Boulder Growth & Income Fund, Inc. Announces Record Date of Transferable Rights Offering.

Business Editors

BOULDER, Colo.--(BUSINESS WIRE)--Nov. 20, 2002

The Board of Directors of the Boulder Growth & Income Fund, Inc. (NYSE: BIF) set the Record Date for the Rights Offering for November 29, 2002. The transferable one-for-one Rights Offering will permit holders of each Right to acquire one new share of the Fund at a subscription price equal to 95% of the lesser of net asset value at the expiration date, or the volume weighted average market price on the expiration date of the offering and the 4 previous days. Only record date shareholders can participate in the oversubscription privilege.

Commenting on the Rights Offering, Steve Miller, the Fund's President, stated; "This is an opportunity for our shareholders to acquire shares of the Fund at a discount to the market. The overall decline in the stock market over the past 2 years is providing some investment opportunities we will be able to take advantage of."

The Fund currently has 5,663,892 common shares outstanding. If all the Rights are exercised, the Fund will have 11,327,784 common shares outstanding. The NAV of the Fund's shares was $6.32 as of Friday, November 15, 2002. The market price as of the close on Tuesday, November 19, 2002, was $5.22, indicating a discount to NAV of $1.10 per share, or a 17.4% discount.

It is anticipated that the Fund's shares will begin trading ex-rights on Tuesday, November 26, 2002, and the last day to purchase the Fund's common shares and be entitled to the Rights will be Monday, November 25, 2002. The Rights will trade on the NYSE under the symbol BIFRT.