ING Clarion Real Estate Income Fund “IIA” Declares Monthly Distribution for September

The Board of Trustees of the ING Clarion Real Estate Income Fund (NYSE:IIA) (the “Fund”), which trades on the New York Stock Exchange under the symbol “IIA”, declared a monthly distribution of $0.045 per share for the month of September 2009. The following dates apply:

Ex-Dividend Date

Record Date

Payable Date

        
      
      
        
          September 2009
        
        
        
        
          09-22-2009
        
        
        
        
          09-24-2009
        
        
        
        
          09-30-2009
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

IIA’s current distribution rate represents an annualized yield of 10.44% based on the closing market price of $5.17 on September 10, 2009 and a 9.6% yield on a closing NAV of $5.60 as of the same date.

As announced today, substantially all of the assets and liabilities of IIA will be acquired by the ING Clarion Global Real Estate Income Fund (NYSE: IGR) in a tax-free reorganization. The reorganization is expected to close prior to payment of IIA”s next regular monthly distribution. Accordingly, IIA anticipates that the distribution declared today will be the final distribution paid by IIA.

For more information on the Fund, including the reorganization transaction with IGR, please visit our website at www.ingclarionres.com.

The Fund’s dividend policy is established by the Board of Trustees. The dividend is set by the Board at regular intervals with consideration of investment income and realized gains expected for the year. Each distribution is expected to be paid from some or all of the following sources: net investment income, realized long-term gains and short-term gains, and unrealized gains or in certain cases a return of capital (i.e., a non-taxable distribution). The Fund’s distribution rate should not be confused with pure income or yield. We strive to establish a level regular dividend that over the course of the year will pay out all income and realized gains with a minimum of special distributions.

ING Clarion Real Estate Income Fund is a closed-end fund, which is traded on the New York Stock Exchange, which invests primarily in real estate securities. Holdings are subject to change. Past performance is no guarantee of future results. Closed-end funds, unlike open-end funds, are not continuously offered. After a public offering, once issued, shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above net asset value. Investing in closed-end funds involves risk including the possible loss of principal.

While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. This Fund is subject to risks similar to those associated with the direct ownership of real estate. Because the Fund’s investments are concentrated in the real estate industry, the value of the Fund may be subject to greater volatility than a fund with a portfolio that is less concentrated. These companies are sensitive to factors such as changes in real estate values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and credit worthiness of the issuer. REITs may also be affected by tax and regulatory requirements. The Fund may invest in small- and mid-sized companies, which may be more susceptible to price swings and less liquidity than larger companies.

The Fund invests primarily in real estate investment trusts (REITs) and similar companies. When these companies make distributions to the Fund during the year, the Fund uses past disclosures and the estimates provided by the companies to provide you with estimated sources of distributions paid to you. Until the Fund receives a final determination from these companies as to the source of distributions – generally around January 31 of the following year – the Fund cannot provide you with a final determination of the source of distributions paid.

The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.

For the current 2009 fiscal year (January 1, 2009 to September 30, 2009) the Fund has made nine (9) regular monthly distributions which in aggregate equal $0.405 per share. The source of the distribution paid during the month and current fiscal year is estimated as follows:

Estimated Source of Distributions:

Distribution

Estimated Allocations

Net Investment

Income

Net Realized Short-

Term Capital Gains

Net Realized Long-

Term Capital Gains

Return of

Capital

Current

        
        
           
        
        
          $0.045
        
        
           
        
        
          $0.017 (38%)
        
        
           
        
        
          -- (0%)
        
        
           
        
        
          -- (0%)
        
        
           
        
        
          $0.028 (62%)
        
      
      
        
          

YTD

        
        
           
        
        
          $0.405
        
        
           
        
        
          $0.154 (38%)
        
        
           
        
        
          -- (0%)
        
        
           
        
        
          -- (0%)
        
        
           
        
        
          $0.251 (62%)
        
      
    
    

SHAREHOLDERS SHOULD NOT USE THE INFORMATION PROVIDED IN PREPARING THEIR TAX RETURNS. SHAREHOLDERS WILL RECEIVE A FORM 1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES. THE ABOVE TABLES ARE ESTIMATED AND SHOULD NOT BE TAKEN TO DENOTE THE ACTUAL BREAKDOWN OF DISTRIBUTIONS FOR TAX PURPOSES. THE YEAR-TO-DATE ESTIMATES REFLECT CURRENT ESTIMATES AND MAY DIFFER FROM PAST TABLES.

