<SEC-DOCUMENT>0000949377-11-000139.txt : 20131106
<SEC-HEADER>0000949377-11-000139.hdr.sgml : 20131106

<ACCEPTANCE-DATETIME>20110316140317

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000949377-11-000139

CONFORMED SUBMISSION TYPE:	N-14 8C

PUBLIC DOCUMENT COUNT:		9

FILED AS OF DATE:		20110316

DATE AS OF CHANGE:		20130628


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ROYCE GLOBAL VALUE TRUST, INC.

		CENTRAL INDEX KEY:			0001514490

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-14 8C

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-172858

		FILM NUMBER:		11691318



	BUSINESS ADDRESS:	

		STREET 1:		745 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10151

		BUSINESS PHONE:		212-508-4500



	MAIL ADDRESS:	

		STREET 1:		745 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10151




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:		N-14 8C

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-172859

		FILM NUMBER:		11691319



	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>N-14 8C
<SEQUENCE>1
<FILENAME>n-14.htm
<DESCRIPTION>N-14 8C
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P ALIGN=CENTER><FONT SIZE=2><B>As filed with the Securities and Exchange
Commission on March 16, 2011</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>Securities Act File No. 333-</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=4><B>U.S. SECURITIES AND EXCHANGE COMMISSION<BR><font size=2>
Washington, D.C. 20549 </B></FONT><br>
<FONT SIZE=2><B>_________________</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=4><B>FORM N-14</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=4><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=WINGDINGS><B>o</B></font><FONT SIZE=2><b>
Pre-Effective Amendment No. __</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE=WINGDINGS><B>o</B></FONT><FONT SIZE=2><b>
Post-Effective Amendment No. __</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><I> (Check appropriate
box or boxes)</I></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=4><B>ROYCE GLOBAL VALUE TRUST, INC.<BR><font size=2>
(Exact Name of Registrant as Specified in Charter)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>745 Fifth Avenue <BR>
New York, NY 10151 <BR>
<B><I>(Address of Principal
Executive Offices) <BR>
</I></B>Telephone Number: (212) 508-4500 <BR>
<I>(Area Code and Telephone Number)</I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>John E. Denneen, Esq.<BR>
Royce &amp; Associates, LLC<BR>
745 Fifth Avenue<BR>
New York, NY 10151<BR>
<I>(Name and Address of Agent for Service) </I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>_________________</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><I>Copy to:</I></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Frank P. Bruno, Esq.<BR>
Sidley Austin LLP<BR>
787 Seventh Avenue<BR>
New York, New York 10019-6018</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate
Date of Proposed Public Offering: As soon as practicable after this
Registration Statement becomes effective under the Securities Act of 1933. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title
of securities being registered: Shares of common stock, par value $0.001 per
share, of Royce Global Value Trust, Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALCULATION
OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP style=" border-left:solid black 1 px">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP style=" border-left:solid black 1 px">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP style=" border-left:solid black 1 px">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP style=" border-left:solid black 1 px">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style=" border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Title of Securities<BR>
 Being Registered</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px;border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount being<BR>
 Registered</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px;border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Proposed Maximum<BR>
 Offering Price Per Unit</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px;border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Proposed Maximum<BR>
 Aggregate Price<SUP>(1)</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px;border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-bottom:solid black 1 px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount of<BR>
 Registration Fee</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Common Stock, $0.001 par
 value</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$10</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP style=" border-left:solid black 1 px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$116.10</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</SUP> Estimated solely for the purpose of
calculating the registration fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant hereby amends this Registration Statement on such date or dates as
may be necessary to delay its effective date until the Registrant shall file a
further amendment, which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act or until the Registration Statement shall become effective on
such date as the Commission, acting pursuant to said Section 8(a), may
determine. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>EXPLANATORY NOTE</B></FONT></P>

<P><FONT SIZE=2><B>This Registration Statement is organized as
follows: </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Letter to
 Stockholders of Royce Value Trust, Inc. (&#147;Value Trust&#148;) </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Questions
 and Answers for Stockholders of Value Trust </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>3.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Notice of
 Special Meeting of Stockholders of Value Trust </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Combined Prospectus/Proxy
 Statement regarding the proposed Transaction </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Statement of
 Additional Information regarding the proposed Transaction </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>6.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Part C
 Information </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Exhibits</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE VALUE TRUST, INC.<BR>
745 Fifth Avenue<BR>
New York, NY 10151<BR>
(800) 221-4268</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011 </FONT></P>

<P><FONT SIZE=2>Dear
Stockholder: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are
cordially invited to attend a special stockholder meeting (the &#147;Special
Meeting&#148;) of Royce Value Trust, Inc. (&#147;Value Trust&#148;) to be held on [ &nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp; ],
2011. At the Special Meeting, stockholders will be asked to approve a proposal
to contribute a portion of Value Trust&#146;s assets (which is anticipated to
consist largely or exclusively of cash and short-term fixed income instruments)
to a newly-organized, diversified, closed-end management investment company, Royce
Global Value Trust, Inc. (&#147;Global Trust&#148;), and to distribute to common
stockholders, in the form of a dividend, shares of common stock of Global
Trust. The enclosed Combined Prospectus/Proxy Statement describes the proposal
in detail. The contribution of such Value Trust assets to Global Trust and the
subsequent distribution of the Global Trust&#146;s common stock to Value Trust
common stockholders are referred to as the &#147;Transaction.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
of Value Trust believes that an investment in foreign securities could provide
attractive opportunities for capital growth as well as the benefits of non-U.S.
geographic diversification. It is believed that the Transaction will provide
Value Trust common stockholders with a new closed-end fund that is able to
invest a significantly greater percentage of its assets in foreign securities
than Value Trust currently can in order to take advantage of these potential
opportunities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To enable
Value Trust&#146;s common stockholders to participate more directly in these
opportunities, we are proposing to contribute approximately $100 million of
Value Trust&#146;s assets to Global Trust. If approved, each Value Trust common
stockholder would receive one share of Global Trust for the number of whole
common shares of Value Trust owned on the dividend record date that will
produce a total dividend of approximately $100 million. At current net asset
valuation, this would result in a dividend of one share of Global Trust for
every [seven (7)] shares of Value Trust common stock. The $100 million target
size was established by the Board of Directors of Value Trust to ensure that
Global Trust has sufficient assets to conduct its investment program with a
reasonable expense ratio. No commission or other sales charge would be imposed.
Global Trust expects to distribute its net investment income and net realized
capital gains annually, with its first distribution anticipated at year-end
2011. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe
this proposal represents an attractive opportunity for the common stockholders
of Value Trust, and we urge you to carefully consider the merits of this
proposal. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note
that the proposed Transaction will not change Value Trust&#146;s 5% distribution
policy. Value Trust will continue to make quarterly distributions to its common
stockholders. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
holders of Cumulative Preferred Stock will vote along with Value Trust common
stockholders to approve the Transaction, such holders of Cumulative Preferred
Stock will not participate in the Transaction and will not receive shares of
Global Trust Common Stock in the Transaction. The Transaction will not affect
holders of Cumulative Preferred Stock except that the asset coverage of the
Cumulative Preferred Stock as required under the 1940 Act and under the guidelines
of the rating agency rating the Cumulative Preferred Stock will be reduced. The
asset coverage of the Cumulative Preferred Stock immediately following the
completion of the Transaction, however, is expected to continue to
significantly exceed these requirements. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of Value Trust believes the proposed Transaction is in the best
interests of Value Trust and its common stockholders and will not affect any of
the rights of holders of the Cumulative Preferred Stock, and unanimously
recommends that you vote &#147;For&#148; the proposed transaction. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
enclosed materials explain this proposal in more detail and I encourage you to
review them carefully. As a stockholder, your vote is important, and we hope
that you will respond today to ensure that your shares will be </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>represented at the Special Meeting. You may vote using one of the
methods below by following the instructions on your proxy card: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="85%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By
 touch-tone telephone; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By internet;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By returning
 the enclosed proxy card in the postage-paid envelope; or </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>In person at
 the Special Meeting. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you do not vote using one of these methods, you may be called by [&nbsp;&nbsp;&nbsp; ], our proxy
solicitor, to vote your shares over the phone. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
always, we appreciate your support. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sincerely,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Charles M.
 Royce</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Please vote now. Your vote is important.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2><B>To avoid the wasteful and unnecessary
 expense of further solicitation, we urge you</B> to
 indicate your voting instructions on the enclosed proxy card, date and sign
 it and return it promptly in the envelope provided, or record your voting
 instructions by telephone or via the internet, no matter how large or small
 your holdings may be. If you submit a properly executed proxy but do not indicate
 how you wish your shares to be voted, your shares will be voted &#147;<B>For</B>&#148; the Transaction. If your shares are
 held through a broker, you must provide voting instructions to your broker
 about how to vote your shares in order for your broker to vote your shares at
 the Special Meeting. </FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>QUESTIONS &amp; ANSWERS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recommend that you read the complete Combined Prospectus/Proxy Statement. For
your convenience, we have provided a brief overview of the issue to be voted
on. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Why is a
stockholder meeting being held?</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are being asked to consider and
vote upon a proposal to contribute a portion of Value Trust&#146;s assets (which is
anticipated to consist largely or exclusively of cash and short-term fixed
income instruments) to a newly-organized, diversified, closed-end management
investment company, Royce Global Value Trust, Inc. (&#147;Global Trust&#148;), and to
distribute to common stockholders of Value Trust, in the form of a dividend,
approximately $100 million of Value Trust&#146;s net assets in the form of shares of
common stock of Global Trust. The contribution of such Value Trust assets to
Global Trust and the subsequent distribution of the Global Trust&#146;s common stock
to Value Trust common stockholders is referred to as the &#147;Transaction,&#148; and is
subject to the approval of the holders of Value Trust&#146;s common stock and
holders of its 5.90% Cumulative Preferred Stock (the &#147;Cumulative Preferred
Stock&#148;), voting together as a single class. If the proposed Transaction is
approved and completed, Value Trust common stockholders will become common
stockholders of Global Trust, and will also remain common stockholders of Value
Trust. Please refer to the Combined Prospectus/Proxy Statement for a detailed
explanation of the proposed Transaction and more complete description of Global
Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How does the
Board of Directors suggest that I vote? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, the Board
of Directors of Value Trust (the &#147;Value Trust Board&#148;) has determined that the
proposed Transaction will benefit the common stockholders of Value Trust and
will not affect any of the rights of holders of shares of Cumulative Preferred
Stock, and recommends that you cast your vote &#147;For&#148; the proposed Transaction. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How will the
Transaction affect Value Trust common stockholders? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If stockholders of Value Trust approve
the proposed Transaction, approximately $100 million of Value Trust&#146;s net
assets will be contributed to Global Trust, and Value Trust will distribute to
its common stockholders, in the form of a dividend, approximately $100 million
of its assets in the form of shares of common stock of Global Trust. Common
stockholders of Value Trust will then hold shares of both Value Trust and
Global Trust. The aggregate net asset value of your common shares of Value
Trust and the common shares of Global Trust you receive in the Transaction will
equal the aggregate net asset value of the shares you own immediately prior to
the Transaction (assuming you have not sold or otherwise disposed of your
shares of Value Trust prior to the distribution record date). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How will the
Transaction affect holders of Value Trust Cumulative Preferred Stock? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although holders of Cumulative
Preferred Stock will vote along with Value Trust common stockholders to approve
the Transaction, such holders of Cumulative Preferred Stock will not
participate in the Transaction and will not receive shares of Global Trust
Common Stock in the Transaction. The Transaction will not affect holders of
Cumulative Preferred Stock except that the asset coverage of the Cumulative
Preferred Stock as required under the 1940 Act and under the guidelines of the
rating agency rating the Cumulative Preferred Stock will be reduced. The asset
coverage of the Cumulative Preferred Stock immediately following the completion
of the Transaction, however, is expected to continue to significantly exceed
these requirements. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Who will
advise Global Trust? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce &amp; Associates, LLC (&#147;Royce&#148;)
will be the investment adviser to Global Trust. </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will I have
to pay any commission or other similar fee in connection with the Transaction? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No, you will not pay any commission or
other similar fee in connection with the Transaction. Also, Royce has agreed to
pay the out-of-pocket costs of the Transaction. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How do
operating expenses paid by Global Trust compare to those payable by Value
Trust? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total operating expense ratio of
Global Trust is expected to be higher than the total operating expense ratio of
Value Trust due to the different asset levels of the Funds and the different
advisory fee structure of the Funds, and due to the fact that custodial fees
and other fixed fees are generally higher for funds primarily investing in
foreign securities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Will I have
to pay any federal taxes as a result of the Transaction? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction is not currently
expected to increase significantly the total amount of taxable distributions
received by the Value Trust stockholders for the year ending December 31, 2011,
and is not expected to result in the recognition of significant taxable gain by
Value Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The amount of the fair market value of the Global Trust common stock
distributed to a Value Trust common stockholder plus the amount of any cash in
lieu of fractional shares of Global Trust common stock distributed to a Value
Trust common stockholder (but no greater sum) will be treated as a dividend up
to the amount of Global Trust&#146;s current and accumulated earnings and profits
that is allocated to the distribution and will be taxable to the Value Trust
common stockholder as a distribution of ordinary income, long-term capital gain
or a combination of both. To the extent that the fair market value of the
Global Trust common stock and cash <b><I>exceeds</I></b>
the amount of earnings and profits allocated to such distribution, the excess
(if any) will first be treated as a non-taxable return of capital, reducing the
Value Trust common stockholder&#146;s tax basis in its Value Trust common stock and
to the extent that the fair market value of the Global Trust common stock and
cash then remaining <b><I>exceeds</I></b> the
Value Trust common stockholder&#146;s basis in its Value Trust common stock, such
excess (if any) will be taxable as gain realized from a deemed sale of Value
Trust common stock. Each Value Trust common stockholder will take a fair market
value tax basis in the Global Trust shares received and will have a new holding
period beginning on the day following the date of the distribution. In addition
to the other information necessary to file tax returns, Value Trust will
provide stockholders with information on the amount of the distribution to be
treated as a dividend. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;What if I
sell my shares of common stock of Value Trust before the Transaction takes
place? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Value Trust Board is expected to
declare a distribution (the &#147;Distribution&#148;) of all the outstanding Global Trust
common stock payable to the holders of record of Value Trust common stock as of
the close of business on a date (the &#147;Distribution Record Date&#148;) to be
determined, together with the payable date for the Distribution (the
&#147;Distribution Date&#148;), by Value Trust&#146;s Board promptly following stockholder
approval of the Transaction and receipt of an exemptive order from the
Securities and Exchange Commission. If you sell your shares of common stock of
Value Trust before the Distribution Record Date, you will not receive shares of
Global Trust pursuant to the Transaction. If you sell your shares of common
stock of Value Trust after the Distribution Record Date, you will receive the shares
of common stock of Global Trust that you would have received had you continued
to hold such shares of Value Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How do I vote
my proxy? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may cast your vote by mail,
telephone or internet or in person at the special stockholders meeting. To vote
by mail, please mark your vote on the enclosed proxy card and sign, date and
return the card in the postage-paid envelope provided. To vote by telephone or
over the internet, please have the proxy card in hand and call the telephone
number or go to the website address listed on the proxy card and follow the
instructions. </FONT></P>

<P><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When will the
Transaction occur? </B></FONT></P>

<P><FONT SIZE=2>A:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transaction is expected to occur [&nbsp;&nbsp;&nbsp; ]. </FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2><B>Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whom do I
contact for further information? </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>A: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can contact your financial adviser
for further information. You may also call Royce Funds at 1-800-221-4268 or
visit our website at www.roycefunds.com where you can send us an email message
by selecting &#147;Contact Us.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important
additional information about the proposal is set forth in the accompanying
Combined Prospectus/Proxy Statement. Please read it carefully. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>(This page intentionally left blank.)</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE VALUE TRUST, INC.<BR>
745 Fifth Avenue<BR>
New York, NY 10151<BR>
(800) 221-4268</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>TO BE HELD ON [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011</B></FONT></P>

