Royce Micro-Cap Trust (NYSE: RMT) as of  October 31, 2012

  Royce Micro-Cap Trust (NYSE: RMT) as ofOctober 31, 2012

  *Only micro-cap closed-end fund
  *Average weekly trading volume of approximately 281,000 shares
  *Fund’s adviser has more than 35 years of small- and micro-cap investment
    experience

Business Wire

NEW YORK -- November 15, 2012

Royce Micro-Cap Trust (NYSE: RMT):

Closing Prices October 31, 2012
               
NAV                   $ 10.52
MKT                   $ 9.11
                      

                                         
Total Return Performance
Periods ended October 31, 2012     NAV        MKT
                                              
1 Month*                           -2.14%     -3.60%
Year to Date*                      11.24      8.30
One-Year                           10.74      12.42
Three-Year Average Annual          13.18      14.64
Five-Year Average Annual           -0.40      -1.05
10-Year Average Annual             10.37      9.86
                                              
*Not annualized
                                              

Portfolio Diagnostics                   
                                           
Wtd Average Geometric Market Cap:          $330 million
Wtd. Average P/E Ratio:                    16.1x*
Wtd. Average P/B Ratio:                    1.4x
Net Assets Applicable to Common Stock:     $365 million
Net Leverage:                              9.7%
                                           

*Excludes 21% of portfolio holdings with zero or negative earnings as of
10/31/12.

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. Kennedy-Wilson Holdings            2.2%
2. Integrated Electrical Services     1.9
3. Epoch Holding Corp.                1.6
4. Quaker Chemical                    1.4
5. Computer Task Group                1.3
6. Advisory Board (The)               1.3
7. Seneca Foods Cl. B                 1.3
8. America’s Car-Mart                 1.3
9. Sapient Corp.                      1.2
10. Richardson Electronics            1.2
                                      

Top Five Sectors             % of Net Assets
1. Industrials                  29%
2. Information Technology       24
3. Financials                   20
4. Consumer Discretionary       12
5. Materials                    10
                                

Recent Developments

The Board of Directors Royce Micro-Cap Trust, Inc. has approved the redemption
of all of the Fund’s outstanding 6.00% Cumulative Preferred Stock (RMTpra) on
November 15, 2012. A senior secured credit facility provided by a financial
institution will be used to redeem and replace a portion of the outstanding
Preferred Shares.

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company
whose shares of Common Stock (RMT) and 6.00% Cumulative Preferred Stock 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 $500 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
www.roycefunds.com

Contact:

Royce Micro-Cap Trust, Inc.
John D. Diederich, 212-355-7311