DATE: WEDNESDAY, DECEMBER 15, 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. (December 15, 2004) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.15 per share. This distribution is payable January 14, 2005, to stockholders of record December 31, 2004, and will have an ex-dividend date of December 29, 2004, and is considered a 2004 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 $0.0250 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 classified as long-term capital gain, 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, 2005.

As of December 14, 2004, the Fund's N.A.V. was $5.82 and the stock closed at $6.64, a premium of 14.0893%.

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

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The stocks owned on December 14, 2004 by Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Allstate Corp
Alltel Corp
Altera Corp
Amgen Inc
Barr Pharmaceuticals Inc
Bowater Inc
Bunge Ltd
Cendant Corp
Citigroup Inc
Colgate-Palmolive Co
Computer Sciences Corp
Countrywide Financial Corp
Walt Disney Co
Darden Restaurants Inc
Dow Jones & Co Inc
Freddie Mac
General Dynamics Corp
Goldman Sachs
Group Inc
Intel Corp
Kraft Foods Inc
MBNA Corp
Marathon Oil Corp
Medtronic Inc
Merrill Lynch & Co. Inc
Microsoft Corp
Morgan Stanley
Occidental Petroleum Corp
Pacificare Health Systems
Parker Hannifin Corp
Pfizer Inc
Raytheon Co
Sprint Corp
Starwood Hotels & Resorts Worldwide Inc
Suncor Energy Inc
Target Corp
Teva Pharmaceuticals
TJX Companies Inc
Transocean Inc
U.S. Bancorp
Viacom Inc
VeriSign Inc
Wachovia Corp
Washington Mutual Inc

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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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