<P><FONT SIZE=2>To the
Stockholders: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to
notify you that a Special Meeting of Stockholders (the &#147;Special Meeting&#148;) of
Royce Value Trust, Inc. (&#147;Value Trust&#148;) will be held at the offices of Value
Trust, 745 Fifth Avenue, New York, New York 10151 on [&nbsp;&nbsp;&nbsp; ], [&nbsp;&nbsp;&nbsp; ], 2011, at [ &nbsp;&nbsp;&nbsp;] [
a.m.] (Eastern time), ], for the following purposes: </FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.4IN; '><FONT SIZE=2>1. To consider and vote upon a proposal to contribute a portion of
Value Trust&#146;s assets (which is anticipated to consist largely or exclusively of
cash and short-term fixed income instruments) having a value of approximately
$100 million ([&nbsp;&nbsp; ]% of Value Trust&#146;s net assets attributable to its common stock
as of [&nbsp;&nbsp; ], 2011), to a newly-organized, diversified, closed-end management
investment company, Royce Global Value Trust, Inc. (&#147;Global Trust&#148;), and to
distribute to common stockholders of Value Trust, in the form of a dividend,
shares of common stock of Global Trust (&#147;Global Trust Common Stock&#148;) at a rate
of one (1) share of Global Trust Common Stock for every [seven (7)] shares of
Value Trust&#146;s common stock (&#147;Value Trust Common Stock&#148;), to be approved by the
holders of Value Trust Common Stock and holders of its 5.90% Cumulative
Preferred Stock (the &#147;Cumulative Preferred Stock&#148;), voting together as a single
class; and </FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.4IN; '><FONT SIZE=2>2. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of Value Trust has set the close of business on [&nbsp;&nbsp;&nbsp;], 2011 as the
record date for determining those stockholders entitled to vote at the Special
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>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>IMPORTANT</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>To save Value Trust 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
Special 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. 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 Special Meeting. </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By Order of
 the Board of Directors, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>John E.
 Denneen </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Secretary</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011 </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>(This page intentionally left blank.)</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
information in this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an
offer to sell these securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SUBJECT TO COMPLETION <BR>
PRELIMINARY COMBINED PROSPECTUS/PROXY STATEMENT<BR>
DATED MARCH 16, 2011</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>COMBINED PROSPECTUS/PROXY STATEMENT</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE VALUE TRUST, INC.<BR>
745 Fifth Avenue<BR>
New York, NY 10151<BR>
(800) 221-4268</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE GLOBAL VALUE TRUST, INC.<BR>
745 Fifth Avenue<BR>
New York, NY 10151<BR>
(800) 221-4268</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Combined Prospectus/Proxy Statement is furnished to you as a stockholder of
Royce Value Trust, Inc. (&#147;Value Trust&#148;). A special meeting of stockholders of
Value Trust (the &#147;Special Meeting&#148;) will be held at the offices of Value Trust,
745 Fifth Avenue, New York, New York 10151 on [&nbsp;&nbsp; ], [&nbsp;&nbsp; ], 2011, at [ &nbsp;&nbsp;] [ a.m.]
(Eastern time), to consider the items that are listed below and discussed in
greater detail elsewhere in this Combined Prospectus/Proxy Statement.
Stockholders of record of Value Trust as of the close of business on [ &nbsp;&nbsp;], 2011
(the &#147;Record Date&#148;) are entitled to notice of, and to vote at, the Special
Meeting or any adjournments thereof. This Combined Prospectus/Proxy Statement,
proxy card and accompanying Notice of Special Meeting of Stockholders were
first sent or given to stockholders of Value Trust on or about [&nbsp;&nbsp; ], 2011.
Whether or not you expect to attend the Special Meeting or any adjournment
thereof, the Board of Directors of Value Trust (the Value Trust Board&#148;)
requests that stockholders vote their shares by completing and returning the
enclosed form of proxy. </FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.4IN; '><FONT SIZE=2>The purposes of the Special Meeting are: </FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.4IN; '><FONT SIZE=2>1. To consider and vote upon a proposal to contribute a portion of
Value Trust&#146;s assets (which is anticipated to consist largely or exclusively of
cash and short-term fixed income instruments) having a value of approximately
$100 million ([ &nbsp;&nbsp;&nbsp;]% of Value Trust&#146;s net assets attributable to its common stock
as of [ &nbsp;&nbsp;&nbsp;], 2011), to a newly-organized, diversified, closed-end management
investment company, Royce Global Value Trust, Inc. (&#147;Global Trust&#148;), and to
distribute to common stockholders of Value Trust, in the form of a dividend,
shares of common stock of Global Trust (&#147;Global Trust Common Stock&#148;) at a rate
of one (1) share of Global Trust Common Stock for every [seven (7)] shares of
Value Trust&#146;s common stock (&#147;Value Trust Common Stock&#148;), to be approved by the
holders of Value Trust Common Stock and holders of its 5.90% Cumulative
Preferred Stock (the &#147;Cumulative Preferred Stock&#148;), voting together as a single
class; and </FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.4IN; '><FONT SIZE=2>2. To transact such other business as may properly come before the
Special Meeting or any adjournment thereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Like Value
Trust, Global Trust is a closed-end, diversified management investment company.
The investment goal of Value Trust is long-term capital growth. Value Trust may
invest up to 25% of its assets in securities of companies headquartered outside
the United States. The investment goal of Global Trust is long-term growth of
capital. Under normal market circumstances, Global Trust will invest at least
80% of its net assets in equity securities, and will invest at least 65% of its
net assets in the equity securities of companies located in at least three
countries outside of the United States. A company is deemed to be &#147;located&#148;
outside the United States if its country of organization, its headquarters
and/or the principal trading market of its stock are located outside of the
United States. Although there are no geographic limits on Global Trust&#146;s
investments, no more than 35% of Global Trust&#146;s net assets may be invested in
the securities of companies headquartered in &#147;developing countries,&#148; also known
as emerging markets. Generally, developing countries include every country in
the world other than the United States, Canada, Japan, Australia, New Zealand,
Hong Kong, Singapore, South Korea and Western European countries (which
include, Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland,
Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland and the United Kingdom). </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce &amp;
Associates, LLC (&#147;Royce&#148;), normally invests more than 65% of Value Trust&#146;s
assets in the equity securities of small- and micro-cap companies, generally
with stock market capitalizations ranging from $100 million to $2.5 billion,
that Royce believes are trading significantly below its estimate of their
current worth. Although Global Trust may invest in the equity securities of
companies of any market capitalization, Royce expects that generally a
significant portion of the Fund&#146;s assets will be invested in the equity
securities of micro-cap, small-cap and/or mid-cap companies with market
capitalizations up to $10 billion. Value Trust may also invest up to 35% of its
assets in non-convertible debt. Global Trust may also invest up to 20% of its
net assets in U.S. and non-U.S. non-convertible debt. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of
closed-end funds often trade at a discount to net asset value. Value Trust
cannot predict whether Global Trust Common Stock will trade at, below or above
net asset value. Stockholders must bear the risk of loss created by the possibility
that the Global Trust Common Stock may trade at a discount to net asset value. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Combined Prospectus/Proxy Statement sets forth concisely the information
stockholders of Value Trust should know before voting on the Transaction and
constitutes an offering of common stock of Global Trust only. Please read it
carefully and retain it for future reference. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application
will be made to list Global Trust Common Stock on the New York Stock Exchange
(&#147;NYSE&#148;). Although there is no current trading market for Global Trust Common
Stock, it is expected that &#147;when issued&#148; trading of such shares will commence
on the NYSE [three] business days prior to the record date set by the Board of
Value Trust for the distribution of the Global Trust Common Stock. If a Value
Trust common stockholder sells the Global Trust Common Stock that it receives
through the dividend, the stockholder may incur brokerage commissions and the
sale may constitute a taxable event for the stockholder. After Global Trust
Common Stock in listed on the NYSE, reports, proxy statements and other
information concerning Global Trust and filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) by Global Trust will be available for inspection
at the NYSE, 20 Broad Street, New York, New York 10005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
Common Stock and the Cumulative Preferred Stock are listed on the NYSE. Value
Trust Common Stock trades on the NYSE under the symbol &#147;RVT.&#148; Reports, proxy
statements and other information concerning Value Trust and filed with the
Commission by Value Trust will be available for inspection at the NYSE, 20
Broad Street, New York, New York 10005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Statement of Additional Information dated [ &nbsp;&nbsp;&nbsp;], 2011, relating to this Combined
Prospectus/Proxy Statement (the &#147;Statement of Additional Information&#148;), is
incorporated herein by reference. The Statement of Additional Information and
Value Trust&#146;s most recent annual report to stockholders are available without
charge by writing to The Royce Funds, 745 Fifth Avenue, New York, NY 10151, by
calling (800) 221-4268 or via the internet at www.roycefunds.com You also may
view or obtain these documents from the Commission: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="75%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>In Person:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>At the
 Commission&#146;s Public Reference Room at 100 F Street, N.E., <BR>
 Washington, DC 20549 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By Phone:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>202-551-8090
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By Mail:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Public
 Reference Section <BR>
 Officer of Consumer Affairs and Information Services <BR>
 Securities and Exchange Commission <BR>
 100 F Street, N.E. <BR>
 Washington, DC 20549 <BR>
 (duplicating fee required) </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By E-mail:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>publicinfo@sec.gov
 <BR>
 (duplicating fee required) </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By Internet:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>www.sec.gov </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Value
Trust Board knows of no business other than that discussed above that will be
presented for consideration at the Special Meeting. If any other matter is properly
presented, it is the intention of the persons named in the enclosed proxy to
vote in accordance with their best judgment. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person has been authorized to give any information or make any representation
not contained in this Combined Prospectus/Proxy Statement and, if so given or
made, such information or representation must not be relied upon as having been
authorized. This Combined Prospectus/Proxy Statement does not constitute an
offer to sell or a solicitation of an offer to buy any securities in any
jurisdiction in which, or to any person to whom, it is unlawful to make such
offer or solicitation. </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>&#151;&#151;&#151;&#151;&#151;&#151;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved these securities or determined if this Combined
Prospectus/Proxy Statement is truthful or complete. Any representation to the
contrary is a criminal offense. </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>&#151;&#151;&#151;&#151;&#151;&#151;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>The date of this Combined Prospectus/Proxy
Statement is [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=774 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH=95 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2><U>Page</U></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>SUMMARY</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>TABLE OF FEES AND EXPENSES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>PRO FORMA STATEMENT OF ASSETS AND
 LIABILITIES</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>PROPOSAL</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>THE TRANSACTION</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Background</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Description of the Transaction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Federal Tax Consequences</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Exchange Listing</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Transaction Expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Manner of Effecting the Distribution</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Costs Associated with Sales of Global Trust
 Common Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Allocation of Investment Opportunities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>INVESTMENT GOALS AND POLICIES OF VALUE
 TRUST AND GLOBAL TRUST</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Value Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Global Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Risk Factors</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Certain Corporate Governance Provisions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>INVESTMENT RESTRICTIONS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>MANAGEMENT</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>27</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>INVESTMENT ADVISORY SERVICES PROVIDED BY
 ROYCE</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>28</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net Asset Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>DIVIDENDS, DISTRIBUTIONS AND REINVESTMENT
 PLAN</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Value Trust&#146;s 5% Distribution Policy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>The Distribution to Value Trust Common
 Stockholders of Shares of Global Trust Common Stock Will Not Change Value
 Trust&#146;s 5% Distribution Policy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Distributions by Global Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Distribution Reinvestment and Cash Purchase
 Plan</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>TAXATION</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>31</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Taxation of Value Trust and Global Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>32</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Taxation of Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>33</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>CUSTODIAN, TRANSFER AGENT AND REGISTRAR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>DESCRIPTION OF CAPITAL STOCK</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Value Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>34</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Global Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Repurchases of Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>39</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Rights Offerings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Certain Corporate Governance Provisions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>40</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Limitation of Directors&#146; and Officers&#146;
 Liability</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>FURTHER INFORMATION</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>REQUIRED VOTE FOR PROPOSAL</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>42</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>GENERAL VOTING INFORMATION</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=2>43</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=775 VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH=95 VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>BROKER NON-VOTES AND ABSTENTIONS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>45</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>OTHER MATTERS TO COME BEFORE THE MEETING</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>45</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Taxation of a Fund</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Foreign Taxes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>26</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Backup Withholding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Recent Legislation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>29</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>APPENDIX A INVESTMENT RESTRICTIONS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=2>A-1</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SUMMARY</B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of certain information contained elsewhere in this
Combined Prospectus/Proxy Statement and is qualified in its entirety by
reference to the more complete information contained herein. Stockholders
should read the entire Combined Prospectus/Proxy Statement carefully. </I></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=BOTTOM  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>The Proposed Transaction</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The Value Trust Board has approved, subject to stockholder approval,
 the contribution of a portion of Value Trust&#146;s assets (which is anticipated
 to consist largely or exclusively of cash and short-term fixed income
 instruments) having a value of approximately $100 million ([ &nbsp;&nbsp;&nbsp;]% of Value
 Trust&#146;s net assets attributable to its common stock as of [ &nbsp;&nbsp;&nbsp;], 2011) to Royce
 Global Value Trust, Inc. (&#147;Global Trust&#148;), a newly formed investment company
 incorporated in the State of Maryland and wholly-owned by Value Trust, in
 exchange for shares of Global Trust Common Stock. All of the shares of Global Trust Common Stock will then be
 distributed by Value Trust as a dividend to its common stockholders at a rate
 of one (1) share of Global Trust Common Stock, for every [seven (7)] shares
 held of Value Trust Common Stock. The
 contribution of such Value Trust assets to Global Trust and the subsequent
 distribution of Global Trust&#146;s shares to Value Trust common stockholders are
 referred to herein as the &#147;Transaction.&#148; See &#147;The Transaction.&#148; The
 Transaction may involve a non-taxable return of capital to Value Trust&#146;s
 common stockholders. See &#147;Federal Income Tax Consequences of the Transaction&#148;
 and &#147;Taxation&#148; below.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Royce has agreed to pay the out-of-pocket costs of the Transaction.
 See &#147;The Transaction &#151; Transaction Expenses.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Each of Value Trust and Global Trust are referred to herein as a
 &#147;Fund,&#148; and together as the &#147;Funds.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP  style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Royce Global Value Trust, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>A newly formed investment company organized as a Maryland corporation
 by Value Trust and registered under the Investment Company Act of 1940, as
 amended (the &#147;1940 Act&#148;), as a diversified closed-end management investment
 company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Comparison of Investment Goals and <BR>
 Policies of Value Trust and Global Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The investment goal of Value Trust is long-term capital growth. Value
 Trust normally invests at least 65% of its assets in the equity securities of
 small- and micro-cap companies, generally with stock market capitalizations
 ranging from $100 million to $2.5 billion, that Royce believes are trading
 significantly below its estimate of their current worth. Value Trust may
 invest up to 25% of its assets in securities of issuers headquartered outside
 the United States. Value Trust may also invest up to 35% of its assets in
 non-convertible debt.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The investment goal of Global Trust is long-term growth of capital.
 Under normal circumstances, Global Trust will invest at least 80% of its net
 assets in equity securities, such as common stock and preferred stock, and at
 least 65% of its net assets in equity securities of companies located in at
 least three countries outside of the United States. A company is deemed to be
 &#147;located&#148; outside the United States if its country of organization, its
 headquarters and/or the principal trading market of its stock are located outside
 of the United States. From time to time, a substantial portion of the Fund&#146;s
 assets may be invested in companies located in a single</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>country. The Fund may also invest up to 20% of its net assets in U.S.
 and non-U.S. non-convertible debt. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Although there are no geographic limits on Global Trust&#146;s
 investments, no more than 35% of Global Trust&#146;s net assets may be invested in
 the securities of companies headquartered in &#147;developing countries,&#148; also
 known as emerging markets. Generally, developing countries include every
 country in the world other than the United States, Canada, Japan, Australia,
 New Zealand, Hong Kong, Singapore, South Korea and Western European countries
 (which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece,
 Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden,
 Switzerland and the United Kingdom). </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Royce will invest Global Trust&#146;s assets primarily in the equity
 securities of companies that it believes are trading significantly below its
 estimate of their current worth. Royce will base this assessment chiefly on
 balance sheet quality and cash flow levels. Although the Fund may invest in
 the equity securities of companies of any market capitalization, Royce
 expects that generally a significant portion of the Fund&#146;s assets will be
 invested in the equity securities of micro-cap, small-cap and/or mid-cap
 companies with market capitalizations up to $10 billion. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Investment Adviser to Global <BR>
 Trust; Advisory Fees</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Royce, the investment adviser to Value Trust, will also serve as
 investment adviser to Global Trust. The advisory fee structure for Global
 Trust will be different from that of Value Trust. Global Trust will pay Royce
 a monthly fee equal to 1/12 of 1.25% (1.25% on an annualized basis) of the
 average net assets of the Fund for each month during the term of the
 investment advisory agreement. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Value Trust&#146;s advisory fee is comprised of a Basic Fee that is
 subject to an adjustment based on the investment performance of the Fund. The
 Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of
 the average of Value Trust&#146;s month-end net assets applicable to common
 stockholders, plus the liquidation value of its preferred stock, for the
 rolling 60-month period ending with such month (the &#147;performance period&#148;).
 The Basic Fee for each month is increased or decreased at the rate of 1/12 of
 0.05% for each percentage point that the investment performance of the Fund
 exceeds, or is exceeded by, the percentage change in the investment record of
 the S&amp;P 600 for the performance period by more than two percentage
 points. The performance period for each such month is a rolling 60-month
 period ending with such month. The maximum increase or decrease in the Basic
 Fee for any month may not exceed 1/12 of 0.5%.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Because of the different fee structures, Global Trust&#146;s advisory fee
 may be higher or lower than that of Value Trust from time to time. For the
 three fiscal years ending December 31, 2010, the advisory fee for Global
 Trust would have been higher than that of Value Trust. See &#147;Investment
 Advisory Services Provided by Royce.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Exchange Listing</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Application will be made to list Global Trust Common Stock on the
 NYSE, subject to notice of issuance of such shares. Although there is no
 current trading market for Global Trust&#146;s Common Stock, it is expected that
 &#147;when issued&#148; trading of such shares will commence on the NYSE </FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>[three] business days prior to the record date set by the Board for
 the distribution of the shares of common stock of Global Trust. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Federal Income Tax Consequences <BR>
 of the Transaction</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The Transaction is not currently expected to increase significantly
 the total amount of taxable distributions received by the Value Trust
 stockholders for the year ending December 31, 2011, and is not expected to
 result in the recognition of significant taxable gain by Value Trust. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The amount of the fair market value of the Global Trust Common Stock
 distributed to a Value Trust common stockholder plus the amount of any cash
 in lieu of fractional shares of Global Trust Common Stock distributed to a
 Value Trust common stockholder (but no greater sum) will be treated as a
 dividend up to the amount of Global Trust&#146;s current and accumulated earnings
 and profits that is allocated to the distribution and will be taxable to the
 Value Trust common stockholder as a distribution of ordinary income,
 long-term capital gain or a combination of both. To the extent that the fair
 market value of the Global Trust Common Stock and cash <I>exceeds</I> the amount of earnings and
 profits allocated to such distribution, the excess (if any) will first be
 treated as a non-taxable return of capital, reducing the Value Trust common
 stockholder&#146;s tax basis in its Value Trust Common Stock; and, to the extent
 that the fair market value of the Global Trust Common Stock and cash then
 remaining <I>exceeds</I> the Value
 Trust common stockholder&#146;s basis in its Value Trust Common Stock, such excess
 (if any) will be taxable as gain realized from a deemed sale of Value Trust
 Common Stock. Each Value Trust common stockholder will take a fair market
 value tax basis in the Global Trust shares received and will have a new
 holding period beginning on the day following the date of the distribution.
 In addition to the other information necessary to file tax returns, Value
 Trust will provide common stockholders with information on the amount of the
 distribution to be treated as a dividend. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Global Trust has received an opinion of special tax counsel to the
 effect that the foregoing discussion accurately summarizes the material
 federal income tax consequences of the Transaction. The foregoing summary is
 subject to and qualified in its entirety by the discussion in &#147;The Transaction
 &#151; Federal Income Tax Consequences of the Transaction&#148; and &#147;Taxation&#148; below. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Comparison of Distribution Policies <BR>
 of Value Trust and Global Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Under an existing order of exemption received from the Securities and
 Exchange Commission (the &#147;Commission&#148;) from Section 19(b) of the 1940 Act
 (the &#147;Section 19(b) Exemptive Order&#148;), Value Trust and Global Trust may
 distribute capital gains to stockholders more frequently than annually. Value
 Trust will continue to make quarterly distributions to its common
 stockholders at the annual rate of 5% of the rolling average of the prior
 four calendar quarter-end net asset values of the Fund&#146;s common stock, with
 the fourth quarter distribution being the greater of 1.25% of the rolling
 average or the distribution required by Internal Revenue Service regulations.
 These quarterly distributions are generally reinvested in additional full and
 fractional shares of common stock of the applicable fund through the Fund&#146;s
 Dividend Reinvestment and Cash Purchase Plan. Value Trust&#146;s quarterly
 distribution policy may be changed by its Board of Directors without
 stockholder approval. Global Trust plans to make distributions of any net
 investment income and net realized capital gains on an annual basis beginning
 at year-end 2011. See &#147;Dividends, </FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;


