Rocky Mountain Advisers, LLC and Stewart Investment Advisers Announce Closing of Reorganization

BOULDER, Colo.--(BUSINESS WIRE)--

Rocky Mountain Advisers, LLC and Stewart Investment Advisers today announced the closing of the reorganization of Boulder Total Return Fund, Inc. BTF, The Denali Fund Inc. DNY and First Opportunity Fund, Inc. FOFI – the acquired funds – into Boulder Growth & Income Fund, Inc. BIF – with BIF continuing as the surviving fund – on March 20, 2015.

In the reorganization, BIF acquired all of the assets and liabilities of BTF, DNY and FOFI in a tax-free transaction in exchange for common shares of BIF. The BIF common shares, which are NYSE listed and freely transferrable, will be distributed to stockholders of BTF, DNY and FOFI in exchange for their shares of common stock of the respective acquired funds. The reorganization occurred based on the relative net asset values (NAV) of BIF, BTF, DNY and FOFI as of the end of the trading day on March 20, 2015. Each fund's NAV and the ratio of BIF shares to be received for each share of the respective acquired fund is outlined below:

Fund				NAV/Share				Conversion Ratio
BIF				$10.73				N/A
BTF				$33.50				3.121182
DNY				$26.18				2.439214
FOFI				$11.93				1.111719

Each current holder of BIF shares will retain the same number of BIF shares as held prior to the reorganization. A holder of BTF shares will receive 3.121182 BIF shares for each BTF share owned; a holder of DNY shares will receive 2.439214 BIF shares for each DNY share owned; and a holder of FOFI shares will receive 1.111719 BIF shares for each FOFI share owned. Fractional shares will be paid in cash.

BIF will continue to operate as a registered, non-diversified, closed-end investment company with the investment objective of providing stockholders a high level of total return. BIF will seek to achieve that objective by producing both income and long-term capital appreciation investing in a portfolio of equity and debt securities.

About the Advisers

Rocky Mountain Advisers, LLC (RMA) and Stewart Investment Advisers (also known as Stewart West Indies Trading Co., Ltd.) (SIA) are SEC registered investment advisers specializing in managing equity investments for closed-end funds. RMA is headquartered in Boulder, Colorado and SIA is headquartered in Barbados. RMA and SIA co-advise BIF. RMA and SIA had assets under management of approximately $1.3 billion as of December 31, 2014. For more information, visit the web site at www.boulderfunds.net.

Safe Harbor Statement

This communication is not intended to, and shall not constitute an offer to purchase or sell shares of BIF, the surviving fund in the reorganization. Investors should consider the investment objective, risks, charges and expenses of BIF carefully and consider in its entirety the joint proxy statement/prospectus relating to the reorganization which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important Information about BIF.

Forward-Looking Statement

Statements made in this press release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, the words "believe," "expect," "anticipate," "intend," "estimate," "project," "assume," "outlook," "seek," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and RMA and SIA assume no duty to, and do not undertake to, update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to BIF, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: the adverse effect from a decline in the securities markets or a decline in BIF's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract and retain highly talented professionals, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. BIF's ability to pay dividends to stockholders is subject to the restrictions in its registration statement, Bylaws and other governing documents, as well as the Investment Company Act of 1940, as amended.