FVD First Trust Value Line Dividend Index Fund

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.