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

  Royce Micro-Cap Trust (NYSE: RMT) as of December 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 -- January 17, 2013

Royce Micro-Cap Trust:

Closing Prices December 31, 2012

NAV    $ 10.94
MKT       $ 9.45
            

Total Return Performance                 
Periods ended December 31, 2012       NAV     MKT

1 Month*                              5.58%   4.99%
Year to Date*                         17.34   13.95
One-Year                              17.34   13.95
Three-Year Average Annual             11.65   13.23
Five-Year Average Annual              2.15    1.63
10-Year Average Annual                10.45   10.01
                                              

*Not annualized

Portfolio Diagnostics               

Wtd Average Geometric Market Cap:       $350million
Wtd. Average P/E Ratio:                 15.6x*
Wtd. Average P/B Ratio:                 1.4x
Net Assets:                             $319 million
Net Leverage:                           0%
                                        

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

Net leverage is the percentage, in excess of 100%, of the total value of
equity type investments, divided by net assets.

Portfolio Composition                 

Top 10 Positions                          % of Net Assets
1.  Kennedy-Wilson Holdings              2.0%
2.   Integrated Electrical Services       1.6
3.   Quaker Chemical Corp.                1.3
4.   Virtus Investment Partners           1.3
5.   Seneca Foods Cl.B                    1.3
6.   Tennant Company                      1.3
7.   Advisory Board (The)                 1.2
8.   America’s Car-Mart                   1.2
9.   Flexsteel Industries                 1.2
10   . Sapient Corp.                      1.2

Top Five Sectors                          % of Net Assets
1.   Industrials                          29%
2.   Information Technology               25
3.   Financials                           19
4.   Consumer Discretionary               12
5.   Materials                            9
                                          

Recent Developments

Royce Micro-Cap Trust, Inc. (NYSE-RMT) declared a distribution of $0.13 per
share on its Common Stock. The distribution, optionally payable in additional
shares of Common Stock, or in cash by specific stockholder election was paid
on December 24, 2012 to stockholders of record at the close of business on
December 6, 2012 (ex-dividend on December 4, 2012). The price of shares issued
for reinvestment on December 13, 2012 was $9.09.

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company
whose shares of Common Stock (RMT) 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
 
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