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

Business Wire, Dec 11, 2006

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 per share for the month of December 2006 and has authorized an additional special distribution of capital gains of $0.885 per share. Both the dividends authorized by the Board today will be paid together as one distribution of $1.00 per share, all characterized as long-term capital gain. The following dates apply:

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

December 2006     12-20-2006        12-22-2006         12-29-2006

The special distribution declared today is the second for the year bringing total special distributions declared and paid this year to $1.92 per share. In addition, during 2006 the fund has paid normal monthly dividends totaling $1.38 per share ($0.115 per month). 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.

About ING Clarion

Founded in 1982, ING Clarion and its affiliates manage $38.5 billion in assets in the private equity, public equity, and public debt sectors of the real estate markets. Headquartered in New York, the ING Clarion organization has more than 700 employees located in major markets throughout the United States, the United Kingdom, and Japan.

The firm is the North American investment management arm of ING Real Estate an international real estate company, active in real estate investment management, development and finance. The company ranks among the world's strongest real estate players with offices in 21 countries in Europe, the United States, Asia and Australia.

ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 114,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

More information about the firm and its closed-end funds is available at www.ingclarion.com.