FVL First Trust Value Line 100 Exchange Traded Fund

First Trust Value Line� 100 Fund (the �Fund�) (AMEX:FVL) has declared June 8, 2007 as the record date for its final distribution. The payment date will be June 13, 2007. The ex-dividend date is expected to be June 6, 2007. The amount of this distribution will be determined at a later date and will be announced prior to the expected ex-dividend date. The Fund will reorganize into First Trust Value Line� 100 Exchange-Traded Fund, an exchange-traded fund, as approved by the Fund�s shareholders at a Special Meeting of Shareholders held on May 17, 2007. The reorganization is scheduled to occur on June 15, 2007. The amount of the final distribution will be comprised of any undistributed income and capital gains of the Fund and will be paid in cash rather than reinvested. FVL is a diversified closed-end management investment company. FVL�s investment objective is to provide capital appreciation. It seeks to outperform the Standard & Poor�s 500 Composite Stock Price Index by investing in a diversified portfolio of the 100 common stocks ranked #1 in Value Line�s� TimelinessTM Ranking System. First Trust Advisors L.P. is the fund�s investment advisor and currently manages or supervises approximately $30 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.