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<SEC-DOCUMENT>0000949377-09-000112.txt : 20090814
<SEC-HEADER>0000949377-09-000112.hdr.sgml : 20090814
<ACCEPTANCE-DATETIME>20090814101854
ACCESSION NUMBER:		0000949377-09-000112
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090923
FILED AS OF DATE:		20090814
DATE AS OF CHANGE:		20090814
EFFECTIVENESS DATE:		20090814

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:		091012787

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e90454.htm
<TEXT>
<html>
<body>
<p align="center"><font face="Times New Roman" size="2">SCHEDULE 14A INFORMATION</font></p>
<p><font face="Times New Roman" size="2">Proxy Statement Pursuant to Section 14(a)
 of the Securities Exchange Act of 1934 (Amendment No. )</font></p>
<p><font face="Times New Roman" size="2">Filed by the Registrant [X]<br>Filed by
 a Party other than the Registrant [&#160;&#160;&#160;]<br>Check the appropriate box:<br>[&#160;&#160;&#160;] Preliminary
 Proxy Statement<br>[&#160;&#160;&#160;] Confidential, for Use of the Commission Only (as permitted
 by Rule 14a-6(e)(2))<br>[X] Definitive Proxy Statement<br>[&#160;&#160;&#160;] Definitive Additional
 Materials<br>[&#160;&#160;&#160;] Soliciting Material Pursuant to Section 240.14a-11(c) or Section
 240.14a-12</font></p>
<p align="center"><font face="Times New Roman" size="2"><u>ROYCE VALUE TRUST, INC.</u><br>
(Name of Registrant as Specified In Its Charter)</font></p>
<p align="center"><font face="Times New Roman" size="2">(Name of Person(s) Filing
 Proxy Statement if other than the Registrant)</font></p>
<div><font face="Times New Roman" size="2">Payment of Filing Fee (Check the appropriate
 box):</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">[X]</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">No fee required.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Fee computed
 on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</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 valign="bottom" align="left"><font face="Times New Roman" size="2">1) Title of
 each class of securities to which transaction applies:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">2) Aggregate
 number of securities to which transaction applies:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">3) Per unit
 price or other underlying value of transaction computed pursuant to
 Exchange Act Rule 0-11 (Set forth the amount on which the filing
 fee is calculated and state how it was determined):</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">4) Proposed
 maximum aggregate value of transaction:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">5) Total fee
 paid:</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 valign="bottom" align="right"><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;]</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Fee paid previously
 with preliminary materials.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">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. Identify the
 previous filing by registration statement number, or the Form or Schedule and the
 date of its filing.</font></div></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 valign="bottom" align="left"><font face="Times New Roman" size="2">1) Amount
 Previously Paid:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">2) Form, Schedule
 or Registration Statement No.:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">3) Filing
 Party:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#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 valign="bottom" align="left"><font face="Times New Roman" size="2">4) Date filed:</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 valign="bottom" align="right"><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
</table>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<div align="center"><font face="Times New Roman" size="2"><b>745 Fifth
 Avenue<br>New York, New York 10151</b></font></div>
<div align="center"><hr noshade size="1" color="#000000" width="10%"></font></div><br>
<div align="center"><font face="Times New Roman" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></font></div>
<div align="center"><hr noshade size="1" color="#000000" width="10%"></font></div>

<p align="center"><font face="Times New Roman" size="2"><b>TO BE HELD ON SEPTEMBER 23, 2009</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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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, 745 Fifth Avenue, New York, New York 10151 on Wednesday, September 23, 2009,
 at 10:00 a.m. (Eastern time), for the following purposes:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" 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="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 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 width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><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></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 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 valign="bottom" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="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 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 valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" 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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board
 of Directors of the Fund has set the close of business on July 15, 2009 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>
<p><hr noshade size="5" color="gray"></p>
<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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<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. You may also provide your vote via telephone or the Internet by
 following the instructions on the proxy card or Notice of Internet Availability
 of Proxy Materials, 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 width="30%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="25%" align="left"><font face="Times New Roman" size="1">&#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 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 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="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#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="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 valign="bottom" align="left"><font face="Times New Roman" size="2">August 14,
 2009</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY
 OF <br>PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS <br>TO BE HELD ON SEPTEMBER
 23, 2009<br><br>THIS NOTICE, PROXY STATEMENT AND PROXY CARD FOR <br>THE FUND IS AVAILABLE
 AT WWW.PROXYVOTE.COM</b></font></p>
<p><hr noshade size="5" color="gray"></p>
<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>745 Fifth Avenue<br>New York, New York 10151</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ANNUAL MEETING OF STOCKHOLDERS<br>September 23, 2009</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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, 745 Fifth Avenue, New York, New York
 10151, on Wednesday, September 23, 2009, at 10:00 a.m. (Eastern time) and at any
 adjournments thereof. The approximate mailing date of this Proxy Statement is August
 14, 2009.<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.<br>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.<br><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;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. Stockholders 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.<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board of Directors
 of the Fund has set the close of business on July 15, 2009 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>
<p><hr noshade size="5" color="gray"></p>
<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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;As of the
 Record Date, there were 66,023,255 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 align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Class/Series</b></font></td>
