Note

- Related Party Transactions:

Investment Management (overview):

December 23, 2010,

the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company

longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.

Total assets in the Value Line Funds managed and/or distributed by EAM at

April 30, 2019,

were

$3.09

billion, which is

$610

million, or

24.6%,

above total assets of

$2.48

billion in the Value Line Funds managed and/or distributed by EAM at

April 30, 2018.

The Company’s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of

41%

55%

of EAM’s revenues (excluding distribution revenues) from EAM’s mutual fund and separate account business and

50%

of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits Interest Holders will receive the other

50%

of residual profits of EAM. Distribution is

not

less than

90%

of EAM’s profits payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line’s percent share of EAM’s revenues is calculated each fiscal quarter. The applicable recent non-voting revenues interest percentage for the

fourth

quarter of fiscal

2019

was

50.31%.

The non-voting revenues and

90%

of the Company's non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement. The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and

not

yet paid, were

$2,420,000

and

$2,113,000

April 30, 2019

and

April 30, 2018,

respectively.

EAM Trust - VLI's non-voting revenues and non-voting profits interests:

The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from

41%

55%

of EAM's investment management fee revenues from its mutual fund and separate accounts business. EAM currently has

separately managed account clients. The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:

	Fiscal Years Ended April 30,
($ in thousands)	2019		2018		2017
Non-voting revenues interest in EAM	$	8,260	$	8,040	$	7,195
Non-voting profits interest in EAM		1,049		746		519
	$	9,309	$	8,786	$	7,714

Transactions with Parent:

During the fiscal years ended

April 30, 2019

and

April 30, 2018,

the Company was reimbursed

$384,000

and

$362,000,

respectively for payments it made on behalf of and for services it provided to AB&Co. There were

receivables due from the Parent at

April 30, 2019

April 30, 2018.

The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the

two

Companies between them. For the years ended

April 30, 2019,

2018,

and

2017,

the Company made payments to the Parent for federal income tax amounting to

$2,700,000,

$3,975,000

and

$6,824,000,

respectively.

From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate. The Parent

may

make additional purchases of common stock of the Company from time to time in the future. As of

April 30, 2019,

the Parent owned

89.34%

of the outstanding shares of common stock of the Company.