The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. Please note that all performance figures below are based on the Fund’s net asset value (“NAV”) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance.

The Fund’s cumulative year-to-date total return for fiscal year 2009 (January 1, 2009 through August 31, 2009) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return on NAV and the Fund’s Cumulative Distribution Rate for 2009. Moreover, the Fund’s Average Annual Total Return (in relation to its NAV) for the preceding five-year period (September 1, 2004 through August 31, 2009) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return on NAV for the preceding five-year period and the Fund’s Current Annualized Distribution Rate for 2009 as well as its Average Annual Distribution Rate for the preceding five-year period. The performance and distribution rate information disclosed in the table below is based on the Fund’s NAV. The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of common shares outstanding. While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s individual investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open-market. Shareholders holding Fund shares indirectly with a broker dealer should contact their financial advisor regarding the market price performance of their investment in the Fund.

Fund Performance and Distribution Rate Information:

Year-to-date 1/1/2009 to 8/31/2009

        
        
           
        
        
           
        
      
      
        
          Year-to-date Cumulative Total Return on NAV1
        
        
           
        
        
          28.35%
        
      
      
        
          Cumulative Distribution Rate2
        
        
           
        
        
          6.53%
        
      
      
        
          

Preceding Five-Year Period 9/1/2004 to 8/31/2009

        
        
           
        
        
           
        
      
      
        
          Average Annual Total Return on NAV3
        
        
           
        
        
          -4.34%
        
      
      
        
          Average Annual Distribution Rate4
        
        
           
        
        
          13.33%
        
      
      
        
          Current Annualized Distribution Rate5
        
        
           
        
        
          9.80%
        
      
      
        
        
        
        
        
           
        
      
    
    
      
        
          1
        
        
           
        
        
          Year-to-date Cumulative Total Return on NAV is the percentage change 
          in the Fund’s NAV over the year-to-date time period including 
          distributions paid and assuming reinvestment of those distributions.
        
      
      
        
        
        
        
        
           
        
      
      
        
          2
        
        
        
        
          Cumulative Distribution Rate for the Fund’s current fiscal period 
          (January 1, 2009 through August 31, 2009) measured on the dollar 
          value of distributions in the year-to-date period as a percentage of 
          the Fund’s NAV as of August 31, 2009.
        
      
      
        
        
        
        
        
           
        
      
      
        
          3
        
        
        
        
          Average Annual Total Return on NAV represents the simple arithmetic 
          average of the Annual NAV Total Returns of the Fund for the 
          preceding five-year period. Annual NAV Total Return is the 
          percentage change in the Fund’s NAV over a year including 
          distributions paid and assuming reinvestment of those distributions.
        
      
      
        
        
        
        
        
           
        
      
      
        
          4
        
        
        
        
          Average Annual Distribution Rate is the simple arithmetic average of 
          the Annual Distribution Rates for the preceding five-year period. 
          The Annual Distribution Rates are calculated by taking the total 
          distributions paid during the period divided by average daily NAV 
          for the period.
        
      
      
        
        
        
        
        
           
        
      
      
        
          5
        
        
        
        
          The Current Annualized Distribution Rate is the current monthly 
          distribution rate annualized as a percentage of the Fund’s NAV as of 
          August 31, 2009.
        
      
      
        
        
        
        
        
           
        
      
    
    

Please refer to the chart below for information about the Fund’s historical NAVs, change in NAVs, total returns, and distributions paid.

    
      
        
        
        
           
        
        
        
        
           
        
        
          End of
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
          Period
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          Average
        
        
        
        
          NAV
        
        
        
        
        
        
        
        
          Annualized
        
        
        
        
        
        
        
        
          Level
        
        
        
        
          Special
        
        
        
        
          Total
        
      
      
        
        
        
        
        
          Daily NAV
        
        
        
        
          Per
        
        
        
        
          Change
        
        
        
        
          Total
        
        
        
        
          Distribution
        
        
        
        
          Distributions
        
        
        
        
          Distributions
        
        
        
        
          Distributions
        
      
      
        
        
        
        
        
          for Period
        
        
           
        
        
          Share
        
        
           
        
        
          in NAV
        
        
           
        
        
          Returns
        
        
           
        
        
          Rate4
        
        
           
        
        
          Paid
        
        
           
        
        
          Paid
        
        
           
        
        
          Paid
        
      
      
