Mr. Grant has been a portfolio manager with EULAV Asset Management or its predecessor since 1991.

Ms. Rosenberg has been a portfolio manager with EULAV Asset Management since November 2009. From May 2008 until December 2008 she was a client portfolio manager with MEAG New York, formerly Munich Re Capital Management. From August 2004 until April 2008, she was Director of Portfolio Management at XL Capital Ltd.

Mitchell Appel is the President of the Value Line Funds and Chief Executive Officer of EULAV Asset Management (“EAM”), the Funds’ investment adviser. Mr. Appel is responsible for the long term strategy of the investment adviser and the Funds, in addition to the day to day management responsibilities of the firm. Mr. Appel is also a Portfolio Manager on the Value Line Funds, providing oversight and support to the portfolio team, and continues to work to ensure the Value Line Funds are competitively positioned to add value to the shareholders of the Funds. Mr. Appel’s other roles in the organization include being a member of the Board of Directors for the Value Line Funds and a Trustee of EAM. Mr. Appel has held positions in the mutual fund industry since 2001. He received an MBA from New York University and holds several industry licenses (Series 7, 24 -Principal, and 27 -FINOP).