Blue Chip Value Fund Declares First Quarter Distribution

DATE: WEDNESDAY, MAY 21, 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 ANNOUNCES RESULTS OF ANNUAL MEETING OF STOCKHOLDERS

DENVER, CO. (May 21, 2003) The Annual Meeting of Stockholders of Blue Chip Value Fund, Inc. was held on May 20, 2003, pursuant to notice given to all stockholders of record at the close of business on March 14, 2003. The following are the results of voting on the proposals presented to stockholders:

Proposal 1. - Election of two (2) Class III directors ? Kenneth V. Penland and Roberta M. Wilson ? Approved

Proposal 2. ? Amendment to the Fund?s Articles of Incorporation to permit the Fund to issue additional classes of stock, including preferred stock. ? Not Approved

Proposal 3. ? Eliminate the Fund?s fundamental policy that restricts its ability to purchase securities on margin. ? Approved

Proposal 4. ? Amendment to the Fund?s investment advisory agreement to increase the advisory fee payable to the investment adviser by authorizing it to be compensated on the assets of the Fund related to debt. ? Not Approved

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

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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.