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<SEC-DOCUMENT>0000949377-08-000123.txt : 20080821
<SEC-HEADER>0000949377-08-000123.hdr.sgml : 20080821
<ACCEPTANCE-DATETIME>20080821105627
ACCESSION NUMBER:		0000949377-08-000123
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080925
FILED AS OF DATE:		20080821
DATE AS OF CHANGE:		20080821
EFFECTIVENESS DATE:		20080821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		081031456

	BUSINESS ADDRESS:	
		STREET 1:		1414 AVE OF THE AMERICAS 9TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>rvt_proxy.htm
<DESCRIPTION>ROYCE VALUE TRUST PROXY
<TEXT>
<html>
<body>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px">
<P style="line-height:14pt; margin:0px; text-indent:196.533px; font-size:12pt" align=justify>SCHEDULE 14A INFORMATION</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Proxy
Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>(Amendment
No. &nbsp;&nbsp;&nbsp;)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Filed by
the Registrant [ &nbsp;]</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Filed by a
Party other than the Registrant [ &nbsp;]</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Check the
appropriate box:</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>[ &nbsp;]
Preliminary Proxy Statement</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>[ &nbsp;]
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>[X]
Definitive Proxy Statement</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>[ &nbsp;]
Definitive Additional Materials</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>[ &nbsp;]
Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:204.733px; font-size:12pt" align=justify><U>&nbsp;ROYCE VALUE TRUST, INC. </U></P>
<P style="line-height:14pt; margin:0px; text-indent:158.333px; font-size:12pt" align=justify>(Name of Registrant as Specified In Its Charter)</P>


<P style="margin:0px" align=justify><BR></P>

<P style="line-height:14pt; margin:0px; text-indent:82.467px; font-size:12pt" align=justify>(Name of Person(s) Filing Proxy Statement if other than the Registrant)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Payment of
Filing Fee (Check the appropriate box):</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>[X]</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>No fee required.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>[ &nbsp;]</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>1) Title of each class of securities to which transaction applies:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>2) Aggregate number of securities to which transaction applies:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>3) Per unit price or other underlying value of transaction computed </P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>pursuant to Exchange Act Rule 0-11 (Set forth the amount on which </P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>the filing fee is calculated and state how it was determined):</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>4) Proposed maximum aggregate value of transaction:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>5) Total fee paid:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>[ &nbsp;]</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Fee paid previously with preliminary materials.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt" align=justify>[ &nbsp;]</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. &nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</P>
<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>1) Amount Previously Paid:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>2) Form, Schedule or Registration Statement No.:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>3) Filing Party:</P>


<P style="margin:0px" align=justify><BR></P>


<P style="line-height:14pt; margin:0px; padding-left:48px; font-size:12pt" align=justify>4) Date filed:</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
</DIV>

