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


New York, June 23, 2008 -- A cash dividend of $0.36875 per share on Royce Value Trust, Inc.’s Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share, is to be paid on June 23, 2008 to stockholders of record at the close of business on June 6, 2008. Subject to revision based on the Fund’s operations through the remainder of the year, the Fund currently estimates that approximately 100% ($0.36875 per share) of this distribution and distributions for year-to-date 2008 are from net realized capital gains.

This notice is not for tax reporting purposes and is being provided only for informational purposes in order to comply with the requirements of the Investment Company Act of 1940. In January 2009, after the completion of the Fund’s tax year, shareholders will receive a Form 1099-DIV which will reflect the amount of income, capital gain and any return of capital paid by the Fund in calendar year 2008 and reportable on your 2008 federal and other income tax returns

Regular quarterly preferred stock distributions are declared and paid at a fixed rate of the liquidation preference of $25.00 per share. Distributions may be paid in part or in full from net investment income, realized capital gains and/or by returning capital. Stockholders should note, however, that if the Fund’s aggregate net investment income and net realized capital gains are less than the amount of the distribution, the difference will be distributed from the Fund’s assets and will be characterized as a return of the capital. A return of capital is not taxable; rather it reduces a stockholder’s tax basis in his or her shares of the Fund.



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