Board of Directors Approves Transferable Rights Offering for Boulder Total Return Fund, Inc.

Business Editors

BOULDER, Colo.--(BUSINESS WIRE)--April 23, 2003

The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that its Board of Directors has approved a 1-for-3 transferable rights offering for the Fund.

At a regularly scheduled Board of Directors meeting held on April 22, 2003, the Board unanimously approved the terms and conditions of a 1-for-3 offering - one which will permit shareholders to acquire one new share of the Fund for each three rights held at a subscription price equal to 95% of the lesser of net asset value or the volume-weighted average sales price of a share of the Fund's common stock on the NYSE on the expiration date of the offering and the four immediately preceding trading days. It is expected that the rights will be transferable and will be registered and admitted for trading on the New York Stock Exchange. Only record date shareholders will be permitted to participate in the Fund's oversubscription privilege.

The offering is subject to the filing of a registration statement covering the rights and shares to be issued and to other customary regulatory filings and approvals. The Fund intends to file a registration statement with the SEC within one month. Any rights offering conducted by the Fund will be made only by means of a prospectus. Subject to making the necessary filings with the SEC, and receiving subsequent SEC approval, it is expected that the rights offering will be held in the Fund's fiscal third quarter.

The Boulder Total Return Fund, Inc. is a closed-end diversified management investment company. The Fund currently has 9,416,743 shares of common stock outstanding. As of April 17, 2003, the Fund's net asset value was $14.79 and the closing market price was $12.80, a discount of 13.5%.