DATE: MONDAY, OCTOBER 2, 2000
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 2, 2000) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.21 per share. This distribution is payable October 27, 2000, to stockholders of record October 13, 2000, and will have an ex-dividend date of October 11, 2000. The Fund pays a quarterly distribution equal to 2.5% of its Net Asset Value.

As of September 29, 2000, the Fund's N.A.V. was $8.58 and the stock closed at $8.4375, a discount of 1.66%.

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

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The stocks owned on September 29, 2000, by the Blue Chip Value Fund, Inc. were:

Abbott Laboratories
ACE Ltd.
Allmerica Financial Corp.
ALLTEL Corp.
American Express Co.
Antec Corp.
Apache Corp.
Atmel Corp.
AT&T Corp.
Avocent Corp.
AXA Financial Inc.
Ball Corp.
Bellsouth Corp.
Bristol-Myers Squibb Co.
Cendant Corp.
Chase Manhattan Corp.
Citigroup Inc.
Coastal Corp.
Conoco Inc.
CVS Corp.
Devon Energy Corp.
Duke Energy Corp.
Dynegy Inc.
Federal Home Loan Mortgage Corp.
Fleet Boston Financial Corp.
Gateway Inc.
General Dynamics Corp.
Intel Corp.
Knight Trading Group Inc.
Lehman Bros. Holdings Inc.
Lexmark Int?l Inc.
Lowe?s Companies
marchFirst Inc.
Merrill Lynch & Co.
Metlife Inc.
Microsoft Corp.
Motorola Inc.
National Semiconductor Corp.
Network Assoc. Inc.
Omnicare Inc.
Philip Morris Cos. Inc.
Royal Dutch Petroleum Co.- ADR?s
Schering-Plough Corp.
SCI Systems Inc.
Southern Energy Inc.
Target Corp.
Telephone & Data Systems Inc.
Tenet Healthcare Corp.
TJX Companies Inc.
Transocean Sedco Forex Inc.
USA Networks Inc.
Varian Semiconductor Equipment
Viacom Inc.-Cl B
Washington Mutual Inc.
Wells Fargo & Co.

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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 capital appreciation and current income consistent with investment primarily in a diversified portfolio of common stocks. Blue Chip Value Fund will generally be fully invested in approximately 50 common stocks, as well as other equity securities believed by Denver Investment Advisors LLC, to represent the best values among those issued by large companies with headquarters in the United States such as those included in, or similar in size to those included in, the Standard and Poor's 500 Composite Stock Price Index. The Fund features a Dividend Reinvestment and Cash Purchase Plan. Denver Investment Advisors LLC is the Fund's investment adviser.

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