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Investment Grade Municipal Income Fund Inc. --
Dividend Declaration, Updated Price and Yield Information
UBS Global Asset Management

New York, September 11, 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 September 29, 2006 to common shareholders of record as of September 21, 2006. The ex-dividend date is September 19, 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 August 31, 2006:*

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Net Asset Value                                           $15.32
Market Price                                              $13.56
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NAV Yield                                                   4.93%
Market Yield                                                5.58%
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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.