 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Distributions and Reinvestment Plan.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Manner of Effecting the Distribution</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The Value Trust Board is expected to declare a distribution (the
 &#147;Distribution&#148;) of all the outstanding Global Trust Common Stock payable to the
 holders of record of Value Trust Common Stock as of the close of business on
 a date (the &#147;Distribution Record Date&#148;) to be determined, together with the
 payable date for the Distribution (the &#147;Distribution Date&#148;), by Value Trust&#146;s
 Board promptly following stockholder approval of the Transaction and receipt
 of an exemptive order from the Commission. A vote will not be taken on the
 Transaction and the Distribution will not occur unless and until the
 Commission issues an exemptive order with respect to the Transaction. On or
 about the Distribution Date, Value Trust will contribute a portion of its
 assets (which is anticipated to consist largely or exclusively of cash and
 short-term fixed income instruments) having a value of approximately $100
 million to Global Trust. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Value Trust will effect the Distribution on the Distribution Date by
 providing for the delivery of Global Trust Common Stock to Computershare
 Trust Company, N.A. (the &#147;Distribution Agent&#148;) for distribution to holders of
 record of Value Trust Common Stock as of the close of business on the
 Distribution Record Date. The Distribution will be made on the basis of one
 (1) share of Global Trust Common Stock for every [seven] (7)] shares of Value
 Trust Common Stock outstanding on the Distribution Record Date. All such
 shares of Global Trust Common Stock will be fully paid and non-assessable.
 Commencing on or about the Distribution Date, Global Trust Common Stock will
 be credited in book-entry form to accounts registered directly with the
 transfer agent, with a confirmation statement mailed to stockholders.
 Stockholders will not receive share certificates unless they request them
 from the transfer agent.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>No fractional shares of Global Trust Common Stock will be issued as
 part of the Distribution. The Distribution Agent will aggregate the
 fractional shares to which holders of Value Trust Common Stock would
 otherwise be entitled and attempt to sell them in the open market at then
 prevailing prices on behalf of such holders, and such holders will receive
 instead a cash payment in the amount of their pro rata share of the total
 sales proceeds. Thus, a person who holds a number of shares of Value Trust
 Common Stock that is not an even multiple of [seven (7)] will receive the
 appropriate number of Global Trust Common Stock and a check for his or her
 pro rata share of the proceeds from sales of fractional share interests. A
 holder of fewer than [seven (7)] shares of Value Trust Common Stock will
 receive no Global Trust Common Stock in the Distribution but will be entitled
 only to his or her pro rata share of the proceeds from sales of fractional
 share interests.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>No holder of Value Trust Common Stock will be required to pay any
 cash or other consideration for the Global Trust Common Stock received in the
 Distribution or to surrender or exchange shares of Value Trust Common Stock
 in order to receive shares of Global Trust Common Stock. The Distribution
 will not affect the number of, or the rights attaching to, outstanding shares
 of Value Trust Common Stock. See &#147;The Transaction &#151; Manner of Effecting the
 Distribution.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Shares of Global Trust Common Stock distributed in connection with
 the Distribution will be freely transferable except for shares received by</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>persons who may be deemed to be &#147;affiliates&#148; of Global Trust under
 the Securities Act of 1933, as amended (the &#147;1933 Act&#148;). See &#147;The Transaction
 &#151; Manner of Effecting the Distribution.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Effect of Transaction on Value Trust <BR>
 Cumulative Preferred Stockholders</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Holders of Value Trust Cumulative Preferred Stock are being asked to
 consider and vote upon the proposed Transaction, but if the Transaction is
 approved, such holders of Cumulative Preferred Stock will not participate in
 the Transaction, and the Transaction will not affect those holders except
 that the asset coverage of the Cumulative Preferred Stock as required under
 the 1940 Act and under the guidelines of the rating agency rating the
 Cumulative Preferred Stock will be reduced. The asset coverage of the
 Cumulative Preferred Stock immediately following the completion of the
 Transaction, however, is expected to continue to significantly exceed these
 requirements. As of December 31, 2010, the asset coverage required by the
 1940 Act was 603%, and the pro forma asset coverage, assuming that the
 Transaction occurred as of December 31, 2010, was 557%.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Special Considerations and Charter <BR>
 Provisions</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>As stockholders of a closed-end fund, Global Trust stockholders will
 not, have the right to redeem their shares. However, shares of Global Trust
 Common Stock will be freely transferable, except for shares received by
 persons who may be deemed to be &#147;affiliates&#148; of Global Trust under the 1933
 Act, and stockholders desiring liquidity may, subject to applicable
 securities laws, trade their shares on the NYSE or other markets on which the
 shares may trade at the then current market value. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Because Global Trust has no outstanding preferred stock, all eight of
 its directors will be elected by the holders of Global Trust Common Stock.
 Upon completion of the Transaction, the eight Global Trust Directors will be
 divided into three classes, each having a staggered term of three years.
 Accordingly, it likely would take three years to change a majority of the
 Board of Directors. Vacancies on the Board of Directors for one or more of
 the classified positions may be filled by the remaining Directors for the
 balance of the term of the class. In addition, Global Trust&#146;s By-laws permit
 stockholders to call a special meeting of stockholders only if certain
 procedural requirements are met and the request is made by stockholders
 entitled to cast at least a majority of the votes entitled to be cast at such
 a meeting. These provisions may have the effect of maintaining the continuity
 of management and thus may make it more difficult for Global Trust&#146;s
 stockholders to change the majority of Directors. See &#147;Description of Capital
 Stock &#151; Certain Corporate Governance Provisions.&#148;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>In addition, if Global Trust issues preferred stock (&#147;Global Trust
 Preferred Stock&#148;), the holders of the Global Trust Preferred Stock would have
 the authority to elect two directors at all times and would have separate
 class voting rights on specified matters including conversion of Global Trust
 to an open-end investment company and certain reorganizations of Global
 Trust. The overall effect of these provisions is to render more difficult the
 accomplishment of a merger with, or the assumption of control by, a principal
 stockholder, or the conversion of Global Trust to an open-end investment
 company.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>In addition, certain provisions of Global Trust&#146;s articles of
 incorporation (the &#147;Global Trust Charter&#148;) may be regarded as &#147;anti-takeover&#148;
 provisions. Pursuant to these provisions the affirmative vote of the holders</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>of 80% of the outstanding voting shares of Global Trust, each voting
 as a separate class, is generally required to authorize certain actions,
 including amendments to the Global Trust Charter that would be necessary to
 directly or indirectly convert Global Trust from a closed-end to an open-end
 management investment company, and to authorize certain business
 transactions, including the liquidation and dissolution of Global Trust or a
 merger, consolidation or sale of substantially all of Global Trust&#146;s assets.
 See &#147;Description of Capital Stock &#151; Certain Corporate Governance Provisions.&#148;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>The provisions described above may be regarded as &#147;anti-takeover&#148;
 provisions. These provisions may have the effect of depriving common
 stockholders of Global Trust of an opportunity to sell their shares at a
 premium to the prevailing market price. See &#147;Description of Capital Stock&#151;
 Certain Corporate Governance Provisions.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px" >&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Taxable Distribution</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Each holder of Value Trust Common Stock will recognize taxable income
 as a result of the distribution of Global Trust Common Stock and cash in lieu
 of fractional shares. The Transaction is not currently expected to increase
 significantly the total amount of taxable distributions received by Value
 Trust common stockholders for this year, provided that Value Trust, as it
 expects, does not contribute securities with significant net unrealized
 appreciation to Global Trust in exchange for Global Trust Common Stock. In
 the event that Value Trust does contribute securities with significant net
 unrealized appreciation, the Transaction could result in the recognition of
 significant taxable gain by Value Trust and could increase the total amount
 of taxable distributions received by the Value Trust stockholders for this year.
 See &#147;Summary &#151; Federal Income Tax Consequences of the Transaction&#148; and &#147;The
 Transaction &#151; Federal Income Tax Consequences.&#148;<FONT FACE=WINGDINGS></FONT> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT; '><FONT SIZE=2>Costs Associated with Sales of <BR>
 Global Trust Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>If a Value Trust common stockholder sells the Global Trust Common
 Stock that he or she receives, the stockholder may incur brokerage
 commissions and the sale may constitute a taxable event for the stockholder. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Discount to Net Asset Value</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Shares of closed-end investment companies often trade at a discount
 from net asset value. This characteristic of shares of a closed-end
 investment company is a risk separate and distinct from the risk that Global
 Trust&#146;s net asset value may decrease. Value Trust cannot predict whether
 Global Trust&#146;s shares will trade at, below or above net asset value. The risk
 of holding shares of closed-end investment companies that might trade at a
 discount to net asset value is more pronounced for stockholders who wish to
 sell their shares in a relatively short period of time after completion of
 the Distribution. For those stockholders, realization of a gain or loss on
 their investment is likely to be more dependent upon the existence of a
 premium or discount than upon portfolio performance. See &#147;Investment Goals
 and Policies of Value Trust and Global Trust.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Foreign
 Securities</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Global Trust can invest to a greater extent than Value Trust in
 foreign securities. Value Trust may invest up to 25% of its assets in
 securities of issuers headquartered outside the United States, while Global
 Trust is not subject to a limitation on such investments, and, under normal
 market circumstances, Global Trust will invest at least 65% of its net assets
 in the equity securities of companies located in at least three countries
 outside of </FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP style="border-left: solid black 1px">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P align="justify" style="margin-left:1%; margin-right:1%"><FONT SIZE=2>the United
 States. Investing in securities of foreign companies and foreign governments,
 which generally are denominated in foreign currencies, may involve certain
 risk and opportunity considerations not typically associated with investing
 in domestic companies and could cause Global Trust to be affected favorably
 or unfavorably by changes in currency exchange rates and revaluations of
 currencies. See &#147;Investment Goals and Policies of Value Trust and Global
 Trust &#151; Risk Factors &#151; Value Trust and Global Trust &#151; Foreign Investments.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Use of Leverage</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P align="justify" style="margin-left:1%; margin-right:1%"><FONT SIZE=2>As provided
 in the 1940 Act and subject to certain exceptions, each of Value Trust and
 Global Trust may issue debt or preferred stock so long as such Fund&#146;s total
 assets immediately after such issuance, less certain ordinary course
 liabilities, exceed 300% of the amount of the debt outstanding and exceed
 200% of the sum of the amount of preferred stock and debt outstanding. In
 accordance with Commission staff guidelines, each Fund may also issue
 convertible preferred stock, which may permit each Fund to obtain leverage at
 attractive rates. The use of leverage may magnify the impact on common
 stockholders of changes in net asset value and the cost of leverage could
 exceed the return on the securities acquired with the proceeds of the
 leverage, thereby diminishing returns to such common stockholders. In
 addition, the Fund may be required to sell investments in order to meet
 interest or dividend payments on the debt or preferred shares when it may be
 disadvantageous to do so. See &#147;Investment Goals and Policies of Value Trust
 and Global Trust &#151; Risk Factors&#148; and &#147;Appendix A &#151; Investment Practices.&#148; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Principal Investment Risks</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P align="justify" style="margin-left:1%; margin-right:1%"><FONT SIZE=2>Because of
 their similar investment policies, many of the risks associated with an
 investment in Global Trust are substantially similar to those associated with
 an investment in Value Trust. Such investment risks for both Funds include
 market risk, selection risk, the risks of investing in smaller capitalization
 companies, the market price of shares, leverage and borrowing risk, and
 foreign investments. As noted above, Global Trust can invest to a greater
 extent than Value Trust in foreign securities. Principal risks of investing
 in Global Trust also include investing in mid-cap companies. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P align="justify" style="margin-left:1%; margin-right:1%"><FONT SIZE=2>You will
 find descriptions of specific risks in &#147;Investment Goals and Policies of
 Value Trust and Global Trust &#151; Risk Factors.&#148;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF FEES AND EXPENSES</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 style="border:solid black 1px" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Value Trust</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Global Trust</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Stockholder Transaction Expenses</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Voluntary Cash Purchase Plan Purchase Fees</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>None</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Distribution Reinvestment and Cash Purchase
 Plan Fees</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>None</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Annual Expenses</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>(as a percentage of net assets attributable
 to common stock)(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>1.49%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>1.51%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Management Fees(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>1.37%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>1.25%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Interest Payments on Borrowed Funds</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Other Expenses</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>0.13%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>0.26%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total Annual Operating Expenses</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>1.49%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2>1.51%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left: solid black 1px">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>(1)
The percentages in the above table expressing annual fund operating expenses
are, except as noted in note (2) below, based on Value Trust&#146;s actual expenses
for the year ended December 31, 2010 and estimated amounts for Global Trust&#146;s
first full fiscal year. Annual Expenses for Value Trust as a percentage of net
assets attributable to common stock and Cumulative Preferred Stock were 0.23%
for the year ended December 31, 2010.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(2)
Annualized based on the fee that would have been paid by Value Trust for the
year ended December 31, 2010 but for the provision of Value Trust&#146;s Investment
Advisory Agreement that states that Value Trust will not pay a fee for any
month when the investment performance of Value Trust for the rolling 36-month
period ending with such month is negative. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>EXAMPLE: </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following examples illustrate the projected dollar amount of cumulative
expenses that would be incurred over various periods with respect to a
hypothetical investment in each of Value Trust and Global Trust. These amounts
are based upon payment by each of Value Trust and Global Trust of expenses at
levels set forth in the above table. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
would pay the following expenses on a $1,000 investment, assuming a 5% annual
return: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=329 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=135 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=80 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=78 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=99 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>1 Year</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>3 Years</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>5 Years</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>10 Years</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Value Trust
 Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 15</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 47</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 81</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 178</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global Trust
 Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 15</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 48</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 82</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>$ 180</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing table is to assist you in understanding the various costs and
expenses that an investor in each of Value Trust and Global Trust would bear
directly or indirectly. The assumed 5% annual return is not a prediction of,
and does not represent, the projected or actual performance of Value Trust
Common Stock or Global Trust Common Stock. Actual expenses and annual rates of
return may be more or less than those assumed for purposes of the Example. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust is a newly-formed entity with no operating history. As such, expenses are
estimated based on an anticipated size of Global Trust of $100 million. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>PRO FORMA STATEMENT OF ASSETS AND LIABILITIES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following unaudited pro forma statement of assets and liabilities of Value
Trust and Global Trust assumes that the Distribution occurred as of December
31, 2010, that the spin-off was at a rate of one share of Global Trust Common
Stock for every [seven (7)] shares of Value Trust Common Stock resulting in
9,442,075 shares of Global Trust Stock outstanding and that the assets
contributed to Global Trust were valued at cost. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>As of December 31, 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Value Trust</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Pro Forma<BR>
 Value Trust</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Pro Forma<BR>
 Global Trust</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT; TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Investments, at value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>1,201,998,444</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>1,201,998,444</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>$100,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cash and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>137,671,357</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>37,671,357</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Total Assets</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>1,339,669,801</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>1,239,669,801</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>$100,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>Liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>13,790,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>13,790,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Preferred
 Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>220,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>220,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net Assets Attributable to Common Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>1,105,879,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>1,005,879,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>$100,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net Assets Attributable to Common Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Consist of:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Paid in capital, at $0.001 par value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>785,103,166</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>785,103,166</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Accumulated net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>2,347,906</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Accumulated distributions in excess of net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>(97,652,094)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Accumulated net realized gain on investments and foreign currency
 transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>5,100,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>5,100,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net unrealized appreciation on investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>313,615,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>$313,615,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Preferred dividends accrued but not yet declared</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>(288,450)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>(288,450)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Total Net Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>1,105,879,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>1,005,879,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=center><FONT SIZE=2>$100,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net Asset Value Per Share of Common Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>16.73</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>15.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P ALIGN=center><FONT SIZE=2>$10.59</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:DOUBLE BLACK 3PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth
below is information with respect to Value Trust Common Stock, Value Trust
Cumulative Preferred Stock, Global Trust Common Stock and Global Trust Preferred
Stock following the Distribution. The following table assumes that the
Distribution will be based on the 66,094,525 shares of Value Trust Common Stock
outstanding as of December 31, 2010. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Authorized</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Held by Company or for its Own
 Account</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Outstanding</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#CCEEFF">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Value Trust Common Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>150,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>66,094,525</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Value Trust Preferred Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#CCEEFF">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>5.90% Cumulative Preferred</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>50,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>8,800,000</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#CCEEFF">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Global Trust Common Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>150,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>9,442,075</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Global Trust Preferred Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>50,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>PROPOSAL</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TO APPROVE
THE CONTRIBUTION OF A PORTION OF VALUE TRUST&#146;S ASSETS (WHICH IS ANTICIPATED TO
CONSIST LARGELY OR EXCLUSIVELY OF CASH AND SHORT-TERM FIXED INCOME INSTRUMENTS)
HAVING A VALUE OF APPROXIMATELY $100 MILLION ([ &nbsp;&nbsp;&nbsp;]% OF VALUE TRUST&#146;S NET ASSETS
ATTRIBUTABLE TO COMMON STOCK AS OF [ &nbsp;&nbsp;&nbsp;], 2011), TO A NEWLY-ORGANIZED,
DIVERSIFIED, CLOSED-END MANAGEMENT INVESTMENT COMPANY, GLOBAL TRUST, AND TO
DISTRIBUTE TO COMMON STOCKHOLDERS OF VALUE TRUST, IN THE FORM OF A DIVIDEND,
SHARES OF GLOBAL TRUST COMMON STOCK AT A RATE OF ONE (1) SHARE OF GLOBAL TRUST
COMMON STOCK FOR EVERY [SEVEN (7)] SHARES OF VALUE TRUST COMMON STOCK. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>THE TRANSACTION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Background </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
Trust, a Maryland corporation, commenced operations on November 26, 1986 and is
registered under the 1940 Act as a closed-end diversified management investment
company. Value Trust&#146;s investment goal is long-term capital growth. As of
December 31, 2010, Value Trust&#146;s net assets applicable to common stockholders
approximated $1.106 billion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
of Value Trust believes that an investment in foreign securities could provide
attractive opportunities for capital growth as well as the benefits of non-U.S.
geographic diversification. It is believed that the Transaction will provide
Value Trust common stockholders with a new closed-end fund that is able to
invest a significantly greater percentage of its assets in foreign securities
than Value Trust currently can in order to take advantage of these potential
opportunities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of Value Trust believes the proposed Transaction is in the best
interests of Value Trust and its common stockholders and will not affect any of
the rights of holders of the Cumulative Preferred Stock. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Description of the Transaction </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to
provide Value Trust common stockholders additional opportunities for capital
growth from their investments, the Value Trust Board has approved, subject to
stockholder approval and the receipt of an exemptive order from the Securities
and Exchange Commission (the &#147;Commission&#148;), the contribution of a portion of
Value Trust&#146;s net assets having a value of approximately $100 million ([ &nbsp;&nbsp;&nbsp;]% of
Value Trust&#146;s net assets attributable to common stock as of [ &nbsp;&nbsp;&nbsp;], 2011) to
Global Trust, a newly-formed closed-end diversified management investment
company incorporated in Maryland and wholly owned by Value Trust. It is
anticipated that the contributed assets will consist largely or exclusively of
cash and short-term fixed income instruments. All the Global Trust Common Stock
will then be distributed by Value Trust as a dividend to its common
stockholders at a rate of one (1) share of Global Trust Common Stock for every
[seven (7)] shares held of Value Trust Common Stock. The Transaction may
involve a non-taxable return of capital to Value Trust common stockholders. See
&#147;Federal Income Tax Consequences of The Transaction&#148; and &#147;Taxation.&#148; A vote
will not be taken on the Transaction unless and until the Commission issues an
exemptive order with respect to the Transaction. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of
Value Trust Cumulative Preferred Stock will not participate in the Transaction,
and the Transaction will not affect those holders except that the asset
coverage of the Cumulative Preferred Stock as required under the 1940 Act and
under the guidelines of the rating agency rating the Cumulative Preferred Stock
will be reduced. The asset coverage of the Cumulative Preferred Stock
immediately following the completion of the Transaction, however, is expected
to continue to significantly exceed these requirements. As of December 31,
2010, the asset coverage required by the 1940 Act was 603%, and the pro forma
asset coverage, assuming that the Transaction occurred as of December 31, 2010,
was 557%. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goal of Value Trust is long-term capital growth. Value Trust may
invest up to 25% of its assets in securities of issuers headquartered outside
the United States. Value Trust may also invest up to 35% of its assets in
non-convertible debt. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goal of Global Trust is long-term growth of capital. Under normal
market circumstances, Global Trust will invest at least 80% of its net assets
in equity securities, and will invest at least 65% of its net assets in the
equity securities of companies located in at least three countries outside of
the United States. From time to time, a substantial portion of Global Trust&#146;s
assets may be invested in companies located in a single country. Global Trust
may also invest up to 20% of its net assets in U.S. and non-U.S.
non-convertible debt. Although there are no geographic limits on Global Trust&#146;s
investments, no more than 35% of Global Trust&#146;s net assets may be invested in
the securities of companies headquartered in &#147;developing countries,&#148; also known
as emerging markets. Generally, developing countries, sometimes also referred
to as emerging market countries, include every country in the world other than
the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore,
South Korea and Western European countries (which include, Austria, Belgium,
Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the
Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United
Kingdom). In selecting securities for Global Trust, Royce uses a bottom-up,
value approach. Royce primarily focuses on company-specific criteria rather
than on political, economic or other country-specific factors. Global Trust
does not expect to purchase or sell foreign currencies to hedge against
declines in the U.S. dollar or to lock in the value of any foreign securities
that it purchases. The opportunity to invest a significant percentage of fund
assets in foreign securities that the Transaction will provide is not available
in Value Trust as currently structured. As a result, Global Trust over time may
be expected to experience different investment results from Value Trust. Royce
expects that the assets contributed to Global Trust will be invested in
accordance with Global Trust&#146;s investment objective and policies within three
months after the completion of the Transaction, but not later than [six
months]. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust is registered under the 1940 Act as a diversified, closed-end investment
company, and Royce, the investment adviser to Value Trust, will also serve as
investment adviser to Global Trust. The advisory fee structure for Global Trust
will be different from that of Value Trust. Global Trust&#146;s advisory fee will be
1.25% of Global Trust&#146;s average daily net assets per annum, paid monthly. Value
Trust&#146;s advisory fee is comprised of a monthly Basic Fee of 1/12 of 1.00%
(1.00% on an annualized basis) of the average of Value Trust&#146;s month-end net
assets applicable to common stockholders, plus the liquidation value of its
preferred stock, for the rolling 60-month period ending with such month, that
is subject to an adjustment based on the investment performance of the Fund.
The maximum annual fee rate as adjusted for performance is 1.50% of Value
Trust&#146;s net assets. Because of the different fee structures, Global Trust&#146;s
advisory fee may be higher or lower than that of Value Trust&#146;s advisory fee
from time to time. Due to the performance-based nature of the Value Trust
advisory fee, for the last three fiscal years, the advisory fee for Global
Trust would have been higher than that of Value Trust. Also contributing to a
potentially higher advisory fee for Global Trust is Global Trust&#146;s focus on
non-U.S. securities. See &#147;Investment Advisory Services Provided by Royce&#148; below
and &#147;Investment Advisory and Other Services&#148; in the Statement of Additional
Information. Application will be made to list the shares of Global Trust Common
Stock on the NYSE. The Distribution Record Date and the Distribution Date will
be determined by the Board following stockholder approval of the Transaction.
The investment goal and policies and other matters relating to Global Trust&#146;s
structure are described below. See &#147;Investment Goals and Policies of Value
Trust and Global Trust.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
believes that the Transaction will result in the following benefits to Value
Trust common stockholders: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
common stockholders will receive shares of an investment company with a
different risk-return profile from Value Trust, thereby providing common
stockholders with the following alternatives: (a) retaining their shares in
both Value Trust and Global Trust; (b) selling their Global Trust shares and
retaining their Value Trust shares; or (c) selling their Value Trust shares and
retaining their Global Trust shares. As a consequence, Value Trust&#146;s common
stockholders may more closely align their investment portfolio with their
desired exposure to different segments of the equity market. If a stockholder
sells his or her shares of either Value Trust Common Stock or Global Trust
Common Stock, the stockholder can be expected to incur brokerage commissions
and such sale may constitute a taxable event for the stockholder. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Global
Trust Common Stock will be issued at a much lower transaction cost to investors
than is typically the case for a newly-organized closed-end equity fund since
there will be no underwriting discounts or </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>commissions. The Transaction will not result in an increase in the
aggregate net assets of Value Trust and Global Trust. Royce has agreed to pay
the out-of-pocket costs of the Transaction. See &#147;&#151;Transaction Expenses&#148; below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As a
globally diversified fund, Global Trust will afford stockholders the
opportunity to seek the capital growth opportunities presented by foreign
securities exposure. Under normal market circumstances, Global Trust will
invest at least 65% of its net assets in equity securities of companies located
in at least three countries outside of the United States. Global Trust&#146;s
operating policy of investing no more than 35% of its net assets in securities
of companies headquartered in &#147;developing countries,&#148; also known as emerging markets,
is an operating policy that can be changed by the Board without stockholder
approval. Of course, as a consequence of its global diversification policy,
Global Trust&#146;s investments may be subject to a variety of significant risks,
such as that many foreign governments do not regulate stock exchanges to the
same extent as does the United States government, foreign currency fluctuations
could impact the value of assets, and clearance procedures may result in
delayed payment when assets are sold.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
believes that the benefits of the Transaction outlined above outweigh the costs
of the Transaction. For a description of the costs and expenses relating to the
Transaction, see &#147;&#151;Transaction Expenses&#148; below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Federal Tax Consequences</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
will contribute cash and securities to Global Trust in exchange for Global
Trust Common Stock. Such contribution should not be a taxable event to either
Value Trust or Global Trust, but the subsequent distribution of Global Trust
Common Stock to holders of Value Trust Common Stock may be a taxable event to
Value Trust and its stockholders as noted below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
does not expect that any significant amount of net unrealized appreciation will
exist in the securities transferred to Global Trust. Accordingly, the
Transaction is not expected to result in the recognition of significant taxable
gain by Value Trust and, except as noted below, is not expected to increase
significantly the total amount of taxable distributions received by Value Trust
common stockholders for this year. In addition, the Board has considered the
tax consequences of the Transaction to its stockholders and has determined that
the benefits of the Transaction outweigh any adverse tax consequences.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount
of the fair market value of the Global Trust common stock distributed to a
Value Trust stockholder plus the amount of any cash in lieu of fractional
shares of Global Trust common stock distributed to a Value Trust stockholder
(but no greater sum) will be treated as a dividend up to the amount of Global
Trust&#146;s current and accumulated earnings and profits that is allocated to the
distribution and will be taxable to the Value Trust stockholder as a
distribution of ordinary income, long-term capital gain or a combination of
both. To the extent that the fair market value of the Global Trust common stock
and cash <B><I>exceeds</I></B>
the amount of earnings and profits allocated to such distribution, the excess
(if any) will first be treated as a non-taxable return of capital, reducing the
Value Trust common stockholder&#146;s tax basis in its Value Trust common stock and
to the extent that the fair market value of the Global Trust common stock and
cash then remaining <B><I>exceeds</I></B>
the Value Trust common stockholder&#146;s basis in its Value Trust common stock,
such excess (if any) will be taxable as gain realized from a deemed sale of
Value Trust common stock. Each stockholder will take a fair market value tax
basis in Global Trust Common Stock received and will have a new holding period beginning
on the day following the Distribution Date. In addition to the other
information necessary to file tax returns, Value Trust will provide
stockholders with information on the amount of the distribution to be treated
as a dividend.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Trust
has received an opinion of counsel to the effect that the foregoing discussion
accurately summarizes the material federal income tax consequences of the
Transaction. The foregoing discussion is subject to and qualified in its
entirety by the discussion in &#147;Taxation&#148; below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Exchange Listing</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application
will be made to list Global Trust Common Stock on the NYSE, subject to notice
of issuance thereof. Although there is no current trading market for Global
Trust Common Stock, it is expected that &#147;when </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>issued&#148; trading of such shares will commence on the NYSE [three]
business days prior to the Distribution Record Date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Transaction Expenses</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The costs
of organizing Global Trust and effecting the distribution of Global Trust
Common Stock to Value Trust&#146;s common stockholders, including the fees and
expenses of counsel and accountants and printing, listing and registration
fees, together with the costs of soliciting Value Trust stockholders&#146; approval
of the Transaction and the costs incurred in connection with seeking an
exemptive order from the Commission relating to the Transaction, are estimated
to be approximately $[700,000] and will be borne by Royce. In addition, Global
Trust will incur operating expenses on an ongoing basis, including investment
advisory, legal, auditing, transfer agency and custodian expenses that, when
aggregated with the fees payable by Value Trust for similar services after the
distribution, will likely exceed the fees currently payable by Value Trust for
those services. It is not expected that the Distribution will have a
significant effect on the annual expenses of Value Trust as a percentage of its
net assets.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Manner of Effecting the Distribution</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
Transaction is approved by stockholders of Value Trust and all other conditions
thereto are satisfied, the Value Trust Board is expected to declare the
Distribution of all the outstanding Global Trust Common Stock, payable on the
Distribution Date to the holders of record of Value Trust Common Stock as of
the close of business on the Distribution Record Date. The Distribution Record
Date and the Distribution Date will be determined by the Value Trust Board
promptly following stockholder approval of the Transaction.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
will effect the Distribution on the Distribution Date by providing for the
delivery of Global Trust Common Stock to the Distribution Agent for
distribution to holders of record of Value Trust Common Stock as of the close
of business on the Distribution Record Date. The Distribution will be made on
the basis of one (1)&nbsp;share of Global Trust Common Stock for every [seven
(7)] shares of Value Trust Common Stock outstanding on the Distribution Record
Date. All such Global Trust Common Stock will be fully paid and nonassessable. The
holders of Global Trust Common Stock will have no preemptive rights to
subscribe for additional Global Trust Common Stock or other securities of
Global Trust. See &#147;Description of Capital Stock&#151; Global Trust.&#148; Commencing on
or about the Distribution Date, Global Trust Common Stock will be credited in
book-entry form to accounts registered directly with the transfer agent, with a
confirmation statement mailed to stockholders. Stockholders will not receive
share certificates unless they request them from the transfer agent.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of Global Trust Common Stock will be issued as part of the
Distribution. The Distribution Agent will aggregate the fractional shares to
which holders of Value Trust Common Stock would otherwise be entitled and
attempt to sell them in the open market at then prevailing prices on behalf of
such holders, and such holders will receive instead a cash payment in the
amount of their pro&nbsp;rata share of the total sales proceeds. Thus, a person
who holds a number of shares of Value Trust Common Stock that is not an even
multiple of [seven (7)] will receive the appropriate number of Global Trust
Common Stock and a check for his or her pro&nbsp;rata share of the proceeds
from sales of fractional share interests. A holder of fewer than [seven (7)]
shares of Value Trust Common Stock will receive no Global Trust Common Stock in
the Distribution but will be entitled only to his or her pro&nbsp;rata share of
the proceeds from sales of fractional share interests. Sales of fractional
Global Trust Common Stock are expected to be made as soon as practicable after
the Distribution Date and checks representing proceeds of fractional share
sales of Global Trust Common Stock will be mailed shortly thereafter. Royce
will bear the cost of commissions incurred in connection with such sales.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder
of Value Trust Common Stock will be required to pay to Value Trust any cash or
other consideration for Global Trust Common Stock received in the Distribution
or to surrender or exchange shares of Value Trust Common Stock in order to
receive Global Trust Common Stock. The Distribution will not affect the number
of, nor the rights attaching to, outstanding shares of Value Trust Common
Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of
Global Trust Common Stock distributed in connection with the Distribution will
be freely transferable, except for shares received by persons who may be deemed
to be &#147;affiliates&#148; of Global Trust under the 1933 Act. Persons who may be
deemed to be &#147;affiliates&#148; of Global Trust after the Distribution generally
include individuals or entities that control, are controlled by or are under
common control with Global Trust, and may </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>include certain officers and directors of Global Trust as well as
principal stockholders of Global Trust. Persons who are affiliates of Global
Trust will be permitted to sell their Global Trust Common Stock only pursuant
to an effective registration statement under the 1933 Act or an exemption from
the registration requirements of the 1933 Act, such as the exemptions afforded
by Section&nbsp;4(2) of the 1933 Act and Rule&nbsp;144 thereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Costs Associated with Sales of Global Trust
Common Stock</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Value
Trust common stockholder sells Global Trust Common Stock that he or she
receives in the Distribution, the stockholder may incur brokerage commissions
and the sale may constitute a taxable event for the stockholder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Allocation of Investment Opportunities</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the
Distribution, Value Trust and Global Trust and other clients of the Investment
Adviser or its affiliates may purchase or sell the same securities. The
Investment Adviser follows a policy of allocating purchases and sales of the
same security among Value Trust and other managed accounts in a manner deemed
fair and equitable to all accounts. See &#147;Portfolio Transactions&#148; in the section
entitled &#147;Additional Information&#148; in the Statement of Additional Information.</FONT></P>

