in exchange for an equal aggregate value of newly-issued common shares of beneficial interest of IGR. The reorganization occurred based on the relative net asset values of IIA and IGR.

The conversion ratio is as follows:

Fund

NAV/Share ($)

Conversion Ratio

ING Clarion Global Real Estate Income Fund

        
        
        
        
        
        
        
        
          $7.1401
        
        
        
        
        
        
        
        
          N/A
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          ING Clarion Real Estate Income Fund
        
        
        
        
        
        
        
        
          $5.8922
        
        
        
        
        
        
        
        
          0.825226
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any ING fund, including IGR, the surviving fund in the reorganization. Investors should consider the investment objectives, risks, charges and expenses of their funds carefully and consider in its entirety the Combined Proxy Statement / Prospectus and other documents filed with the U.S. Securities and Exchange Commission relating to the reorganization, which contain important information regarding the investment objectives and policies, risks, charges, expenses and other important information about IGR.

For more information on our closed-end funds please visit our website at www.ingclarionres.com.

The closed-end fund IGR is managed by ING Clarion Real Estate Securities a registered investment management firm specializing in the management of equity real estate securities. Headquartered near Philadelphia, Pennsylvania, ING Clarion Real Estate Securities has approximately $11 billion in assets under management as of June 30, 2009 and over 70 employees located throughout the United States, the United Kingdom, Hong Kong and Japan.

ING Clarion Real Estate Securities is the real estate equity management arm of ING Real Estate Investment Management, a global real estate investment management company. With a total business portfolio of more than $87 billion and offices in 22 countries in Europe, the Americas, Asia and Australia, ING Real Estate Investment Management ranks among the world's strongest real estate companies.

ING Real Estate Investment Management is part of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

More information on ING Clarion's Closed-End Funds is available at www.ingclarionres.com.