<td width="7%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount and</b></font></td>
<td width="7%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Percent of</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Name
 and Address of Owner</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>of
 Stock</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><u><b>Nature
 of Ownership</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Class/Series
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Cede &#038; Co.<a href="#page2_star">*</a></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Common</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">64,116,656 shares&#151;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">97.11%</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Record<a href="#page2_star">*</a></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">5.90%</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"> 100%</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Record<a href="#page2_star">*</a></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade width="10%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><a name="page2_star"></a>*</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> 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></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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="6" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td width="33%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Proposal</b></font></td>
<td width="33%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Common Stockholders</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Preferred Stockholders</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Election of Directors</b></font></td>
<td 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 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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 six directors. These six 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. Charles M. Royce and G. Peter O&#146;Brien have each been nominated
 by the Board of Directors for a three-year term to expire at the Fund&#146;s 2012
 Annual Meeting of Stockholders or until</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2">their successors are duly elected and qualified.
 The classes of Directors are indicated below:</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS I DIRECTORS TO SERVE UNTIL 2012
 ANNUAL MEETING OF STOCKHOLDERS</b></u><br>Charles M. Royce<br>G. Peter O&#146;Brien</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS III DIRECTORS SERVING UNTIL
 2011 ANNUAL MEETING OF STOCKHOLDERS</b></u><br>Stephen L. Isaacs</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS II DIRECTORS SERVING UNTIL 2010
 ANNUAL MEETING OF STOCKHOLDERS</b></u><br>Mark R. Fetting<br>Richard M.
 Galkin<br>Arthur S. Mehlman</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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. It should be noted that William L. Koke is scheduled to retire
 in accordance with the Board&#146;s retirement policy on December 31, 2009.<br>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;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>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 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 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 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 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" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><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 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="top" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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>Name, Address<a href="#page4_star">*</a>
 and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>of</b></font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Public
</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Time</b></font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><u><b>During
 Past Five Years<a href="#page4_2star">**</a></b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Age
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>the
 Fund</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Served
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Expires
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>By</b>
</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Overseen
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Directorships
</b></u></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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">Charles M. Royce<a href="#page4_3star">***</a></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">69</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">Class I</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">2009</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">Common</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">30</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">Director
 of</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">President,
 Co-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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Director
 and President<sup><a href="#page4_dagger">&#134;</a></sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">Mark R. Fetting<a href="#page4_3star">***</a></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">54</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">44</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">President
 and Chief Executive Officer of Legg Mason, Inc. Mr. Fetting&#146;s prior business
 experience includes having served as a Member of the Board of Managers of R&#038;A;
 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></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(Director/
 Trustee of all Royce Funds consisting of 30 portfolios; Director/ Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="3"><hr size="1" color="#000000" noshade width="10%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="2"><a name="page4_star"></a>*</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"> Mr. Royce&#146;s address is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue, New York,
 New York 10151. 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="page4_2star"></a>**</font></td>
<td><font face="Times New Roman" size="1">&#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 valign="top" align="right"><font face="Times New Roman" size="2"><a name="page4_3star"></a>***</font></td>
<td><font face="Times New Roman" size="1">&#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="page4_dagger"></a>&#134;</font></td>
<td><font face="Times New Roman" size="1">&#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 align="center"><font face="Times New Roman" size="2">4</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>Interested Persons</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Number of</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><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 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 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 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="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="1">&#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>Name, Address<a href="#page7_star">*</a>
 and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Public
</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><u><b>During
 Past Five Years<a href="#page7_2star">**</a></b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Age
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>the
 Fund</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Served
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Expires
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>By</b>
</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Overseen
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Directorships
</b></u></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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">Richard M.