<P ALIGN=center><FONT SIZE=2><B>INVESTMENT GOALS AND POLICIES OF VALUE TRUST AND GLOBAL TRUST</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
Trust&#146;s investment goal and one of its fundamental policies is long-term
capital growth, which it seeks to achieve by normally investing more than 65%
of its assets in common stocks, preferred stocks and convertible debentures.
Portfolio securities are selected primarily with a view to achievement of this
objective. There are market risks inherent in any investment, and there is no
assurance that the investment goal of the Fund will be achieved.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
Trust&#146;s investment goal of long-term capital growth is a fundamental policy of
the Fund and may not be changed without approvals of the holders of a majority
of the Fund&#146;s outstanding shares of common stock and Cumulative Preferred Stock
and any other preferred stock of Value Trust (&#147;Value Trust Preferred Stock&#148;),
voting together as a single class, and a majority of the Cumulative Preferred
Stock and any other Value Trust Preferred Stock, voting as a separate class
(which for this purpose and under the 1940 Act means the lesser of (i)&nbsp;67%
or more of the relevant shares of capital stock of the Fund present or represented
at a meeting of stockholders, at which the holders of more than 50% of the
outstanding relevant shares of capital stock are present or represented or
(ii)&nbsp;more than 50% of the outstanding relevant shares of capital stock of
the Fund). Except as indicated under &#147;Investment Restrictions&#148; in
Appendix&nbsp;A, Value Trust does not consider its other policies to be
fundamental, and such policies may be changed by the Board of Directors without
stockholder approval or, except as required by law, prior notice to stockholders.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goal of Global Trust is long-term growth of capital. Unlike Value
Trust, which may invest up to 25% of its assets in securities of issuers
headquartered outside the United States, Global Trust is not restricted in the
amount of its assets that may be invested in securities of foreign issuers, and
under normal market circumstances, Global Trust will invest at least 65% of its
net assets in the equity securities of companies located in at least three
countries outside of the United States. A company is deemed to be &#147;located&#148;
outside the United States if its country of organization, its headquarters
and/or the principal trading market of its stock are located outside of the
United States. The investment goal of Global Trust is not a fundamental policy,
and may be changed by the Fund&#146;s Board of Directors without stockholder
approval.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment restrictions of the Funds, including fundamental investment
restrictions, are set forth in Appendix&nbsp;A.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Value Trust</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goal of the Value Trust is to obtain long-term capital growth by
normally investing more than 65% of its assets in common stock, preferred
stocks and convertible debentures. The Fund may also invest up </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>to 35% of its assets in non-convertible debt securities of various
companies. The Fund seeks to achieve its objective by investing principally in
equity securities of small- and medium-sized companies, generally with stock
market capitalizations ranging from $100&nbsp;million to $2.5&nbsp;billion,
selected by a value approach.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce uses
a value method in managing Value Trust&#146;s assets. In selecting securities for
Value Trust, Royce evaluates the quality of a company&#146;s balance sheet, the
level of its cash flows and various measures of a company&#146;s profitability.
Royce then uses these factors to assess the company&#146;s current worth, basing
this assessment on either what it believes a knowledgeable buyer might pay to
acquire the entire company or what it thinks the value of the company should be
in the stock market. This analysis takes a number of factors into
consideration, including the company&#146;s future growth prospects and current
financial condition.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
invests in securities of companies that are trading significantly below its
estimate of the company&#146;s &#147;current worth&#148; in an attempt to reduce the risk of
overpaying for such companies. Royce&#146;s value approach strives to reduce some of
the other risks of investing in small- and micro-cap companies (for the Fund&#146;s
portfolio taken as a whole) by evaluating various other risk factors. Royce
attempts to lessen financial risk by buying companies that combine strong
balance sheets with low leverage. While there can be no assurance that this
risk-averse value approach will be successful, Royce believes that it can
reduce some of the risks of investing in the securities of small- and micro-cap
companies, which are inherently fragile in nature and whose securities have
substantially greater market price volatility. Although Royce&#146;s approach to
security selection seeks to reduce downside risk to the Fund&#146;s portfolio,
especially during periods of broad small-cap market declines, it may also
potentially have the effect of limiting gains in strong small-cap up markets.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
Investments</I>. Value Trust may invest up to 25% of its
assets in securities of issuers headquartered outside the United States.
Foreign investments involve certain additional risks, such as political or
economic instability of the issuer or of the country of issue, fluctuating
exchange rates and the possibility of imposition of exchange controls.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Convertible
Debt</I>. Value Trust may invest up to 35% of its assets
in direct obligations of the government of the United States or its agencies
and/or in non-convertible debt securities of various issuers, including up to
5% of its net assets in below investment-grade debt securities, also known as
high-yield fixed income securities. Such below investment-grade debt securities
may be in the lowest-grade categories of recognized ratings agencies (C in the
case of Moody&#146;s Investor Service, Inc. (&#147;Moody&#146;s&#148;) or D in the case of Standard
&amp; Poor&#146;s) or may be unrated. High-yield/high-risk investments are primarily
speculative and may entail substantial risk of loss of principal and
non-payment of interest, but may also produce above-average returns for the
Fund. Debt securities rated C or D may be in default as to the payment of
interest or repayment of principal.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants,
Rights or Options</I>. Value Trust may invest up to 5% of
its assets in warrants, rights or options. A warrant, right or call option
entitles the holder to purchase a given security within a specified period for
a specified price and does not represent an ownership interest in the
underlying security. A put option gives the holder the right to sell a
particular security at a specified price during the term of the option. These
securities have no voting rights, pay no dividends and have no liquidation
rights. In addition, market prices of warrants, rights or call options do not
necessarily move parallel to the market prices of the underlying securities;
market prices of put options tend to move inversely to the market prices of the
underlying securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
Lending</I>. Value Trust may lend up to 25% of its assets
to brokers, dealers and other financial institutions. However, under the
nationally recognized statistical rating organization (&#147;NRSRO&#148;) current rating
agency guidelines relating to the Cumulative Preferred Stock, the Fund may not
lend portfolio securities in excess of 15% of its total assets. The NRSRO&#146;s
current rating agency guidelines may in the future be amended to permit the
Fund to lend a greater percentage of its total assets. Securities lending
allows the Fund to retain ownership of the securities loaned and, at the same
time, to earn additional income. Since there may be delays in the recovery of
loaned securities or even a loss of rights in collateral supplied should the
borrower fail financially, loans will be made only to parties that participate
in a Global Securities Lending Program organized and monitored by the Fund&#146;s
custodian and who are deemed by it to be of good standing. Furthermore, such
loans will be made only if, in Royce&#146;s judgment, the consideration to be earned
from such loans would justify the risk.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current
view of the staff of the Commission is that a Fund may engage in such loan
transactions only under the following conditions: (i)&nbsp;the Fund must
receive 100% collateral in the form of cash or cash equivalents (e.g.,
U.S.&nbsp;Treasury bills or notes) from the borrower; (ii)&nbsp;the borrower
must increase the collateral whenever the market value of the securities loaned
(determined on a daily basis at the close of regular trading) rises above the
value of the collateral; (iii)&nbsp;after giving notice, the Fund must be able
to terminate the loan at any time; (iv)&nbsp;the Fund must receive reasonable
interest on the loan or a flat fee from the borrower, as well as amounts
equivalent to any dividends, interest or other distributions on the securities
loaned; (v)&nbsp;the Fund may pay only reasonable custodian fees in connection
with the loan; and (vi)&nbsp;the Fund must be able to vote proxies on the
securities loaned, either by terminating the loan or by entering into an
alternative arrangement with the borrower.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary
Investments</I>. The assets of Value Trust are normally
invested in the equity securities of small- and micro-cap companies. However,
for temporary defensive purposes (i.e., when Royce determines that market
conditions warrant) or when it has uncommitted cash balances, the Fund may also
invest in U.S.&nbsp;Treasury bills, domestic bank certificates of deposit,
repurchase agreements with its custodian bank covering United States Treasury
and agency obligations having a term of not more than one week, high-quality
commercial paper and money market funds registered under the 1940 Act, or
retain all or part of its assets in cash. Accordingly, the composition of the
Fund&#146;s portfolio may vary from time to time.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Global Trust</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goal of Global Trust is long-term growth of capital. Under normal
market circumstances, Global Trust will invest at least 80% of its net assets
in equity securities (such as common stock and preferred stock) and at least
65% of its net assets in the equity securities of companies located in at least
three countries outside of the United States. A company is deemed to be
&#147;located&#148; outside the United States if its country of organization, its
headquarters and/or the principal trading market of its stock are located
outside of the United States. From time to time, a substantial portion of the
Fund&#146;s assets may be invested in companies located in a single country. The
Fund may also invest up to 20% of its net assets in U.S.&nbsp;and
non-U.S.&nbsp;non-convertible debt. Although there are no geographic limits on
the Fund&#146;s investments, no more than 35% of the Fund&#146;s net assets may be
invested in the securities of companies headquartered in &#147;developing
countries,&#148; also known as emerging markets. Generally, developing countries,
sometimes also referred to as emerging market countries, include every country
in the world other than the United States, Canada, Japan, Australia, New
Zealand, Hong Kong, Singapore, South Korea and Western European countries
(which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece,
Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland and the United Kingdom). In selecting securities for Global Trust,
Royce will use a bottom-up, value approach. Royce will primarily focus on
company-specific criteria rather than on political, economic or other
country-specific factors. Global Trust does not expect to purchase or sell
foreign currencies to hedge against declines in the U.S.&nbsp;dollar or to lock
in the value of any foreign securities that it purchases.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce will
invest the Global Trust&#146;s assets primarily in the equity securities of
companies that it believes are trading significantly below its estimate of
their current worth. Royce will base this assessment chiefly on balance sheet
quality and cash flow levels. Although the Fund may invest in the equity
securities of companies of any market capitalization, Royce expects that
generally a significant portion of the Fund&#146;s assets will be invested in the
equity securities of micro-cap, small-cap and/or mid-cap companies with market
capitalizations up to $10&nbsp;billion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
Investing</I>. Global Trust&#146;s portfolio managers will use
various value methods in managing its assets. In selecting securities for the
Fund, they evaluate the quality of a company&#146;s balance sheet, the level of its
cash flows and other measures of a company&#146;s financial condition and
profitability. The portfolio managers may also consider other factors, such as
a company&#146;s unrecognized asset values, its future growth prospects or its
turnaround potential following an earnings disappointment or other business
difficulties. The portfolio managers then use these factors to assess the
company&#146;s current worth, basing this assessment on either what they believe a
knowledgeable buyer might pay to acquire the entire company or what they think
the value of the company should be in the stock market.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust&#146;s portfolio managers generally will invest in securities of companies
that are trading significantly below their estimate of the company&#146;s current
worth in an attempt to reduce the risk of overpaying for </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>such companies. Seeking long-term growth of capital, they also evaluate
the prospects for the market price of the company&#146;s securities to increase over
a two- to five-year period toward this estimate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce&#146;s
value approach strives to reduce some of the other risks of investing in the
securities of smaller companies (for the Fund&#146;s portfolio taken as a whole) by
evaluating other risk factors. For example, its portfolio managers generally
attempt to lessen financial risk by buying companies with strong balance sheets
and low leverage.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While there
can be no assurance that this risk-averse value approach will be successful,
Royce believes that it can reduce some of the risks of investing in micro-cap,
small-cap and mid-cap companies, which are inherently fragile in nature and
whose securities have substantially greater market price volatility.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
Royce&#146;s approach to security selection seeks to reduce downside risk to the
Fund&#146;s portfolio, especially during periods of broad smaller-company stock
market declines, it may also potentially have the effect of limiting gains in
strong smaller-company up markets.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary
Investments</I>. Global Trust may invest in short-term
fixed income securities for temporary defensive purposes or to invest
uncommitted cash balances. If the Fund should implement a temporary investment
policy, it may not achieve its investment goal while that policy is in effect.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing
in Non-U.S.&nbsp;Securities. </I>Royce believes that
investing in foreign securities offers both enhanced investment opportunities
and additional risks beyond those present in U.S.&nbsp;securities. Investing in
foreign securities may provide increased diversification by adding securities
from various foreign countries (i)&nbsp;that offer different investment
opportunities, (ii)&nbsp;that generally are affected by different economic
trends and (iii)&nbsp;whose stock markets do not generally move in a manner
parallel to U.S.&nbsp;markets. At the same time, these opportunities and trends
involve risks that may not be encountered in U.S.&nbsp;investments.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following considerations comprise both risks and opportunities not typically
associated with investing in U.S.&nbsp;securities: fluctuations in exchange
rates of foreign currencies; possible imposition of exchange control
regulations or currency restrictions that would prevent cash from being brought
back to the United States; less public information with respect to issuers of
securities; less government supervision of stock exchanges, securities brokers
and issuers of securities; lack of uniform accounting, auditing and financial
reporting standards; lack of uniform settlement periods and trading practices;
less liquidity and frequently greater price volatility in foreign markets than
in the United States; possible imposition of foreign taxes; the possibility of
expropriation or confiscatory taxation, seizure or nationalization of foreign
bank deposits or other assets, the adoption of foreign government restrictions
and other adverse political, social or diplomatic developments that could
affect investment; sometimes less advantageous legal, operational and financial
protections applicable to foreign sub-custodial arrangements; and the
historically lower level of responsiveness of foreign management to shareholder
concerns (such as dividends and return on investment).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Convertible
Debt. </I>Global Trust may invest up to 20% of its net
assets in direct obligations of the government of the United States or its
agencies, or the governments of non-U.S.&nbsp;countries or their agencies,
and/or in non-convertible debt securities of various U.S.&nbsp;and
non-U.S.&nbsp;issuers, including up to 5% of its net assets in below
investment-grade debt securities, also known as high-yield fixed income
securities. Such below investment-grade debt securities may be in the
lowest-grade categories of recognized ratings agencies (C in the case of
Moody&#146;s Investor Service, Inc. (&#147;Moody&#146;s&#148;) or D in the case of Standard &amp;
Poor&#146;s) or may be unrated. High-yield/high-risk investments are primarily
speculative and may entail substantial risk of loss of principal and
non-payment of interest, but may also produce above-average returns for the
Fund. Debt securities rated C or D may be in default as to the payment of
interest or repayment of principal.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developing
Countries</I>. The risks described above for foreign
securities, including the risks of nationalization and expropriation of assets,
are typically increased to the extent that the Fund invests in companies
headquartered in developing, or emerging market, countries. Investments in
securities of companies headquartered in such countries may be considered
speculative and subject to certain special risks. The political and economic
structures in many of these countries may be in their infancy and developing
rapidly, and such countries may lack the social, political and economic
characteristics of more developed countries. Certain of these countries have in
the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>past failed to recognize private property rights and have at times
nationalized and expropriated the assets of private companies. Some countries have
inhibited the conversion of their currency to another. The currencies of
certain developing countries have experienced devaluation relative to the
U.S.&nbsp;dollar, and future devaluations may adversely affect the value of the
Fund&#146;s assets denominated in such currencies. Some developing countries have
experienced substantial rates of inflation for many years. Continued inflation
may adversely affect the economies and securities markets of such countries. In
addition, unanticipated political or social developments may affect the value
of the Fund&#146;s investments in these countries and the availability to the Fund
of additional investments in these countries. The small size, limited trading
volume and relative inexperience of the securities markets in these countries
may make the Fund&#146;s investments in such countries illiquid and more volatile
than investments in more developed countries, and the Fund may be required to
establish special custodial or other arrangements before making investments in
these countries. There may be little financial or accounting information
available with respect to companies located in these countries, and it may be
difficult as a result to assess the value or prospects of an investment in such
companies.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
Lending</I>. Global Trust may lend up to 25% of its total
assets to brokers, dealers and other financial institutions. Securities lending
allows the Fund to retain ownership of the securities loaned and, at the same
time, to earn additional income. Since there may be delays in the recovery of
loaned securities or even a loss of rights in collateral supplied should the
borrower fail financially, loans will be made only to parties that participate
in a global securities lending program organized and monitored by the Fund&#146;s
custodian and who are deemed by it to be of good standing. Furthermore, such
loans will be made only if, in Royce&#146;s judgment, the consideration to be earned
from such loans would justify the risk.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current
view of the staff of the Commission is that a Fund may engage in such loan
transactions only under the following conditions: (i)&nbsp;the Fund must
receive 100% collateral in the form of cash or cash equivalents (e.g.,
U.S.&nbsp;Treasury bills or notes) from the borrower; (ii)&nbsp;the borrower
must increase the collateral whenever the market value of the securities loaned
(determined on a daily basis at the close of regular trading) rises above the
value of the collateral; (iii)&nbsp;after giving notice, the Fund must be able
to terminate the loan at any time; (iv)&nbsp;the Fund must receive reasonable
interest on the loan or a flat fee from the borrower, as well as amounts
equivalent to any dividends, interest or other distributions on the securities
loaned; (v)&nbsp;the Fund may pay only reasonable custodian fees in connection
with the loan; and (vi)&nbsp;the Fund must be able to vote proxies on the
securities loaned, either by terminating the loan or by entering into an
alternative arrangement with the borrower.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Risk Factors</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as
noted below, Value Trust and Global Trust are generally subject to the same
principal risk factors. The principal risk factors of the Funds are discussed
below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><I>Value Trust and
Global Trus</I></B><I>t</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust is subject to the following risks:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Market Risk</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As with any
investment company that invests in common stocks, each Fund is subject to
market risk &#150; the possibility that common stock prices will decline over short
or extended periods of time. As a result, the value of an investment in the
Fund&#146;s common stock will fluctuate with the market, and you could lose money
over short or long periods of time.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Investing in Smaller Capitalization Companies</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
normally invests at least 65% of Value Trust&#146;s assets in the equity securities
of micro-cap and small-cap companies, or companies with market capitalizations
of up to $2.5&nbsp;billion. Royce expects that generally a significant portion
of the Global Trust&#146;s assets will be invested in the equity securities of
micro-cap, small-cap and/or mid-cap companies with market capitalizations up to
$10&nbsp;billion.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce views
the large and diverse universe of smaller companies available for investment by
the Fund as having three investment segments or tiers&#151;micro-cap, small-cap and
mid-cap. Royce refers to the segment of companies with market capitalizations
up to $500&nbsp;million as micro-cap. Royce defines the next tier, the
small-cap universe, as those companies with market capitalizations between
$500&nbsp;million and $2.5&nbsp;billion. Finally, Royce defines mid-cap as
those companies with market caps between $2.5&nbsp;billion and
$15&nbsp;billion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller
companies offer investment opportunities and additional risks. They may not be
well known to the investing public, may not be significantly owned by institutional
investors and may not have steady earnings growth. In addition, the securities
of such companies may be more volatile in price, have wider spreads between
their bid and ask prices and have significantly lower trading volumes than the
securities of larger capitalization companies.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a
result, the purchase or sale of more than a limited number of shares of the
securities of a smaller company may affect its market price. Royce may need a
considerable amount of time to purchase or sell its positions in these
securities, particularly when other Royce-managed accounts or other investors
are also seeking to purchase or sell them. Accordingly, Royce&#146;s investment
focus on the securities of smaller companies generally leads it to have a
long-term investment outlook of at least two years for a portfolio security.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S.&nbsp;micro-cap segment consists of more than 3,100 companies. These
companies are followed by few, if any, securities analysts, and there tends to
be less publicly available information about them. Their securities generally
have even more limited trading volumes and are subject to even more abrupt or
erratic market price movements than are small-cap and mid-cap securities, and
Royce may be able to deal with only a few market-makers when purchasing and
selling micro-cap securities. Such companies may also have limited markets,
financial resources or product lines, may lack management depth and may be more
vulnerable to adverse business or market developments. These conditions, which
create greater opportunities to find securities trading well below Royce&#146;s
estimate of the company&#146;s current worth, also involve increased risk.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S.&nbsp;small-cap tier consists of more than 1,200 companies. In this
segment, there is a relatively higher level of institutional investor ownership
and more research coverage by securities analysts than generally exists for
micro-cap companies. This greater attention makes the market for such
securities more efficient compared to micro-cap securities because they have
somewhat greater trading volumes and narrower bid/ask prices.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed below, Global Trust may also invest significant assets in
U.S.&nbsp;and non-U.S.&nbsp;mid-cap securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust invests, and Value Trust may invest, in foreign securities. The foreign
smaller company market consists of more than 15,000 companies in developed
countries. More information regarding investing in foreign securities is set
forth below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Selection Risk</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Different
types of stocks tend to shift into and out of favor with stock market
investors, depending on market and economic conditions. The performance of
funds that invest in value-style stocks may at times be better or worse than
the performance of stock funds that focus on other types of stocks or that have
a broader investment style.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Market Price of Shares</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
Value Trust Common Stock has at times traded on the NYSE at a market price
above its net asset value (a premium), the Fund&#146;s shares have recently traded in
the market below (a discount) net asset value. There can be no assurance that
the Fund&#146;s shares will trade at a premium in the future, or that any such
premium would be sustainable. The Fund&#146;s shares have traded at discounts of as
much as 20.80% in the past five years. Market price risk is a risk separate and
distinct from the risk that a Fund&#146;s net asset value will decrease. In the year
ended December&nbsp;31, 2010, the Fund&#146;s shares traded in the market at an
average discount to net asset value of 15.54%. As of December&nbsp;31, 2010,
the market price discount to net asset value was 13.09%. Value Trust cannot
