Royce Value Trust (NYSE: RVT):

*The Fund’s P/E ratio calculation excludes 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.

Recent Developments

Royce Value Trust, Inc. (NYSE - RVT) has declared a quarterly distribution of $0.42 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 September 23, 2008 to stockholders of record at the close of business on September 8, 2008 (ex-dividend on September 4, 2008). The price of shares issued for reinvestment was $14.73.

Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its 5.90% Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on September 23, 2008 to stockholders of record at the close of business on September 8, 2008 (ex-dividend on September 4, 2008).

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 www.roycefunds.com.