<p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.
</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>1414 Avenue of the Americas
 <br>New York, New York 10019</b></font></p>
<p align="center"><hr size="1" color="#000000" noshade width="13%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE OF ANNUAL MEETING
 OF STOCKHOLDERS</b></font></p>
<p align="center"><hr size="1" color="#000000" noshade width="13%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>TO BE HELD ON SEPTEMBER
 25, 2008</b></font></p>
<p><font face="Times New Roman" size="2">To the Stockholders of:</font></p>
<p><font face="Times New Roman" size="2">ROYCE VALUE TRUST, INC.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting
 of Stockholders (the &#147;Meeting&#148;) of ROYCE VALUE TRUST, INC. (the &#147;Fund&#148;) will be held at the offices of the Fund, 1414 Avenue of the Americas, New
 York, New York 10019 on Thursday, September 25, 2008, at 10:00 a.m. (Eastern time),
 for the following purposes:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
To elect four Directors to the Fund&#146;s Board:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2">(i)</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">two Directors
 to be elected by the holders of the Fund&#146;s Common Stock and its 5.90% Cumulative
 Preferred Stock (the &#147;Preferred Stock&#148;), voting together as a single class,
 and</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">two Directors
 to be elected only by the holders of the Fund&#146;s Preferred Stock voting as a
 separate class; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td colspan="2" valign="bottom" align="left"><font face="Times New Roman" size="2">To transact
 such other business as may properly come before the Meeting or any adjournment thereof.</font></td>
</tr>
</table>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Board of Directors of the Fund has set
 the close of business on August 6, 2008 as the record date for determining those
 stockholders entitled to vote at the Meeting or any adjournment thereof, and only
 holders of record at the close of business on that day will be entitled to vote.</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2"><b>To save the Fund the expense of additional
 proxy solicitation, please mark your instructions on the enclosed Proxy, date and
 sign it and return it in the enclosed envelope (which requires no postage if mailed
 in the United States), even if you expect to be present at the Meeting. If you have
 been provided with the opportunity on your proxy card or voting instruction form
 to provide voting instructions via telephone or the Internet, please take advantage
 of these prompt and efficient voting options. </b>The accompanying Proxy is solicited
 on behalf of the Board of Directors, is revocable and will not affect your right
 to vote in person in the event that you attend the Meeting.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors, </font></td>
</tr>
<tr>
<td width="50%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen
 </font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary</i>
 </font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">August 25, 2008</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>PROXY STATEMENT</b></font>
</p>
<p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.
 <br>1414 Avenue of the Americas <br>New York, New York 10019</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ANNUAL MEETING OF STOCKHOLDERS
 <br>September 25, 2008</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The enclosed Proxy is solicited on behalf
 of the Board of Directors for use at the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of Royce Value Trust, Inc. (the &#147;Fund&#148;), to be held at the offices
 of the Fund, 1414 Avenue of the Americas, New York, New York 10019, on Thursday,
 September 25, 2008, at 10:00 a.m. (Eastern time) and at any adjournments thereof.
 The approximate mailing date of this Proxy Statement is August 25, 2008.</font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">All properly executed Proxies received prior
 to the Meeting will be voted at the Meeting in accordance with the instructions
 marked thereon or otherwise as provided therein. Unless instructions to the contrary
 are marked, Proxies will be voted &#147;FOR&#148; the election of the Director nominees
 of the Fund.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">You may revoke your Proxy at any time before
 it is exercised by sending written instructions to the Secretary of the Fund at
 the Fund&#146;s address indicated above or by filing a new Proxy with a later date,
 and any stockholder attending the Meeting may vote in person, whether or not he
 or she has previously filed a Proxy.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The cost of soliciting proxies will be borne
 by the Fund, which will reimburse brokerage firms, custodians, nominees and fiduciaries
 for their expenses in forwarding proxy material to the beneficial owners of the
 Fund&#146;s shares. Some officers and employees of the Fund and/or Royce &#038;
 Associates, LLC (&#147;R&#038;A&#148;), the Fund&#146;s investment adviser, may
 solicit proxies personally and by telephone, if deemed desirable. Shareholders vote
 at the Meeting by casting ballots (in person or by proxy) which are tabulated by
 one or two persons, appointed by the Board of Directors before the Meeting, who
 serve as Inspectors and Judges of Voting at the Meeting and who have executed an
 Inspectors and Judges Oath.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Board of Directors of the Fund has set
 the close of business on August 6, 2008 as the record date (the &#147;Record Date&#148;) for determining those stockholders entitled to vote at the Meeting or any
 adjournment thereof, and only holders of record at the close of business on that
 day will be entitled to vote. Stockholders on the Record Date will be entitled to
 one vote for each outstanding share of Common Stock and 5.90% Cumulative Preferred
 Stock</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">(the &#147;Preferred Stock&#148; and, together
 with the Common Stock, &#147;Stock&#148; or &#147;shares&#148;) held (proportional
 voting rights for fractional shares held), with no shares having cumulative voting
 rights.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">As of the Record Date, there were 61,776,858
 shares of Common Stock and 8,800,000 shares of Preferred Stock of the Fund outstanding.
 The following persons were known to the Fund to be beneficial owners or owners of
 record of 5% or more of its outstanding shares of Common Stock or Preferred Stock
 as of the Record Date:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Class/Series
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 and</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>Percent of</b></font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name
 and Address of Owner</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>of Stock
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Nature
 of Ownership</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Times New Roman" size="2">
<b>Class/Series</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="left" width="50%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Cede &#038;
 Co.<a href="#p2_star">*</a></font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">Common</font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="left"><font face="Times New Roman" size="2">60,001,284
 shares&#151;</font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Times New Roman" size="2">97.13</font></td>
<td width="5%" valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Depository
 Trust Company</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Record<a href="#p2_star">*</a></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">P.O. Box #20</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2">5.90% Preferred</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">8,800,000
 shares&#151;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">100</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Bowling Green
 Station</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Record<a href="#p2_star">*</a></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10028</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<div><hr size="1" color="#000000" noshade align="left" width="13%"></div>
<div><font face="Times New Roman" size="2"><a name="p2_star"></a>* Shares held by brokerage firms, banks
 and other financial intermediaries on behalf of beneficial owners are registered
 in the name of Cede &#038; Co.</font></div>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Board of Directors knows of no business
 other than that stated in Proposal 1 of the Notice of Meeting that will be presented
 for consideration at the Meeting. If any other matter is properly presented at the
 Meeting or any adjournment thereof, it is the intention of the persons named on
 the enclosed proxy card to vote in accordance with their best judgment.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS
</b></font></p>
<table border="1" cellpadding="8" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Proposal
</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Common
 Stockholders</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Preferred
 Stockholders</b></font></td>
</tr>
<tr>
<td width="30%" valign="top" align="left"><font face="Times New Roman" size="2"><b>Election
 of Directors</b></font></td>
<td width="40%" valign="top" align="left"><font face="Times New Roman" size="2">Common and
 Preferred Stockholders, voting together as a single class, elect two Directors</font></td>
<td width="40%" valign="top" align="left"><font face="Times New Roman" size="2">Preferred
 Stockholders, voting as a separate class, elect two additional Directors</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">At the Meeting, four members of the Board
 of Directors of the Fund will be elected. The holders of both Common Stock and Preferred
 Stock, voting together as a single class, are entitled to elect seven directors.
 These seven directors are divided into three classes, each class having a term of
 three years. Each year the term of office of one class will expire. Donald R. Dwight
 and Stephen L. Isaacs have each been nominated by the Board of Directors for a three-year
 term to expire at the Fund&#146;s 2011 Annual Meeting of Stockholders or until their
 successors are duly elected and qualified. It should be noted that</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify" style="text-indent:0px;"><font face="Times New Roman" size="2">Donald R. Dwight is scheduled to retire
 in accordance with the Board&#146;s retirement policy on December 31, 2008. The
 classes of Directors are indicated below:</font></p>
<p><font face="Times New Roman" size="2"><b><u>CLASS III DIRECTOR NOMINEES TO SERVE
 UNTIL 2011 ANNUAL MEETING OF STOCKHOLDERS</u></b><br>Donald R. Dwight<br>Stephen L. Isaacs</font></p>
<p><font face="Times New Roman" size="2"><b><u>CLASS II DIRECTORS SERVING UNTIL 2010
 ANNUAL MEETING OF STOCKHOLDERS</u></b><br>Mark R. Fetting<br>Richard M. Galkin<br>Arthur
 S. Mehlman</font></p>
<p><font face="Times New Roman" size="2"><b><u>CLASS I DIRECTORS SERVING UNTIL 2009
 ANNUAL MEETING OF STOCKHOLDERS</u></b><br>Charles M. Royce<br>G. Peter O&#146;Brien</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The holders of Preferred Stock, voting as
 a separate class, are entitled to elect two directors to serve until the next Annual
 Meeting of Stockholders and until their successors are duly elected and qualified
 or until their earlier resignation or removal. The Board of Directors has nominated
 the following two persons to continue as Directors of the Fund, to be elected by
 holders of the Preferred Stock: William L. Koke and David L. Meister.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Each of these persons has agreed to serve
 if elected, and the Fund&#146;s management has no reason to believe that any of
 them will be unavailable for service as a Director. However, if any of them become
 unwilling or unable to serve, the persons named in the accompanying Proxy will vote
 for the election of such other persons, if any, as the Board of Directors may nominate.</font></p>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Certain biographical and other information
 concerning the existing Directors and the nominees who are &#147;interested persons&#148; as defined in the Investment Company Act of 1940, as amended (the &#147;Investment
 Company Act&#148;), of the Fund, including their designated classes, is set forth
 below.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p4_star">*</a> and</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Principal
 Occupations</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>With</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Elected
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Public Company
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>During
 Past Five Years<a href="#p4_double">**</a></b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>the Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Served
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Expires
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>By</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Overseen
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Directorships
</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="left" width="57%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce<a href="#p4_triple">***</a></font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2">68</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">Class I</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">2009</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">Common</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">28</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">Director
 of</font></td>
</tr>
<tr>
<td valign="bottom"><p style="margin-left:15px; text-indent:0px;"><font face="Times New Roman" size="2">President,
 Chief Investment Officer and Member of Board of Managers of Royce &#038; Associates,
 LLC (&#147;R&#038;A&#148;), investment adviser to the Fund, Royce Focus Trust, Inc.
 (&#147;RFT&#148;), Royce Micro-Cap Trust, Inc. (&#147;RMT&#148;), The Royce Fund
 (&#147;TRF&#148;) and Royce Capital Fund (&#147;RCF&#148;) (the Fund, RFT, RMT,
 TRF and RCF collectively, &#147;The Royce Funds&#148;).</font></p></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Director
 and President<a href="#p4_dagger"><sup>&#134;</sup></a></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">and Preferred</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Technology
 Investment Capital Corp.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p4_star">*</a> and</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Other</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Principal
 Occupations</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>With</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Elected
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Public Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>During
 Past Five Years<a href="#p4_double">**</a></b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>the Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Served
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Expires
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>By</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Overseen
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Directorships
</b></font></td>
</tr>
<tr>
<td valign="top"><hr size="1" color="#000000" noshade align="left" width="57%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Mark R. Fetting<a href="#p4_triple">***</a></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">53</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class II</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2010</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">42</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:0px;"><font face="Times New Roman" size="2">President
 and Chief Executive Officer of Legg Mason, Inc.; Member of Board of Managers of
 R&#038;A. Mr. Fetting&#146;s prior business experience includes having served as
 Senior Executive Vice President of Legg Mason, Inc.; Division President and Senior
 Officer of Prudential Financial Group, Inc. and related companies; Partner, Greenwich
 Associates; and Vice President, T. Rowe Price Group, Inc.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">and Preferred</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(Director/
 Trustee of all Royce Funds consisting of 28 portfolios; Director/ Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<div><hr size="1" color="#000000" noshade align="left" width="13%"></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="2"><a name="p4_star"></a>*&#160;&#160;&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">Mr. Royce&#146;s address is c/o Royce &#038; Associates, LLC, 1414 Avenue of the Americas, New York,
 New York 10019. Mr. Fetting&#146;s address is c/o Legg Mason, Inc., 100 Light Street, Baltimore,
 Maryland 21202.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><a name="p4_double"></a>**&#160;&#160;&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Each of the
 Directors or nominees is also a director/trustee of certain other investment companies
 for which R&#038;A acts as an investment adviser.</font></td>
</tr>
<tr>
<td nowrap valign="top" align="right"><font face="Times New Roman" size="2"><a name="p4_triple"></a>***&#160;&#160;&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#147;Interested
 person,&#148; as defined in the Investment Company Act, of the Fund.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><a name="p4_dagger"></a><sup>&#134;</sup>&#160;&#160;&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Elected by
 and serves at the pleasure of the Board of Directors.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Interested Persons</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Messrs. Royce and Fetting are &#147;interested
 persons&#148; of the Fund within the meaning of Section 2(a)(19) of the Investment
 Company Act due to the positions they hold with R&#038;A and its affiliate Legg
 Mason, respectively, and their stock ownership in Legg Mason. There are no family
 relationships between any of the Fund&#146;s Directors and officers.</font></p>
<p align="center"><font face="Times New Roman" size="2">5</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Certain biographical and other information
 concerning the existing Directors and nominees who are not &#147;interested persons,&#148; as defined in the Investment Company Act, of the Fund, including their designated
 classes, is set forth below.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p6_star">*</a> and</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Other</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Principal
 Occupations</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>With</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Elected
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Public Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>During
 Past Five Years<a href="#p6_double">**</a></b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>the Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Served
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Expires
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>By</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Overseen
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Directorships
</b></font></td>
</tr>
<tr>
<td valign="top"><hr size="1" color="#000000" noshade align="left" width="57%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Donald R.
 Dwight<br>President of Dwight Partners, Inc., corporate communications consultants;
 and Chairman (from 1982 until March 1998) and Chairman Emeritus (since March 1998)
 of Newspapers of New England, Inc. Mr. Dwight&#146;s prior experience includes having
 served as Lieutenant Governor of the Commonwealth of Massachusetts, as President
 and Publisher of Minneapolis Star and Tribune Company, and as Trustee of the registered
 investment companies constituting the Eaton Vance Funds.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">77</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
 Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1998</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2008</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">28</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>

