Boulder Total Return Fund, Inc. Declares December Dividend.

BOULDER, Colo.--(BUSINESS WIRE)--Dec. 13, 1999--

The Boulder Total Return Fund, Inc. (NYSE:BTF) (the Fund), announced today that it has declared a common stock dividend of 7.7 cents per share payable on December 30, to holders of record December 23. This is the same dividend rate that the Fund has been paying all year.

Commenting on the dividend, Stephen Miller, the Fund's President stated, "We are pleased that we were able to offset all of our capital gains through the realization of capital losses. This strategy makes sense from a tax standpoint." Mr. Miller further discussed the Fund's dividend policy going forward: "Since the Fund is no longer an income fund, we will begin making quarterly dividend payments this next year, rather than monthly payments. The Fund will begin making quarterly dividend payments in March, 2000. Right now, we have about 20% of our assets invested in common stocks, most of which is Berkshire Hathaway common stock. Given that our income will go down as the Fund becomes more invested in common stocks, the dividend rate next year will also likely decline." It is expected the Fund will declare its next dividend the first week in March, and pay at the end of March. The Fund will not pay a dividend in the month of January or February of 2000.