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Royce Value Trust (NYSE: RVT) as of October 31, 2012



  Royce Value Trust (NYSE: RVT) as of October 31, 2012

  * Oldest and largest small-cap closed-end fund
  * Average weekly trading volume of approximately 341,000 shares
  * Fund’s adviser has more than 35 years of small- and micro-cap investment
    experience

Business Wire

NEW YORK -- November 15, 2012

Royce Value Trust, Inc.  (NYSE: RVT):

Closing Prices – October 31, 2012
                 
NAV             $14.86
MKT             $13.02

Total Return Performance                     
Periods ended October 31, 2012       NAV      MKT
                                               
Month*                               -0.07%   -0.38%
Year to Date*                        9.34     10.71
One-Year                             6.80     8.93
Three-Year Average Annual            12.34    14.28
Five-Year Average Annual             -1.12    -1.34
10-Year Average Annual               9.21     7.32
                                               
*Not Annualized

Portfolio Diagnostics                                             
                                                                         
Wtd. Average Geometric Mkt. Cap:            $1373 million
Wtd. Average P/E Ratio:                     14.7*
Wtd. Average P/B Ratio:                     1.6x
Net Assets Applicable to Common Stock:      $1256 million
Net Leverage:                               7.2 %
                                                                         
*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.

Portfolio Composition         
                                
Top 10 Positions               % of Net Assets
1. Mohawk Industries           1.2%
2. Advisory Board (The)        1.1
3. Carter’s                    1.0
4. Ethan Allen Interiors       1.0
5. HEICO Corp.                 1.0
6. Nordson Corp.               1.0
7. Coherent                    0.9
8. Lincoln Electric Holdings   0.9
9. PAREXEL International       0.9
10. Lazard Cl. A               0.9
                                
Top Five Sectors               % of Net Assets
1. Industrials                 29%
2. Information Technology      20
3. Financials                  19
4. Consumer Discretionary      15
5. Materials                   9

Recent Developments

The Board of Directors of Royce Value Trust, Inc. has approved, subject to
stockholder and other regulatory approvals, the contribution of approximately
$100 million of RVT’s assets to a newly formed non-diversified, closed-end
investment company, Royce Global Value Trust, Inc. (“RGT”). All of RGT’s
common stock would then be distributed to the common stockholders of RVT.
There is no assurance that necessary stockholder and regulatory approvals will
be obtained.

The Board of Directors Royce Value Trust, Inc. has approved the redemption of
all of the Fund’s outstanding 5.90% Cumulative Preferred Stock 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 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 65% 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.

Contact:

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