PPM Investment Grade Municipal Income Fund

Investment Grade Municipal Income Fund Inc. (the “Fund”) (NYSE: PPM), a closed-end management investment company with common and preferred shares outstanding, today announced that the Fund’s Board of Directors has declared a dividend from net investment income of $0.0300 per share of common stock. From March 2009 through March 2010, the Fund had been paying monthly dividends of $0.0725 per share of common stock. The dividend rate has been reduced for this month as the Fund has been in the process of converting all portfolio securities to cash or cash equivalents pursuant to the shareholder approved Plan of Liquidation and is not generating the prior levels of income which supported the higher dividend rate. It should be noted that if the earnings for the remainder of April 2010 exceed the dividend being announced today, the excess would be paid to common shareholders as part of the liquidating distribution which is expected to occur next month in May. The dividend is payable on April 30, 2010 to common shareholders of record as of April 22, 2010. The ex-dividend date is April 20, 2010.

A monthly “Fund Commentary,” municipal market update and detailed portfolio statistics are not being provided in this dividend release given that the Fund is in the process of liquidation.

Characteristics as of March 31, 2010*

  Net asset value per common share       $14.58 Market price per common share       $14.43 NAV yield 2.47% Market yield       2.49% * Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current month’s dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current month’s dividend by 12 and dividing by the month-end market price.