Royce Micro-Cap Trust (NYSE: RMT) as of April 30, 2004 NEW YORK, May 17 /PRNewswire-FirstCall/ -- -- Only micro-cap closed-end fund -- Average weekly trading volume of approximately 234,000 shares -- Fund's adviser has more than 25 years of small- and micro-cap investment experience Closing Prices - April 30, 2004 NAV $ 13.64 MKT $ 13.32 Total Return Performance Periods ended April 30, 2004 NAV MKT 1 Month* -2.99% -0.52% Year to Date* 4.29 7.74 One-Year 58.72 71.01 Three-Year Average Annual 16.59 21.78 5-Year Average Annual 17.91 20.58 10-Average Annual 14.70 15.55 *Not annualized Portfolio Diagnostics Median Market Cap: $252 million Wtd. Average P/E Ratio: 19.1x* Wtd. Average P/B Ratio: 1.8x Wtd. Average Yield: 0.6% Net Assets Applicable to Common Stock: $266 million Net Leverage: 2% *Excludes 26% of portfolio holdings with zero or negative earnings as of 4/30/04. 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. U.S. Treasury Note (1.875% due 09/30/04) 1.6% 2. Juno Lighting 1.3 3. Stein Mart 1.1 4. Covansys 1.0 5. Seneca Foods 1.0 6. Excel Technology 1.0 7. Delta Apparel 1.0 8. BHA Group Holdings 1.0 9. Transaction Systems Architects Cl. A 0.9 10. Sapient 0.9 Top Five Industries % of Net Assets 1. Technology 24.8% 2. Industrial Products 15.8 3. Industrial Services 14.9 4. Health 12.1 5. Natural Resources 11.0 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, +1-212-508-4572, for Royce Micro-Cap Trust, Inc. Web site: http://www.roycefunds.com/

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