Boulder Total Return Fund, Inc. Announces Proposed Level Distribution.

BOULDER, Colo. -- Management of the Boulder Total Return Fund, Inc. (NYSE:BTF) announced today that it plans to propose to the Fund's Board of Directors at the upcoming regularly scheduled Board meeting, to be held on October 26, 2007, that the Fund adopt a level distribution policy and begin paying a regular, fixed monthly distribution. If the Board approves the proposed level distribution policy, the amount of the distribution will be at the Board's discretion as will the date of the first payment. The level distribution proposal has not yet been considered or approved by the Board. There can be no assurance that a level distribution policy will be approved by the Board.

If the Board approves a level distribution policy, it is expected that the majority of any monthly distribution would consist of a return of capital.

The Fund has not yet received exemptive relief from the SEC to pay out more than one capital gain distribution per year. The Fund's exemptive relief application is still pending.

As of Friday, October 12, 2007, the Fund's net asset value was $25.05 and the closing market price was $22.25, which was an 11.2% discount to NAV.