SUMMARY NOTICE OF PENDENCY OF DERIVATIVE ACTION, PROPOSED SETTLEMENT, AND SETTLEMENT HEARING OF THE BOULDER GROWTH & INCOME FUND, INC. SHAREHOLDER DERIVATIVE ACTION.

BOULDER, Colo., May 2, 2012 /PRNewswire/ -- The following statement is being issued by Boulder Growth & Income Fund, Inc.

TO:  ALL CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF COMMON STOCK OF BOULDER GROWTH & INCOME FUND, INC. ("BOULDER") AS OF MARCH 26, 2012 (THE "RECORD DATE") ("CURRENT BOULDER SHAREHOLDERS")

THIS SUMMARY NOTICE RELATES TO A PROPOSED SETTLEMENT AND DISMISSAL OF THE DERIVATIVE ACTION CAPTIONED RYSKAMP V. LOONEY, ET AL., UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO, CASE NO. 10-cv-842-WJM-KLM (THE "ACTION").

YOU ARE HEREBY NOTIFIED that the parties to the Action have entered into a Stipulation and Agreement of Settlement to resolve the issues raised in the Action.

PLEASE BE FURTHER ADVISED that pursuant to an Order of the United States District Court for the District of Colorado, a hearing will be held before the Honorable William J. Martinez on July 31, 2012 at 9:00 a.m. in Courtroom A801 at the United States District Court for the District of Colorado, Alfred A. Arraj United States Courthouse, 901 19th Street, Denver, Colorado 80294-3589, to determine whether the terms of the settlement are fair, reasonable, and adequate and thus should be finally approved and whether the Action should be dismissed with prejudice.

If you are a Current Boulder Shareholder, your rights may be affected by the settlement of the Action.  You may obtain a copy of the full Notice of Pendency of Derivative Action, Proposed Settlement of Derivative Action, and Settlement Hearing at www.boulderfunds.net/home.php or by writing to Statman, Harris & Eyrich, LLC, 3700 Carew Tower, 441 Vine Street, Cincinnati, Ohio 45202.

Any Current Boulder Shareholder who fails to object or otherwise request to be heard in the manner prescribed in the full Notice of Pendency of Derivative Action, Proposed Settlement of Derivative Action, and Settlement Hearing, will be deemed to have waived the right to object to any aspect of the settlement or otherwise request to be heard (including the right to appeal) and will be forever barred from raising such objection or request to be heard in this or any other action or proceeding, and shall be bound by the settlement, the Judgment, and the releases given.

You may obtain further information by writing Statman, Harris & Eyrich, LLC at the above address.

PLEASE DO NOT CALL, WRITE OR OTHERWISE DIRECT QUESTIONS TO EITHER THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO

DATED:  April 20, 2012

SOURCE Boulder Growth & Income Fund, Inc.