DATE: TUESDAY, APRIL 1, 2003
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: MARGARET JURADO, INVESTOR RELATIONS
(800) 624-4190

BLUE CHIP VALUE FUND DECLARES FIRST QUARTER DISTRIBUTION

DENVER, CO. (April 1, 2003) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.11 per share. This distribution is payable April 25, 2003, to stockholders of record April 11, 2003, and will have an ex-dividend date of April 9, 2003. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of March 31, 2003, the Fund's N.A.V. was $4.60 and the stock closed at $4.41, a discount of 4.13%.

Blue Chip Value Fund, Inc. can be found on the Internet at www.blu.com.

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The stocks owned on March 31, 2003 by Blue Chip Value Fund, Inc. were:

Aetna Inc
Accenture Ltd
Allstate Corp
Alltel Corp
American International Group
American Power Conversion
Apache Corp
Avnet Inc
Bank of America Corp
BellSouth Corp
Bowater Inc
Bristol-Myers Squibb Co
Bunge Ltd
Citigroup Inc
ConocoPhillips
Dow Jones & Co Inc
Entergy Corp
Federal Home Loan Mortgage Corp
FPL Group Inc
General Dynamics Corp
Goldman Sachs Group Inc
Hartford Financial Services Group Inc
Intel Corp
International Business Machines Corp
Kraft Foods Inc
Lehman Bros Holdings Inc
Microsoft Corp
Millipore Corp
Nationwide Financial Services
Ocean Energy Inc
Omnicare Inc
Parker Hannifin Corp
Pfizer Inc
Pharmacia Corp
Principal Financial Group
Radian Group
Raytheon Co
Sara Lee Corp
SouthTrust Corp
Starwood Hotels & Resorts Worldwide Inc
Target Corp
TJX Companies Inc
Travelers Property Casualty Corp
Union Pacific Corp
Viacom Inc
Wyeth

Blue Chip Value Fund, Inc. is a closed-end diversified management investment company whose objective is to seek a high level of total return through investment in a portfolio having at least 80% of its net assets in equity securities of large companies with headquarters in the United States. These stocks are included in, or similar in size to those included in, the Standard & Poor's 500 Composite Stock Price Index. The Fund will normally have approximately 50 stocks within the portfolio. The Fund features a Dividend Reinvestment and Cash Purchase Plan. Denver Investment Advisors LLC is the Fund's investment adviser.