ING Clarion Real Estate Income Fund 'IIA' Declares Monthly Dividend for December and Announces Special Distribution

Business Wire, Dec 8, 2005

NEW YORK & PHILADELPHIA -- The Board of Directors of the ING Clarion Real Estate Income Fund (AMEX:IIA)(the 'Trust'), which trades on the American Stock Exchange under the symbol 'IIA', today declared a normal monthly dividend of $0.115 and has authorized an additional special distribution of $0.415 per share. These dividends will be paid together as one distribution of $0.53 per share to be paid on December 30, 2005. The entire distribution will be characterized as capital gain. The following dates apply:

Ex-Dividend Date   Record Date      Payable Date
                    ---------------- ---------------- ----------------

December 2005         12-16-2005       12-20-2005       12-30-2005

The amounts identified above, like all of the distributions paid during the year, are subject to recharacterization for tax purposes. A portion of the dividends paid by REITs may be recharacterized for tax purposes following year-end as capital gain and/or return of capital. To the extent this occurs, distributions paid by the fund during the year may also be reclassified to reflect these recharacterizations. To the extent these changes do occur, they may have the effect of reducing the net investment income component of fund distributions and correspondingly increasing the return of capital component. Shareholders will receive notification in a Form 1099-DIV of the exact composition of all distributions for the year and the related tax treatment.

The Trust's primary investment objective is high current income. The Trust's secondary investment objective is capital appreciation. Under normal market conditions the Trust will invest at least 90% of its total assets in income producing 'Real Estate Securities'. The Trust will invest at least 70% of its total assets in Real Estate Equity Securities and may invest up to 30% of its total assets in Real Estate Fixed Income Securities.

ING Clarion Real Estate Securities acts as the Trust's investment advisor. ING Clarion Real Estate Securities is responsible for the Trust's portfolio assets between equity and fixed-income investments and for the selection and monitoring of the Trust's sub-advisor, Clarion Capital, which will select the Trust's Real Estate Fixed Income Securities.

As of December 31, 2004, ING Clarion Real Estate Securities had approximately $6.3 billion in assets under management. ING Clarion Partners, an affiliate company, manages $12.3 billion of private market Real Estate and has over 600 employees based in 30 major metropolitan areas in the United States.

ING Clarion Real Estate Securities is affiliated with ING Groep N.V., a global financial services organization based in The Netherlands with over $600 billion in assets under management and 115,000 employees operating in 65 countries around the globe on behalf of over 60 million customers.

More details on the Fund (IIA) are available at www.ingclarion.com.