Boulder Growth & Income Fund

Notification of Sources of Distribution

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

DENVER–(BUSINESS WIRE)–On April 30, 2019, Boulder Growth & Income Fund, Inc. (NYSE: BIF) (the
“Fund”), a closed-end investment company, will pay a distribution on its
common stock of $0.102 per share to stockholders of record at the close
of business on April 23, 2019. 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 quarterly 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.

¹ The Fund’s fiscal year is December 1 to November 30.
Information shown is for the period beginning December 1, 2018.

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, are likely to change over time, and are not being provided
for tax reporting purposes.

The Fund estimates that it has distributed more than its income and
net realized capital gains; therefore, a portion of your distribution
may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back
to you. A return of capital distribution does not necessarily reflect
the Fund’s investment performance and should not be confused with
‘yield’ or ‘income.’

The actual amounts and sources of the amounts for accounting and 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 amounts and sources of distributions
year-to-date may be subject to additional adjustments.

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. 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.

Fund Performance & Distribution Rate Information

^ Based on the Fund ’s NAV as of March 29, 2019 and the quarterly
distribution of $0.1020.

* Based on the Fund’s NAV as of March 29, 2019 and includes
distributions through April 30, 2019.

** 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, 2018 through March 29, 2019.

*** Average Annual Total Return represents the compound average of the
Annual NAV Total Returns of the Fund for the five-year period ending
March 29, 2019. Annual NAV Total Return is the percentage change in the
Fund’s NAV over a year including distributions paid and assuming
reinvestment of these distributions.

The Fund has a managed distribution policy that seeks to deliver the
Fund’s long term total return potential through regular quarterly
distributions declared at a fixed rate per share. Distributions may be
paid in part or in full from net investment income, realized capital
gains and by returning capital, or a combination thereof. Stockholders
should note, however, that if the Fund’s aggregate net investment income
and net realized capital gains are less than the amount of the
distribution level, the difference will be distributed from the Fund’s
assets and will constitute a return of the stockholder’s capital. A
return of capital is not taxable; rather it reduces a stockholder’s tax
basis in his or her shares of the Fund.

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.

For more information on the Fund, please visit us on the web at www.bouldercef.com.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member. ALPS
Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are
affiliated.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

Contacts

Dennis Emanuel*
Director of ETF and CEF Strategy
ALPS Advisors
914.837.4672
dennis.emanuel@alpsinc.com

*Registered
Representative of ALPS Distributors, Inc.