predict whether Global Trust Common Stock will trade at, below or above net
asset value.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Leverage and Borrowing</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund
is authorized to borrow money. However, so long as the Cumulative Preferred
Stock is rated by a NRSRO, Value Trust cannot borrow for investment leverage
purposes. Borrowings create an opportunity for greater capital appreciation
with respect to a Fund&#146;s investment portfolio, but at the same time such
borrowing is speculative in that it will increase the Fund&#146;s exposure to
capital risk. In addition, borrowed funds are subject to interest costs that
may offset or exceed the return earned on the borrowed funds. See &#147;&#151; Risks to Common
Stockholders of Borrowing Money and Issuing Senior Securities&#148; below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Foreign Investments</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust invests, and Value Trust may invest, in securities of foreign issuers.
Value Trust may invest up to 25% of its asset in securities of issuers
headquartered outside the United States. Global Trust is not subject to any
limitation on investments in securities of foreign issuers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
investments involve certain risks which typically are not present in securities
of domestic issuers. There may be less information available about a foreign
company than a domestic company; foreign companies may not be subject to
accounting, auditing and reporting standards and requirements comparable to
those applicable to domestic companies; and foreign markets, brokers and
issuers are generally subject to less extensive government regulation than
their domestic counterparts. Markets for foreign securities may be less liquid
and may be subject to greater price volatility than those for domestic securities.
Foreign brokerage commissions and custodial fees are generally higher than
those in the United States. Foreign markets also have different clearance and
settlement procedures, and in certain markets there have been times when
settlements have been unable to keep pace with the volume of securities
transactions, thereby making it difficult to conduct such transactions. Delays
or problems with settlements might affect the liquidity of a Fund&#146;s portfolio.
Foreign investments may also be subject to local economic and political risks,
political, economic and social instability, military action or unrest or
adverse diplomatic developments, and possible nationalization of issuers or
expropriation of their assets, which might adversely affect a Fund&#146;s ability to
realize on its investment in such securities. Royce may not be able to
anticipate these potential events or counter their effects. Furthermore, some
foreign securities are subject to brokerage taxes levied by foreign
governments, which have the effect of increasing the cost of such investment
and reducing the realized gain or increasing the realized loss on such
securities at the time of sale.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
changes in foreign currency rates may adversely affect a Fund&#146;s foreign
investments, Royce does not expect to purchase or sell foreign currencies for
the Funds to hedge against declines in the U.S.&nbsp;dollar or to lock in the
value of any foreign securities they purchase. Consequently, the risks
associated with such investments may be greater than if the Funds were to
engage in foreign currency transactions for hedging purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange
control regulations in such foreign markets may also adversely affect the
Funds&#146; foreign investments and the Funds&#146; ability to make certain distributions
necessary to maintain their eligibility as regulated investment companies and
avoid the imposition of income and excise taxes may, to that extent, be
limited.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No more
than 35% of Global Trust&#146;s net assets may be invested in the securities of
companies headquartered in &#147;developing countries,&#148; also known as emerging
markets. The considerations noted above are generally intensified for
investments in developing countries. See &#147;&#151;Developing Countries&#148; below.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds
may purchase the securities of foreign companies in the form of American
Depositary Receipts (ADRs). ADRs are certificates held in trust by a bank or
similar financial institution evidencing ownership of securities of a
foreign-based issuer. Designed for use in U.S.&nbsp;securities markets, ADRs
are alternatives to the purchase of the underlying foreign securities in their
national markets and currencies.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depositories
may establish either unsponsored or sponsored ADR facilities. While ADRs issued
under these two types of facilities are in some respects similar, there are
distinctions between them relating to the rights and obligations of ADR holders
and the practices of market participants. A depository may establish an
unsponsored facility without participation by (or even necessarily the
acquiescence of) the issuer of the deposited securities, although typically the
depository requests a letter of non-objection from such issuer prior to the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>establishment of the facility. Holders of unsponsored ADRs generally
bear all the costs of such facilities. The depository usually charges fees upon
the deposit and withdrawal of the deposited securities, the conversion of
dividends into U.S.&nbsp;dollars, the disposition of non-cash distributions and
the performance of other services. The depository of an unsponsored facility
frequently is under no obligation to distribute shareholder communications
received from the issuer of the deposited securities or to pass through voting
rights to ADR holders in respect of the deposited securities. Depositories
create sponsored ADR facilities in generally the same manner as unsponsored
facilities, except that the issuer of the deposited securities enters into a
deposit agreement with the depository. The deposit agreement sets out the
rights and responsibilities of the issuer, the depository and the ADR holders.
With sponsored facilities, the issuer of the deposited securities generally
will bear some of the costs relating to the facility (such as deposit and
withdrawal fees). Under the terms of most sponsored arrangements, depositories
agree to distribute notices of shareholder meetings and voting instructions and
to provide shareholder communications and other information to the ADR holders
at the request of the issuer of the deposited securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Developing Countries</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally
developing countries include every country in the world other than the United
States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South
Korea, Taiwan and Western European countries (which include, Austria, Belgium,
Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the
Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United
Kingdom). The considerations noted above in &#147;Foreign Investments&#148; are generally
intensified for investments in developing countries. A number of developing
countries restrict, to varying degrees, foreign investment in stocks.
Repatriation of investment income, capital, and the proceeds of sales by
foreign investors may require governmental registration and approval in some
developing countries. A number of the currencies of developing countries have
experienced significant declines against the U.S.&nbsp;dollar in recent years,
and devaluation may occur subsequent to investment in these countries by the
Funds. Inflation and rapid fluctuations in inflation rates have had and may
continue to have negative effects on the economies and securities markets of
certain developing countries. Many of the developing securities markets are
relatively small or less diverse, have low trading volumes, suffer periods of
relative illiquidity and are characterized by significant price volatility.
Developing countries may have antiquated legal systems with existing laws and
regulations that are inconsistently applied. Generally developing countries are
not subject to as extensive and frequent accounting and financial reporting
requirements as in the United States. Transaction costs, including brokerage
commissions and dealer mark-ups in developing countries may be higher than in the
United States or other developed countries. There is a risk in developing
countries that a future economic or political crisis could lead to price
controls, forced mergers of companies, expropriation or confiscatory taxation,
seizure, nationalization, or creation of government monopolies, any of which
may have a detrimental effect on the Funds&#146; investments.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Warrants, Rights or Options</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may invest up to 5% of its total assets in
warrants, rights and options. A warrant, right or call option entitles the
holder to purchase a given security within a specified period for a specified
price and does not represent an ownership interest. A put option gives the
holder the right to sell a particular security at a specified price during the
term of the option. These securities have no voting rights, pay no dividends
and have no liquidation rights. In addition, their market prices do not
necessarily move parallel to the market prices of the underlying securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Preferred Stock - Leverage Risk</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
leverage resulting from the issuance of preferred stock by a Fund creates risks
for holders of common stock of the Fund, including higher volatility of both
the net asset values and market prices of the common stock. If the Fund is able
to realize a net return on its investment portfolio in excess of the then
current dividend rate of the preferred stock, the effect of leverage permits
holders of common stock to realize a higher current rate of return than if the
Fund were not leveraged. On the other hand, if the current dividend rate on the
preferred stock exceeds the net return on the Fund&#146;s investment portfolio, the
Fund&#146;s leveraged capital structure will result in a lower rate of return to
holders of common stock than if the Fund were not leveraged. Similarly, because
any decline in the value of the Fund&#146;s investments will be borne entirely by
holders of common stock, the effect of leverage in a declining market results
in a greater decrease in net asset value to holders of common stock than if the
Fund were not leveraged, which would likely be reflected in a greater decline
in the market price for shares of Common Stock. See &#147; &#151; Risks </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>to Common Stockholders of Borrowing Money and Issuing Senior
Securities.&#148; Leveraging through the issuance of preferred stock requires that
the holders of the preferred stock have class voting rights on various matters
that could make it more difficult for the holders of the common stock to change
the investment goal or other fundamental policies of the Fund, to convert the
Fund to an open-end fund or make certain other changes. See &#147;Investment Goals
and Policies of Value Trust and Global Trust &#147;and &#147;Description of Capital Stock
&#151; Certain Corporate Governance Provisions.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
Royce&#146;s advisory fee for Global Trust is based on the average net assets of
Global Trust, and Royce&#146;s advisory fee for Value Trust is partially based on
the average net assets of Value Trust (in each case including assets obtained
from the sale of preferred stock by the Fund), Royce generally benefits from a
Fund&#146;s issuance of preferred stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Risks to Common Stockholders of Borrowing
Money and Issuing Senior Securities</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
The 1940 Act and each Fund&#146;s fundamental policies (see &#147;Investment
Restrictions&#148; in Appendix&nbsp;A to this Combined Prospectus/Proxy Statement)
permit the Fund to borrow money from banks and certain other lenders and to
issue and sell senior securities representing indebtedness or consisting of
preferred stock if various requirements are met. Such requirements include
initial asset coverage tests of 300% for indebtedness (see &#147;Risk Factors and
Special Considerations &#151; Asset Coverage Test&#148; in the Statement of Additional
Information) and 200% for preferred stock and, except for indebtedness to banks
and certain other lenders, restrictive provisions concerning common stock
dividend payments, other common stock distributions, stock repurchases and
maintenance of asset coverage and giving certain senior security holders the
right to elect directors in the event specified asset coverage tests are not
met or dividends are not paid. As of December&nbsp;31, 2010, the aggregate
involuntary liquidation preference of the Cumulative Preferred Stock was
$220,000,000. At this level, a decrease of 57% of Value Trust&#146;s total assets or
67% of its net assets would be necessary to reduce the asset coverage for the
Cumulative Preferred Stock to less than 200%. The issuance and sale of senior
securities allows each Fund to raise additional cash for investments. It is a
speculative investment technique, involving the risk considerations of leverage
and increased share price volatility. So long as the Cumulative Preferred Stock
is rated by a NRSRO, Value Trust cannot borrow for investment leverage purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Borrowings</U>.
The following factors could increase the investment risk and the volatility of
the price of a Fund&#146;s shares of common stock: (i)&nbsp;leveraging exaggerates
any increase or decrease in the value of the Fund&#146;s portfolio; (ii)&nbsp;the
costs of borrowing may exceed the income from the portfolio securities
purchased with the borrowed money; (iii)&nbsp;a decline in NAV results if the
investment performance of the additional securities purchased fails to cover
their cost to the Fund (including any interest paid on the money borrowed);
(iv)&nbsp;a decline in NAV could affect the ability of the Fund to make common
stock dividend payments; (v)&nbsp;a failure to pay net investment income
dividends or make capital gains distributions could result in the Fund&#146;s
ceasing to qualify as a regulated investment company under the Code, or in its
having to pay certain entity level taxes even if it maintains its status as a
regulated investment company (see &#147;Taxation&#148;); and (vi)&nbsp;if the asset
coverage for debt securities declines to less than 300% (as a result of market
fluctuations or otherwise), the Fund may be required to sell a portion of its
investments when it may be disadvantageous to do so.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferred
Stock</U>. Preferred stock may result in higher volatility of the NAV of a
Fund&#146;s common stock and potentially more volatility in the market price of the
common stock. Holders of common stock will realize a higher current rate of
return than if the Fund were not leveraged only so long as the Fund, after
accounting for its costs and operating expenses, is able to realize a higher
net return on its investment portfolio than the then current dividend rates
paid on preferred stock. Similarly, since a pro&nbsp;rata portion of a Fund&#146;s
net realized capital gains are generally payable to holders of common stock,
the use of leverage will increase the amount of such gains distributed to
holders of common stock. To the extent that the dividend rates on preferred
stock approach the net return on the Fund&#146;s investment portfolio, the benefit of
leverage to holders of common stock will be decreased. (If the dividend rates
on preferred stock were to exceed the net return on the Fund&#146;s portfolio,
holders of common stock would receive a lower rate of return than if the Fund
were not leveraged.) Similarly, since both the cost of issuing preferred stock
and any decline in the value of the Fund&#146;s investments (including investments
purchased with the proceeds from preferred stock offerings) is borne entirely
by holders of common stock, the effect of leverage in a declining market would
result in a greater decrease in NAV to holders of common stock than if the Fund
were not leveraged. Such decrease in NAV likely would be reflected in a greater
decline in the market price for shares of the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Fund&#146;s common stock. If a Fund is liquidated, holders of preferred
stock will be entitled to receive liquidating distributions before any
distribution is made to holders of the Fund&#146;s common stock. Redemption of
preferred stock or insufficient investment income to make dividend payments may
reduce the NAV of the common stock by requiring the Fund to liquidate a portion
of its investments at a time when it may be disadvantageous to do so.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In an
extreme case, a decline in NAV could affect a Fund&#146;s ability to pay dividends
on its common stock. Failure to make such dividend payments could adversely
affect the Fund&#146;s qualification as a regulated investment company under the
Code. See &#147;Taxation&#148;. However, each Fund intends to take all measures necessary
to make such common stock dividend payments. If a Fund&#146;s current investment
income is ever insufficient to meet dividend payments on either its common
stock or preferred stock, the Fund may have to liquidate certain of its
investments.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The class
and other voting rights of issued preferred stock could make it more difficult
for a Fund to take certain actions that may, in the future, be proposed by the
Fund&#146;s Board of Directors and/or the holders of common stock, such as
(i)&nbsp;a merger, exchange of securities, liquidation or alteration of the
rights of a class of the Fund&#146;s securities if such actions would be adverse to
the preferred stock, (ii)&nbsp;converting the Fund to an open-end investment
company or acting inconsistently with its fundamental investment restrictions
or other fundamental policies or (iii)&nbsp;seeking to operate other than as an
investment company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The future
issuance of any preferred stock convertible into common stock might also reduce
the net income and NAV per share of the common stock upon conversion. Such
income dilution would occur if the Fund could not, from the investments made
with the proceeds of the preferred stock, earn an amount per share of common
stock issuable upon conversion greater than the dividend required to be paid on
the amount of preferred stock convertible into one share of common stock. Such
NAV dilution would occur if preferred stock were converted at a time when the
NAV per share of common stock was greater than the conversion price.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;31, 2010, Value Trust had 66,094,525 shares of common stock
issued and outstanding, with an aggregate NAV of $1,105,879,137, 8,800,000
shares of Cumulative Preferred Stock issued and outstanding, with an aggregate
liquidation preference of $220,000,000, and no outstanding indebtedness.
Accordingly, as of such date, the Fund could have, under the above policies and
restrictions, issued and sold senior securities representing indebtedness of up
to $1,771,758,274 or additional shares of Value Trust Preferred Stock having an
aggregate involuntary liquidation preference of up to $885,879,137 or various
combinations of lesser amounts of both securities representing indebtedness and
Value Trust Preferred Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Value
Trust: Effects of Preferred Stock Leverage on Common Stockholders</U>.
Dividends are payable on the Cumulative Preferred Stock at the annual rates of
5.90%. After giving effect to the Transaction, Value Trust&#146;s portfolio must
experience a return of 1.06% after expenses for the year ending
December&nbsp;31, 2010 in order to cover that year&#146;s dividend on the Cumulative
Preferred Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fees
paid to Royce for investment advisory services are higher than if Value Trust
did not have preferred stock outstanding because they are calculated on the
basis of the Fund&#146;s average net assets (including assets obtained from the sale
of preferred stock). See &#147;Investment Advisory Services Provided by Royce.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table is designed to illustrate the effect on the return to a holder
of Value Trust Common Stock of the leverage obtained with the Cumulative
Preferred Stock, assuming hypothetical annual returns on the Fund&#146;s portfolio
of minus 10% to plus 10%. As the table shows, leverage generally increases the
return to stockholders when portfolio return is positive and decreases the
return when portfolio return is negative. The figures appearing in the
following table are hypothetical. Actual returns may be greater or less than
those appearing in the table.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=312 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=59 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=58 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=58 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=58 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=58 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=58 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH=58 VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#CCEEFF">
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=left style="margin-left:1%"><FONT SIZE=2>Assumed return on portfolio (net of expenses)</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-15%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-10%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-5%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;0%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;5%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;10%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px; border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;15%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px; border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=left style="margin-left:1%"><FONT SIZE=2>Corresponding NAV Return to Common Stockholder</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-19%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-13%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-7%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;-1%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;5%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;11%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px; border-left:solid black 1px">
 <P ALIGN=JUSTIFY style="margin-left:1%"><FONT SIZE=2>&nbsp;17%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px; border-left:solid black 1px; border-bottom:solid black 1px">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Impact of Senior Securities on Common Stockholders</U><I>. </I>The costs related to the
issue and sale of senior securities such as preferred stock, including
underwriting discount, rating agency fees and offering expenses, are paid by
the applicable Fund and, therefore, borne by its common stockholders. Also, the
interest and dividend requirements of such senior securities will reduce the
amount of and may entirely eliminate any net investment income dividends
otherwise payable by the Fund to its common stockholders.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Non-Convertible Debt</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
may invest up to 35% of its assets in direct obligations of the government of
the United States or its agencies and/or in non-convertible debt securities of
various issuers, including up to 5% of its net assets in below investment-grade
debt securities, also known as high-yield fixed income securities. Global Trust
may invest up to 20% of its net assets in direct obligations of the government
of the United States or its agencies, or the governments of
non-U.S.&nbsp;countries or their agencies, and/or in non-convertible debt
securities of various U.S.&nbsp;and non-U.S.&nbsp;issuers, including up to 5%
of its net assets in below investment-grade debt securities. There are no
limits on the maturity or duration of the debt securities in which a Fund may
invest.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two of the
main risks of investing in debt securities are credit risk and interest rate
risk. Below investment-grade debt securities may be in the lowest-grade
categories of recognized ratings agencies (C in the case of Moody&#146;s or D in the
case of Standard &amp; Poor&#146;s) or may be unrated. High-yield/high-risk
investments are primarily speculative and may entail substantial risk of loss
of principal and non-payment of interest, but may also produce above-average
returns for the Fund. Debt securities rated C or D may be in default as to the
payment of interest or repayment of principal. As of the date of this Combined
Prospectus/Proxy Statement, interest rates are near historical lows which makes
it more likely that they will increase in the future which could, in turn,
result in a decline in the market value of the debt securities held by a Fund.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B><I>Global Trust</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Mid-Cap Stocks</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to investing in securities of micro-cap and small-cap companies, Global Trust
may also invest significant assets in U.S.&nbsp;and non-U.S.&nbsp;mid-cap
securities, which Royce defines as those companies with market capitalizations
between $2.5&nbsp;billion and $15&nbsp;billion, a sector that includes more
than 500 companies. In general, mid-caps share many of the same characteristics
as those companies with market caps between $500&nbsp;million and
$2.5&nbsp;billion. As a result, Royce normally employs a more concentrated
approach when investing in these companies, holding proportionately larger
positions in a relatively limited number of securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Certain Corporate Governance Provisions</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The six
Directors of Value Trust who are elected by the holders of Value Trust Common
Stock and Value Trust Preferred Stock voting together are divided into three
classes, each having a staggered term of three years. The two Directors elected
only by the holders of Value Trust Preferred Stock stand for election at each
annual meeting of stockholders. Currently, Global Trust has not issued
Preferred Stock; therefore all eight directors will be elected by the holders
of Global Trust Common Stock until such time, if ever, as Global Trust
Preferred Stock is issued and outstanding. Upon completion of the Transaction,
Global Trust Directors will be divided into three </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>classes, each having a staggered term of three years. Accordingly, it
likely would take three years to change a majority of the Board of Directors of
each Fund. Vacancies on the Board of Directors for one or more of the
classified positions may be filled by the remaining Directors for the balance
of the term of the class. In addition, the By-laws of each of Value Trust and
Global Trust permit stockholders to call a special meeting of stockholders only
if certain procedural requirements are met and the request is made by
stockholders entitled to cast at least a majority of the votes entitled to be cast
at such a meeting. These provisions may have the effect of maintaining the
continuity of management and thus may make it more difficult for the Fund&#146;s
stockholders to change the majority of Directors. See &#147;Description of Capital
Stock &#151; Certain Corporate Governance Provisions.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, certain provisions of the Global Trust Charter may be regarded as
&#147;anti-takeover&#148; provisions. Pursuant to these provisions the affirmative vote
of the holders of 80% of the outstanding voting shares of Global Trust, each
voting as a separate class, is generally required to authorize certain actions,
including amendments to the Global Trust Charter that would be necessary to
directly or indirectly convert Global Trust from a closed-end to an open-end
management investment company, and to authorize certain business transactions,
including the liquidation and dissolution of Global Trust or a merger,
consolidation or sale of substantially all of Global Trust&#146;s assets. See
&#147;Description of Capital Stock &#151; Certain Corporate Governance Provisions.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions described above may be regarded as &#147;anti-takeover&#148; provisions. These
provisions may have the effect of depriving common stockholders of the Funds of
an opportunity to sell their shares at a premium to the prevailing market
price. See &#147;Description of Capital Stock&#151; Certain Corporate Governance
Provisions.&#148;</FONT></P>

