Blue Chip Value Fund Declares Fourth Quarter Distribution

DATE: MONDAY, DECEMBER 15, 2002
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 FOURTH QUARTER DISTRIBUTION

DENVER, CO. (December 15, 2003) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.14 per share. This distribution is payable January 16, 2004, to stockholders of record December 31, 2003, and will have an ex-dividend date of December 29, 2003, and is considered a 2003 distribution for tax reporting purposes. 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 $0.0036 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. The Fund expects to issue a press release with final figures by January 7, 2004.

As of December 12, 2003, the Fund's N.A.V. was $5.52 and the stock closed at $6.06, a premium of 9.78%.

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

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The stocks owned on December 12, 2003 by the Blue Chip Value Fund were:

Accenture Ltd
Aetna Inc
Allstate Corp
Alltel Corp
AMBAC Financial Group Inc.
American International Group
American Power Conversion
BellSouth Corp
Bowater Inc
Bristol-Myers Squibb Co
Bunge Ltd
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
Merrill Lynch & Co. Inc
Microsoft Corp
Mylan Laboratories
National Semiconductor Corp
Parker Hannifin Corp
Pfizer Inc
Radian Group Inc
Raytheon Co
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
VeriSign Inc
Willis Group Holdings Ltd
Wyeth
Xilinx Inc

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Blue Chip Value Fund 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 assets in equity securities of well established companies with headquarters in the United States. These stocks are included in, or similar in size to those included in, the Standard and 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.