DATE: THURSDAY, APRIL 1, 2004
FROM: BLUE CHIP VALUE FUND, INC.
NYSE: BLU
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, 2004) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.14 per share. This distribution is payable April 30, 2004, to stockholders of record April 16, 2004, and will have an ex-dividend date of April 14, 2004. The Fund currently pays a quarterly distribution equal to 2.5% of its Net Asset Value, rounded to the nearest penny. These fixed distributions are not related to the amount of the Fund's net investment income or net realized capital gains or losses.

Of the total distribution, approximately $0.0002 represents net investment income and the remaining undesignated portion is paid from capital surplus. If the Fund's total distributions required by the fixed quarterly payout policy for the year exceed the Fund's 'current and accumulated earnings and profits', the excess will be treated as non-taxable return of capital, reducing the stockholder's adjusted cost basis. However, to the extent that current year net realized gains are offset by capital loss carryforwards, such excess distributions would be classified as taxable ordinary income rather than non-taxable return of capital. The actual determination of the source of the undesignated distributions can be made only at year-end. Shareholders will receive written notification regarding the components and tax treatment of all distributions for the calendar year in early 2005.

As of March 31, 2004, the Fund's N.A.V. was $5.72 and the stock closed at $6.40, a premium of 11.89%.

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

The stocks owned on March 31, 2004 by Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Aetna Inc
Allstate Corp
Alltel Corp
Altera Corp
AMBAC Financial Group Inc
Amgen Inc
American International Group Inc
American Power Conversion
Barr Pharmaceuticals Inc
Bowater Inc
Bunge Ltd
Citigroup Inc
Computer Sciences Corp
Darden Restaurants Inc
Devon Energy Corp
Dow Jones & Co Inc
Freddie Mac
General Dynamics Corp
Goldman Sachs Group Inc
Intel Corp
Kraft Foods Inc
Lehman Brothers Holdings Inc
Merrill Lynch & Co. Inc
Microsoft Corp
Mylan Laboratories
National Semiconductor Corp
Network Associates Inc
Occidental Petroleum Corp
Pacificare Health Systems
Parker Hannifin Corp
Pfizer Inc
Radian Group Inc
Raytheon Co
Starwood Hotels & Resorts Worldwide Inc
Target Corp
Tech Data Corp
Teva Pharmaceutical Industries Ltd
TJX Companies Inc
Transocean Inc
Travelers Property Casualty Corp
Tyson Foods Inc
Union Pacific Corp
Viacom Inc
VeriSign Inc
Walt Disney Co
Willis Group Holdings Ltd
Wyeth

Blue Chip Value Fund 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 assets in equity securities of well established companies with headquarters in the United States. These stocks are included in, or similar in size to those included in, the Standard and 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.