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<SEC-DOCUMENT>0001341004-10-000431.txt : 20100226
<SEC-HEADER>0001341004-10-000431.hdr.sgml : 20100226
<ACCEPTANCE-DATETIME>20100226170938
ACCESSION NUMBER:		0001341004-10-000431
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100226
DATE AS OF CHANGE:		20100226

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALUE LINE INC
		CENTRAL INDEX KEY:			0000717720
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				133139843
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-36333
		FILM NUMBER:		10640509

	BUSINESS ADDRESS:	
		STREET 1:		220 E 42ND ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2129071500

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARNOLD BERNHARD & CO INC
		CENTRAL INDEX KEY:			0001107483
		IRS NUMBER:				131540671
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O HOWARD BRECHER
		STREET 2:		220 EAST 42ND STREET 6TH FLOOR
		CITY:			NET YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2129071620

	MAIL ADDRESS:	
		STREET 1:		220 EAST 42ND STREET 6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sc13da3.htm
<DESCRIPTION>SCHEDULE 13D, AMENDMENT NO. 3
<TEXT>
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    <title>sc13da3.htm</title>
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    <div>&#160;</div>
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AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">WASHINGTON,
D.C. 20549</font></div>
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13D</font></div>
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the Securities Exchange Act of 1934</font></div>
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No. 3) *</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">VALUE LINE,
Inc.</font></font></div>
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of Issuer)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock, $.10 PAR
VALUE</font></font></div>
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of Class of Securities)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(CUSIP
Number)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Arnold
Bernhard &amp; Co., Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Jean
Bernhard Buttner</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">220
East 42<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font>
Street</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">New
York, New York 10017</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(212)
907-1500</font></font></div>
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a copy to:</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Richard
T. Prins, Esq.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Skadden,
Arps, Slate, Meagher &amp; Flom LLP</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4
Times Square</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">New
York, New York 10036</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">212-735-3000</font></font></div>
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address and telephone number of person</font></div>
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to receive notices and communications)</font></div>
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2010</font></font></div>
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of event which requires</font></div>
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of this statement)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">If
the filing person has previously filed a statement on Schedule 13G to report the
acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box <font style="DISPLAY: inline;" face="Wingdings">o</font> .</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Note:
Schedules filed in paper format shall include a signed original and five copies
of the schedule, including all exhibits. See Rule 13d-7 for other parties to
whom copies are to be sent.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">*
The remainder of this cover page shall be filled out for a reporting person&#8217;s
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
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information required on the remainder of this cover page shall not be deemed to
be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the
Notes).</font></div>
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          </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
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      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="top" width="13%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">1.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Name
      of Reporting Person. I.R.S. Identification No. of Above
Person</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Arnold
      Bernhard &amp; Co., Inc.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">TIN:
      13-1540671</font></div>
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              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><a name="fis_unidentified_table"><!--efplaceholder-->
</a>2.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Check
      the Appropriate Box if a Member of a Group</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
              <td align="left" colspan="2" valign="top" width="42%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(a)
      <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(b)
      <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">3.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">SEC
      Use Only</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Source
      of Funds</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">WC</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">5.</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="50%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 6.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Check
      if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or
      2(e)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 12pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 6.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
              <td align="right" valign="top" width="33%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">x</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">6.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Citizenship
      or Place of Organization</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;<a name="fis_unidentified_table_2"><!--efplaceholder-->
 </a></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">New
      York</font></div>
              </td>
            </tr><tr>
              <td align="left" colspan="2" rowspan="4" valign="middle" width="19%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Number
      of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Shares</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Beneficially</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Owned
      by</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Each</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Reporting</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Person
    with</font></font></div>
              </td>
              <td align="left" valign="top" width="30%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">7.</font></div>
              </td>
              <td align="left" colspan="3" valign="top" width="47%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Sole
      Voting Power</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8,633,733</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8.</font></div>
              </td>
              <td align="left" colspan="3" valign="top" width="40%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Shared
      Voting Power</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Zero</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">9.</font></div>
              </td>
              <td align="left" colspan="3" valign="top" width="40%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Sole
      Dispositive Power</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8,633,733</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10.</font></div>
              </td>
              <td align="left" colspan="3" valign="top" width="40%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Shared
      Dispositive Power</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Zero</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">11.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Aggregate
      Amount Beneficially Owned by Each Reporting Person</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8,633,733</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">12.</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="50%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 6.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Check
      if the Aggregate Amount in Row (11) Excludes Certain Shares</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 12pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 6.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
