Royce Micro-Cap Trust (NYSE: RMT) as of January 31, 2004 NEW YORK, Feb. 17 /PRNewswire-FirstCall/ -- -- Only micro-cap closed-end fund -- Average weekly trading volume of approximately 245,000 shares -- Fund's adviser has more than 25 years of small- and micro-cap investment experience Closing Prices - January 31, 2004 NAV $ 14.00 MKT $ 13.45 Total Return Performance Periods ended January 31, 2004 NAV MKT 1 Month* 5.03% 6.75% One-Year 66.02 75.86 Three-Year Average Annual 16.38 19.94 5-Year Average Annual 17.30 20.54 10-Average Annual 14.66 13.64 * Not annualized Portfolio Diagnostics Median Market Cap: $263 million Wtd. Average P/E Ratio: 19.4x* Wtd. Average P/B Ratio: 1.8x Wtd. Average Yield: 0.6% Net Assets Attributable to Common Stock: $266 million Net Leverage: 4% * Excludes 28% 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. Sapient Corporation 1.2% 2. Seneca Foods 1.2 3. Juno Lightening 1.2 4. Transaction Systems Architects Cl. A 1.2 5. Excel Technology 1.1 6. Stein Mart 1.1 7. Covansys Corporation 1.1 8. Delta Apparel 1.0 9. Richardson Electronics 1.0 10. BHA Group Holdings 1.0 Top Five Industries % of Net Assets 1. Technology 27% 2. Industrial Products 16 3. Industrial Services 15 4. Health 13 5. Natural Resources 10 Recent Developments 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, Royce Micro-Cap Trust, +1-212-508-4572 Web site: http://www.roycefunds.com/

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