Blue Chip Value Fund Declares Fourth Quarter Distribution

DATE: FRIDAY, DECEMBER 16, 2005
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 16, 2005) The Directors of Blue Chip Value Fund, Inc. have declared a distribution of $0.15 per share. This distribution is payable January 13, 2006, to stockholders of record December 30, 2005, and will have an ex-dividend date of December 28, 2005, and is considered a 2005 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 $0.0043 represents net investment income and the remaining undesignated portion is paid from capital surplus. If the Fund's total distributions for the year (exclusive of long-term capital gains dividends) exceed its net investment income and short-term capital gains for the year, all or a portion of the undesignated distributions may constitute a non-taxable return of capital. Management currently believes it is likely that a significant amount of the undesignated portion will be classified as a non-taxable return of capital, however 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 10, 2006.

As of December 15, 2005, the Fund's N.A.V. was $5.85 and the stock closed at $6.43, a premium of 9.9145%.

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

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The stocks owned on December 15, 2005 by Blue Chip Value Fund, Inc. were:

Abbott Laboratories
Altera Corp
Amgen Inc
American International Group Inc
Bank of America Corp
Barr Pharmaceuticals Inc
Bunge Ltd
Cendant Corp
Citigroup Inc
Colgate-Palmolive Co
Computer Sciences Corp
Countrywide Financial Corp
Dell Inc
Walt Disney Co
Darden Restaurants Inc
First Data Corp
Freddie Mac
General Dynamics Corp
General Electric Co
International Business Machines Inc
Intel Corp
ITT Industries Inc
iShares Dow Jones Total Market
Marathon Oil Corp
Maxim Integrated Products 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
Suncor Energy Inc
Target Corp
Teva Pharmaceuticals
TJX Companies Inc
Transocean Inc
U.S. Bancorp
VeriSign Inc
Wachovia Corp
Washington Mutual Inc
XTO Energy Inc

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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