 Galkin</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">71</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">Private
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 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></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">5</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><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 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 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 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="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="1">&#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>Name, Address<a href="#page7_star">*</a>
 and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Public
</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><u><b>During
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Age
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>the
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Served
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Expires
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>By</b>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Overseen
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Directorships
</b></u></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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">Stephen L. Isaacs</font></td>
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<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">President
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 Law and Policy Program and Professor at Columbia University (until August 1996).</font></p></td>
<td><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>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">William L.
 Koke</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">Private
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<td><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>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">only</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Number of</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><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 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 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 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="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="1">&#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>Name, Address<a href="#page7_star">*</a>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Length
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<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>in Fund
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Public
</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
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</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Company
</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><u><b>During
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Age
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>the
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Served
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Expires
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>By</b>
</u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Overseen
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Directorships
</b></u></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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">Arthur S.
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="top" align="center"><font face="Times New Roman" size="2">Director
 of</font></td>
</tr>
<tr>
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 Foundation (non-profits). Formerly: Director of University of Maryland College Park
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Municipal
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</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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td><font face="Times New Roman" size="1">&#160;</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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<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">Consultant.
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">only</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"  align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2"><b>Number of</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><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 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 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 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="top" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Other
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</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#page7_star">*</a>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Public
</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>of Time
</b></font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><b>Company
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</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><u><b>During
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Age
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>the
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Served
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Expires
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>By</b>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Overseen
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2"><u><b>Directorships
</b></u></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 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 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 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 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 valign="top" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">63</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">44</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Director
 of</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px; text-indent:0px;"><font face="Times New Roman" size="2">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></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(Director/
 Trustee of all Royce Funds consisting of 30 portfolios; Director/ Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Technology
 Investment Capital Corp.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="3"><hr size="1" color="#000000" noshade width="10%" align="left"></td>
</tr>
<tr>
<td width="1%" valign="top" align="right"><font face="Times New Roman" size="2"><a name="page7_star"></a>*</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Messrs. Galkin,
 Isaacs, Koke, Mehlman, Meister and O&#146;Brien&#146;s address is c/o Royce &#038;
 Associates, LLC, 745 Fifth Avenue, New York, New York 10151.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><a name="page7_2star"></a>**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><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. 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><font face="Times New Roman" size="2"><b>Audit Committee Report</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 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.
<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 which was previously filed as an Exhibit to the proxy
 statement filed with the SEC on behalf of the Fund on August 21, 2008.</font></p>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;At its meeting held on February 5, 2009, the Audit Committee
 reviewed and discussed the audit of the Fund&#146;s financial statements as of December
 31, 2008 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 2008 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 2008
 Annual Report to Stockholders.</font></p>
<p><font face="Times New Roman" size="2"><b>Nominating Committee</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board
 of Directors has a Nominating Committee composed of the six Independent Directors,
 namely Messrs. 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.<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 or her 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</font></p>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;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., 745 Fifth Avenue, New York, New York 10151.<br><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Although
 the Board of Directors does not have a standing compensation committee, the Independent
 Directors review their compensation annually.</font></p>
<p><font face="Times New Roman" size="2"><b>Committee and Board of Directors Meetings
</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;During the
 year ended December 31, 2008, 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"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Independent
 Director receives a base fee of $10,000 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, 2008 in addition to or in lieu of
 this standard arrangement.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Set forth on the following
 page 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, 2008.</font></p>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<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 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 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 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 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 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" colspan="3" 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="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 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" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Pension or</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" 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="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 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" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Retirement</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Total</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>From the</b></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 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" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Benefits</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Estimated</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Compensation</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Fund and</b></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 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" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Accrued</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Annual</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>From The</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Fund</b></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 valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Aggregate</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>as Part</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Benefits</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Royce Funds</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" 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="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Compensation</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>of Fund</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>upon</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Times New Roman" size="2">
<b>Paid to</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" 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"><u><b>Name
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><u><b>From the Fund</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Expenses</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Retirement</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Directors</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Directors<sup><a href="#page11_one">1</a></sup></b></u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><br>Richard M.