<tr>
<td valign="top" align="left"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Richard M.
 Galkin<br>Private investor. Mr. Galkin&#146;s prior business experience includes having
 served as President of Richard M. Galkin Associates, Inc., telecommunications consultants,
 President of Manhattan Cable Television (a subsidiary of Time Inc.), President of
 Haverhills Inc. (another Time Inc. subsidiary), President of Rhode Island Cable
 Television and Senior Vice President of Satellite Television Corp. (a subsidiary
 of Comsat).</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">70</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class II
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2010</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">28</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table><br>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p6_star">*</a> and</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Other</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Principal
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Elected
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Public Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>During
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>the Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Served
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Expires
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>By</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Overseen
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Directorships
</b></font></td>
</tr>
<tr>
<td valign="top"><hr size="1" color="#000000" noshade align="left" width="57%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Stephen L.
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 University Development Law and Policy Program and Professor at Columbia University
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<td valign="top" align="center"><font face="Times New Roman" size="2">69</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">William L.
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">74</font></td>
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<td valign="top" align="center"><font face="Times New Roman" size="2">Director</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Arthur S.
 Mehlman<br>Director of The League for People with Disabilities, Inc.; Director of University
 of Maryland Foundation (non- profits). Formerly: Director of University of Maryland
 College Park Foundation (non-profit)(from 1998 to 2005); Partner, KPMG LLP (international
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<td><font face="Times New Roman" size="2">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p6_star">*</a> and</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Other</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Principal
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<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>With</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Elected
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2"><b>Public Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>During
 Past Five Years<a href="#p6_double">**</a></b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>the Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Served
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Expires
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>By</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Overseen
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Directorships
</b></font></td>
</tr>
<tr>
<td valign="top"><hr size="1" color="#000000" noshade align="left" width="57%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">David L. Meister<br>
 Consultant. Chairman and Chief Executive Officer of The Tennis Channel (from June
 2000 to March 2005). Mr. Meister&#146;s prior business experience includes having
 served as Chief Executive Officer of Seniorlife.com, a consultant to the communications
 industry, President of Financial News Network, Senior Vice President of HBO, President
 of Time-Life Films and Head of Broadcasting for Major League Baseball.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">68</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2008</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Preferred
 only</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">28</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">G. Peter O&#146;Brien<br>Trustee Emeritus of Colgate University (since 2005); Board Member of
 Hill House, Inc. (since 1999). Formerly: Trustee of Colgate University (from 1996
 to 2005); President of Hill House, Inc. (from 2001 to 2005); and Managing Director/Equity
 Capital Markets Group of Merrill Lynch &#038; Co. (from 1971 to 1999).</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">62</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I
 Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2009</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">42 (Director/
 Trustee of all Royce Funds consisting of 28 portfolios; Director/ Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Director of
 Technology Investment Capital Corp.</font></td>
</tr>
</table><br>
<div><hr size="1" color="#000000" noshade align="left" width="13%"></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="right"><font face="Times New Roman" size="2"><a name="p6_star"></a>*</font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><font face="Times New Roman" size="2">Messrs. Dwight,
 Galkin, Isaacs, Koke, Mehlman, Meister and O&#146;Brien&#146;s address is c/o Royce &#038; Associates,
 LLC, 1414 Avenue of the Americas, New York, New York 10019.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><a name="p6_double"></a>**</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">Each of the
 Directors or nominees is a director/trustee of certain other investment companies for which
 R&#038;A acts as an investment adviser. Messrs. Dwight, Galkin, Isaacs, Koke, Mehlman, Meister
 and O&#146;Brien are each a member of the Fund&#146;s Audit Committee and its Nominating
 Committee.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>Audit Committee Report</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Board of Directors has a standing Audit
 Committee (the &#147;Audit Committee&#148;), which consists of the Directors who
 are not &#147;interested persons&#148; of the Fund within the meaning of Section
 2(a)(19) of the Investment Company Act and who are &#147;independent&#148; as defined
 in the listing standards of the New York Stock Exchange (the &#147;Independent Directors&#148;). The current members of the Audit Committee are Donald R. Dwight, Richard
 M. Galkin, Stephen L. Isaacs, William L. Koke, Arthur S. Mehlman, David L. Meister
 and G. Peter O&#146;Brien. Mr. Galkin serves as Chairman of the Audit Committee
 and Mr. Mehlman has been designated as the Audit Committee Financial Expert, as
 defined under Securities and Exchange Commission (&#147;SEC&#148;) regulations.</font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The principal purposes of the Audit Committee
 are to (i) assist Board oversight of the (a) integrity of the Fund&#146;s financial
 statements; (b) independent accountants&#146; qualifications and independence; and
 (c) performance of the Fund&#146;s independent accountants and (ii) prepare, or
 oversee the preparation of any audit committee report required by rules of the SEC
 to be included in the Fund&#146;s proxy statement for its annual meeting of stockholders.
 The Board of Directors has adopted an Audit Committee Charter for the Fund attached
 hereto as Exhibit A.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Audit Committee also has (i) received
 written disclosures and the letter required by Independence Standards Board Standard
 No. 1 from Tait, Weller &#038; Baker (&#147;TW&#038;B&#148;), independent auditors
 for the Fund, and (ii) discussed certain matters required to be discussed under
 the requirements of The Public Company Accounting Oversight Board with TW&#038;B.
 The Audit Committee has considered whether the provision of non-audit services by
 the Fund&#146;s independent auditors is compatible with maintaining their independence.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">At its meeting held on February 13, 2008,
 the Audit Committee reviewed and discussed the audit of the Fund&#146;s financial
 statements as of December 31, 2007 and for the fiscal year then ended with Fund
 management and TW&#038;B. Had any material concerns arisen during the course of
 the audit and the preparation of the audited financial statements mailed to stockholders
 and included in the Fund&#146;s 2007 Annual Report to Stockholders, the Audit Committee
 would have been notified by Fund management or TW&#038;B. The Audit Committee received
 no such notifications. At the same meeting, the Audit Committee recommended to the
 Board of Directors that the Fund&#146;s audited financial statements be included
 in the Fund&#146;s 2007 Annual Report to Stockholders.</font></p>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>Nominating Committee</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Board of Directors has a Nominating
 Committee composed of the seven Independent Directors, namely Messrs. Dwight, Galkin,
 Isaacs, Koke, Mehlman, Meister and O&#146;Brien. Messrs. Galkin and O&#146;Brien
 serve as Co-Chairmen of the Nominating Committee. The Board of Directors has adopted
 a Nominating Committee Charter which was previously filed as an Exhibit to the proxy
 statement filed with the SEC on behalf of the Fund on August 23, 2007.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Nominating Committee is
 responsible for identifying and recommending to the Board of Directors individuals
 believed to be qualified to become Board members in the event that a position is
 vacated or created. The Nominating Committee will consider Director candidates recommended
 by stockholders. In considering potential nominees, the Nominating Committee will
 take into consideration (i) the contribution which the person can make to the Board,
 with consideration given to the person&#146;s business and professional experience,
 education and such other factors as the Committee may consider relevant; (ii) the
 character and integrity of the person; (iii) whether or not the person is an &#147;interested
 person&#148; as defined in the Investment Company Act and whether the person is
 otherwise qualified under applicable laws and regulations to serve as a Director
 or Independent Director of the Fund; (iv) whether or not the person has any relationships
 that might impair his independence, such as any business, financial or family relationships
 with Fund management, the investment adviser of the Fund, Fund service providers
 or their affiliates; (v) whether or not the person is financially literate pursuant
 to the New York Stock Exchange&#146;s audit committee membership standards; (vi)
 whether or not the person serves on boards of, or is otherwise affiliated with,
 competing financial service organizations or their related investment company complexes;
 (vii) whether or not the person is willing to serve as, and willing and able to
 commit the time necessary for the performance of the duties of, a Director of the
 Fund; and (viii) whether or not the selection and nomination of the person would
 be consistent with the requirements of the Fund&#146;s retirement policies.</font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">To have a candidate considered by the Nominating
 Committee, a stockholder must submit the recommendation in writing and must include
 biographical information and set forth the qualifications of the proposed nominee.
 The stockholder recommendation and information described above must be sent to the
 Fund&#146;s Secretary, John E. Denneen, c/o Royce Value Trust, Inc., 1414 Avenue
 of the Americas, New York, New York 10019.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Although the Board of Directors does not
 have a standing compensation committee, the Independent Directors review their compensation
 annually.</font></p>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>Committee and Board of Directors Meetings
</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">During the year ended December 31, 2007,
 the Board of Directors held six meetings, the Audit Committee held two meetings
 and the Nominating Committee did not hold any meetings. Each Director then in office
 attended 75% or more of the aggregate of the total number of meetings of the Board
 of Directors and the total number of meetings of the Audit Committee held during
 that year.</font></p>
<p><font face="Times New Roman" size="2"><b>Compensation of Directors and Affiliated
 Persons</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Each Independent Director receives a base
 fee of $10,700 per year plus $1,100 for each meeting of the Board of Directors attended.
 No Director received remuneration for services as a Director for the year ended
 December 31, 2007 in addition to or in lieu of this standard arrangement.</font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Set forth below is the aggregate compensation
 paid by the Fund and the total compensation paid by The Royce Funds to each Independent
 Director of the Fund for the year ended December 31, 2007.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Pension
 or</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Retirement
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Compensation
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Benefits
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Estimated
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Compensation</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>From the Fund</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Accrued
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Annual
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>From The</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>and Fund
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>as Part
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Benefits
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Royce
 Funds</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Compensation
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>of Fund
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>upon</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Paid
 to</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Paid
 to</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>From the Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Expenses
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Retirement
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Directors
</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Directors<a href="#p11_one"><sup>1</sup></a></b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="left" width="16%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Donald R. Dwight, Director<a href="#p11_two"><sup>2</sup></a></font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">$16,200&#160;&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">$105,000&#160;&#160;</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">$105,000&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Richard M.
 Galkin, Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs, Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">William L.
 Koke, Director<a href="#p11_three"><sup>3</sup></a></font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman Director</font></td>

