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Value Line remains dedicated to the principles and for the purposes for which it was founded in 1931 by Arnold Bernhard: That the same information that is available to investment professionals be available to the individual investor; and that the means by which individual investors can educate themselves about how to invest wisely is readily obtainable.

QUICK FACTS ABOUT VALUE LINE

• Founded 1931 by Arnold Bernhard
• Chairman and CEO: Jean Bernhard Buttner
• Traded on the NASDAQ: Symbol: Valu.
• Market capitalization: c. $380,000,000
• Number of employees: 355
• Address: 220 East 42nd Street, New York, NY 10017
• Telephone: (212) 907-1500

HOW TO REACH VALUE LINE

By Telephone: (212) 907-1500
By e-mail vlcr@valueline.com
By Internet www.valueline.com

DIRECTORY OF DEPARTMENTS

Main Phone Number (212) 907-1500
Administration (212) 907-1605
Corporate Communications (212) 907-1663
Customer Service (800) 634-3583
Electronic Publications (800) 284-7607
Human Resources (212) 907-1890
Institutional Services (800) 531-1425
Print Publications (800) 634-3583
Software Support (800) 654-0508
Subscriptions (800) 833-0046
Value Line Family of Mutual Funds (800) 223-0818
Value Line Asset Management (212) 907-1510

VALUE LINE HISTORY AND PROFILE

History Value Line was founded in 1931 by Arnold Bernhard, known by many in the investment community as the "Dean of Wall Street," based on his philosophy that the individual investor should have the same information as is available to professionals. For 65 years, Value Line has provided that information and also the means by which individual investors can educate themselves about the markets and how to invest wisely.

Jean Bernhard Buttner succeeded her father as Chairman and CEO of Value Line, Inc. in 1988.. In 1996 she was named one of New York's 75 Most Influential Women in Business by Crain's Publications and she has won alumnae awards from Emma Willard School, Rosemary Hall and the Harvard Business School. She is a graduate of Vassar College and the Harvard-Radcliffe Program of Business Administration. Since becoming chief executive, the Company's annual rate of return on shareholder equity has averaged 26.4 percent annually

Value Line Investment Survey Value Line is probably best know for The Value Line Investment Survey, the most widely used independent investment information service in the world. Based on the Value Line Timeliness Ranking System, the survey is and has been called "The Bible of Wall Street." Covering some 1,700 equity issues, it offers one, three and five-year projections of probable relative price performance as well as analysis. An electronic Survey for Windows is also available. An Expanded Edition of the Survey covers another 1,800, mostly smaller, companies while the Stock 5000 for Windows covers a total of 5,000 companies.

Since 1993, Value Line has also published The Value Line Mutual Fund Survey in both print and Windows editions. Covering some 6,800 mutual funds, the Survey incorporates a predictability factor which has successfully predicted performance over the last five years. No other organization rating mutual funds has made such a claim.

Print Publications In addition to The Value Line Investment Survey and The Value Line Mutual Fund Survey, the Company also publishes the No-Load Fund Advisor; the OTC Special Situations Service, the Value Line Options Survey and the Value Line Convertibles Survey. Electronic publications include Value/Screen III, Value Line Fund Analyzer for Windows, No-Load Analyzer for Windows and Value Line DataFile, among others.

Asset Management Value Line manages 15 no load mutual funds with assets of approximately $5 billion. Additionally, the company's Asset Management group, launched in 1978, now manages almost $1 billion for institutions and high net worth individuals.

Financial Facts Earnings for fiscal 1998 were a record $35,177,000, or $3.53 per share, on revenues of $93,615,000, also a record, with an outstanding (and record) profit margin of 42 percent. The company's rate of return on shareholders' equity has averaged 26.4 percent annually. Assets increased in fiscal '98 by 29 percent. Investment income has averaged between 22 and 25 percent since 1988.

PRESS RELEASES

For Immediate Release Contact: Sam Hoyt (212) 907-1663

Value Line's Mutual Fund Ranking System Successfully Predicts Stock Fund Performance
Five Year Track Record Picks Winners in Both Up and Down Markets New York, March xx --- Value Line (NASDAQ:VALU), the nation's largest independent publisher of both stock and mutual fund investment research, reported today that its proprietary mutual fund ranking system for almost 6,800 load and no-load equity funds has consistently and successfully predicted those funds' performance since the rankings' introduction in late 1993.

  For the five-year period December 31, 1993, through December 31, 1998 - a period during which the markets trended up, then showed great volatility during the latter stages - equity funds ranked highest by Value Line substantially outpaced the performance of funds ranked lower by Value Line on both a total return and risk-adjusted basis.

  The group one ranked no-load equity funds appreciated annually by 17.8 percent. A $10,000 investment in this group would have grown to $22,661 over this period on a compounded basis. Commenting on the evidence supporting the Value Line mutual fund ranking system, Jean B. Buttner, the company's Chairman and CEO, said, "It is clear that investors using Value Line's ranking system for mutual funds can successfully select equity funds that will be among the top performers. The Value Line rankings are a critically important tool for investors selecting equity funds."

