Royce Value Trust (NYSE: RVT) as of April 30, 2004 NEW YORK, May 17 /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 - April 30, 2004 NAV $17.33 MKT $16.89 Total Return Performance Periods ended April 30, 2004 NAV MKT 1 Month* -3.08% -5.11% Year to Date* 3.73 0.04 One-Year 42.70 36.08 Three-Year Average Annual 10.32 13.26 Five-Year Average Annual 14.41 16.14 10-Year Average Annual 13.30 13.65 *Not Annualized Portfolio Diagnostics Median Market Cap: $924illion Wtd. Average P/E Ratio: 19.9x* Wtd. Average P/B Ratio: 2.1x Wtd. Average Yield: 0.7% Net Assets Applicable to Common Stock: $886 million Net Leverage: 7% *Excludes 16% 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 5.625% due 02/15/06 2.4 2. Simpson Manufacturing 0.9 3. Ritchie Bros. Auctioneers 0.8 4. Arrow International 0.8 5. Erie Indemnity Company 0.7 6. Lincoln Electric Holdings 0.7 7. MacDermid. 0.7 8. White Mountains Insurance Group 0.7 9. Technitrol 0.6 10. Carbo Ceramics 0.6 Top Five Industries % of Net Assets 1. Technology 20.9% 2. Industrial Products 18.2 3. Industrial Services 15.3 4. Health 11.2 5. Financial Intermediaries 10.9 Recent Developments 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 CONTACT: John D. Diederich of Royce Value Trust, Inc., +1-212-508-4572 Web site: http://www.roycefunds.com/

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