 Galkin, Director</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">$16,200</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">$126,000</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font face="Times New Roman" size="2">$126,000</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">William L.
 Koke, Director<sup><a href="#page11_two">2</a></sup></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" align="right"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">252,250</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">16,200</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">126,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">244,750</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" valign="bottom"><hr size="1" align="left" width="15%" color="#000000" noshade></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><a name="page11_one"></a><sup>1</sup></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Represents
 aggregate compensation paid to each Director during the calendar year ended December
 31, 2008 from the Fund Complex. The Fund Complex includes the 30 portfolios of The
 Royce Funds and the 14 portfolios of the Legg Mason Family of Funds.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><a name="page11_two"><sup>2</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Includes $5,862
 from the Fund ($45,600 from the Fund and other Royce Funds) deferred during 2008
 at the election of Mr. Koke under The Royce Funds&#146; Deferred Compensation Plan
 for trustees/directors.</font></div></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Officers of the Fund</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" 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="#page11_star">*</a>
 and Principal</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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"><u><b>Occupations During Past Five Years</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Age</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Office<a href="#page11_2star">**</a></b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><u><b>Fund Since</b></u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Times New Roman" size="2">69</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Times New Roman" size="2">President</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Times New Roman" size="2">1986</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">President,
 Co-Chief Investment Officer and</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Member
 of Board of Managers of R&#038;A.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John D. Diederich</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">58</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Vice</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1997</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Chief
 Operating Officer, Managing</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Director
 and Member of the Board of</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">and</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Managers
 of R&#038;A; Chief Financial Officer</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Treasurer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">of
 R&#038;A; Director of Administration of The</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Royce
 Funds; and President of Royce Fund</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Services,
 Inc. (&#147;RFS&#148;), having been</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">employed
 by R&#038;A since April 1993.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Jack E. Fockler,
 Jr.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">50</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Vice</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1995</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Managing
 Director and Vice President of</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">R&#038;A; Vice President of RFS, having been</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">employed
 by R&#038;A since October 1989.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<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 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 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 valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<a href="#page11_star">*</a>
 and Principal</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#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"><u><b>Occupations
 During Past Five Years</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Age
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Office<a href="#page11_2star">**</a>
</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><u><b>Fund
 Since</b></u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">W. Whitney
 George</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Times New Roman" size="2">51</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Times New Roman" size="2">Vice</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="Times New Roman" size="2">1995</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Managing
 Director, Vice President and</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Co-Chief
 Investment Officer of R&#038;A,</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">having
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">October
 1991.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">47</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Vice</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1994</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Principal
 and Vice President of R&#038;A,</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">having
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">October
 1986.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">42</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2">Secretary
 and</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2">1996 to
 2001</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">General
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Chief Legal</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">and</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">and
 Compliance Officer and Secretary of</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Officer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">since 2002</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">R&#038;A; Secretary and Chief Legal Officer</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">of
 The Royce Funds.</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Lisa Curcio</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">49</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Chief</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">2004</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Chief
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Compliance</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Funds
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Officer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Compliance
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">June
 2004).</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><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 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 align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" valign="bottom"><hr size="1" align="left" width="15%" color="#000000" noshade></td>
</tr>
<tr>
<td width="1%" valign="bottom" align="right"><font face="Times New Roman" size="2"><a name="page11_star"></a>*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The address
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 New York 10151.</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Times New Roman" size="2"><a name="page11_2star"></a>**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Elected by
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</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Stockholder Communications</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" 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 745 Fifth Avenue, New York, New York 10151). 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
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<p><font face="Times New Roman" size="2"><b>Director Attendance at Stockholder Meetings
</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" size="2">The Fund has
 no formal policy regarding Director attendance at stockholder meetings. None of
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<p><font face="Times New Roman" size="2"><b>Compliance with Section 16(a) of the
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<p style="text-indent:30px;" align="justify"><font face="Serif" 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</font></p>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2">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 style="text-indent:30px;" align="justify"><font face="Serif" 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
 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
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<p><font face="Times New Roman" size="2"><b>Stock Ownership</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" size="2">Information
 relating to each Director&#146;s ownership as of July 15, 2009 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 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 align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" nowrap 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="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate Dollar</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Securities
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</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 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="1">&#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"><u><b>Name</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>in the Fund</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><u><b>in the Royce Family of Funds</b></u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Charles
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<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Mark
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001-$50,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Non-Interested
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Richard
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$1-$10,000</font></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Stephen
 L. Isaacs</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001
- -$50,000</font></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">William
 L. Koke</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001
- -$50,000</font></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Arthur
 S. Mehlman</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$1-$10,000</font></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">David
 L. Meister</font></p></td>
<td><font face="Times New Roman" size="1">&#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="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">G.
