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First Trust Value Line® Dividend Fund
Declares a Long-Term Capital Gain Distribution of $1.49 Per Share
First Trust Advisors, LP

Lisle, IL, December 5, 2006 – 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.

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.

View more information on First Trust Advisors, LP or other Closed-End Funds.