Blue Chip Value Fund Declares Second Quarter Distribution

DATE: MONDAY, OCTOBER 1, 2007
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 DECLARES THIRD QUARTER DISTRIBUTION

DENVER, CO. (October 1, 2007) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.15 per share. This distribution is payable October 26, 2007, to stockholders of record on October 12, 2007, and will have an ex-dividend date of October 10, 2007. The Fund's Distribution Plan includes a quarterly distribution equal to 2.5% of its Net Asset Value, rounded to the nearest penny.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital.

Sources of Distribution

	Current Distribution ($)	% Breakdown of the Current Distribution	Total Cumulative Distributions for the Fiscal Year to Date ($)	% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income	$0.0014	0.93%	$0.0087	1.98%
Net Realized Short-Term Capital Gains	$0.0000	0.00%	$0.0474	10.77%
Net Realized Long-Term Capital Gains	$0.0538	35.87%	$0.1799	40.89%
Return of Capital	$0.0948	63.20%	$0.2040	46.36%
Total (per common share)	$0.1500	100%	$0.4400	100%

Average annual total return (in relation to NAV) for the 5 years ending September 30, 2007	15.62%
Annualized current distribution rate expressed as a percentage of NAV as of September 30, 2007	9.88% *

Cumulative total return (in relation to NAV) for the fiscal year through September 30, 2007	8.84%
Cumulative fiscal year distributions as a percentage of NAV as of September 30, 2007	7.41% *

You should not necessarily draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Plan.

The Fund estimates that is has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income".

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

* Please note that the Fund's Distribution Plan includes a quarterly distribution equal to 2.5% of its Net Asset Value as of the last business day of the calendar quarter. The distribution rate shown above differs from the 2.5% stated amount (10% annualized and 5% year-to-date) as a result of the calculation using the cumulative fiscal year distribution rate divided by the Net Asset Value as of the last business day of the most recent calendar quarter end.

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

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