New York, October 16, 2006 --


-- Only micro-cap closed-end fund

-- Average weekly trading volume of approximately 169,000 shares

-- Fund's adviser has more than 30 years of small- and micro-cap investment experience


Closing Prices - September 30, 2006

NAV $ 13.96
MKT $ 14.62

Total Return Performance     Periods ended September 30, 2006                     NAV            MKT     1 Month*                                           0.33%         -0.12%     Year to Date*                                      11.25           7.47     One-Year                                           10.91          16.89     Three-Year Average Annual                          17.67          22.15     Five-Year Average Annual                           18.43          23.53     10-Average Annual                                  14.42          17.04     *Not annualized     Portfolio Diagnostics     Wtd Average Market Cap:                     $384 million     Wtd. Average P/E Ratio:                           17.1x*     Wtd. Average P/B Ratio:                             1.8x     Wtd. Average Yield:                                 0.7%     Net Assets Attributable to Common Stock:    $326 million     Net Leverage:                                         4% *Excludes 16% of portfolio holdings with zero or negative earnings as of 9/30/06. Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to common stock. Portfolio Composition Top 10 Positions % of Net Assets 1. Seneca Foods Cl. B 1.5% 2. ASA Bermuda 1.3 3. PAREXEL International 1.3 4. Universal Truckload Services 1.1 5. Transaction Systems Architects Cl. A 1.1 6. Pason Systems 1.0 7. Jupitermedia Corp. 1.0 8. First Acceptance 0.9 9. Covansys Corp. 0.9 10. La Senza Corporation 0.9 Top Five Industries % of Net Assets 1. Technology 25% 2. Health 16 3. Industrial Products 15 4. Industrial Services 13 5. Natural Resources 9

Recent Developments
Royce Micro-Cap Trust, Inc. (RMT) paid a quarterly distribution of $0.32 per share on its Common Stock on September 25, 2006, to stockholders of record at the close of business on September 6, 2006 (ex-dividend on September 1, 2006). The price of shares issued for reinvestment was $14.07.

Royce Micro-Cap Trust, Inc. paid ac ash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share, on September 25, 2006 to stockholders of record at the close of business on September 6, 2006 (ex- dividend September 1, 2006).

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) and 6.00% Cumulative Preferred Stock (RMTpra.) 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.

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