<P ALIGN=center><FONT SIZE=2><B>INVESTMENT RESTRICTIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
and Global Trust operate under the investment restrictions described in
Appendix A. The investment practices and restrictions of each of Value Trust
and Global Trust are similar except that there is no limitation on the amount
of foreign securities in which Global Trust may invest whereas Value Trust is
limited to investing up to 25% of its assets, determined at the time of
purchase in companies headquartered outside the United States.</FONT></P>

<P ALIGN=center><FONT SIZE=2><B>MANAGEMENT</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce &amp;
Associates, LLC (&#147;Royce&#148;) is the investment adviser each to each of Value Trust
and Global Trust, and is responsible for the management of each Fund&#146;s assets.
Royce has been investing in smaller-company securities with a value approach
for more than 35&nbsp;years. Its offices are located at 745 Fifth Avenue, New
York, NY 10151.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;1, 2001, Royce became an indirect wholly-owned subsidiary of Legg
Mason, Inc. (&#147;Legg Mason&#148;). On March&nbsp;31, 2002, Royce&#146;s corporate
predecessor was merged into Royce Holdings, LLC (a wholly-owned subsidiary of
Legg Mason), which then changed its name to Royce &amp; Associates, LLC. As a
result of this merger, Royce &amp; Associates, LLC became Value Trust&#146;s
investment adviser and a direct wholly-owned subsidiary of Legg Mason. Founded
in 1899, Legg Mason is a publicly-held financial services company primarily
engaged in providing asset management, securities brokerage, investment banking
and related financial services through its subsidiaries. As of January&nbsp;31,
2011, Legg Mason&#146;s asset management subsidiaries had aggregate assets under
management of approximately $672&nbsp;billion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under each
of Value Trust&#146;s and Global Trust&#146;s Articles of Incorporation, as amended and
supplemented (each a &#147;Charter&#148;), and Maryland law, the Fund&#146;s business and
affairs are managed under the direction of its Board of Directors. Investment
decisions for each Fund are made by Royce, subject to any direction it may
receive from the Fund&#146;s Board of Directors, which periodically reviews the
Funds&#146; investment performance.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
(i)&nbsp;determines the composition of each Fund&#146;s portfolio, the nature and
timing of the changes in it and the manner of implementing such changes,
subject to any directions it may receive from the applicable Fund&#146;s Board of
Directors; (ii)&nbsp;provides each Fund with investment advisory, research and
related services for the investment of its assets; and (iii)&nbsp;pays expenses
incurred in performing its investment advisory duties under the Investment
Advisory Agreements.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund
pays all administrative and other costs and expenses attributable to its
operations and transactions, including, without limitation, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its
office space and facilities; auditing; preparation, printing and distribution
of its prospectuses, proxy statements, shareholder reports and notices; supplies
and postage; Federal and state registration fees; Federal, state and local
taxes; non-affiliated directors&#146; fees; and brokerage commissions. Please see
the Statement of Additional Information under &#147;Administration Agreement&#148; for
more information.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles M.
Royce, the President of Royce since its inception, is Royce&#146;s Co-Chief
Investment Officer and is the primary portfolio manager of Value Trust and
Global Trust. Royce&#146;s investment staff also includes two Assistant Portfolio
Managers: Christopher Flynn and David Nadel, each of whom share with
Mr.&nbsp;Royce the day-to-day management of Value Trust and Global Trust.
Mr.&nbsp;Flynn has been an Assistant Portfolio Manager of Value Trust since
2007, and has been a Senior Analyst at Royce since 1993. Mr.&nbsp;Nadel has
been an Assistant Portfolio Manager of Value Trust since 2007, has been a
Portfolio Manager and Senior Analyst at Royce from since 2006, was a Senior
Portfolio Manager at Neuberger Berman Inc. from 2004 to 2006, and a Senior
Analyst at Pequot Capital Management, Inc. from 2001 to 2003.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Statement of Additional Information provides more information about the
structure of the portfolio managers&#146; compensation, other accounts that they
manage and their ownership of shares in the fund(s) that each manages.</FONT></P>

