Blue Chip Value Fund Line of Credit

DATE: WEDNESDAY, NOVEMBER 12, 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, INC. ANNOUNCES LINE OF CREDIT AGREEMENT

Denver, Colo. ? (Business Wire) ? November 12, 2003 ? Blue Chip Value Fund, Inc. (NYSE: BLU) announced today that it has agreed to terms of a $15 million credit line with Custodial Trust Company, a banking unit of Bear Stearns. The interest rate on the line of credit, which will be reset every 30 days, will be 30-day LIBOR plus 100 basis points. The Fund may repay the loan at any time without prepayment penalties, and the lender may call the loan at its discretion. The Fund will incur some nominal fees associated with the loan.

The Fund?s investment policies currently permit borrowing in an amount not exceeding 15% of the value of its total assets. Proceeds from any borrowing are to be invested in a manner consistent with the Fund?s investment objective. The Fund?s total assets as of October 31, 2003 are approximately $143 million. If the entire credit line were to be utilized at this current asset level, the Fund?s total assets, including leverage, would increase to approximately $158 million, with the leverage representing approximately 10% of those total assets.

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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.