<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">231,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister, Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">105,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien, Director</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">15,100</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;98,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">213,000</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table><br>
<div><hr size="1" color="#000000" noshade align="left" width="13%"></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2"><a name="p11_one"></a><sup>1</sup></font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">Represents
 aggregate compensation paid to each Director during the calendar year ended December
 31, 2007 from the Fund Complex. The Fund Complex includes the 28 portfolios of The
 Royce Funds and the 14 portfolios of the Legg Mason Family of Funds.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><a name="p11_two"></a><sup>2</sup></font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">Includes $3,240
 from the Fund ($21,000 from the Fund and other Royce Funds) deferred during 2007
 at the election of Mr. Dwight under The Royce Funds&#146; Deferred Compensation
 Plan for trustees/directors.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><a name="p11_three"></a><sup>3</sup></font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">Includes $4,628
 from the Fund ($30,000 from the Fund and other Royce Funds) deferred during 2007
 at the election of Mr. Koke under The Royce Funds&#146; Deferred Compensation Plan
 for trustees/directors.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>Officers of the Fund</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Officers of the Fund are elected each year
 by the Fund&#146;s Board of Directors. The following sets forth information concerning
 the Fund&#146;s officers:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p12_star">*</a> and Principal</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Officer
 of</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Occupations
 During Past Five Years</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Office<a href="#p12_double">**</a></b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Fund
 Since</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="left" width="45%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="80%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="70%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="75%"></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Charles M.
 Royce<br>President, Chief Investment Officer and Member of Board of Managers of R&#038;A.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">68</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">President</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">John D. Diederich<br>
 Chief Operating Officer, Managing Director and Member of the Board of Managers of
 R&#038;A; Chief Financial Officer of R&#038;A; Director of Administration of The
 Royce Funds; and President of Royce Fund Services, Inc. (&#147;RFS&#148;), having
 been employed by R&#038;A since April 1993.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">57</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President
 and Treasurer</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1997</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Jack E. Fockler,
 Jr.<br>Managing Director and Vice President of R&#038;A; Vice President of RFS, having
 been employed by R&#038;A since October 1989.</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Times New Roman" size="2">49</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">1995</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">W. Whitney
 George<br>Managing Director and Vice President of R&#038;A, having been employed by
 R&#038;A since October 1991.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">50</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1995</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne<br>Principal and Vice President of R&#038;A, having been employed by R
&#038;A since October 1986.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">46</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1994</font></td>
</tr>
<tr>
<td valign="top"><p style="margin-left:15px; text-indent:-15px;"><font face="Times New Roman" size="2">John E. Denneen<br>
 General Counsel, Principal, Chief Legal and Compliance Officer and Secretary of
 R&#038;A; Secretary and Chief Legal Officer of The Royce Funds.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">41</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2">Secretary
 and<br>Chief Legal Officer</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2">1996 to
 2001 and<br>since 2002</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#p12_star">*</a> and Principal</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Officer
 of</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Occupations
 During Past Five Years</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Office<a href="#p12_double">**</a></b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Fund
 Since</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="left" width="43%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="80%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="70%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="75%"></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Lisa Curcio<br>
 Chief Compliance Officer of The Royce Funds (since October 2004); Compliance Officer
 of R&#038;A (since June 2004); Vice President, The Bank of New York (from February
 2001 to June 2004).</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">48</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">Chief Compliance Officer</font></td>
<td width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2">2004</font></td>
</tr>
</table><br>
<div><hr size="1" color="#000000" noshade align="left" width="13%"></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="right"><font face="Times New Roman" size="2"><a name="p12_star"></a>*</font></td>
<td width="2%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The address
 of each officer is c/o Royce &#038; Associates, LLC, 1414 Avenue of the Americas, New York,
 New York 10019.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><a name="p12_double"></a>**</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> Elected
 by and serves at the pleasure of the Board of Directors.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Stockholder Communications</b></font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Stockholders may send written communications
 to the Fund&#146;s Board of Directors or to an individual Director by mailing such
 correspondence to the Secretary of the Fund (addressed to 1414 Avenue of the Americas,
 New York, New York 10019). Such communications must be signed by the stockholder
 and identify the class and number of shares held by the stockholder. Properly submitted
 stockholder communications will, as appropriate, be forwarded to the entire Board
 or to the individual Director. Any stockholder proposal submitted pursuant to Rule
 14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
 Act&#148;), must continue to meet all the requirements of Rule 14a-8. See &#147;Additional
 Information &#150; Stockholder Proposals&#148; herein.</font></p>
<p><font face="Times New Roman" size="2"><b>Director Attendance at Stockholder Meetings
</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Fund has no formal policy regarding
 Director attendance at stockholder meetings. None of the Fund&#146;s Independent
 Directors attended the 2007 Annual Meeting of Stockholders.</font></p>
<p><font face="Times New Roman" size="2"><b>Compliance with Section 16(a) of the
 Exchange Act</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Section 16(a) of the Exchange Act requires
 the officers and Directors of the Fund and persons who own more than ten percent
 of a registered class of the Fund&#146;s equity securities, to file reports of ownership
 and changes in ownership on Forms 3, 4 and 5 with the SEC and the New York Stock
 Exchange. Officers, Directors and greater than ten percent stockholders are required
 by SEC regulations to furnish the Fund with copies of all Forms 3, 4 and 5 they
 file.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Based solely on the Fund&#146;s review of
 the copies of such forms and amendments thereto, furnished to it during or with
 respect to its most recent fiscal year, and written representations from certain
 reporting persons that they were not required to file Form 5 with respect to the
 most recent fiscal year, the Fund believes that all of its officers, Directors,
 greater than ten percent beneficial owners and other persons subject to Section
 16 of the Exchange Act due to the requirements of Section 30(h) of the Investment</font></p>
<p align="center"><font face="Times New Roman" size="2">13</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify"><font face="Times New Roman" size="2">Company Act (i.e., any investment adviser
 or affiliated person of the Fund&#146;s investment adviser), have complied with
 all filing requirements applicable to them with respect to transactions in the Fund&#146;s shares during the Fund&#146;s most recent fiscal year.</font></p>
<p><font face="Times New Roman" size="2"><b>Stock Ownership</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Information relating to each Director&#146;s ownership as of August 6, 2008 in the Fund and in all registered Royce Funds overseen
 or to be overseen by each Director is set forth below:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar Range of</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Securities
 in all Royce Funds</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Range
 of Equity</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>overseen
 by each Director</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>in the
 Fund</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>in the
 Royce Family of Funds</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="left" width="12%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Interested
 Director</i>:</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Charles
 M. Royce</font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td width="12%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="20%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Mark R.
 Fetting</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Non-Interested
 Directors</i>:</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Donald
 R. Dwight</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Richard
 M. Galkin</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Stephen
 L. Isaacs</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;William
 L. Koke</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Arthur
 S. Mehlman</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;David L.
 Meister</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;G. Peter
 O&#146;Brien</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150;$50,000</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Information regarding ownership of the Fund&#146;s shares by the Fund&#146;s Directors and officers as of the Record Date is
 set forth below:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="70%" align="center">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 of</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Record/Beneficial
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Ownership
 of</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and
 Address<a href="#p14_star">*</a> of Owner</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Shares
 of Common Stock</b></font></td>
</tr>
<tr>
<td align="left" valign="bottom"><hr size="1" color="#000000" noshade width="45%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Interested
 Directors</i>:</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Charles
 M. Royce</font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="25%" valign="bottom" align="center"><font face="Times New Roman" size="2">236,863</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Mark R.
 Fetting</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,317</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Non-Interested
 Directors</i>:</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Donald
 R. Dwight</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">640</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Richard
 M. Galkin</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,026</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Stephen
 L. Isaacs</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,286</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;William
 L. Koke</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">2,969</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Arthur
 S. Mehlman</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,024</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;David L.
 Meister</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;G. Peter
 O&#146;Brien</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">2,344</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Interested
 Officers</i>:</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;John D.
 Diederich</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">890</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Jack E.
 Fockler, Jr.</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;W. Whitney
 George</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">14</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="70%" align="center">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 of</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Record/Beneficial
</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Ownership
 of</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and
 Address<a href="#p14_star">*</a> of Owner</b></font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Shares
 of Common Stock</b></font></td>
</tr>
<tr>
<td align="left" valign="bottom"><hr size="1" color="#000000" noshade width="45%"></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Daniel A.
 O&#146;Byrne</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;John E. Denneen</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Lisa Curcio</font></td>
<td width="10%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="25%" valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="80%" align="center">
<tr>
<td><div><hr size="1" color="#000000" noshade align="left" width="13%"></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><a name="p14_star"></a>*&#160;&#160;The address
 of each Director and officer is c/o Royce &#038; Associates, LLC, 1414 Avenue of the Americas, New York, New York 10019.</font></td>
</tr>
</table>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">As of the Record Date, all Directors and
 officers of the Fund as a group (15 persons) beneficially owned an aggregate of
 less than 1% of the Fund&#146;s outstanding shares of Common Stock.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">As of August 6, 2008, no Independent Director
 or any of his immediate family members directly or indirectly owned any securities
 issued by Legg Mason or any of its affiliates (other than registered investment
 companies).</font></p>
<p><font face="Times New Roman" size="2"><b>Vote Required</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">A quorum consists of stockholders representing
 a majority of the outstanding shares of the Fund&#146;s Common Stock and/or Preferred
 Stock, as the case may be, entitled to vote, who are present in person or by proxy,
