Boulder Growth & Income Fund, Inc.

Notification of Sources of Distribution

Statement Pursuant to Section 19(a) of the Investment Company Act
of 1940

BOULDER, Colo.–(BUSINESS WIRE)–On December 31, 2015 Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the
“Fund”), a closed-end investment company, will pay a distribution on its
common stock of $0.123 per share to stockholders of record at the close
of business on December 24, 2015. The distribution is inclusive of the
$0.033 per share monthly managed distribution payment recently announced
by the Board. The Fund, acting in accordance with an exemptive order
received from the Securities and Exchange Commission and with approval
of its Board of Directors, adopted a managed distribution policy under
which the Fund may utilize capital gains, where applicable, as part of
regular monthly cash distributions to its stockholders. This policy
gives the Fund greater flexibility to realize capital gains and to
distribute those gains to stockholders.

The following table sets forth the estimated amounts of the current
distribution and the cumulative distributions paid this fiscal
year-to-date from the sources indicated in the table. In addition, the
table shows the percentages of the total distribution amount per share
attributable to (i) net investment income, (ii) net realized short-term
capital gain, (iii) net realized long-term capital gain and (iv) return
of capital or other capital source. These percentages are disclosed for
the current distribution as well as the fiscal year-to-date cumulative
distribution amount per share for the Fund.

Current Distribution from:        
Per Share ($) Percentage (%)
Net Investment Income 0.047 38.46%
Net Realized Short-Term Capital Gains 0.000 0.00%
Net Realized Long-Term Capital Gains 0.076 61.54%
Return of Capital or other Capital Source 0.000 0.00%
Total (per common share) 0.123 100.00%
 
Fiscal Year-to-Date Cumulative

Distributions from1:

Per Share ($) Percentage (%)
Net Investment Income 0.047 38.46%
Net Realized Short-Term Capital Gains 0.000 0.00%
Net Realized Long-Term Capital Gains 0.076 61.54%
Return of Capital or other Capital Source 0.000 0.00%
Total (per common share) 0.123 100.00%

1 The Fund’s fiscal year is December 1 to November 30.
Information shown is for the period beginning December 1, 2015.

Stockholders should not draw any conclusions about the Fund’s
investment performance from the amount of this distribution or from the
terms of the Fund’s managed distribution policy.

The amounts and sources of distributions reported in this 19(a)
Notice are only estimates and are not being provided for tax reporting
purposes.
The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund’s investment experience
during the remainder of its fiscal year and may be subject to changes
based on tax regulations. The Fund will send you a Form 1099-DIV for the
calendar year that will tell you how to report these distributions for
federal income tax purposes.

Presented below are return figures, based on the change in the Fund’s
Net Asset Value per share (“NAV”), compared to the annualized
distribution rate for this current distribution as a percentage of the
NAV on the last day of the month prior to the distribution declaration
date.

Fund Performance & Distribution Information

Annualized Distribution Rate as a Percentage of NAV^       3.99%
Cumulative Distribution Rate as a Percentage of NAV*       1.24%
Cumulative Total Return as a Percentage of NAV**       (9.04)%
Average Annual Total Return***       9.64%

^ Based on the Fund’s NAV as of November 30, 2015 and the monthly
distribution of $0.033.

*Based on the Fund’s NAV as of November 30, 2015 and includes
distributions through December 31, 2015.

** Cumulative Total Return is the percentage change in the Fund’s NAV
including distributions paid and assuming reinvestment of these
distributions for the period December 1, 2014 through November 30, 2015.

***Annualized change in the NAV per common share including distributions
paid and assuming reinvestment of these distributions from December 1,
2010 to November 30, 2015.

While the NAV performance may be indicative of the Fund’s investment
performance, it does not measure the value of a stockholder’s investment
in the Fund. The value of a stockholder’s investment in the Fund is
determined by the Fund’s market price, which is based on the supply and
demand for the Fund’s shares in the open market.

The Fund’s Board of Directors reviews the amount of any distributions
made pursuant to the Fund’s distribution policy and considers the income
earned and capital gains realized by the Fund, as well as the Fund’s
available capital. The Board of Directors will continue to monitor the
Fund’s distribution level, taking into consideration, among other
things, the Fund’s net asset value and market conditions. The Fund’s
distribution policy is subject to modification, suspension or
termination by the Board of Directors at any time, which could have an
adverse effect on the market price of the Fund’s shares. The
distribution rate should not be considered the dividend yield or total
return on an investment in the Fund.

Contacts

Rocky Mountain Advisers, LLC
Brandon Krinhop, 303-444-5483