  Samuel Eisenstadt, Value Line's Research Chairman, added, "Although investors should not base investment decisions strictly on rankings, since an individual's financial situation and risk tolerance are also critical in selecting funds, this study clearly demonstrates that it makes good investment sense to select an equity fund with a high Value Line overall rank."

  In assessing its fund rankings based upon risk-adjusted past performance,
Value Line considered how well the system evaluated both future risk-adjusted performance and total return. The tables shown for each of Value Line's five ranking categories include annualized total return, annualized standard deviation (i.e., risk), and the so-called Sharpe ratio, a measure of risk-adjusted return.

Value Line noted further that the five-year period covered by these tables is characterized by a predominantly rising but nevertheless extremely volatile stock market environment, which may have favored the Value Line Mutual Fund Ranking System.

For Immediate Release Contact: Sam Hoyt (212) 907-1663

Value Line #1 Safety Rank Beats Dow and S & P in Market Dips

New York, February 11 - Stocks ranked number one (highest) for Safety in The Value Line Investment Survey fell significantly less than the Dow Jones Industrial Average or the Standard & Poor's 500 Index during the April 22 through October 8, 1998 market dip.

In a report issued in the February 12 issue of Selection & Opinion, Value Line (NASDAQ:VALU) said stocks ranked number one for Safety fell by 6.1 percent during last summer's correction. In contrast, the Dow Jones Industrial Average fell by 15.7 percent and the S & P 500 by 15.1 percent. The number one stocks for Safety also handily beat stocks ranked two through five by Value Line, as would be expected.

"These findings are not particularly surprising," said Stephen Sanborn, Value Line Director of Research, "because they match similar studies we've done of other major market declines."

The study focused on seven major market declines including last summer's (see table). The Value Line stocks ranked one for Safety fell less than both the Dow Jones Industrial Average and the Standard & Poor's 500 in five of the seven declining periods.

"The implications of these results are clear," Sanborn said. "Investors who want as little risk as possible, but still want to own equities, should buy stocks with high Value Line Safety ranks."

While Safety is a valuable secondary consideration, it is not considered to be a reason for buying a particular stock. Value Line recommends - and the portfolio managers of the Value Line family of mutual funds buy - stocks ranked number one or two for Timeliness. High Safety ranks are associated with stocks that are less volatile than average and with companies with relatively stronger balance sheets. High Timeliness ranks are generally associated with stocks with above average price momentum - and, often, volatility - and with companies which have strong earnings growth.

"Safety measures the risk of holding a stock, but Timeliness measures performance," Sanborn said. "If you expect the market to decline, the best stocks to buy would have a Timeliness rank of one or two and a Safety rank of one, two or three."

Value Line, based in New York, publishes print and electronic versions of The Value Line Investment Survey and The Value Line Mutual Fund Survey. Its Asset Management group and family of mutual funds currently manage over $6 billion.

Results of Safety Ranks in Major Market Declines Safety 2/11/66- 12/13/68- 4/14/72- 6/17/81- 8/26/87- 7/13/90- 4/22/98- Rank 10/7/66 7/2/70 9/11/74 8/11/82 12/4/87 11/2/90 10/8/98 Group 1 -15.6% -28.6% -40.5% -10.5% -24.7% -19.0% -6.1% Group 2 -18.2% -29.6% -39.9% -16.2% -28.7% -15.5% -14.0% Group 3 -24.0% -41.1% -47.2% -25.2% -36.0% -24.9% -29.7% Group 4 -26.5% -57.0% -53.3% -33.6% -40.7% -33.2% -41.7% Group 5 -29.2% -64.8% -70.0% -31.4% -46.9% -33.1% -37.8% DJIA -24.7% -29.8% -32.3% -22.8% -34.6% -16.4% -15.7% S&P 500 -22.0% -32.2% -37.6% -23.0% -33.1% -15.1% -15.1%

For Immediate Release Contact: Sam Hoyt (212) 907-1663

Value Line Declares $.25 Dividend

New York, January 14 - Value Line, Inc. (NASDAQ:VALU) announced today a $.25 dividend per share to stockholders of record as of the close of business on January 27, 1999.

The dividend, a distribution from accumulated earnings and profits of the company, will be distributed on February 12, 1999.

Value Line, based in New York, publishes print and electronic versions of The Value Line Investment Survey and The Value Line Mutual Fund Survey. Its Asset Management group and family of mutual funds currently manage almost $6 billion.

For Immediate Release Contact: Sam Hoyt (212) 907-1663

Ranson & Assoc. to Launch Unit Investment Trust Based on Value Line Timeliness Ranking System

Wichita, KS, January 5 - Ranson & Associates today announced the offering of a new unit investment trust (UIT) designed to mirror the strategy developed by Value Line, Inc. (NASDAQLVALU). The unique investment vehicle, the Value Line #1 Strategy Trust, will invest in the 100 companies ranked number 1 in Value Line's Timeliness Ranking System.

