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

  Royce Value Trust (NYSE: RVT) as of December 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 -- January 17, 2013

Royce Value Trust (NYSE: RVT):

Closing Prices – December 31, 2012
             
NAV                   $15.40
MKT                   $13.42


Total Return Performance
Periods ended December 31, 2012  NAV      MKT
                                            
Month*                            3.80  %   4.10  %
Year to Date*                     15.41     16.22
One-Year                          15.41     16.22
Three-Year Average Annual         10.58     12.01
Five-Year Average Annual          1.23      -0.31
10-Year Average Annual            9.48      7.96
                                            
*Not Annualized


Portfolio Diagnostics
                                 
Wtd. Average Geometric Mkt. Cap:   $1430 million
Wtd. Average P/E Ratio:            15.2*
Wtd. Average P/B Ratio:            1.6x
Net Assets:                        $1081 million
Net Leverage:                      0%

*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.

                             
Portfolio Composition
                               
Top 10 Positions               % of Net Assets
1. HEICO Corp.                 1.1%
2. Carter’s                    1.1
3. Mohawk Industries           1.0
4. Coherent                    1.0
5. Lincoln Electric Holdings   1.0
6. Advisory Board (The)        1.0
7. Nordson Corp.               1.0
8. Reliance Steel & Aluminum   0.9
9. PAREXEL International       0.9
10. E-L Financial              0.9

                          
Top Five Sectors            % of Net Assets
1. Industrials              29%
2. Information Technology   20
3. Financials               18
4. Consumer Discretionary   15
5. Materials                8

Recent Developments

Royce Value Trust, Inc. (NYSE - RVT) declared a distribution of $0.24 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 $12.98.

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.

Royce Value Trust is a closed-end diversified management investment company
whose shares of Common Stock (RVT) 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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