|  | 1. | I      have reviewed this annual report on Form 10-K of Value Line,      Inc; |
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|   | 2. | Based      on my knowledge, this report does not contain any untrue statement of a      material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |
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|   | 3. | Based      on my knowledge, the financial statements, and other financial information      included in this report, fairly present in all material respects the      financial condition, results of operations and cash flows of the      registrant as of, and for, the periods presented in this      report; |
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| 4.   | The      registrant's other certifying officer(s) and I are responsible for      establishing and maintaining disclosure controls and procedures (as      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal      control over financial reporting (as defined in Exchange Act Rules      13a-15(f) and 15d-15(f)) for the registrant and  have: |
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| a)   | Designed such disclosure controls and procedures, or caused      such disclosure controls and procedures to be designed under our      supervision, to ensure that material information relating to the      registrant, including its consolidated subsidiaries, is made known to us      by others within those entities, particularly during the period in which      this report is being prepared; |
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| b)   | Designed      such internal control over financial reporting, or caused such internal      control over financial reporting to be designed under our supervision, to      provide reasonable assurance regarding the reliability of financial      reporting and the preparation of financial statements for external      purposes in accordance with generally accepted accounting      principles; |
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| c)   | Evaluated the effectiveness of the registrant's disclosure      controls and procedures and presented in this report our conclusions about      the effectiveness of the disclosure controls and procedures, as of the end      of the period covered by this report based on such evaluation;      and |
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| d)   | Disclosed in this report any change in the registrant's      internal control over financial reporting that occurred during the      registrant's most recent fiscal quarter (the registrant's fourth fiscal      quarter in the case of an annual report) that has materially affected, or      is reasonably likely to materially affect, the registrant's internal      control over financialreporting. |
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|   | 5. | The      registrant’s other certifying officers and I have disclosed, based on our      most recent evaluation      of internal control over financial reporting, to the registrant’s auditors      and the audit committee of registrant’s board of directors (or persons      performing the equivalentfunctions): |
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|   | a) | all      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the registrant’s ability to record,      process, summarize and report financial information;  and |
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|   | b) | any      fraud, whether or not material, that involves management or other      employees who have a significant role in the registrant’s internal control      over financial reporting. |
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| Date:      June 8, 2009 | By:    | s/      Mitchell E. Appel                                           |  |
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|                    |   | Mitchell      E. Appel                                              |
|                    |   | Chief      Financial Officer(Principal Financial      Officer) |

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