For Immediate Release January 12, 2000

Bancroft Convertible Fund, Inc., announced today that, in accordance with a policy previously adopted by its Board of Directors, it has recently engaged in open market purchases of its shares. These purchases have been made in accordance with the limitations of Rule 10b-18 under the Securities Exchange Act of 1934.

The Fund may in the future make further open market purchases, but is under no obligation to do so. Any such purchases will be made at the discretion of management.

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