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

The Board of Trustees of the ING Clarion Real Estate Income 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 November 2008. The previous monthly distribution amount was $0.115 per share. The following dates apply:

IIA’s current distribution rate represents an annualized yield of 13.8% based on the closing market price of $3.90 on November 13, 2008 and a 10.8% yield on a closing NAV of $5.01 as of the same date.

Future earnings of the Fund cannot be guaranteed and the Fund’s dividend policy is subject to change. For more information on the Fund, please visit our website at www.ingclarionres.com.

The Fund also announced that it will hold a conference call on November 18, 2008 at 4:15 p.m. to discuss developments in the market and outlook for the Fund. Mr. T. Ritson Ferguson, CIO of ING Clarion Real Estate Securities will be on the call.

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.