 Peter O&#146;Brien</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001
- -$50,000</font></td>
<td><font face="Times New Roman" size="1">&#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="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 align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p style="text-indent:30px;" align="justify"><font face="Serif" 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="100%">
<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><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 valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><b>Amount
 of Record/Beneficial</b></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 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"><u><b>Name
 and Address<a href="#page13_star">*</a> of Owner</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Shares
 of Common Stock</b></u></font></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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Charles
 M. Royce</font></p></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="Times New Roman" size="2">236,863</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Mark
 R. Fetting</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,425</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</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="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Richard
 M. Galkin</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,169</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">13</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<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><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 valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><b>Amount
 of Record/Beneficial</b></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 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"><u><b>Name
 and Address<a href="#page13_star">*</a> of Owner</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Shares
 of Common Stock</b></u></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><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Stephen
 L. Isaacs</font></p></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="Times New Roman" size="2">1,465</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">William
 L. Koke</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">3,382</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Arthur
 S. Mehlman</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,166</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">David
 L. Meister</font></p></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">G.
 Peter O&#146;Brien</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">2,670</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><br><i>Interested
 Officers</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">John
 D. Diederich</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,013</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Jack
 E. Fockler, Jr.</font></p></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">W.
 Whitney George</font></p></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Daniel
 A. O&#146;Byrne</font></p></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">John
 E. Denneen</font></p></td>
<td><font face="Times New Roman" size="1">&#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"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Lisa
 Curcio</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" valign="bottom"><hr size="1" align="left" width="15%" color="#000000" noshade></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="2"><a name="page13_star"></a>*</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The address
 of each Director and officer is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
</table>
<p style="text-indent:30px;" align="justify"><font face="Serif" size="2">As of the
 Record Date, all Directors and officers of the Fund as a group (14 persons) beneficially
 owned an aggregate of less than 1% of the Fund&#146;s outstanding shares of Common
 Stock.</font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" size="2">As of July
 15, 2009, 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 style="text-indent:30px;" align="justify"><font face="Serif" 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 style="text-indent:30px;" align="justify"><font face="Serif" size="2"><b>The Board
 of Directors recommends that all stockholders vote FOR all Director nominees.</b></font></p>
<p align="center"><font face="Serif" 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 style="text-indent:30px;" align="justify"><font face="Serif" 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, 2007 and December 31, 2008 were $35,500 and $38,500, respectively, including
 out of pocket expenses.</font></p>
<p align="center"><font face="Times New Roman" size="2">14</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2"><b>Audit Related Fees</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" 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 each of the fiscal years ended December
 31, 2007 and December 31, 2008 was $1,500. The audit-related services rendered by
 TW&#038;B to 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 style="text-indent:30px;" align="justify"><font face="Serif" 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, 2007 and December 31, 2008 were $6,000 and $6,500, respectively.</font></p>
<p><font face="Times New Roman" size="2"><b>All Other Fees</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" 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, 2007 and December 31, 2008. 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, 2007 and December 31, 2008 were
 $7,500 and $8,000, 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 style="text-indent:30px;" align="justify"><font face="Serif" 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, 2008.
