Royce Value Trust (NYSE: RVT) as of December 31, 2004 * Oldest and largest small-cap closed-end fund NEW YORK, Jan. 24 /PRNewswire-FirstCall/ -- Closing Prices - December 31, 2004 NAV $18.95 MKT $20.44 Total Return Performance Periods ended December 31, 2004 NAV MKT 1 Month* 4.18% 3.80% One-Year 21.42 29.60 Three-Year Average Annual 12.99 19.66 Five-Year Average Annual 14.15 20.34 10-Year Average Annual 14.84 17.10 *Not Annualized Portfolio Diagnostics Median Market Cap: $1088 million Wtd. Average P/E Ratio: 22.1x* Wtd. Average P/B Ratio: 2.2x Wtd. Average Yield: 0.8% Net Assets Attributable to Common Stock: $975 million Net Leverage: 3% *The Funds' P/E ratio calculations exclude companies with zero or negative earnings. 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. Apollo Investment 1.2% 2. Ritchie Bros. Auctioneers 1.0 3. Arrow International 0.9 4. Lincoln Electric Holdings 0.9 5. Simpson Manufacturing 0.9 6. Sothebys Holdings Cl. B 0.9 7. MacDermid 0.9 8. SEACOR Holdings 0.9 9. Gabelli Asset Management Cl. A 0.8 10. MPS Group 0.8 Top Five Industries % of Net Assets 1. Technology 22% 2. Industrial Products 19 3. Industrial Services 15 4. Financial Intermediaries 11 5. Natural Resources 10 Recent Developments Royce Value Trust, Inc. (NYSE - RVT) has paid a distribution of $0.48 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, was paid on December 23, 2004 to stockholders of record at the close of business on December 6, 2004 (ex-dividend on December 2, 2004). The price of shares issued for reinvestment as determined on December 13, 2004 was $18.83. Royce Value Trust, Inc. has paid a cash dividend of $0.36875 per share on its 5.90% Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share. The dividend was paid on December 23, 2004, to stockholders of record at the close of business on December 6, 2004 (ex-dividend December 2, 2004). Royce Value Trust is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock (RVTprb) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 75% of its assets in equity securities primarily of small- and micro-cap companies. Daily net asset values (NAVs) for Royce Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at http://www.roycefunds.com/. DATASOURCE: Royce Value Trust CONTACT: John D. Diederich of Royce Value Trust, Inc., +1-212-508-4572 Web site: http://www.roycefunds.com/

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