DATE: WEDNESDAY, OCTOBER 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 THIRD QUARTER DISTRIBUTION

DENVER, CO. (October 1, 2003) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.13 per share. This distribution is payable October 24, 2003, to stockholders of record October 10, 2003, and will have an ex-dividend date of October 8, 2003. The Fund currently pays a quarterly distribution equal to 2.5% of its Net Asset Value, rounded to the nearest penny.

Of the total distribution, approximately $0.0025 represents net investment income and the remaining undesignated portion is paid from capital surplus. If the Fund?s total distributions for the year (exclusive of long-term capital gains dividends) exceed its net investment income and short-term capital gains for the year, all or a portion of the undesignated distributions may constitute a non-taxable return of capital. Management currently believes it is likely that all of the undesignated portion will be a non-taxable return of capital, however the actual determination of the source of the undesignated distributions can be made only at year-end.

As of September 30, 2003, the Fund's N.A.V. was $5.22 and the stock closed at $5.79, a premium of 10.92%.

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

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The stocks owned on September 30, 2003 by Blue Chip Value Fund, Inc. were:

Aetna Inc
Accenture Ltd
Allstate Corp
Alltel Corp
AMBAC Financial Group Inc
American International Group
American Power Conversion
Bank of America Corp
BellSouth Corp
Bowater Inc
Bristol-Myers Squibb Co
Bunge Ltd
Caremark RX Inc
Citigroup Inc
Computer Sciences Corp
ConocoPhillips
Devon Energy Corp
Walt Disney Co
Dow Jones & Co Inc
Exelon Corp
Freddie Mac
General Dynamics Corp
Goldman Sachs Group Inc
Intel Corp
King Pharmaceuticals Inc
Kraft Foods Inc
Lehman Brothers Holdings Inc
Microsoft Corp
Mylan Laboratories
National Semiconductor Corp
Omnicare Inc
Parker Hannifin Corp
Pfizer Inc
Radian Group Inc
Raytheon Co
SouthTrust Corp
Starwood Hotels & Resorts Worldwide Inc
Target Corp
Tech Data Corp
TJX Companies Inc
Transocean Inc
Travelers Property Casualty Corp
Tyson Foods Inc
Union Pacific Corp
Viacom Inc
Willis Group Holdings Ltd
Wyeth
Xilinx Inc

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.