Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the "Fund") announced today that, at its recent meeting, the Board of Directors of the Fund (the “Board”) resolved to institute a managed distribution program in accordance with its Section 19(b) exemptive order (the “Program”). Beginning in November 2015, and continuing monthly thereafter, the Fund will make distributions of $0.033 per month, or approximately $0.40 per year. The first distribution will be paid on November 30, 2015 to stockholders of record on November 23, 2015. The Fund will trade ex-dividend on November 19, 2015. Based on the closing market price for BIF as of November 10, 2015, the distribution amounts to approximately 5.1% of market price and 4.0% of net asset value on an annualized basis. The December distribution may include additional amounts to account for the required distribution of net investment income and/or net capital gains realized, if any, during the Fund’s fiscal year.

In adopting the Program, the Fund seeks to provide a regular monthly distribution to its common stockholders which is not dependent on the amount of income earned or capital gains realized by the Fund. The Program recognizes that many investors are willing to accept the potentially higher asset volatility of the Fund's equity investments, but would prefer a consistent level of cash distributions be available each month for reinvestment or other purposes of their choosing. Distributions under the Program should not be confused with "yield" or investment return on the Fund's portfolio. The Program is subject to the Board's right to suspend, modify or terminate the distributions at any time.

Distributions under the Program may consist of a mix of income, capital gains and/or a return-of-capital to stockholders. Stockholders should not confuse a return-of-capital with "dividend yield" and should realize that a “return of capital” represents a return of their original investment in the Fund’s shares. Distributions designated as return-of-capital are not taxable in the year they are distributed. However, stockholders must reduce their cost basis by the amount of the return-of-capital. Stockholders should seek their own tax counsel if they have questions on this matter.

The Fund seeks to have its long-term investment return exceed the level of distributions under the Program; however, there can be no guarantee that this goal will be met. The final tax character of the Fund’s distributions cannot be determined until after the end of its fiscal year (11/30). Although the Fund may indicate what it expects the characteristics of its distributions to be, it is subject to change depending on a number of factors, including market conditions throughout the year and the magnitude of income and realized gains for the year. Stockholders can expect to receive tax-reporting information for distributions from either their brokers or from the Fund's transfer agent indicating the exact composition per share of the dividends and distributions received during the calendar year. Stockholders should consult their tax advisor for proper tax treatment of the Fund's distributions.

The Board believes that stockholders will be well served by the Program and that regular distributions will increase liquidity and provide flexibility to individual stockholders in managing their investment. Stockholders have the option of reinvesting these distributions in additional shares of the Fund or receiving them in cash.

Boulder Growth & Income Fund, Inc. is a closed-end, non-diversified management investment company traded on the New York Stock Exchange under the trading symbol "BIF". As of November 10, 2015, the Fund’s net asset value was $9.97 per share and the closing market price was $7.75, which was a 22.3% discount to net asset value. The Fund’s website is at www.boulderfunds.net.