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October 21, 2003 - The Board of Directors of Bancroft Convertible Fund, Inc. (AMEX: BCV) (the “Fund”) has set the terms of an offering to its stockholders of rights to purchase additional shares of the Fund. Stockholders will be issued non-transferable rights entitling them to subscribe for one additional share of common stock for every six shares held, with the right to subscribe for additional shares not subscribed for by other stockholders in the primary subscription. The shares to be issued in the offering will be newly issued shares. The subscription price per share will be the lesser of (a) 95% of the net asset value per share of the Fund’s common stock on the business day following the expiration of the subscription period (“Pricing Date”) or (b) 95% of the average of the volume-weighted average sales prices of a share of the Fund’s common stock on the American Stock Exchange on the Pricing Date and the four preceding trading days. It is anticipated that the record date for the offering will be on or about November 13, 2003. Subject to the effectiveness of the Fund’s Registration Statement, it is anticipated that the rights offering will commence in mid-November 2003 and will continue for approximately 28 days. The rights offering is subject to the effectiveness of the Fund’s Registration Statement which has been filed with the Securities and Exchange Commission but has not yet become effective, and will be made only by means of a prospectus. Bancroft Convertible Fund, Inc. is a closed-end management investment company with more than $95 million in net assets. The Fund’s shares are listed on the American Stock Exchange under the symbol BCV. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This communication does not constitute an offer to sell or the solicitation of an offer to buy these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration under the securities laws of any such State.
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