Boulder Total Return Fund, Inc. Removes Proxy Proposal

The Boulder Total Return Fund, Inc. (NYSE: BTF) announced today that the Board determined that the Fund would not include a proposal on its upcoming proxy seeking stockholder approval of the Funds current level-rate distribution policy. Management determined that including such a proposal on the proxy would result in undue proxy solicitation expense and burden on the Fund. Under New York Stock Exchange rules, inclusion of the proposal would cause all the proposals in the proxy to be non-routine, including the election of common stock and preferred stock directors, thus requiring the Fund to engage a proxy solicitor. In lieu of seeking stockholder approval of the current level-rate distribution policy, management indicated that the Fund would informally seek stockholder input, possibly at a later date.

Steve Miller, president of the Fund, said, Withdrawing the proposal will not affect the Funds current level-rate distribution policy nor the rate at which the Fund presently distributes under the policy. This is purely a cost-saving measure and the Funds commitment to its current level-rate distribution program has not changed nor is it anticipated to change unless stockholders' feedback suggests otherwise. Presently under its level-rate distribution policy, the Fund makes monthly distributions of $0.273 per share and has declared these distributions for the months of March and April, 2008. The $0.273 per share monthly distribution is equivalent to 15.2% of the Funds most recent published net asset value of $21.60, and approximately 16.1% of the Funds per share market price, both on an annualized basis. The distribution is subject to the Boards right to suspend, modify, or terminate the distributions at any time. The distribution rate is approximately equal to the long-term performance of the Fund based on a rolling 5-year performance history.

As of Friday, March 7, 2008, the Funds net asset value was $21.60 and the closing market price was $20.40, which was a 5.6% discount to NAV.


Fund Administrative Services, LLC
Nicole Murphey, 303-449-0426
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