Blue Chip Value Fund Declares Year-End Distribution

DATE: WEDNESDAY, DECEMBER 15, 1999
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: JASPER FRONTZ, TREASURER
(800) 624-4190

BLUE CHIP VALUE FUND DECLARES YEAR-END DISTRIBUTION

DENVER, CO. (December 15, 1999) The Directors of Blue Chip Value Fund, Inc., have declared a distribution of $0.92 per share. Of this amount, approximately $0.9128 is long-term capital gain and $0.0072 is net investment income. This distribution is payable January 14, 2000, to stockholders of record December 31, 1999, and will have an ex-dividend date of December 29, 1999, and is taxable for 1999.

As of December 14, 1999, the N.A.V. was $9.27 and the stock closed at $8.9375, a discount of 3.6%.

The following is a summary of the 1999 distributions:

	Net Investment Income	Short-Term Capital Gain	Long-Term Capital Gain	Total
1st Quarter	$0.0000	$0.0000	$0.2500	$0.25
2nd Quarter	$0.0164	$0.0147	$0.2389	$0.27
3rd Quarter	$0.0099	$0.0143	$0.2158	$0.24
4th Quarter	$0.0072	$0.0000	$0.9128	$0.92
Total	$0.0335	$0.0290	$1.6175	$1.68

The above table represents preliminary estimates. The final designations will be included as a supplementary insert with the Form 1099-DIV mailed to shareholders in January 2000.

Click here to see the FINAL designations for year-end distribution.

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, 1999, by the Blue Chip Value Fund, Inc. were:

Adobe Systems Inc.
Allergan Inc.
Allmerica Financial Corp.
Alltel Corp.
American Express Co.
Apple Computer Inc.
AT & T Corp.
AXA Financial Inc.
Ball Corp.
BellSouth Corp.
Bristol-Myers Squibb Co.
Carnival Corp.
Chase Manhattan Corp.
Citigroup Inc.
Coastal Corp.
Columbia Energy Group
Conseco Inc.
CVS Corp.
Dayton-Hudson Corp.
Delphi Automotive Systems
Dow Chemical Co.
Edison International
El Paso Energy Corp.
Eli Lilly & Co.
General Dynamics Corp.
General Motors Corp.
Golden West Financial Corp.
Goldman Sachs Group Inc.
Harley-Davidson Inc.
Hertz Corp.
Household International Inc.
Ingersoll-Rand Co.
Intimate Brands Inc.
J.P. Morgan & Co.
Jefferson-Pilot Corp.
Kerr-McGee Corp.
K Mart Corp.
Kroger Co.
Lehman Bros. Holdings Inc.
Merrill Lynch & Co.
Morgan Stanley Dean Witter & Co.
Motorola Inc.
Novell Inc.
Phillips Petroleum Co.
Royal Dutch Petroleum Co.
Schering-Plough Corp.
Sprint Corp. (FON Group)
Supervalu Inc.
Torchmark Corp.
Union Pacific Corp.
Unisys Corp.
United Technologies Corp.
Viacom 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 75% 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.