Blue Chip Value Fund Announces Final Tax Information for 2008 Distributions

DENVER--(Business Wire)--
Blue Chip Value Fund, Inc.`s final tax categories for its 2008 distributions are
detailed in the table below. This information is also available on the Fund`s
web site at www.blu.com. A Form 1099-DIV will be mailed to registered
stockholders with this same information by January 31, 2009.

The following is a summary of the 2008 distributions:

Net Short-Term Long-Term Return of Undesignated* Total
Investment Capital Gain Capital Gain Capital
Income
4th Quarter $0.0051 $0.00 $0.0021 $0.1328 -- $0.14
2007
1st Quarter $0.0048 $0.00 $0.0019 $0.1233 -- $0.13
2nd Quarter $0.0044 $0.00 $0.0018 $0.1138 -- $0.12
3rd Quarter $0.0037 $0.00 $0.0015 $0.0948 -- $0.10
4th Quarter -- -- -- -- $0.07* $0.07
2008
Total $0.0180 $0.00 $0.0073 $0.4647 $0.07* $0.56

* Pursuant to Section 852 of the Internal Revenue Code, the taxability of this
distribution will be deferred until 2009.

Of the distributions paid from net investment income, 100% qualify for the
corporate dividends received deduction and meet the requirements of the tax
rules regarding qualified dividend income. In addition, none of the
distributions from net investment income include income derived from U.S.
Treasury obligations. There were no assets invested in direct U.S. Government
Obligations as of December 31, 2008.

If you have any questions about the application of this information to your tax
returns, please consult your tax adviser.

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

Blue Chip Value Fund 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 assets in equity securities of well
established companies with headquarters in the United States. These stocks are
included in, or similar in size to those included in, the Standard and 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.

Blue Chip Value Fund, Inc.
Margaret Jurado, 800-624-4190
Investor Relations

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