<P ALIGN=center><FONT SIZE=2><B>INVESTMENT ADVISORY SERVICES PROVIDED BY
ROYCE</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Value Trust</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for its services under the Value Trust Investment Advisory
Agreement, Royce receives a fee comprised of a Basic Fee (&#147;Basic Fee&#148;) and an
adjustment to the Basic Fee based on the investment performance of the Fund in
relation to the investment record of the S&amp;P SmallCap 600 Index (&#147;S&amp;P
600&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Basic
Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the
average of the Fund&#146;s month-end net assets applicable to common stockholders,
plus the liquidation value of Preferred Stock, for the rolling 60-month period
ending with such month (the &#147;performance period&#148;). The Basic Fee for each month
is increased or decreased at the rate of 1/12 of 0.05% for each percentage
point that the investment performance of the Fund exceeds, or is exceeded by,
the percentage change in the investment record of the S&amp;P 600 for the
performance period by more than two percentage points. The performance period
for each such month is a rolling 60-month period ending with such month. The
maximum increase or decrease in the Basic Fee for any month may not exceed 1/12
of 0.5%. Accordingly, for each month, the maximum monthly fee rate as adjusted
for performance is 1/12 of 1.5% and is payable if the investment performance of
the Fund exceeds the percentage change in the investment record of the S&amp;P
600 by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of 0.5% and is payable if
the percentage change in the investment record of the S&amp;P 600 exceeds the
investment performance of the Fund by 12 or more percentage points for the
performance period. As a result, the actual investment advisory fee rate may at
times be greater than the fee rate paid by many other funds.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, Royce is not entitled to receive any fee for any month when the
investment performance of the Fund for the rolling 36-month period ending with
such month is negative. In the event that the Fund&#146;s investment performance for
such a performance period is less than zero, Royce will not be required to
refund to the Fund any fee earned in respect of any prior performance period.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce has voluntarily
committed to waive the portion of its investment advisory fee attributable to
an issue of the Fund&#146;s preferred stock for any month in which the Fund&#146;s
average annual NAV total return since issuance of the preferred stock fails to
exceed the applicable preferred stock&#146;s dividend rate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
discussion regarding the basis of the Board&#146;s approval of the Value Trust
Investment Advisory Agreement is available in Value Trust&#146;s semi-annual report
to stockholders for the six months ended June&nbsp;30, 2010.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more
information regarding the investment advisory fee of Value Trust, see
&#147;Investment Advisory and Other Services &#151; Advisory Fee&#148; in the Statement of
Additional Information</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for its services under the Global Trust Investment Advisory
Agreement, Royce is entitled to receive a monthly fee equal to 1/12 of 1.25%
(1.25% on an annualized basis) of the average of the net assets of the Fund
(which includes net assets applicable to both common stock and preferred stock,
if any) for each month during the term of the agreement. Because the fee is
computed based on the Fund&#146;s net assets and not on its total assets, Royce will
not receive any fee in respect of those assets of the Fund equal to the
aggregate unpaid principal amount of any indebtedness of the Fund. However,
because preferred stock is a form of equity for these purposes, Royce will
receive a fee in respect of any assets of the Fund equal to the initial
liquidation preference of and any potential redemption premium for any
preferred stock that may be issued and sold by the Fund.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
Royce&#146;s fee is based on the average net assets of the Fund (including net
assets applicable to both Global Trust Common Stock and Global Trust Preferred
Stock), Royce would generally benefit from the Fund&#146;s issuance of Preferred
Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
discussion regarding the basis of the Board&#146;s approval of the Global Trust
Investment Advisory Agreement will be available in Global Trust&#146;s semi-annual
report to stockholders for the period ending June&nbsp;30, 2011 or the annual
report to stockholders for the period ending December&nbsp;31, 2011, depending
on when the Transaction is effected and the commencement of investment
operations of Global Trust.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more
information regarding the investment advisory fee of Global Trust, see
&#147;Investment Advisory and Other Services &#151; Advisory Fee&#148; in the Statement of
Additional Information</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Net Asset Value</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NAV of
each of Value Trust&#146;s and Global Trust&#146;s shares of common stock is calculated
at the close of regular trading on the NYSE (generally 4:00&nbsp;p.m. Eastern
time) every day that the NYSE is open. Each Fund makes this information
available daily by telephone (800-221-4268), via its web site (www.roycefunds.com)
and through electronic distribution for media publication, including major
internet-based financial services web sites and portals (bloomberg.com,
yahoo.com, cbsmarketwatch.com, etc.). Currently, <I>The Wall Street Journal</I>, The
New York Times and Barron&#146;s publish NAVs for closed-end investment companies
weekly.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NAV per
share of common stock of each of Value Trust and Global Trust is calculated by
dividing the current value of the applicable Fund&#146;s total assets less the sum
of all of its liabilities and the aggregate liquidation preferences of its
outstanding shares of preferred stock by the number of its outstanding shares
of common stock. The Fund&#146;s investments are valued based on market value or, if
market quotations are not readily available, at their fair value as determined
in good faith under procedures established by applicable Fund&#146;s Board of
Directors. In certain cases, market value may be determined using information
provided by a pricing service approved by the Board of Directors. Valuing
securities at their fair values involves greater reliance on judgment than
valuation of securities based on readily available market quotations. When
using fair value methods to price securities, the Fund may value those
securities higher or lower than another fund using not readily available market
quotations or its own fair value methods to price the same securities. There
can be no assurance that the Fund could obtain the fair value price assigned to
a security if it were to sell the security at approximately the time at which
the Fund determines its net asset value. Because trading hours for certain
non-U.S.&nbsp;securities end before the close of the New York Stock Exchange
(NYSE) (generally 4&nbsp;p.m. Eastern time), closing market quotations may become
unreliable. If between the time trading ends on a particular security and the
close of the customary trading session on the NYSE, events occur that are
significant and may make the closing price unreliable, the Fund may fair value
the security. If an issuer-specific event has occurred during this time that,
in Royce&#146;s judgment, is likely to have affected the closing price of a
security, it may fair value the security. The Fund uses an independent pricing
service to provide fair value estimates for relevant non-U.S.&nbsp;equity
securities on days when the U.S.&nbsp;market volatility exceeds a certain
threshold. This pricing service uses proprietary correlations it has developed
between the movement of prices of non-U.S.&nbsp;equity securities and indices
of U.S.-traded securities, futures contracts and other indications to estimate
the fair value of relevant non-U.S.&nbsp;securities. The Fund values its
non-U.S.&nbsp;securities in U.S.&nbsp;dollars on the basis of foreign </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>currency exchange rates provided to the Fund by its custodian, State
Street Bank and Trust Company. When fair value pricing is employed, the price
of securities used by the Fund may differ from quotes or published prices for
the same security. Certain bonds and other fixed income securities may be
valued by reference to other securities with comparable ratings, interest rates
and maturities, using established independent pricing services. Investments in
money market funds are valued at net asset value per share.</FONT></P>