 and a plurality of all of the votes cast at a meeting at which a quorum is present
 is sufficient to elect a Director.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2"><b>The Board of Directors recommends that
 all stockholders vote FOR all Director nominees.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>FEES PAID TO INDEPENDENT AUDITORS</b></font></p>
<p><font face="Times New Roman" size="2"><b>Audit Fees</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The aggregate fees paid to TW&#038;B in
 connection with the annual audit of the Fund&#146;s financial statements and for
 services normally provided by TW&#038;B in connection with the statutory and regulatory
 filings of the Fund for the fiscal years ended December 31, 2006 and December 31,
 2007 were $34,000 and $35,500, respectively, including out of pocket expenses.</font>
</p>
<p><font face="Times New Roman" size="2"><b>Audit Related Fees</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The aggregate fees paid to TW&#038;B in
 connection with assurance and related services related to the annual audit of the
 Fund and for review of the Fund&#146;s financial statements, other than the Audit
 Fees described above, for the fiscal years ended December 31, 2006 and December
 31, 2007 were $1,500 and $1,500, respectively. The audit-related services rendered
 by TW&#038;B to</font></p>
<p align="center"><font face="Times New Roman" size="2">15</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">the Fund consisted of the preparation of
 reports to a rating agency for the Preferred Stock.</font></p>
<p><font face="Times New Roman" size="2"><b>Tax Fees</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The aggregate fees paid for tax-related
 services, including preparation of tax returns, tax compliance and tax advice, rendered
 by TW&#038;B to the Fund for the fiscal years ended December 31, 2006 and December
 31, 2007 were $5,000 and $6,000, respectively.</font></p>
<p><font face="Times New Roman" size="2"><b>All Other Fees</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">There were no other fees billed for non-audit
 services rendered by TW&#038;B to the Fund for the fiscal years ended December 31,
 2006 and December 31, 2007. The aggregate non-audit fees billed by TW&#038;B for
 services rendered to R&#038;A and any entity controlling, controlled by, or under
 common control with R&#038;A that provides ongoing services to the Fund for the
 fiscal years ended December 31, 2006 and December 31, 2007 were $6,500 and $7,500,
 respectively. The Audit Committee has determined that the provision of non-audit
 services is compatible with maintaining the independence of TW&#038;B.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Audit Committee has determined that
 the preparation of the rating agency reports is compatible with maintaining TW&#038;B&#146;s independence. TW&#038;B did not provide any other professional services to
 the Fund or R&#038;A for the year ended December 31, 2007. No representatives of
 TW&#038;B will be present at the Meeting.</font></p>
<p><font face="Times New Roman" size="2"><b>Audit Committee&#146;s Pre-Approval Policies
 and Procedures</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Audit Committee of the Fund has adopted
 policies and procedures with regard to the pre-approval of audit and non-audit services.
 On an annual basis, at the Fund&#146;s December Audit Committee meeting, TW&#038;B
 will submit a schedule of proposed audit, audit-related, tax and other non-audit
 services to be rendered to the Fund and/or R&#038;A and its affiliates for the following
 year that require pre-approval by the Audit Committee. Such schedule will include
 the maximum fees that can be paid for such services without further Audit Committee
 approval. Any subsequent revision to preapproved services or fees will be considered
 at the next regularly scheduled Audit Committee meeting. Services not presented
 for pre-approval at the December Audit Committee meeting will be submitted to the
 Chief Financial Officer of the Fund for a determination that the proposed services
 fit within the independence guidelines and then considered for pre-approval at the
 next regularly scheduled Audit Committee meeting. A proposal to commence an engagement
 involving audit, audit-related or tax services prior to the next</font></p>
<p align="center"><font face="Times New Roman" size="2">16</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify"><font face="Times New Roman" size="2">regularly scheduled Audit Committee meeting
 shall be made in writing by the Chief Financial Officer to all Audit Committee members
 and include a summary of the engagement, estimated maximum cost, the category of
 services and the rationale for engaging the Fund&#146;s independent auditor. Such
 proposed engagement can be pre-approved by any Audit Committee member who is an
 Independent Director. Pre-approval by the Chairman of the Audit Committee is required
 for a proposed engagement involving non-audit services other than audit-related
 or tax.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<p><font face="Times New Roman" size="2"><b>Adjournment of Meeting; Other Matters
</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">In the event that sufficient votes in favor
 of Proposal 1 in the Notice of Annual Meeting of Stockholders are not received by
 the time scheduled for the Meeting, the persons named as proxies may propose one
 or more adjournments of the Meeting to permit further solicitation of proxies for
 such Proposal. Any such adjournment will require the affirmative vote of a majority
 of the shares present in person or by proxy at the session of the Meeting to be
 adjourned. The persons named as proxies will vote in favor of such adjournment those
 proxies which they are entitled to vote in favor of the Proposal. They will vote
 against any such adjournment those proxies required to be voted against the Proposal.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">While the Meeting has been called to transact
 any business that may properly come before it, the Directors know of no business
 other than the matter stated in the Notice of Annual Meeting of Stockholders. However,
 if any additional matter properly comes before the Meeting and on all matters incidental
 to the conduct of the Meeting, it is the intention of the persons named in the enclosed
 Proxy to vote the Proxy in accordance with their judgment on such matters.</font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The Fund expects that broker-dealer firms
 holding shares of the Fund in &#147;street name&#148; for the benefit of their customers
 and clients will request the instructions of such customers and clients on how to
 vote their shares on the Proposal before the Meeting. The Fund understands that,
 under the rules of the New York Stock Exchange, such broker-dealers may, without
 instructions from such customers and clients, grant authority to the proxies designated
 by the Fund to vote on the election of Directors if no instructions have been received
 prior to the date specified in the broker-dealer firm&#146;s request for voting
 instructions. Certain broker-dealer firms may exercise discretion over shares held
 in their name for which no instructions are received by voting such shares in the
 same proportion as they have voted shares for which they have received instructions.</font></p>
<p align="center"><font face="Times New Roman" size="2">17</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">The shares as to which the Proxies so designated
 are granted authority by broker-dealer firms to vote on the matters to be considered
 at the Meeting, the shares as to which broker-dealer firms have declined to vote
 (&#147;broker non-votes&#148;) and the shares as to which Proxies are returned by
 record stockholders but which are marked &#147;abstain&#148; on any matter will
 be included in the Fund&#146;s tabulation of the total number of votes present for
 purposes of determining whether the necessary quorum of stockholders exists. However,
 abstentions and broker non-votes will not be counted as votes cast. Therefore, abstentions
 and broker non-votes will not have an effect on the election of Directors.</font>
</p>
<p><font face="Times New Roman" size="2"><b>Address of Investment Adviser</b></font>
</p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">R&#038;A&#146;s principal office is located
 at 1414 Avenue of the Americas, New York, New York 10019.</font></p>
<p><font face="Times New Roman" size="2"><b>Annual Report Delivery</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2"><b>The Fund&#146;s Annual Report to Stockholders
 for the year ended December 31, 2007 was previously mailed to its stockholders and
 the Semiannual Report to Stockholders for the six months ended June 30, 2008 will
 be mailed to stockholders in late August 2008. Copies of the Annual Report are available,
 and copies of the Semiannual Report will be available in late August, upon request,
 without charge, by writing to the Fund at 1414 Avenue of the Americas, New York,
 New York 10019 or calling toll free at 1-800-221-4268. All publicly released material
 information is always disclosed by the Fund on its website at <u>www.roycefunds.com</u>.
</b></font></p>
<p><font face="Times New Roman" size="2"><b>Stockholder Proposals</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">Proposals of stockholders intended to be
 presented at the Fund&#146;s 2009 Annual Meeting of Stockholders must be received
 by the Fund by April 27, 2009 for inclusion in the Fund&#146;s Proxy Statement and
 form of Proxy for that meeting. The Fund&#146;s By-laws generally require advance
 notice be given to the Fund in the event a stockholder desires to nominate a person
 for election to the Board of Directors or to transact any other business from the
 floor at an annual meeting of stockholders. Notice of any such nomination or other
 business intended to be presented at the Fund&#146;s 2009 Annual Meeting of Stockholders
 must be in writing and received at the Fund&#146;s principal executive office between
 April 27, 2009 and May 27, 2009. Written proposals should be sent to the Secretary
 of the Fund, 1414 Avenue of the Americas, New York, New York 10019.</font></p>
<p align="center"><font face="Times New Roman" size="2">18</font></p>
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<p><font face="Times New Roman" size="2"><b>Proxy Delivery</b></font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2">If you and another shareholder share the
 same address, the Fund may only send one proxy statement unless you or the other
 shareholder(s) request otherwise. Call or write the Fund if you wish to receive
 a separate copy of the proxy statement and the Fund will promptly mail a copy to
 you. You may also call or write to the Fund if you wish to receive a separate proxy
 in the future, or if you receive multiple copies now, and wish to receive a single
 copy in the future. For such requests, please call 1-800-221-4268, or write the
 Fund at 1414 Avenue of the Americas, New York, New York 10019.</font></p>
<p align="justify" style="text-indent:30px;"><font face="Times New Roman" size="2"><b>PLEASE FILL IN, DATE AND SIGN THE ENCLOSED
 PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></td>
</tr>
<tr>
<td width="50%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Dated: August
 25, 2008</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">19</font></p>
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 blank</font></p>
<p align="center"><font face="Times New Roman" size="2">20</font></p>
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<p align="right"><font face="Times New Roman" size="2"><b>EXHIBIT A</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Charter of the Audit Committee<br>of the Board of Directors/Trustees<br>For The Royce Funds
 Listed In Appendix A Hereto</font></p>
<p><font face="Times New Roman" size="2"><b>I.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Composition of the Audit Committee</b></u></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Audit
 Committee shall be composed of at least three Directors/Trustees, each of whom:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">shall not
 be an &#147;interested person&#148; of the Fund, as defined in Section 2(a)(19) of the Investment
 Company Act of 1940, as amended (the &#147;1940 Act&#148;);</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">shall not
 accept directly or indirectly any consulting, advisory, or other compensatory fee
 from the Fund (other than fees for serving on the Board of Directors/Trustees or
 any committee thereof); and</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">shall be
 financially literate at the time of his or her appointment to the Audit Committee,
 as such qualification is interpreted by the Board of Directors/Trustees in its business
 judgment, or shall become financially literate within a reasonable period of time
 after his or her appointment to the Audit Committee.</font></p></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;In the event
 Fund shares are or become listed on a national securities exchange or are or become
 quoted on a national market quotation system, the additional qualification requirements
 set forth below also shall apply:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">each Director/Trustee
 who is a member of the Audit Committee shall satisfy the applicable independence
 requirements for any such national securities exchange or national market quotation
 system; and</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">at least
 one Director/Trustee who is a member of the Audit Committee shall have accounting
 or related financial management expertise as the Board of Directors/Trustees interprets
 such qualification in its business judgment.</font></p></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Board
 of Directors/Trustees shall determine annually: (i) whether at least one of the
 members of the Audit Committee is an &#147;audit committee financial expert,&#148; as defined
 in rules of the Securities and Exchange Commission and (ii) whether simultaneous
 service on more than three public company audit committees by a member of the Audit
 Committee would not impair the ability of such member to serve on the Audit Committee.</font></p>
<p align="center"><font face="Times New Roman" size="2">A-1</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="left"><font face="Times New Roman" size="2"><b>II.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Purposes of the Audit Committee</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Audit Committee shall be responsible for:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">(1)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">assisting Board oversight of the</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="left"><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;integrity of the Fund&#146;s financial statements;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="left"><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;independent accountants&#146; qualifications and independence; and</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="left"><font face="Times New Roman" size="2">(c)&#160;&#160;&#160;&#160;&#160;performance of the Fund&#146;s independent accountants; and</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(2)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">preparation,
 or overseeing the preparation of, any audit committee report required by rules of
 the Securities and Exchange Commission to be included in the Fund&#146;s proxy statement
 for its annual meeting of stockholders.</font></p></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>III.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Responsibilities and