 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 style="text-indent:30px;" align="justify"><font face="Serif" 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 pre-approved 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">15</font></p>
<p><hr noshade size="5" color="gray"></p>
<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="Serif" 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 style="text-indent:30px;" align="justify"><font face="Serif" 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 style="text-indent:30px;" align="justify"><font face="Serif" 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 style="text-indent:30px;" align="justify"><font face="Serif" 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 style="text-indent:30px;" align="justify"><font face="Serif" 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</font></p>
<p align="center"><font face="Times New Roman" size="2">16</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2">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 style="text-indent:30px;" align="justify"><font face="Serif" size="2">R&#038;A&#146;s
 principal office is located at 745 Fifth Avenue, New York, New York 10151.</font></p>

<p><font face="Times New Roman" size="2"><b>Annual Report Delivery</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" size="2"><b>The Fund&#146;s Annual Report to Stockholders for the year ended December 31, 2008 was previously
 mailed to its stockholders and the Semiannual Report to Stockholders for the six
 months ended June 30, 2009 will be mailed to stockholders in late August 2009. 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
 745 Fifth Avenue, New York, New York 10151 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 style="text-indent:30px;" align="justify"><font face="Serif" size="2">Proposals
 of stockholders intended to be presented at the Fund&#146;s 2010 Annual Meeting
 of Stockholders must be received by the Fund by April 16, 2010 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
 2010 Annual Meeting of Stockholders must be in writing and received at the Fund&#146;s principal executive office between April 16, 2010 and May 16, 2010. Written
 proposals should be sent to the Secretary of the Fund, 745 Fifth Avenue, New York,
 New York 10151.</font></p>
<p><font face="Times New Roman" size="2"><b>Proxy Delivery</b></font></p>
<p style="text-indent:30px;" align="justify"><font face="Serif" size="2">If you and
 another stockholder share the same address, the Fund may only send one proxy statement
 unless you or the other stockholder(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 745 Fifth Avenue, New York, New York 10151.</font></p>
<p align="center"><font face="Times New Roman" size="2">17</font></p>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p style="text-indent:30px;" align="center"><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 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 width="20%" valign="bottom" nowrap align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</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><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 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="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#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="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>
</table>
<p><font face="Times New Roman" size="2">Dated: August 14, 2009</font></p>
<p align="center"><font face="Times New Roman" size="2">18</font></p>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="45%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2"><b>To vote by Internet</b></font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><i><b><i>
<b>PROXY TABULATOR</b></i></b></i></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><i><b><i>
<b>P.O. BOX 9112</b></i></b></i></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1) </font></td>
<td nowrap valign="bottom" align="left"><font face="Sans-Serif" size="2">Read the Proxy
 Statement and have the proxy card below at hand.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><i><b><i>
<b>FARMINGDALE, NY 11717</b></i></b></i></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">2) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Go to website
 <b>www.proxyvote.com</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">3) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Follow the
 instructions provided on the website.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2">
<b>To vote by Telephone</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Read the Proxy
 Statement and have the proxy card below at hand.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">2) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Call <b>1-800-690-6903
</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">3) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Follow the
 instructions.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2">
<b>To vote by Mail</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Read the Proxy
 Statement.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">2) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Check the
 appropriate boxes on the proxy card below.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">3) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Sign and date
 the proxy card.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">4) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Return the
 proxy card in the envelope provided.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table><br><br><br><br><br><br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1">TO VOTE, MARK
 BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="65%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1">M16166-P83936</font></td>
<td nowrap width="20%" valign="bottom" align="right"><font face="Sans-Serif" size="1">KEEP THIS PORTION FOR YOUR RECORDS</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td style="BORDER-TOP:DASHED 2PT BLACK;" width="70%" valign="bottom" align="right"><div style="margin-top:5px"><font face="Sans-Serif" size="2"><b>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</b></font></div></td>
