INVESTMENT LETTER

                SELIGMAN INVESTMENT GRADE FIXED INCOME FUND, INC.


Seligman  Investment  Grade Fixed Income Fund,  Inc. (the "Fund"),  an open-end,
diversified  management  investment company, and the undersigned  ("Purchaser"),
intending to be legally bound, hereby agree as follows:

1.   In order to provide  the Fund with its  initial  capital,  the Fund  hereby
     sells to Purchaser  and Purchaser  purchases  1,400 shares each of Class A,
     Class B, Class C and Class D Capital  Stock  (par value  $.001) of the Fund
     and 8,406  shares of Class I Capital  Stock (par value $.001) at a price of
     $7.14 per share (the  "Shares")  as of the close of  business on August 21,
     2001. The Fund hereby  acknowledges  receipt from Purchaser of funds in the
     amount of $100,002.84 in full payment for the Shares.

2.   Purchaser  represents  and  warrants  to the Fund that the Shares are being
     acquired for investment and not with a view to  distribution  thereof,  and
     that Purchaser has no present intention to redeem or dispose of the Shares.

IN WITNESS WHEREOF,  the parties have executed this agreement as of the 21st day
of August, 2001 ("Purchase Date").


                                        SELIGMAN INVESTMENT GRADE
                                        FIXED INCOME FUND, INC.


                                     By:  /s/ Lawrence P. Vogel
                                        --------------------------------------
                                        Name:  Lawrence P. Vogel
                                        Title:  Vice President and Treasurer


                                        SELIGMAN ADVISORS, INC.


                                     By:  /s/ Stephen J. Hodgdon
                                        --------------------------------------
                                        Name:  Stephen J. Hodgdon
                                        Title:  President