Ex-Dividend Date   Record Date   Payable Date      July 2009   07-21-2009         07-23-2009    07-31-2009                                                                     -------------------------------------------------------------------------------  

IIA's current distribution rate represents an annualized yield of 13.9% based on the closing market price of $3.89 on July 9, 2009 and a 13.0% yield on a closing NAV of $4.16 as of the same date.

Pursuant to the terms and conditions of the Fund's Automatic Dividend Reinvestment Plan (the "Plan"), the Fund terminated the Plan effective July 10, 2009. The July 2009 dividend will be the first dividend affected by the termination of the Plan. The July 2009 dividend and all subsequent dividends and other distributions shall be distributed by the Fund in cash by check mailed directly to the shareholder of record or, if the common shares are held in street or other nominee name, then to such nominee.

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'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 July 31, 2009) the Fund has made seven (7) regular monthly distributions which in aggregate equal $0.315 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                  $0.021 (47%)                             -- (0%)                                 -- (0%)             $0.024 (53%)   YTD       $0.315                  $0.148 (47%)                             -- (0%)                                 -- (0%)             $0.167 (53%)                                                                                                                                                          -------------------------------------------------------------------------------  

SHAREHOLDERS SHOULD NOT USE THE INFORMATION PROVIDED IN PREPARING THEIR TAX RETURNS.