 Duties of the Audit Committee</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Fund&#146;s independent accountants shall report directly to the Audit Committee.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;As may be necessary or appropriate to carry out its purposes, or to comply with applicable
 law or the requirements of any securities exchange or market quotation system on
 which Fund shares are or may become listed or quoted, the Audit Committee shall
 have the following responsibilities and duties:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">the appointment,
 compensation, retention and oversight of the work of the Fund&#146;s independent accountants,
 including the resolution of disagreements between management and the independent
 accountants regarding financial reporting;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to (i)
 select an accounting firm to (1) serve as the Fund&#146;s independent accountants, (2)
 audit the Fund&#146;s financial statements on an annual basis, and (3) provide an opinion
 on an annual basis with respect to the Fund&#146;s financial statements, and (ii) recommend
 that the members of the Board of Directors/Trustees who are not &#147;interested persons&#148;
 of the Fund, as defined in Section 2(a)(19) of the 1940 Act, ratify such selection;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to pre-approve
 (i) all audit and permissible non-audit services to be provided to the Fund by the
 Fund&#146;s independent accountants and (ii) all permissible non-audit services to be
 provided by the Fund&#146;s independent accountants to the Fund&#146;s Investment Adviser
 or any entity controlling, controlled by, or under common control with the Investment
 Adviser (&#147;Adviser Affiliate&#148;) that provides ongoing</font></p></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">A-2</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">services
 to the Fund, if the engagement by the Adviser Affiliate relates directly to the
 operations and financial reporting of the Fund;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">if determined
 to be advisable, to develop policies and procedures for pre-approval of the engagement
 of the Fund&#146;s independent accountants to provide any of the audit or non-audit services
 described in Section III(c) above;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to consider
 whether each non-audit service provided by the Fund&#146;s independent accountants to
 the Fund and to the Fund&#146;s Investment Adviser or any Adviser Affiliate that provides
 ongoing services to the Fund is compatible with maintaining the independence of
 such independent accountants;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(f)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to ensure
 that the Fund&#146;s independent accountants submit on a periodic basis to the Audit
 Committee a formal written statement delineating all relationships between such
 independent accountants and the Fund, consistent with Independence Standards Board
 Standard No. 1, and to actively engage in a dialogue with, and receive and consider
 specific representations from, the Fund&#146;s independent accountants with respect to
 any disclosed relationships or services that may affect the objectivity and independence
 of such independent accountants;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(g)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to review
 the arrangements for annual and special audits and the scope of such audits with
 the Fund&#146;s independent accountants;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(h)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to meet
 to review and discuss the Fund&#146;s audited financial statements and, to the extent
 required by applicable law or regulations, the Fund&#146;s semi-annual financial statements
 with Fund management and the Fund&#146;s independent accountants, including the Fund
 s disclosure of management s discussion of Fund performance;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to review
 with the Fund&#146;s independent accountants any audit problems or difficulties the accountants
 may have encountered during or relating to the conduct of the audit, including any
 matters required to be discussed pursuant to rules of The Public Company Accounting
 Oversight Board and other relevant regulatory and professional organizations, or
 any subsequent Statement, and management s response;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(j)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to establish
 and administer policies and procedures relating to the hiring by the Fund, its Investment
 Adviser, or any administrator that is an Adviser Affiliate of employees or former
 employees of the Fund&#146;s independent accountants;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(k)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to consider
 information and comments from the Fund&#146;s independent accountants with respect to
 the Fund&#146;s accounting and financial</font></p></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">A-3</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">reporting
 policies, procedures and internal control over financial reporting (including the
 Fund&#146;s critical accounting policies and practices) and management s responses to
 any such comments;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(l)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to request,
 receive and/or review from the Fund&#146;s independent accountants such other materials
 as may be deemed necessary or advisable in the discretion of the Committee in the
 exercise of its duties under this Charter; such materials may (but are not required
 to) include, without limitation, any other material written communications relating
 to the Fund&#146;s financial statements, or internal or disclosure controls, between
 the independent accountants and the Fund, the Investment Adviser, the Fund&#146;s sub-adviser(s),
 if any, or other Fund service providers, such as any management letter or schedule
 of unadjusted differences;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(m)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">at least
 annually, to obtain and review a report by the Fund&#146;s independent accountants describing:
 (i) such independent accountants internal quality-control procedures; (ii) any material
 issues raised by the most recent internal quality-control review, or peer review,
 of such independent accountants, or by any inquiry or investigation by governmental
 or professional authorities, within the preceding five years, respecting one or
 more independent audits carried out by such firm, and any steps taken to deal with
 any such issues; and (iii) all relationships between the Fund&#146;s independent accountants
 and the Fund, the Investment Adviser and Adviser Affiliates (to assess the independence
 of the Fund&#146;s independent accountants);</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(n)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to establish
 procedures for: (i) the receipt, retention, and treatment of complaints received
 by the Fund regarding accounting, internal accounting controls, or auditing matters;
 and (ii) the confidential, anonymous submission of concerns by employees of the
 Fund&#146;s Investment Adviser, manager, administrator, principal underwriter, or any
 other provider of accounting related services for the Fund regarding questionable
 accounting or auditing matters;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(o)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to address
 reports received from attorneys in accordance with procedures adopted by the Fund
 s Investment Adviser relating to the possible violation of federal or state law
 or fiduciary duty;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(p)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to discuss
 with Fund management and the Fund&#146;s independent accountants policies with respect
 to risk assessment and risk management; and</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(q)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2">to perform
 such other functions and to have such other powers consistent with this Charter,
 the Fund&#146;s Articles of Incorporation or Declaration of Trust, as amended and supplemented,
 the Fund&#146;s</font></p></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">A-4</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">By-laws,
 as amended, and applicable law, as the Audit Committee or the Board deems necessary
 or appropriate.</font></p></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Audit
 Committee may delegate any portion of its authority, including the authority to
 grant preapprovals of audit related services and permitted non-audit services, to
 a subcommittee of one or more members of the Audit Committee pursuant to preapproval
 policies and procedures established by the Audit Committee; provided, however, that
 the Audit Committee may not delegate preapproval of the audit required by the Securities
 Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to
 grant preapprovals shall be presented to the full Audit Committee at its next regularly
 scheduled meeting.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The function
 of the Audit Committee is oversight; it is the responsibility of Fund management
 to maintain appropriate systems for accounting and internal control over financial
 reporting, and the responsibility of the Fund&#146;s independent accountants to plan
 and carry out a proper audit. Specifically, Fund management is responsible for:
 (1) the preparation, presentation and integrity of the Fund&#146;s financial statements;
 (2) the maintenance of appropriate accounting and financial reporting principles
 and policies; and (3) the maintenance of internal control over financial reporting
 and other procedures designed to assure compliance with accounting standards and
 related laws and regulations. The Fund&#146;s independent accountants are responsible
 for planning and carrying out an audit consistent with applicable legal and professional
 standards and the terms of their engagement letter. Nothing in this Charter shall
 be construed to reduce the responsibilities or liabilities of the Fund&#146;s service
 providers, including the Fund&#146;s independent accountants.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;Although the
 Audit Committee is expected to review appropriately the matters that come before
 it, such review of a Fund&#146;s financial statements by the Audit Committee is not an
 audit, nor does the Committee s review substitute for the responsibilities of the
 Fund&#146;s management for preparing, or the Fund&#146;s independent accountants for auditing,
 the financial statements. Members of the Audit Committee are not employees of the
 Fund and, in serving on the Audit Committee, are not, and do not hold themselves
 out to be, acting as accountants or auditors. As such, it is not the duty or responsibility
 of the Audit Committee or its members to conduct field work or other types of auditing
 or accounting reviews or procedures.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;In discharging
 their duties, the members of the Audit Committee are entitled to rely on information,
 opinions, reports, or statements, including financial statements and other financial
 data, if prepared or presented by: (1) one or more officers of the Fund whom the
 Board reasonably believes to be reliable and competent in the matters presented;
 (2) legal counsel, public accountants, or other persons as to matters the Board
 reasonably believes are</font></p>
<p align="center"><font face="Times New Roman" size="2">A-5</font></p>
<div><hr size="3" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">within the person&#146;s professional or expert
 competence; or (3) a committee of the Board.</font></p>
<p><font face="Times New Roman" size="2"><b>IV.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Meetings</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Audit
 Committee shall meet on a regular basis but no less frequently than annually. The
 Audit Committee periodically shall meet separately with the Fund&#146;s independent accountants,
 Fund management and representatives of Fund management responsible for the financial
 and accounting operations of the Fund. The Audit Committee may hold special meetings
 at such times as the Audit Committee believes necessary or appropriate. Members
 of the Audit Committee may participate in a meeting of the Audit Committee by means
 of conference call or similar communications equipment by means of which all persons
 participating in such meeting can hear each other.</font></p>
<p><font face="Times New Roman" size="2"><b>V.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Assistance from Fund Management;
 Authority to Engage Advisers; Funding</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The appropriate
 officers of the Fund shall provide or arrange to provide such information, data
 and services as the Audit Committee may request. The Audit Committee shall have
 the power and authority to take all action it believes necessary or appropriate
 to discharge its responsibilities, including the power and authority to retain independent
 counsel and other advisers. The Fund shall provide for appropriate funding, as determined
 by the Audit Committee as a committee of the Board, for payment of: (i) compensation
 to the Fund&#146;s independent accountants or any other accounting firm engaged for the
 purpose of preparing or issuing an audit report or performing other audit, review,
 or attest services for the Fund, (ii) compensation to any advisers employed by the
 Audit Committee under this Section V, and (iii) ordinary administrative expenses
 of the Audit Committee that are necessary or appropriate in carrying out its responsibilities.</font></p>
<p><font face="Times New Roman" size="2"><b>VI.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Reporting</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;The Chairman
 of the Audit Committee shall report to the Board on the results of its deliberations
 and make such recommendations as deemed necessary or appropriate.</font></p>
<p><font face="Times New Roman" size="2"><b>VII.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Amendments</b></u></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;This Charter
 may be amended or modified from time to time by vote of the Board.</font></p>
<p><font face="Times New Roman" size="2"><b>Dated:&#160;&#160;April 11, 2000<br><br>Revised:&#160;&#160;December 7, 2005<br><br>Revised:&#160;&#160;February 13, 2008</b></font></p>
<p align="center"><font face="Times New Roman" size="2">A-6</font></p>
<div><hr size="3" color="gray" noshade></div>
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<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>APPENDIX A</b></font></p>
<p align="justify" style="text-indent:100px;"><font face="Times New Roman" size="2"><b>Royce Capital Fund</b></font></p>
<p align="justify" style="text-indent:100px;"><font face="Times New Roman" size="2"><b>Royce Focus Trust, Inc.</b></font></p>
<p align="justify" style="text-indent:100px;"><font face="Times New Roman" size="2"><b>Royce Micro-Cap Trust, Inc.</b></font></p>
<p align="justify" style="text-indent:100px;"><font face="Times New Roman" size="2"><b>Royce Value Trust, Inc.</b></font></p>
<p align="justify" style="text-indent:100px;"><font face="Times New Roman" size="2"><b>The Royce Fund</b></font></p>
<p align="center"><font face="Times New Roman" size="2">A-7</font></p>
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<br><br><br><br><br><br><br>
<p align="right"><font face="Times New Roman" size="2">P/S SKU# 002CS62039</font></p>
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<br clear="all" style="page-break-before:always;">

