DATE: FRIDAY, DECEMBER 21, 2001
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 21, 2001) On December 21, 2001 Blue Chip Value Fund made a preliminary filing with the Securities and Exchange Commission for a possible rights offering to take place during the first quarter of 2002. The decision to proceed, the terms and timing of the rights offering are still subject to approval by the Board of Directors. A subsequent press release will be issued when more details become available.

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.

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

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