Royce Value Trust, Inc. (NYSE - RVT) Declares First Quarter Common Stock Distribution of $0.40 Per Share NEW YORK, Feb. 22 /PRNewswire-FirstCall/ -- Royce Value Trust, Inc. (NYSE: RVT) has declared a quarterly distribution of $0.40 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on March 23, 2005 to stockholders of record at the close of business on March 7, 2005 (ex- dividend on March 3, 2005). The price of shares issued for reinvestment will be determined on March 14, 2005. The Fund has a policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 9% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 2.25% of the rolling average or the minimum distribution required by IRS regulations. A portion of the distribution will be treated as long-term capital gains. Long-term capital gains will be allocated pro-rata to all distributions for the year. The final determination of the source, including potentially a return of capital, of all distributions in 2005 will be made at the end of the year. Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common and Preferred Stock 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. For further information on The Royce Funds(SM), please visit our web site at: http://www.roycefunds.com/. DATASOURCE: Royce Value Trust, Inc. CONTACT: John D. Diederich, Royce Value Trust, Inc., +1-212-355-7311 Web site: http://www.roycefunds.com/

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