Royce Value Trust Declares Second Quarter Dividend
On 5.90% Cumulative Preferred Stock
Royce & Associates, Inc.


New York, May 23, 2008 -- 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 June 23, 2008 to stockholders of record at the close of business on June 6, 2008 (ex-dividend on June 4, 2008).

The Preferred Stock, which trades on the New York Stock Exchange under the symbol "RVT.prb", is rated 'aaa' by Moody’s and has an annual dividend rate of $1.475 per share.

The Fund expects to report a portion of the distribution as long-term capital gains for tax purposes. Long-term capital gains will be allocated pro-rata to all distributions for the year. The final determination of the source of all distributions in 2008 will be made at the end of the year.

Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock (RVT) and Preferred Stock (RVT.prb) are listed and traded on the New York Stock Exchange. The Fund’s primary investment goal is long-term capital growth, which it seeks by normally investing at least 75% of its assets in equity securities primarily of small- and micro-cap companies.



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