Royce Value Trust (NYSE: RVT) as of March 31, 2004 NEW YORK, April 27 /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 - March 31, 2004 NAV $17.88 MKT $17.80 Total Return Performance Periods ended March 31, 2004 NAV MKT 1 Month* 0.81% -0.63% Year to Date* 7.03 5.43 One-Year 61.46 58.10 Three-Year Average Annual 14.45 18.82 Five-Year Average Annual 16.94 20.68 10-Year Average Annual 13.54 14.48 *Not Annualized Portfolio Diagnostics Median Market Cap: $972 million Wtd. Average P/E Ratio: 21.1x* Wtd. Average P/B Ratio: 2.1x Wtd. Average Yield: 0.7% Net Assets Applicable to Common Stock: $903 million Net Leverage: 6% *Excludes 16% of portfolio holdings with zero or negative earnings as of 3/31/04. 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. Arrow International 0.7% 2. Simpson Manufacturing 0.7 3. Ritchie Bros. Auctioneers 0.7 4. Erie Indemnity Company Cl. A 0.6 5. MacDermid 0.6 6. White Mountains Insurance Group 0.6 7. MGP Ingredients 0.5 8. Keane 0.5 9. MPS Group 0.5 10. Lincoln Electric Holdings 0.5 Top Five Industries % of Net Assets 1. Technology 21.4% 2. Industrial Products 17.5 3. Industrial Services 14.9 4. Health 11.1 5. Financial Intermediaries 11.0 Recent Developments Royce Value Trust, Inc. (NYSE - RVT) declared a quarterly distribution of $0.33 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 March 23, 2004 to stockholders of record at the close of business on March 8, 2004 (ex-dividend on March 4, 2004). The price of shares issued for reinvestment was determined on March 15, 2004. Royce Value Trust, Inc. has declared 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 March 23, 2004, to stockholders of record at the close of business on March 8, 2004 (ex-dividend March 4, 2004). 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, +1-212-508-4572, for Royce Value Trust Web site: http://www.roycefunds.com/

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