Royce Value Trust (NYSE: RVT) as of January 31, 2004 NEW YORK, Feb. 17 /PRNewswire-FirstCall/ -- -- Oldest and largest small-cap closed-end fund -- Average weekly trading volume of approximately 537,000 shares -- Fund's adviser has more than 25 years of small- and micro-cap investment experience Closing Prices - January 31, 2004 NAV $17.85 MKT $17.85 Total Return Performance Periods ended January 31, 2004 NAV MKT 1 Month* 4.82% 3.72% One-Year 52.54 52.06 Three-Year Average Annual 10.24 13.67 Five-Year Average Annual 13.80 16.93 10-Year Average Annual 13.01 13.40 *Not Annualized Portfolio Diagnostics Median Market Cap: $936 million Wtd. Average P/E Ratio: 23.0x* Wtd. Average P/B Ratio: 2.1x Wtd. Average Yield: 0.7% Net Assets Attributable to Common Stock: $891 million Net Leverage: 4% * Excludes 22% of portfolio holdings with zero or negative earnings as of 1/31/04. 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. Simpson Manufacturing 1.0% 2. Ritchie Bros. Auctioneers 0.9 3. MacDermid 0.9 4. MGP Ingredients 0.9 5. Arrow International 0.8 6. Erie Indemnity Company Cl. A 0.8 7. Sotheby's Holdings Cl. A 0.8 8. Keane 0.8 9. Coherent 0.8 10. Kimball International Cl. B 0.7 Top Five Industries % of Net Assets 1. Technology 23% 2. Industrial Products 17 3. Industrial Services 14 4. Health 11 5. Financial Intermediaries 11 Recent Developments Royce Value Trust is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock are listed and traded on the New York Stock Exchange (RVTprb). 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, Inc. CONTACT: John D. Diederich for Royce Value Trust, Inc., +1-212-508-4572 Web site: http://www.roycefunds.com/

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