Blue Chip Value Fund Declares Second Quarter Distribution

DATE: THURSDAY, DECEMBER 10, 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 ANNOUNCES ESTIMATED SOURCES OF 2009 DISTRIBUTIONS

DENVER, CO. (December 10, 2009) The following table sets forth the estimated amounts of 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.

Estimated Sources of Distributions for Tax Year 2009

	Total Cumulative Distributions for the Fiscal Year to Date ($)	% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income	$0.0150	10.71%
Net Realized Short-Term Capital Gains	$0.0000	0.00%
Net Realized Long-Term Capital Gains	$0.0000	0.00%
Return of Capital	$0.1250	89.29%
Total (per common share)	$0.1400	100.00%

You should not necessarily draw any conclusions about the Fund's investment performance from the amount of the 2009 distributions or from the terms of the Fund's Distribution Plan. Please note that the Fund's Board of Directors suspended the Distribution Plan effective May 4, 2009.

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 expects to issue a press release with the final figures by January 8, 2010. The Fund or your financial intermediary 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.

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

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