DATE: FRIDAY, OCTOBER 1, 2004
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: MARGARET JURADO, INVESTOR RELATIONS
(800) 624-4190

DENVER, CO. (October 1, 2004) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.13 per share. This distribution is payable October 29, 2004, to stockholders of record October 15, 2004, and will have an ex-dividend date of October 13, 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 $0.0026 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 September 30, 2004, the Fund's N.A.V. was $5.29 and the stock closed at $6.15, a premium of 16.2571%.

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, 2004, by the Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Allstate Corp
Alltel Corp
Altera Corp
AMBAC Financial Group Inc
Amgen Inc
American International Group Inc
Barr Pharmaceuticals Inc
Bowater Inc
Bunge Ltd
Cendant Corp
Citigroup Inc
Colgate Palmolive Co
Computer Sciences Corp
Darden Restaurants Inc
Dow Jones & Co Inc
Freddie Mac
General Dynamics Corp
Goldman Sachs Group Inc
Intel Corp
Kraft Foods Inc
Lehman Brothers Holdings Inc
Marathon Oil Corp
MBNA Corp
Medtronic Inc
Merrill Lynch & Co. Inc
Microsoft Corp
Occidental Petroleum Corp
Pacificare Health Systems
Parker Hannifin Corp
Pfizer Inc
Radian Group Inc
Raytheon Co
Starwood Hotels & Resorts Worldwide Inc
Suncor Energy Inc
Target Corp
Teva Pharmaceutical Industries Ltd
TJX Companies Inc
Transocean Inc
Tyson Foods Inc
US Bancorp
Viacom Inc
VeriSign Inc
Walt Disney Co
Washington Mutual Inc
Willis Group Holdings Ltd

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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

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