Blue Chip Value Fund Declares Fourth Quarter Distribution

DATE: FRIDAY, DECEMBER 15, 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 FOURTH QUARTER DISTRIBUTION

DENVER, CO. (December 15, 2006) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.15 per share. This distribution is payable January 12, 2007, to stockholders of record on December 29, 2006, and will have an ex-dividend date of December 27, 2006, and is considered a 2006 distribution for tax reporting purposes. 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 $0.0072 represents net investment income earned and projected for the fourth 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 December 15, 2006, the date of this press release, the undesignated portion of the distribution would include approximately 0% from net realized capital gains earned to date in the fourth quarter. For the fiscal year-to-date, the undesignated portion of the distributions would include approximately 21.07% from net realized capital gains and 78.93% from paid-in capital. The actual determination of the source of the undesignated distributions can be made only at year-end. The Fund expects to issue a press release with final figures by January 8, 2007.

As of December 14, 2006, the Fund's N.A.V. was $5.92 and the stock closed at $6.08, a premium of 2.7027%.

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