Blue Chip Value Fund Declares Fourth Quarter Distribution

DATE: MONDAY, MAY 4, 2009
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: MARGARET JURADO, INVESTOR RELATIONS
(800) 624-4190

BLUE CHIP VALUE FUND SUSPENDS MANAGED DISTRIBUTION POLICY
EFFECTIVE IMMEDIATELY

DENVER, CO. (May 4, 2009) At the regular meeting held on May 1, 2009, the Fund’s Board of Directors concluded that it was in the best interest of stockholders to suspend the Fund’s managed distribution policy effective immediately. The managed distribution policy, which is at the discretion of the Board of Directors, has been in place since 1989. The current policy of making quarterly distributions to stockholders of an amount equal to 2.5% of the Fund’s net asset value was first implemented in 1997.

The Board took this action after considering a number of factors including, but not limited to, the outlook for the overall economy, an assessment of current investment opportunities, the current asset size and expense ratio of the Fund and the negative impact that the current policy may have on the asset level and expense ratio. The Fund will continue to pay out any net investment income and net realized capital gains on an annual basis. As always, the Board will continue to evaluate its distribution policy.

In addition, in an effort to reduce Fund expenses the Board decided to prepare only two stockholder reports annually: the Fund’s Annual and Semi-Annual Reports. Stockholders may continue to review the investment adviser commentary and the Fund’s monthly holdings on its website at www.blu.com.

The Board appreciates your understanding of these difficult decisions and the confidence you have placed in the Fund.

For additional information on the Fund please visit www.blu.com.

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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