Blue Chip Value Fund Announces Dates for Proposed Rights Offering.

Business Editors

DENVER--(BUSINESS WIRE)--Feb. 7, 2002

The Board of Directors of Blue Chip Value Fund, Inc. (NYSE:BLU), has approved plans to proceed with a rights offering to existing stockholders.

Subject to the Fund's registration statement becoming effective under the Securities Act of 1933, each shareholder of record at the close of business on February 19, 2002, will receive rights to purchase one additional share of the Fund for each five shares held. The rights will not be transferable. Stockholders will also have the option to over-subscribe for additional shares.

It is expected that the rights will be issued to stockholders of record as of February 19, 2002, and that the subscription period will begin February 22, 2002, and extend through 5:00 p.m. New York time, March 21, 2002.

The price of shares to be issued will be determined March 22, 2002. The subscription price will be the lesser of 95% of a) the net asset value per share on March 22, 2002, or b) the average of the volume-weighted average sales prices of a share on the New York Stock Exchange on March 22, 2002, and the four preceding trading days.

The Fund reserves the right to cancel, modify or postpone the offering. The offering will be made only by means of a prospectus.

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.