First Trust Value Line(R) Dividend Fund Declares a Long-Term Capital Gain Distribution of $1.49 Per Share

  
    
  
  
    
      First Trust Value Line® 
      Dividend Fund (the “Fund”) 
      (AMEX:FVD) has declared a long-term capital gain distribution in the 
      amount of $1.49 per share. This distribution will be made to 
      shareholders of record as of December 8, 2006. This record date was 
      previously declared in a press release dated November 28, 2006. The 
      payment date will be December 13, 2006, with an expected ex-dividend 
      date of December 6, 2006.
    
    
      This distribution will be the final distribution for the Fund assuming 
      the proposed reorganization of the Fund into First Trust Value Line® 
      Dividend Index Fund, a series of the First Trust Exchange-Traded Fund, 
      is approved by the Fund’s shareholders, at a 
      Meeting of Shareholders on December 11, 2006, and occurs on the 
      scheduled reorganization date of December 15, 2006. This distribution 
      will be paid in cash rather than reinvested.
    
    
      To the extent the proposed reorganization is not approved by the Fund’s 
      shareholders, this distribution will be the Fund’s 
      regular year-end long-term capital gain distribution.
    
    
      The Fund is a closed-end fund designed to provide total return through a 
      combination of current income and capital appreciation. The Fund seeks 
      to accomplish this objective through a disciplined investment strategy 
      derived from Value Line’s® 
      Safety™ Ranking System, which emphasizes its 
      #1 and #2 stocks ranked for Safety™.
    
    
      First Trust Advisors L.P. is the fund’s 
      investment advisor and currently manages or supervises approximately $28 
      billion in assets.
    
    
      Past performance is no assurance of future results. Investment return 
      and market value of an investment in the Fund will fluctuate. Shares, 
      when sold, may be worth more or less than their original cost.
    
    
      Principal Risk Factors: The Fund invests principally in equity 
      securities and the Fund’s NAV will fluctuate 
      with changes in the value of the Fund’s 
      holdings. The types of stocks that are selected through application of 
      the Fund’s investment strategy can be 
      expected to change over time. Particular risks may be elevated during 
      periods in which the Fund’s investment 
      strategy dictates higher levels of investment in particular types of 
      stocks. Please see the Fund’s prospectus for 
      additional information on the risks of investing in the Fund.
    
    
      The Fund’s daily American Stock Exchange 
      closing price and net asset value per share as well as other information 
      can be found at www.ftportfolios.com 
      or by calling 1-800-988-5891.
    
  
First Trust Value Line(R) Dividend Fund (the "Fund") (AMEX:FVD)
has declared a long-term capital gain distribution in the amount of
$1.49 per share. This distribution will be made to shareholders of
record as of December 8, 2006. This record date was previously
declared in a press release dated November 28, 2006. The payment date
will be December 13, 2006, with an expected ex-dividend date of
December 6, 2006.

   This distribution will be the final distribution for the Fund
assuming the proposed reorganization of the Fund into First Trust
Value Line(R) Dividend Index Fund, a series of the First Trust
Exchange-Traded Fund, is approved by the Fund's shareholders, at a
Meeting of Shareholders on December 11, 2006, and occurs on the
scheduled reorganization date of December 15, 2006. This distribution
will be paid in cash rather than reinvested.

   To the extent the proposed reorganization is not approved by the
Fund's shareholders, this distribution will be the Fund's regular
year-end long-term capital gain distribution.

   The Fund is a closed-end fund designed to provide total return
through a combination of current income and capital appreciation. The
Fund seeks to accomplish this objective through a disciplined
investment strategy derived from Value Line's(R) Safety(TM) Ranking
System, which emphasizes its #1 and #2 stocks ranked for Safety(TM).

   First Trust Advisors L.P. is the fund's investment advisor and
currently manages or supervises approximately $28 billion in assets.

   Past performance is no assurance of future results. Investment
return and market value of an investment in the Fund will fluctuate.
Shares, when sold, may be worth more or less than their original cost.

   Principal Risk Factors: The Fund invests principally in equity
securities and the Fund's NAV will fluctuate with changes in the value
of the Fund's holdings. The types of stocks that are selected through
application of the Fund's investment strategy can be expected to
change over time. Particular risks may be elevated during periods in
which the Fund's investment strategy dictates higher levels of
investment in particular types of stocks. Please see the Fund's
prospectus for additional information on the risks of investing in the
Fund.

   The Fund's daily American Stock Exchange closing price and net
asset value per share as well as other information can be found at
www.ftportfolios.com or by calling 1-800-988-5891.