<DIV style="width:624px">
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>ROYCE VALUE
TRUST, INC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">PROXY</P>
<P style="line-height:14pt; margin:0px; text-indent:552px; font-size:12pt">PROXY
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>Common
Stock</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>1414 Avenue
of the Americas</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>New York,
NY 10019</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>This
Proxy is solicited on behalf of the Board of Directors.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">The undersigned hereby
appoints Charles M. Royce and John E. Denneen, or either of them acting in
absence of the other, as Proxies, each with the power to appoint his substitute,
and hereby authorizes them to represent and to vote, as designated on the
reverse, all shares of Common Stock of the Fund held of record by the
undersigned on August&nbsp;6, 2008 at the Annual Meeting of Stockholders of
Royce Value Trust, Inc. to be held on September&nbsp;25, 2008, and at any
adjournment thereof.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>This Proxy, when
properly executed, will be voted in the manner directed by the undersigned
stockholder. &nbsp;If no direction is made, this Proxy will be voted FOR
Proposal 1.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>PLEASE VOTE, DATE AND
SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. &nbsp;</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Please sign exactly as
your name(s) appear(s) on other side. &nbsp;When shares are held by joint
tenants, both should sign. &nbsp;When signing as attorney, executor,
administrator, trustee or guardian, please give full title as such. &nbsp;If a
corporation, please sign in full corporate name by president or other authorized
officer. &nbsp;If a partnership, please sign in partnership name by authorized
person.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">HAS YOUR ADDRESS CHANGED?</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">DO
YOU HAVE ANY COMMENTS? ______________________________
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">______________________________</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">
________________________________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">______________________________</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">
________________________________</P>
<P style="margin:0px"><BR>
<BR></P>