<td style="BORDER-TOP:DASHED 2PT BLACK;" nowrap valign="top" align="right"><font face="Sans-Serif" size="1">DETACH AND RETURN THIS PORTION ONLY</font></td>
</tr>
</table><br>
<div style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; border-right: 2px solid #000000; border-left: 2px solid #000000;">
<table border="0" cellpadding="0" cellspacing="0" width="95%" align="center">
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td style="border-top: 2px solid #000000; border-right: 2px solid #000000;" valign="top" align="left" rowspan="3">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="40%" valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2"><b>Vote On Directors</b></font></td>
<td width="2%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>For</b></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>Withhold</b></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>For All</b></font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap valign="top" align="left" rowspan="3"><font face="Sans-Serif" size="1">To withhold authority to vote for any individual<br>
nominee(s), mark &#147;For All Except&#148; and write the<br>
name(s) of the nominee(s) on the line below.</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1.</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Election of
 Directors</font></td>
<td valign="top" align="center"><font face="Sans-Serif" size="2"><b>All</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Sans-Serif" size="2"><b>All</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Sans-Serif" size="2"><b>Except</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Nominees:
</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">01)&#160;&#160;CHARLES
 M. ROYCE</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">02)&#160;&#160;G. PETER
 O&#146;BRIEN</font></td>
<td valign="top" align="center" rowspan="2"><font face="Sans-Serif" size="5">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center" rowspan="2"><font face="Sans-Serif" size="5">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center" rowspan="2"><font face="Sans-Serif" size="5">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td style="BORDER-TOP:DASHED 2PT BLACK;"  nowrap valign="top" align="right"><font face="Sans-Serif" size="1">M16167-P83936</font></td>
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<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b><br><br><br><br><br><br><br><br>COMMON PROXY</b></font></td>
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<td colspan="4" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>ROYCE VALUE TRUST, INC.<br>COMMON STOCK<br>745 FIFTH
 AVENUE<br>NEW YORK, NEW YORK 10151<br><br>This Proxy is solicited on behalf of the Board of Directors.</b></font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom"><p align="justify"><font face="Sans-Serif" size="2"><br>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 stock of the Fund held of record by the undersigned on July 15, 2009 at the Annual
 Meeting of Stockholders of Royce Value Trust, Inc. to be held on September 23,
 2009, and at any adjournment thereof.</font></p></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom"><font face="Sans-Serif" size="2"><b><br>PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>

<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom"><p align="justify"><font face="Sans-Serif" size="2"><br>Please sign exactly as your
 name(s) appear(s) on other side. When shares are held by joint tenants, both should
 sign. When signing as attorney, executor, administrator, trustee or guardian, please
 give full title as such. If a corporation, please sign in full corporate name by president
 or other authorized officer. If a partnership, please sign in partnership name by
 authorized person.</font></p></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<p><hr noshade size="5" color="gray"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="45%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2"><b>To vote by Internet</b></font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><i><b><i>
<b>PROXY TABULATOR</b></i></b></i></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><i><b><i>
<b>P.O. BOX 9112</b></i></b></i></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1) </font></td>
<td nowrap valign="bottom" align="left"><font face="Sans-Serif" size="2">Read the Proxy
 Statement and have the proxy card below at hand.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><i><b><i>
<b>FARMINGDALE, NY 11717</b></i></b></i></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">2) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Go to website
 <b>www.proxyvote.com</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">3) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Follow the
 instructions provided on the website.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2">
<b>To vote by Telephone</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Read the Proxy
 Statement and have the proxy card below at hand.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">2) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Call <b>1-800-690-6903
</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">3) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Follow the
 instructions.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2">
<b>To vote by Mail</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Read the Proxy
 Statement.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">2) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Check the
 appropriate boxes on the proxy card below.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">3) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Sign and date
 the proxy card.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">4) </font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Return the
 proxy card in the envelope provided.</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table><br><br><br><br><br><br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1">TO VOTE, MARK
 BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="65%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1">M16168-P83936</font></td>
