Royce Micro-Cap Trust (NYSE: RMT) as of November 30, 2003 NEW YORK, Dec. 10 /PRNewswire-FirstCall/ -- -- Only micro-cap closed-end fund -- Average weekly trading volume of approximately 262,000 shares -- Fund's adviser has more than 25 years of small- and micro-cap investment experience Closing Prices - November 30, 2003 NAV $ 13.20 MKT $ 13.15 Total Return Performance Periods ended November 30, 2003 NAV MKT 1 Month* 3.45% 5.71% YTD* 51.19 67.57 One-Year 44.11 58.91 Three-Year Average Annual 19.18 25.03 Five-Year Average Annual 15.68 18.43 From Inception (12/14/93) Average Annual 14.03 13.60 *Not annualized Portfolio Diagnostics Median Market Cap: $261 million Wtd. Average P/B Ratio: 1.7x Wtd. Average Yield: 0.6% Net Assets Attributable to Common Stock: $268 million Net Leverage: 0% Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to common stock. Portfolio Composition Top 10 Positions % of Net Assets 1. Sapient Corporation 1.4% 2. Seneca Foods 1.3 3. Excel Technology 1.2 4. Transaction Systems Architects Cl. A 1.0 5. Stein Mart 1.0 6. 800 JR Cigar 0.9 7. Carlisle Holdings 0.9 8. Denison International ADR 0.9 9. BHA Group Holdings 0.9 10. Delta Apparel 0.9 Top Five Industries % of Net Assets 1. Technology 27% 2. Industrial Products 16 3. Industrial Services 13 4. Health 11 5. Consumer Products 10 Recent Developments Royce Micro-Cap Trust began trading on the New York Stock Exchange effective December 1, 2003 under the symbol "RMT". The Fund previously traded on Nasdaq under the symbol OTCM. Royce Micro-Cap Trust, Inc. has declared a quarterly distribution of $0.24 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 23, 2003 to stockholders of record at the close of business on December 8, 2003 (ex-dividend on December 4, 2003). The price of shares issued for reinvestment will be determined on December 15, 2003. Royce Micro-Cap Trust, Inc. has declared a cash dividend of $0.279167 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share from the issuance date of October 16, 2003 to December 22, 2003. The dividend is to be paid on December 23, 2003 to stockholders of record at the close of business on December 8, 2003 (ex-dividend December 4, 2003). The Preferred Stock, which trades on the New York Stock Exchange under the symbol "RMT.pra", is rated 'aaa' by Moody's and has an annual dividend rate of $1.50 per share. The Fund has a policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 9% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 2.25% of the rolling average or the minimum distribution required by IRS regulations. Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) and 6.00% Cumulative Preferred Stock (RMTpra.) are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $400 million or less. Daily net asset values (NAVs) for Royce Micro-Cap Trust, Inc. are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XOTCX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at http://www.roycefunds.com/ DATASOURCE: Royce Micro-Cap Trust CONTACT: John D. Diederich for Royce Micro-Cap Trust, +1-212-508-4572 Web site: http://www.roycefunds.com/

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