Blue Chip Value Fund Declares Third Quarter Distribution

DATE: MONDAY, OCTOBER 2, 2006
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 2, 2006) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.14 per share. This distribution is payable October 27, 2006, to stockholders of record October 13, 2006, and will have an ex-dividend date of October 11, 2006. The Fund currently pays a quarterly distribution equal to 2.5% of its Net Asset Value, rounded to the nearest penny.

Of the total distribution, approximately $0.0035 represents net investment income earned in the third quarter and the remaining undesignated portion is paid from capital surplus. If the Fund's total distributions for the year exceed its net investment income and net realized capital gains for the year, all or a portion of the undesignated distributions may constitute a non-taxable return of capital. As of October 2, 2006, the date of this press release, the undesignated portion of the distribution would include approximately 0% from net realized capital gains earned in the third quarter. For the fiscal year-to-date, the undesignated portion of the distributions would include approximately 27.59% from net realized capital gains and 72.41% from paid-in capital. The estimated components of each distribution are likely to change throughout the year. As such, the actual determination of the source of the undesignated distributions can be made only at year-end.

As of September 30, 2006, the Fund's N.A.V. was $5.57 and the stock closed at $6.01, a premium of 7.8995%.

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

* * * * * * * * * * * * * * * *

The stocks owned on September 30, 2006 by Blue Chip Value Fund, Inc. were:

Abbott Laboratories
ACE Ltd
Altera Corp
Amgen Inc
American International Group Inc
Bank of America
The Bank of New York Inc
Barr Pharmaceuticals Inc
Bunge Ltd
Campbell Soup Co
Caremark RX Inc
Citigroup Inc
Colgate-Palmolive Co
Computer Sciences Corp
Countrywide Financial Corp
Walt Disney Co
Darden Restaurants Inc
First Data Corp
Freddie Mac
General Dynamics Corp
General Electric Co
International Business Machines
Intel Corp
ITT Industries Inc
J.C. Penney Inc
Marathon Oil Corp
MBIA Inc
Medtronic Inc
Merrill Lynch & Co. Inc
Microsoft Corp
Morgan Stanley
Nokia Corp
Norfolk Southern Corp
Occidental Petroleum Corp
Parker Hannifin Corp
Raytheon Co
Starwood Hotels & Resorts Worldwide Inc
Suntrust Banks Inc
Teva Pharmaceuticals
TJX Companies Inc
Transocean Inc
US Bancorp
VeriSign Inc
Wachovia Corp
Washington Mutual Inc
XTO Energy Inc
Zimmer Holdings Inc

* * * * * * * * * * * * * * **

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