<td nowrap width="20%" valign="bottom" align="right"><font face="Sans-Serif" size="1">KEEP THIS PORTION FOR YOUR RECORDS</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td style="BORDER-TOP:DASHED 2PT BLACK;"  width="70%" valign="bottom" align="right"><div style="margin-top:5px"><font face="Sans-Serif" size="2"><b>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</b></font></div></td>
<td style="BORDER-TOP:DASHED 2PT BLACK;"  nowrap valign="top" align="right"><font face="Sans-Serif" size="1">DETACH AND RETURN THIS PORTION ONLY</font></td>
</tr>
</table><br>
<div style="border-top: 2px solid #000000; border-bottom: 2px solid #000000; border-right: 2px solid #000000; border-left: 2px solid #000000;">
<table border="0" cellpadding="0" cellspacing="0" width="95%" align="center">
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td style="border-top: 2px solid #000000; border-right: 2px solid #000000;" valign="top" align="left" rowspan="3">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="40%" valign="bottom" colspan="2" align="left"><font face="Sans-Serif" size="2"><b>Vote On Directors</b></font></td>
<td width="2%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>For</b></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>Withhold</b></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>For All</b></font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap valign="top" align="left" rowspan="3"><font face="Sans-Serif" size="1">To withhold authority to vote for any individual<br>
nominee(s), mark &#147;For All Except&#148; and write the<br>
name(s) of the nominee(s) on the line below.</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">1.</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Election of
 Directors</font></td>
<td valign="top" align="center"><font face="Sans-Serif" size="2"><b>All</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Sans-Serif" size="2"><b>All</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center"><font face="Sans-Serif" size="2"><b>Except</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Nominees:
</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">01)&#160;&#160;CHARLES
 M. ROYCE<br>02)&#160;&#160;G. PETER
 O&#146;BRIEN<br>03)&#160;&#160;WILLIAM L. KOKE<br>04)&#160;&#160;DAVID L. MEISTER</font></td>
<td valign="top" align="center" rowspan="2"><font face="Sans-Serif" size="5">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center" rowspan="2"><font face="Sans-Serif" size="5">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="center" rowspan="2"><font face="Sans-Serif" size="5">o</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td valign="bottom" colspan="12" align="left"><div style="margin-left: 5px;"><font face="Sans-Serif" size="2">2.&#160;&#160;&#160;&#160;&#160;To transact such other business as may properly come before the meeting.</font></div></td>
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<td valign="bottom" colspan="12" align="left"><div style="margin-left: 5px;"><font face="Sans-Serif" size="2">
<b>The shares of stock represented by this Proxy will be voted in accordance with
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<td valign="bottom" colspan="12" align="left"><div style="margin-left: 5px;"><font face="Sans-Serif" size="2"><b>Note: Please be sure to sign and date this proxy.</b>&#160;</font></div></td>
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<td align="left"><div style="border-top: 1px solid #000000; border-bottom: 2px solid #000000; border-right: 1px solid #000000;"><font face="Sans-Serif" size="2">&#160;<br><br></font></div></td>
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<td width="35%" valign="top" align="left"><font face="Sans-Serif" size="2">Signature [PLEASE SIGN WITHIN BOX]</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">Date</font></td>
<td width="10%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="35%" valign="top" align="left"><font face="Sans-Serif" size="2">Signature (Joint Owners)</font></td>
<td width="5%" valign="top" align="left"><font face="Sans-Serif" size="2">Date</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
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</div>
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<br clear="all" style="page-break-before:always;">
<!--page-->
<br><br><br><br><br><br><br><br><br>
<p align="center"><font face="Sans-Serif" size="2"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</b><br>The Proxy
 Statement is available at www.proxyvote.com.</font></p>
<br><br><br><br><br><br><br><br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
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<td style="BORDER-TOP:DASHED 2PT BLACK;" nowrap valign="top" align="right"><font face="Sans-Serif" size="1">M16169-P83936</font></td>
</tr>
</table><br>
<table border="2" rules="groups" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000">
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<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b><br><br><br><br><br><br><br><br>PREFERRED PROXY</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>PREFERRED PROXY</b></font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td colspan="4" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>ROYCE VALUE TRUST, INC.<br>5.90% CUMULATIVE PREFERRED STOCK<br>
745 FIFTH AVENUE<br>NEW YORK, NEW YORK 10151<br><br>This Proxy is solicited on behalf of the Board of Directors.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom"><p align="justify"><font face="Sans-Serif" size="2"><br>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 stock of the Fund held of record by the undersigned on July 15, 2009 at the Annual Meeting of
Stockholders of Royce Value Trust, Inc. to be held on September 23, 2009, and at any adjournment thereof.</font></p></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom"><font face="Sans-Serif" size="2"><b><br>PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom"><p align="justify"><font face="Sans-Serif" size="2"><br>Please sign exactly as your name(s) appear(s) on other side. When shares are held by joint tenants, both should sign. When
signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.</font></p></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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