BOULDER FUNDS
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Dear BOULDER GROWTH & INCOME FUND stockholder:

The Fund's  pending  Rights  Offering may offer you an  opportunity  to purchase
shares of the Fund at less than the current  market price per share.  You should
consider the following information:

If the Rights Offering  expired today,  you would pay $8.47/share  (based on the
most  recently  calculated  net asset  value as of  9/7/2007).  The most  recent
closing  market  price was  $9.80,  which  represents  a premium of 15.7% to the
Fund's net asset value per share. The calculation of the premium is based on the
market  closing price per share as of 9/7/2007 and the most recently  calculated
net asset value per share of $8.47 as of 9/7/2007. The actual subscription price
will be equal to the net asset  value per  share as  calculated  at the close of
trading  on the date of  expiration  of the  rights  offering.  There  can be no
guarantee that the market closing price per share on the expiration  date of the
offering will exceed the subscription price per share.

Stockholders  that  choose  to  participate  in the  offering  have the right to
oversubscribe  for as many additional  shares as they want, but any extra shares
received  come  from the pool of  shares  left by those  stockholders  who don't
subscribe.  Accordingly,  the  number of shares  you might  receive  above  your
original allotment cannot be known at this time.

The  prospectus  for this  offering was mailed to you in mid August  2007.  This
notice contains a summary of certain terms of the offering, and you are urged to
read the prospectus, which you can also reach by clicking this link: 2007 Rights
Offering Prospectus & Statement of Additional  Information.  Please consider the
Fund's investment  objectives,  risks,  charges,  and expenses  carefully before
investing.  The prospectus  contains this and other  information about the Fund.
Please read the prospectus carefully before investing or sending money

To exercise  your Rights,  contact your  financial  advisor,  custodian or trust
officer  with  instructions  prior to  expiration,  5:00  p.m.  New York time on
September  14, 2007,  unless  extended.  Rights may not be  exercised  after the
expiration  date.  For  more   information,   call  the  Information   Agent  at
800.607.0088.

Please do not REPLY to this e-mail;  for questions  about BIF, please contact us
at the information shown below.

You are receiving this electronic communications as part of the BOULDER GROWTH &
INCOME FUND electronic communications service. If you prefer not to receive this
electronic   communication,   you  will  need  to  unenroll.   Please  note,  by
unenrolling, you will no longer receive your electronic communications, but will
receive statements,  shareholder  reports,  and other  informational  statements
and/or newsletters by U.S. mail. To unenroll,  please visit our UNSUBSCRIBE link
http://www.boulderfunds.net/cgi-local/unsubscribe.cgi

Privacy Statement:  http://www.boulderfunds.net/Privacy.htm

Fund  Administrative  Services,  LLC is the  administrator for the Boulder Total
Return Fund,  Inc. and the Boulder Growth & Income Fund,  Inc. and serves as the
administrator  for another  closed-end  fund,  First  Financial Fund, Inc. To go
directly to the website for this fund, CLICK HERE www.firstfinancialfund.com


To contact us by mail:
2344 Spruce Street, Ste. A
Boulder, CO 80302

Boulder Funds is a service mark  registered  with the U.S.  Patent and Trademark
Office by Fund Administrative Services, L.L.C. Serial Number 78-966,060. (C)2007
Fund Administrative Services, L.L.C. All Rights Reserved.