RNS Number:2024L
Blue Chip Value & Income Fund Ld
16 May 2003

Blue Chip Value and Income Fund Limited (the "Company") announces that it has
agreed with Bank of Scotland (the "Bank") an extension to its cash set-off
arrangement with the Bank, the details of which are set out below.

The Company has existing unsecured borrowings of #28.5m with the Bank. The loan
agreement requires that the ratio of the value of the Company's investments
(including cash) to the total amount of its indebtedness shall not be less than
1.7 to 1. The Company has agreed with the Bank that cash amounts deposited with
the Bank amounting to #10m may be set-off against the existing borrowings for
the purposes of determining this covenant. The cash set-off arrangement will
operate until 30 November 2003, and is subject to review by the Bank thereafter.



Enquiries

Andrew Duquemin

Tel 01481 731942


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