(Cont.)

The SEC's order finds that Value Line, VLS, Buttner and Henigson violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; Value Line violated Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, and VLS, Buttner and Henigson aided and abetted Value Line's violations of Sections 206(1) and 206(2) of the Advisers Act; Value Line violated Section 207 of the Advisers Act and Section 15(c) of the Investment Company Act of 1940; Value Line, Buttner and Henigson violated Section 34(b) of the Investment Company Act; and Value Line and VLS violated Section 17(e)(1) of the Investment Company Act.

The Commission's order requires that Value Line pay $24,168,979 in disgorgement, $9,536,786 in prejudgment interest, and a $10 million penalty; Buttner pay a $1 million penalty; and Henigson pay a $250,000 penalty. In addition, Buttner and Henigson are each barred from association with any broker, dealer, investment adviser and investment company; and are prohibited from acting as an officer or director of any public company. Value Line, VLS, Buttner and Henigson further consented to censures and cease-and-desist orders prohibiting them from violating the above provisions of the securities laws.