        
          IPO
        
        
        
        
        
        
        
        
          $
        
        
          15.00
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          

20031

        
        
        
        
          $
        
        
          14.80
        
        
        
        
          $
        
        
          15.53
        
        
        
        
          3.53
        
        
          %
        
        
        
        
          9.83
        
        
          %
        
        
        
        
          1.35
        
        
          %
        
        
        
        
          $
        
        
          0.20
        
        
        
        
          $
        
        
          -
        
        
        
        
          $
        
        
          0.20
        
      
      
        
          2004
        
        
        
        
          $
        
        
          15.89
        
        
        
        
          $
        
        
          17.76
        
        
        
        
          14.36
        
        
          %
        
        
        
        
          23.38
        
        
          %
        
        
        
        
          7.68
        
        
          %
        
        
        
        
          $
        
        
          1.22
        
        
        
        
          $
        
        
          -
        
        
        
        
          $
        
        
          1.22
        
      
      
        
          2005
        
        
        
        
          $
        
        
          17.45
        
        
        
        
          $
        
        
          17.85
        
        
        
        
          0.51
        
        
          %
        
        
        
        
          11.25
        
        
          %
        
        
        
        
          10.31
        
        
          %
        
        
        
        
          $
        
        
          1.38
        
        
        
        
          $
        
        
          0.42
        
        
        
        
          $
        
        
          1.80
        
      
      
        
          2006
        
        
        
        
          $
        
        
          19.71
        
        
        
        
          $
        
        
          19.87
        
        
        
        
          11.32
        
        
          %
        
        
        
        
          31.02
        
        
          %
        
        
        
        
          16.74
        
        
          %
        
        
        
        
          $
        
        
          1.38
        
        
        
        
          $
        
        
          1.92
        
        
        
        
          $
        
        
          3.30
        
      
      
        
          2007
        
        
        
        
          $
        
        
          17.41
        
        
        
        
          $
        
        
          12.34
        
        
        
        
          -37.90
        
        
          %
        
        
        
        
          -27.78
        
        
          %
        
        
        
        
          13.56
        
        
          %
        
        
        
        
          $
        
        
          1.38
        
        
        
        
          $
        
        
          0.98
        
        
        
        
          $
        
        
          2.36
        
      
      
        
          2008
        
        
        
        
          $
        
        
          9.88
        
        
        
        
          $
        
        
          4.68
        
        
        
        
          -62.07
        
        
          %
        
        
        
        
          -56.77
        
        
          %
        
        
        
        
          12.55
        
        
          %
        
        
        
        
          $
        
        
          1.24
        
        
        
        
          $
        
        
          -
        
        
        
        
          $
        
        
          1.24
        
      
      
        
          

20092

        
        
        
        
          $
        
        
          4.21
        
        
        
        
          $
        
        
          5.51
        
        
        
        
          17.74
        
        
          %
        
        
        
        
          28.35
        
        
          %
        
        
           
        
        
          8.56
        
        
          %
        
        
        
        
          $
        
        
          0.36
        
        
        
        
          $
        
        
          -
        
        
        
        
          $
        
        
          0.36
        
      
      
        
          Average3
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          3.25
        
        
          %
        
        
        
        
          11.93
        
        
          %
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          

Since Inception Annualized Total Return

-3.86

%

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    
      
        
          1
        
        
           
        
        
          Figures for 2003 are from September 25, 2003, the Fund’s inception 
          date.
        
      
      
        
        
        
        
        
           
        
      
      
        
          2
        
        
        
        
          2009 figures are year-to-date through August 31, 2009.
        
      
      
        
        
        
        
        
           
        
      
      
        
          3
        
        
        
        
          Average calculated on number of months and years since inception. 
          The Fund’s inception date was September 25, 2003.
        
      
      
        
        
        
        
        
           
        
      
      
        
          4
        
        
        
        
          Distribution rate calculated by taking the total distributions paid 
          within the period divided by average daily NAV for the period.
        
      
      
        
        
        
        
        
           
        
      
    
    

Sources: NAV per share amounts and annualized total returns are published in the Fund’s audited annual reports for the respective year.

About ING Clarion Real Estate Securities

ING Clarion Real Estate Securities is a registered investment management firm specializing in the management of equity real estate securities. Headquartered near Philadelphia, Pennsylvania the firm has approximately USD 11 billion in assets under management and over 70 employees located in offices in the United States, 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.