Boulder Total Return Fund, Inc. Announces Completion of Rights Offering.

Business Editors

BOULDER,Colo.--(BUSINESS WIRE)--July 11, 2003

The Boulder Total Return Fund, Inc. (NYSE: BTF) is pleased to announce the completion and full subscription of its one-for-three rights offering.

Under the terms of the rights offering, shareholders were entitled to purchase one newly issued share of common stock of the Fund for every three rights held at an approximate subscription price of $12.10 per share, which was 95% of the average volume-weighted sale price of a share of the Fund's common stock for the five days ending today. Final calculations have not been completed, so the final subscription price is subject to change.

Based on preliminary results provided by the Fund's subscription agent, the Fund received subscriptions for approximately 9.1 million shares of the 3,150,000 shares to be issued. Exact details regarding the shares available for the over-subscription privilege are not yet available. Due to the number of over-subscriptions the Fund received, the available shares will be allocated on a pro rata basis among those who over-subscribed based on the number of rights originally issued to them by the Fund. Further information regarding allocation of shares under the over-subscription privilege may be found in the Fund's prospectus.

Because the Fund's subscription price of $12.10 is lower than the estimated subscription price of $13.12, participants will be refunded the difference between the estimated and actual subscription price.

The Boulder Total Return Fund, Inc. is a closed-end, diversified management investment company. As of Friday, July 11, 2003, the Fund's NAV was $16.52 and the closing market price was $12.79, a discount of 22.6%.