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Royce Value Trust (NYSE: RVT) as of May 31, 2012
Royce & Associates, LLC.

NEW YORK, Jun 18, 2012 (BUSINESS WIRE) -- --Average weekly trading volume of approximately 341,000 shares

--Fund's adviser has more than 35 years of small- and micro-cap investment experience

Royce Value Trust RVT +1.45% :

        Closing Prices - May 31, 2012
        NAV     $               14.21
        MKT     $               12.64

        Total Return Performance
        Periods ended May 31, 2012
                                    NAV      MKT
                                    ------   ------
        Month*                      -9.72%   -8.01%
        Year to Date*                 1.56     4.40
        One-Year                    -15.42   -12.96
        Three-Year Average Annual    15.93    17.58
        Five-Year Average Annual     -2.26    -4.63
        10-Year Average Annual        5.66     4.81

*Not Annualized

        Portfolio Diagnostics
        Wtd. Average Geometric Mkt. Cap:         $1333 million
        Wtd. Average P/E Ratio:                       14.0*
        Wtd. Average P/B Ratio:                       1.6x
        Net Assets Applicable to Common Stock:   $1196 million
        Net Leverage:                                15.2 %

*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, applicable to common stock.

        Portfolio Composition
        Top 10 Positions                           % of Net Assets
        ---------------------------------------   ---------------
         1. Carter's         1.2%
         2. Advisory Board (The)                         1.1
         3. Nordson Corp.                                1.1
         4. HEICO                                        1.1
         5. Lincoln Electric Holdings                    1.0
         6. Coherent                                     1.0
         7. Mohawk Industries                            1.0
         8. Oil States International                     1.0
         9. MAXIMUS                                      0.9
         10. Alleghany Corp.                             0.9
        Top Five Sectors                           % of Net Assets
        ---------------------------------------   ---------------
         1. Industrials                                  28%
         2. Information Technology                       23
         3. Financials                                   22
         4. Consumer Discretionary                       15
         5. Materials                                    10

Recent Developments

Royce Value Trust, Inc. RVT +1.45% has declared a quarterly distribution of $0.19 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on June 25, 2012 to stockholders of record at the close of business on June 6, 2012 (ex-dividend on June 4, 2012). The price of shares issued for reinvestment was $12.18.

Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its 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 25, 2012 to stockholders of record at the close of business on June 6, 2012 (ex-dividend on June 4, 2012).

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.

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