Boulder Investment Advisers, LLC ("BIA"), Rocky Mountain Advisers, LLC ("RMA") and Stewart West Indies Trading Company Ltd. ("SIA") announced that the Board of Directors of each of Boulder Total Return Fund, Inc. ("BTF"), The Denali Fund Inc. ("DNY"), First Opportunity Fund, Inc. ("FOFI") and Boulder Growth & Income Fund, Inc., have approved the reorganization of each of BTF, DNY and FOFI (the "Target Funds") into BIF, with BIF continuing as the surviving fund. The reorganizations are contingent upon stockholder approval of each reorganization and other conditions and contemplate, among other things, the following actions: The assets of the Target Funds will be transferred to, and the liabilities of the Target Funds will be assumed by, BIF in exchange for shares of common stock of BIF. The BIF Shares will then be distributed to the respective Target Fund stockholders.

The net asset value of the BIF Shares received by the Target Fund stockholders in the Reorganization will equal the aggregate net asset value of the respective Target Fund shares held by such stockholders as of the valuation date. It is currently expected that the reorganizations will be completed in the second quarter of 2014, subject to requisite stockholder approvals and all regulatory requirements and customary closing conditions being satisfied. Prior to consummation of the reorganizations, each fund is expected to distribute estimated undistributed net investment income and realized capital gains, if any exists.

This is in addition to the year-end distributions of net investment income, if any, and capital gains realized, if any, during the current year for each fund. More information on the proposed reorganizations will be contained in the proxy materials that the funds anticipate filing in the first quarter of 2014.