<div><hr size="3" color="gray" noshade></div>

<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>


<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">X PLEASE MARK VOTES</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">AS IN THIS EXAMPLE</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">
_____________________________________________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">ROYCE VALUE TRUST, INC.
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">
_____________________________________________</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">With-</P>
<P style="line-height:14pt; margin:0px; text-indent:480px; font-size:12pt">For
All </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:288px; font-size:12pt">For</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">hold</P>
<P style="line-height:14pt; margin:0px; text-indent:480px; font-size:12pt">
Except</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:288px; font-size:12pt">/ &nbsp;&nbsp;&nbsp;/</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">/ &nbsp;&nbsp;&nbsp;/</P>
<P style="line-height:14pt; margin:0px; text-indent:480px; font-size:12pt">/
&nbsp;&nbsp;&nbsp;/ </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">1. &nbsp;ELECTION OF
DIRECTORS </P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">
Donald R. Dwight and Stephen L. Isaacs</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt"><B>
Instruction: &nbsp;If you do not wish your shares voted &#147;FOR&#148; a
particular nominee, mark the &quot;For All Except&quot; box and strike a line
through the nominee's name. &nbsp;Your shares will be voted for the remaining
nominees.</B> &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">2. &nbsp;THE PROXIES ARE
AUTHORIZED TO VOTE </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">UPON SUCH OTHER BUSINESS
AS MAY PROPERLY </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">COME BEFORE THE MEETING.
&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Please be sure to sign and date this Proxy. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:288px; font-size:12pt">Date: &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">Mark box at the right </P>
<P style="line-height:14pt; margin:0px; text-indent:576px; font-size:12pt">[
&nbsp;&nbsp;]</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">if an
address change </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">or
comment has been </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">noted
on the reverse </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">side
of this card. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Stockholder sign here </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:192px; font-size:12pt">Co-owner sign here </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
RECORD DATE SHARES:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">_________________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:192px; font-size:12pt">_________________</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
_________________</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
CONTROL NUMBER:</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
_________________</P>
<P style="margin:0px" align=center><BR>
<BR></P>

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<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always" align=center>ROYCE VALUE TRUST, INC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">PROXY</P>
<P style="line-height:14pt; margin:0px; text-indent:552px; font-size:12pt">PROXY
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>5.90%
Cumulative Preferred Stock</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>1414 Avenue
of the Americas</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>New York,
NY 10019</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>This
Proxy is solicited on behalf of the Board of Directors.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">The undersigned hereby
appoints Charles M. Royce and John E. Denneen, or either of them acting in
absence of the other, as Proxies, each with the power to appoint his substitute,
and hereby authorizes them to represent and to vote, as designated on the
reverse, all shares of the 5.90% Cumulative Preferred Stock of the Fund held of
record by the undersigned on August 6, 2008 at the Annual Meeting of
Stockholders of Royce Value Trust, Inc. to be held on September 25, 2008, and at
any adjournment thereof.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>This Proxy, when
properly executed, will be voted in the manner directed by the undersigned
stockholder. &nbsp;If no direction is made, this Proxy will be voted FOR
Proposal 1.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>PLEASE VOTE, DATE AND
SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. &nbsp;</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">Please sign exactly as
your name(s) appear(s) on other side. &nbsp;When shares are held by joint
tenants, both should sign. &nbsp;When signing as attorney, executor,
administrator, trustee or guardian, please give full title as such. &nbsp;If a
corporation, please sign in full corporate name by president or other authorized
officer. &nbsp;If a partnership, please sign in partnership name by authorized
person.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">HAS YOUR ADDRESS CHANGED?</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">DO
YOU HAVE ANY COMMENTS? ______________________________
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">______________________________</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">
________________________________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">______________________________</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">
________________________________</P>
<P style="margin:0px"><BR>
<BR></P>

<div><hr size="3" color="gray" noshade></div>

<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">X PLEASE MARK VOTES</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">AS IN THIS EXAMPLE</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">
_____________________________________________</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">ROYCE VALUE TRUST, INC.
</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">
_____________________________________________</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">With-</P>
<P style="line-height:14pt; margin:0px; text-indent:480px; font-size:12pt">For
All </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:288px; font-size:12pt">For</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">hold</P>
<P style="line-height:14pt; margin:0px; text-indent:480px; font-size:12pt">
Except</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:288px; font-size:12pt">/ &nbsp;&nbsp;&nbsp;/</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">/ &nbsp;&nbsp;&nbsp;/</P>
<P style="line-height:14pt; margin:0px; text-indent:480px; font-size:12pt">/
&nbsp;&nbsp;&nbsp;/ </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">1. &nbsp;ELECTION OF
DIRECTORS </P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt">
Donald R. Dwight, Stephen L. Isaacs, William L. Koke and David L. Meister </P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:288px; font-size:12pt"><B>
Instruction: &nbsp;If you do not wish your shares voted &quot;FOR&quot; a
particular nominee, mark the &quot;For All Except&quot; box and strike a line
through the nominee's name. &nbsp;Your shares will be voted for the remaining
nominees.</B> &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">2. &nbsp;THE PROXIES ARE
AUTHORIZED TO VOTE </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">UPON SUCH OTHER BUSINESS
AS MAY PROPERLY </P>
<P style="line-height:14pt; margin:0px; font-size:12pt">COME BEFORE THE MEETING.
&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Please be sure to sign and date this Proxy. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:288px; font-size:12pt">Date: &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:384px; font-size:12pt">Mark box at the right </P>
<P style="line-height:14pt; margin:0px; text-indent:576px; font-size:12pt">[
&nbsp;&nbsp;]</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">if an
address change </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">or
comment has been </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">noted
on the reverse </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">side
of this card. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Stockholder sign here </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:192px; font-size:12pt">Co-owner sign here </P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
RECORD DATE SHARES:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">_________________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:192px; font-size:12pt">_________________</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
_________________</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
CONTROL NUMBER:</P>
<P style="line-height:14pt; margin:0px; text-indent:384px; font-size:12pt">
_________________</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<BR></P>
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