The Hyperion 2005 Investment Grade Opportunity Term Trust, Inc. Dividend Declaration.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 13, 2002

The Board of Directors of the Hyperion(R) 2005 Investment Grade Opportunity Term Trust, Inc. (the "Trust") (NYSE:HTO) has declared the January 2003 monthly dividend of $0.04167 per share.

This dividend is payable on January 30, 2003, to shareholders of record on December 31, 2002. The ex-dividend date is December 27, 2002. The dividend represents an annualized return of 5.00% on the Trust's initial offering price of $10.00. Based on the NYSE closing price of $9.83 on December 12, 2002, the Trust's yield was 5.09%. Based on the net asset value ("NAV") per share of $9.89 on December 12, 2002, the yield of the Fund was 5.06%. The reason for the changes in the declaration, ex-dividend, and record dates for January 2003's monthly dividend is to avoid a projected 2002 excise tax liability for the Trust. This dividend will be taxable in calendar year 2002.

The Trust's investment advisor, Hyperion Capital Management, Inc. (Hyperion Capital), is a leading fixed income manager. Hyperion Capital, with its affiliate, manages in excess of $8.2 billion in client assets. Additional information on the Trust's assets and performance is available by contacting Hyperion Capital Shareholder Services at:

The Hyperion 2005 Investment Grade Opportunity Term Trust, Inc.

One Liberty Plaza 165 Broadway, 36th Floor

New York, NY 10006-1404

Telephone: 800/HYPERION