"The unit investment trust industry has enjoyed explosive growth in recent years," said Alex Meitzner, chairman of Ranson Associates. "We feel that the discipline of Value Line's 'Timeliness' strategy, and its proven performance record for research over many years, means a great investment vehicle for the individual investor."

The strategy behind the new UIT involves resetting the portfolio annually by selling the companies which no longer are ranked number 1 for Timeliness and replacing them with companies currently ranked number 1. Value Line actively follows approximately 1,700 companies of which only 100 are ranked number 1 at any given time. The 1,700 companies represent approximately 94 percent of the trading volume on all domestic stock exchanges.

The 100 companies with number 1 rankings are expected to outperform the stocks ranked lower for Timeliness in The Value Line Investment Survey over the next six to 12 months. This strategy has produced a published and verifiable return of over 14,000 percent since 1965 and has outperformed by far both the Dow Jones Industrial Average and the S&P 500 over that same time period.

"Group 1 stocks have outperformed the S&P 500 in 25 of the 34 years since the inception of the ranking system, assuming 12-month holding periods," said Samuel Eisenstadt, Value Line research chairman. "The ranking system has been called everything from an enigma to an anomaly. Nevertheless, its record is indisputable over an extended period of time," he said.

Ranson & Associates, based in Wichita, has been active as a sponsor of unit investment trusts since 1984 and currently manages deposited assets of more than $2 billion. Units of the Value Line #1 Strategy Trust will be available through most brokers and financial planners as of January 14.

Potential investors can learn more about the Value Line #1 Strategy Trust and other Ranson products through the company's website at www.ranson.com. Contact: Alex Meitzner or Doug Rogers, Ranson & Assoc. (316) 681-2123, or Sam Hoyt, Value Line (212) 907-1663.

VALUE LINE IN THE NEWS

March 8, Forbes Magazine, "The Forbes/Barra Wall Street Review" by Robert J. Sherwood.
February 24, The Washington Post, "The Inside Scoop" by James K. Glassman. February 21, The New York Times, "The Psychology of Selling Losers" by Mark Hulbert. February 19, USA Today, "Capital Appreciation Funds Offer Flexibility" by John Waggoner.
February 11, Washington Times, "Mutuals are a good start to investing" by Eric Tyson (King Features Syndicate).
February 8, Investor's Business Daily, "Splits Are Often Helpful, But Not Always," by Dan Moreau February 4, The Wall Street Journal, "Abreast of the Market" by Robert O'Brien. February 4, The New York Times, "Indicators End Higher" by Robert Hershey,Jr.
January 31, The Washington Post, "The Inside Scoop" by James K. Glassman.
January 25, Forbes Magazine, "All-Weather Portfolios" by Mark Hulbert.
January 25, Forbes Magazine, "The Momentum Formula" by John Gorham.
January 11, Stamford (CT) Advocate and Los Angeles Business Journal, "Value Line Valuable Tool for Do-It-Yourselfers" by Brit Hume and T.R. Reid.
January 10, The New York Times, "Saying No to Summer Panic Brings a Winter of Content" by Robert D. Hershey, Jr.
January 9, Arizona Republic, "Mutual Fund Investors are Doing Very Well, Indeed" by Russ Wiles.
January 6, The Washington Post, "The Inside Scoop" by James K. Glassman.
January 5, Los Angeles Times, "Which Blue Chips to Bet On?" by Josh Friedman. January 4, The Wall Street Journal, "Internet and Big Deals Shone in a Slowdown Year for IPOs" by Aaron Lucchetti.
January 3, Boston Herald, "Adaptability key to plotting investment course" by Alan Lavine.
January '99, Leaders Magazine, "How You Could Have Made a 54,000 Percent Return" interview with Jean Bernhard Buttner.
December 29, Baltimore Sun, "1999 Dow Average of 9,800 is Predicted."
December 28, BusinessWeek, "Market Forecast Survey for 1999."
December 22, The Providence Journal, "Money in the Banks" by Neil Downing.
December 16, The Wall Street Journal, "Abreast of the Market" by Robert O'Brien. December 14, Barron's, "Conspiracy Theory" by Michael Santoli.
December 12, Seattle Post-Intelligencer, "Web Investors Can Look Up a Wealth of Research Online" by Brit Hume and T.R. Reid.
December 11, The New York Times, "Dow Tumbles on Concerns About Profits" by Robert D. Hershey, Jr.
December 7, BusinessWeek, "Stocks in Their Stockings" by Robert Barker.
December 7, Barron's, "Putting the Brains in Your PC" by Kathy Yakal.
December 4, USA Today, "Investor Worries Tug Dow below 9000 Mark" by Sara Nathan. November 30, BusinessWeek, "The Best Bets for Small-Cap Diehards" by Robert Barker. November 20, The Los Angeles Times, "Analysts Wave a Red Flag at These 5 Stocks" by Josh Friedman.
November 17, The Los Angeles Times, "Wall Street, California" Forum by Russ Wiles.
November 17, The Los Angeles Times, "Rating the Fund Raters" by Paul Lim.