              <td align="right" valign="top" width="33%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">o</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">13.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Percent
      of Class Represented by Amount in Row (11)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">86.5%</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">14.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Type
      of Reporting Person</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;<a name="fis_unidentified_table_3"><!--efplaceholder-->
 </a></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">CO</font></div>
              </td>
            </tr></table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="top" width="13%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><a name="eolpage4"><!--efplaceholder-->
</a>1.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Name
      of Reporting Person. I.R.S. Identification No. of Above
Person</font></div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Jean
      Bernhard Buttner</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">2.</font></div>
              </td>
              <td align="left" colspan="3" valign="top" width="40%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Check
      the Appropriate Box if a Member of a Group</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
              <td align="left" colspan="2" valign="top" width="42%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(a)
      <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(b)
      <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">3.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">SEC
      Use Only</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Source
      of Funds</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">WC
      of Arnold Bernhard &amp; Co., Inc.</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">5.</font></div>
              </td>
              <td align="left" colspan="4" valign="top" width="50%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 6.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Check
      if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or
      2(e)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 12pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 6.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
              </td>
              <td align="right" valign="top" width="33%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: wingdings">x</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">6.</font></div>
              </td>
              <td align="left" colspan="5" valign="top" width="82%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Citizenship
      or Place of Organization</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">United
      States</font></div>
              </td>
            </tr><tr>
              <td align="left" colspan="2" rowspan="4" valign="middle" width="19%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">9.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 3.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8,633,833</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8,633,833</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">12.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">13.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Percent
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              <td align="left" valign="top" width="13%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">14.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">IN</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">EXPLANATORY
NOTE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This Amendment No. 3 (this &#8220;Amendment
No. 3&#8221;) amends the Statement on Schedule 13D relating to the Common Stock, $.10
par value (&#8220;Common Stock&#8221;), of Value Line, Inc. (the &#8220;Company&#8221;) filed with the
Securities and Exchange Commission (the &#8220;SEC&#8221;) by Arnold Bernhard &amp; Co.,
Inc., a New York corporation (&#8220;AB &amp; Co.&#8221; ), on March 7, 2000, as amended by
Amendment No. 1 thereto, filed on December 18, 2000 and as amended by Amendment
No. 2 thereto (including adding Jean Bernhard Buttner as a Reporting Person)
filed on February 19, 2010 (the &#8220;Schedule 13D&#8221;).&#160;&#160;Capitalized terms
used in this Amendment No. 3 and not otherwise defined have the meaning ascribed
to them in the Schedule 13D.</font></div>
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</a><br></div>
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4. Purpose of Transaction.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Item 4 of the Schedule 13D is hereby
amended and supplemented as follows:</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On February 26, 2010, AB &amp; Co., as
beneficial owner of 8,633,733<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>shares of Common Stock,
representing approximately 86.5% of the outstanding shares of Common Stock,
requested that a special meeting of the Company&#8217;s shareholders (the &#8220;Special
Meeting&#8221;) be held for the purpose of: (i) removing one or more of the five
independent directors currently serving on the Company&#8217;s Board of Directors (the
&#8220;Independent Directors&#8221;) (and any person or persons elected, appointed or
designated by the Board to fill any vacancy or newly created directorship after
February 26, 2010 and prior to completion of the Special Meeting) and (ii)
taking such further actions, including the amendment of the Company&#8217;s by-laws,
as may be necessary or appropriate to accomplish the foregoing
actions.&#160;&#160;The request for the Special Meeting was made in accordance
with the Company&#8217;s by-laws, which require the President or Secretary of the
Company to call a special meeting of shareholders upon written request of
shareholders owning 25% or more of the Company&#8217;s outstanding capital
stock.&#160;&#160;On February 26, 2010, the Secretary of the Company called the
Special Meeting for April 16, 2010.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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or more of the Independent Directors and believes that, as the majority
shareholder of the Company, it will be difficult to work constructively with
some or all of them to, among other things, address matters of corporate policy,
including, among other things: (i) capital allocation policy and (ii) the
Litigation (including the validity of, continuing need for and role of a special
committee of the Board relating to the Litigation). AB &amp; Co. has not made a
definitive voting decision with respect to which of the Independent Directors it
will vote to remove at the Special Meeting. Except as set forth in this
Amendment No. 3, none of the Reporting Persons have any plans or proposals with
regard to items (a) through (j), inclusive, of item 4 to Schedule 13D. However,
AB &amp; Co. intends to exercise its rights as majority shareholder of the
Company and accordingly reserves the right to take action in respect of any of
the foregoing matters or any other matter in which majority shareholders might
be expected to take an interest.</font></div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>AB &amp; Co.&#160;reserves the right to
change its&#160;plans and intent, at any time and from time to time, with
respect to any of such matters, based on&#160;its view of&#160;its best
interests,&#160;its obligations to the&#160;Company (to the extent required by
applicable law or agreement), and other factors in light of (i)
the&#160;Company&#8217;s financial position, future actions taken by
the&#160;Company&#8217;s Board, price levels of the Common Stock&#160;or other equity
or debt securities of the&#160;Company, (ii) its obligations to comply with, or
its best interests with regard to, the Settlement and (iii) general economic,
political, or industry conditions, including conditions in the securities
market, or changes in laws, rules, regulations or customs, and any other
conditions or changes thereto, in AB &amp; Co.&#8217;s sole
determination.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">SIGNATURES</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>After reasonable inquiry and to the
best of my knowledge and belief, the undersigned certify that the information in
this statement is true, complete and correct.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Dated:
February 26, 2010</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;</font></div>
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      <div>
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<tr>
              <td align="left" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="3" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.8pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">ARNOLD
      BERNHARD &amp; CO., INC.</font></div>
              </td>
              <td align="left" valign="top" width="21%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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