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


New York, November 25, 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 December 23, 2008, to stockholders of record at the close of business on December 8, 2008 (ex-dividend December 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.

For Federal income tax purposes, approximately 99% of the 2008 distributions will be taxable at long-term capital gains rates (including qualified dividend income) and 1% will consist of ordinary income. Treatment of a portion of the dividends as long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield.

Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock (NYSE - RVT) and Preferred Stock 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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