Royce Value Trust (NYSE: RVT) as of January 31, 2005 NEW YORK, Feb. 18 /PRNewswire-FirstCall/ -- * Oldest and largest small-cap closed-end fund * Average weekly trading volume of approximately 227,000 shares * Fund's adviser has more than 30 years of small- and micro-cap investment experience Closing Prices - January 31, 2005 NAV $18.29 MKT $19.49 Total Return Performance Periods ended January 31, 2005 NAV MKT 1 Month* -3.48% -4.65% One-Year 11.81 19.15 Three-Year Average Annual 10.90 17.66 Five-Year Average Annual 13.71 17.67 10-Year Average Annual 14.39 15.90 *Not Annualized Portfolio Diagnostics Median Market Cap: $1,025 million Wtd. Average P/E Ratio: 21.1x* Wtd. Average P/B Ratio: 2.1x Wtd. Average Yield: 0.9% Net Assets Attributable to Common Stock: $959 million Net Leverage: 14% *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 1.3% 2. Ritchie Bros. Auctioneers 1.0 3. Arrow International 1.0 4. Simpson Manufacturing 1.0 5. SEACOR Holdings 0.9 6. Sothebys Holdings Cl. A 0.9 7. Lincoln Electric Holding L.P. 0.9 8. Alliance Capital Management Holding L.P. 0.8 9. Gabelli Asset Management 0.8 10. Helmerich & Payne 0.8 Top Five Industries % of Net Assets 1. Technology 22% 2. Industrial Products 20 3. Industrial Services 15 4. Financial Intermediaries 11 5. Natural Resources 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 (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 for Royce Value Trust, +1-212-355-7311 Web site: http://www.roycefunds.com/

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