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Investment Grade Municipal Income Fund Dividend Declaration, Updated Price & Yield Info
UBS Global Asset Management

New York, June 12, 2006 -- Investment Grade Municipal Income Fund Inc. (PPM), a closed-end management investment company normally investing substantially all of its assets in a diversified portfolio of tax-exempt municipal obligations, with common and preferred shares outstanding, today announced that the Fund's Board of Directors has declared a dividend from net investment income of $0.063 per share of common stock. The dividend is payable on June 30, 2006 to common shareholders of record as of June 22, 2006. The ex-dividend date is June 20, 2006. Under normal circumstances, the Fund invests at least 80% of its net assets in investment grade municipal obligations, the income from which is exempt from regular federal income tax.

Characteristics as of May 31, 2006:*

Net Asset Value                                      $15.01
Market Price                                         $13.22
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NAV Yield                                              5.04%
Market Yield                                           5.72%
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* 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.

View more information on UBS Global Asset Management or other Closed-End Funds.