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 $0.0725 per share of common stock. The dividend is payable on March 31, 2010 to common shareholders of record as of March 25, 2010. The ex-dividend date is March 23, 2010.

As previously announced, on February 23, 2010, the holders of the Fund’s common stock and auction preferred stock approved the proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation. The Fund is in the process of converting all portfolio securities of the Fund to cash or cash equivalents. As a result, a monthly “Fund Commentary” and municipal market update is not being provided in this dividend release.

Characteristics as of February 28, 2010*

Net asset value per common share   $14.74 Market price per common share $14.48 NAV yield 5.90% Market yield 6.01%

* 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.