DATE: MONDAY, DECEMBER 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 RECOGNIZES PORTFOLIO MANAGEMENT TEAM

DENVER, CO. (December 1, 2003) Denver Investment Advisors LLC, the investment adviser of Blue Chip Value Fund, Inc. announces that, effective December 1, 2003, Mark Adelmann, Portfolio Manager since June 3, 2002, Troy Dayton, Kris Herrick and Derek Anguilm are recognized as the portfolio management team of Blue Chip Value Fund, Inc. The Team meets regularly to review portfolio holdings and discuss purchase and sale activity.

Mark Adelmann, CFA, CPA, Vice President and Portfolio Manager/Research Analyst, joined Denver Investment Advisors LLC in 1995. He has 23 years total investment experience.

Troy Dayton, CFA, Vice President and Portfolio Manager/Research Analyst, joined Denver Investment Advisors LLC in 2002. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles (since 2001) and Dresdner RCM Global Investors (since 1998). He has 7 years total investment experience.

Kris Herrick, CFA, Vice President and Portfolio Manager/Research Analyst, joined Denver Investment Advisors LLC in 2000. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles (since 1997). He has 6 years total investment experience.

Derek Anguilm, Vice President and Research Analyst, joined Denver Investment Advisors LLC in 2000. Prior to joining the firm he was with EVEREN Securities (since 1999). He has 4 years total investment experience.

This does not represent a change in personnel, but rather an evolution of the management team supporting the Fund.

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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.