<P ALIGN=center><FONT SIZE=2><B>DIVIDENDS, DISTRIBUTIONS AND REINVESTMENT
PLAN</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Value Trust&#146;s 5% Distribution Policy</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
currently has a policy of paying quarterly distributions to its common
stockholders. Distributions are currently being made at the annual rate of 5%
of the rolling average of the prior four calendar quarter-end NAVs of Value
Trust&#146;s Common Stock, with the fourth quarter distribution being the greater of
1.25% of the rolling average or the distribution required by the Code. If, for
any quarterly distribution, the Fund&#146;s net investment income and net realized
capital gains are less than the amount of the distribution, the difference will
constitute a return of capital. Value Trust&#146;s final distribution for each
calendar year will include any remaining net investment income and net realized
capital gains deemed, for Federal income tax purposes, undistributed during the
year, and may, but need not, include all net long-term capital gains realized
during the year. If, for any calendar year, the total distributions exceed net
investment income and net realized capital gains, the excess will generally be
treated as a tax-free return of capital (up to the amount of the stockholder&#146;s
tax basis in his or her shares). The amount treated as a tax-free return of
capital will reduce the adjusted basis in the stockholder&#146;s Value Trust shares,
thereby increasing the stockholder&#146;s potential gain or reducing the
stockholder&#146;s potential loss on the sale of the shares. Pursuant to the
requirements of the 1940 Act and other applicable laws, a notice will accompany
each quarterly distribution with respect to the estimated source of the
distribution made. Such distribution policy may, under certain circumstances,
have certain adverse consequences to the Fund and its stockholders. In
addition, in order to make such distributions, the Fund may have to sell a
portion of its investment portfolio at a time when independent investment
judgment might not dictate such action. The Fund&#146;s quarterly distribution
policy may be changed by the Board of Directors without stockholder approval. Value
Trust&#146;s current 5% Distribution Policy began in March 2011. A similar 9%
distribution policy was in place from September 1997 to May 2009.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>The Distribution to Value Trust Common
Stockholders of Shares of Global Trust Common Stock Will Not Change Value Trust&#146;s
5% Distribution Policy</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The assets
of Value Trust will decrease pursuant to the Transaction by approximately
$100&nbsp;million, and since any subsequent distributions will reflect the
lower net asset value of Value Trust post-Transaction, the amount payable in
2011 pursuant to the 5% Distribution Policy will be lower than if the
Transaction had not occurred by an immaterial amount, assuming the Distribution
of Global Trust Common Stock is excluded from the total amount distributed
pursuant to the 5% Distribution Policy. However, Value Trust&#146;s Board may choose
to consider all or a portion of the distribution as satisfying a portion of the
5% Distribution Policy when it considers the adjusting distribution in the
fourth calendar quarter.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the
event Value Trust distributes amounts in excess of its investment company
taxable income and net realized capital gain, such distributions will decrease
Value Trust&#146;s total assets and, therefore, have the potential effect of
increasing its expense ratio, as Value Trust&#146;s fixed expenses will become a
larger percentage of Value Trust&#146;s average net assets. In addition, in order to
make such distributions, Value Trust might have to sell a portion of its
investment portfolio at a time when independent investment judgment might not
dictate such action.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Distributions by Global Trust</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust will distribute substantially all of its net investment income and net
realized capital gains to stockholders at year end. The distribution policy of
Global Trust may be modified from time to time by Global Trust&#146;s Board. As a
regulated investment company under the Code, Global Trust will not be subjected
to U.S.&nbsp;federal income tax on its investment company taxable income that
it distributes to stockholders, provided that at least 90% of its investment
company taxable income for that taxable year is distributed to its
stockholders.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2><B>Distribution Reinvestment and Cash Purchase
Plan</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust has adopted a Distribution Reinvestment and Cash
Purchase Plan (the &#147;Value Trust Plan&#148; and &#147;Global Trust Plan,&#148; respectively,
and together, the &#147;Plans&#148;), through which all such net investment income
dividends and capital gains and other periodic distributions are paid to common
stockholders in the form of additional shares of the applicable Fund&#146;s common
stock, unless a stockholder elects to receive cash as provided below. In this
way, a stockholder can maintain an undiluted investment in a Fund and still
allow the Fund to pay out the required distributable income. The Distribution
Reinvestment and Cash Purchase Plans also allow registered stockholders to make
optional cash purchases of shares of a Fund&#146;s common stock directly through
Computershare Trust Company, N.A. (&#147;Computershare&#148;) on a monthly basis, and to
deposit certificates representing your Fund shares with Computershare for
safekeeping. The Funds&#146; investment adviser is absorbing all commissions on
optional cash purchases under the Plans.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No action
is required on the part of a registered common stockholder to receive a
distribution in shares of common stock of Value Trust or Global Trust, as
applicable. A registered stockholder may elect to receive an entire
distribution in cash by notifying Computershare, the Plan Agent and the Funds&#146;
transfer agent and registrar, in writing so that such notice is received by
Computershare no later than 10&nbsp;days prior to the record date for
distributions to stockholders. Computershare will set up an account for shares
acquired through the Plan for each stockholder who has not elected to receive
distributions in cash (&#147;Participant&#148;) and hold such shares in non-certificated
form. Upon request by a Participant, received in writing not less than
10&nbsp;days prior to the record date, Computershare will, instead of crediting
shares to the Participant&#146;s account, issue a certificate registered in the
Participant&#146;s name for the number of whole shares of the Fund&#146;s Common Stock
and a check for any fractional share. Contact information for the Plan Agent is
set forth under &#147;Custodian, Transfer Agent and Registrar.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Those
common stockholders whose shares are held by a brokerage firm, bank or other
financial intermediary as the stockholder of record should contact the
brokerage firm, bank or other financial institution as applicable, to be
certain that it is automatically reinvesting distributions on the stockholder&#146;s
behalf. If they are unable to reinvest distributions on the stockholder&#146;s
behalf, the stockholder should have its shares registered in its name in order
to participate. Common stockholders holding shares through a financial
intermediary may receive distributions in cash by notifying their broker or
other financial intermediary. Each of Value Trust and Global Trust uses only
newly-issued shares to implement the Plan, whether its shares are trading at a
premium or at a discount to NAV. The number of shares to be issued to a
stockholder is determined by dividing the total amount of the distribution
payable to you by the lower of (i)&nbsp;the last reported sale price of a share
of the applicable Fund&#146;s common stock on the valuation date, which will
normally be the fifth business day following the record date, or (ii)&nbsp;the
net asset value per share on the valuation date, provided that neither Fund
will issue new shares at a discount of more than 5% from the last reported sale
price on that date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no
charge to common stockholders for receiving their distributions in the form of
additional shares of a Fund&#146;s common stock. Computershare&#146;s fees for handling
distributions in stock are paid by the applicable Fund. There are no brokerage
charges with respect to shares issued directly by the Fund as a result of
distributions payable in stock. If a Participant elects by written notice to Computershare
to have Computershare sell part or all of the shares held by Computershare in
the Participant&#146;s account and remit the proceeds to the Participant,
Computershare is authorized to deduct a $[2.50] transaction fee plus brokerage
commissions from the proceeds.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
who receive distributions in the form of stock are subject to the same Federal,
state and local tax consequences as are stockholders who elect to receive their
distributions in cash. A stockholder&#146;s basis for determining gain or loss upon
the sale of stock received in a distribution from the Fund will be equal to the
total dollar amount of the distribution payable to the stockholder.</FONT></P>

<P ALIGN=center><FONT SIZE=2><B>TAXATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion is a brief summary of certain United States federal income
tax considerations affecting Value Trust and Global Trust and their
stockholders. The discussion reflects applicable tax laws of the United States
as of the date of this Combined Prospectus/Proxy Statement, which tax laws may
be changed or subject to new interpretations by the courts or the Internal
Revenue Service (the &#147;IRS&#148;) retroactively or prospectively. No attempt is made
to present a detailed explanation of all United States federal, state, local
and </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>31</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>foreign tax concerns affecting Value Trust and Global Trust and their
stockholders, and the discussion set forth herein does not constitute tax
advice. Investors are urged to consult their own tax advisers to determine the
tax consequences to them of investing in Value Trust and Global Trust.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Taxation of Value Trust and Global Trust</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
has elected to be treated and has qualified as, and intends to continue to
qualify as, a regulated investment company under Subchapter M of the Code, and
Global Trust intends to elect and qualify to be treated as a regulated
investment company under the Code. Accordingly, each of Value Trust and Global
Trust must, among other things, (i)&nbsp;derive in each taxable year at least
90% of its gross income from (a)&nbsp;dividends, interest (including tax-exempt
interest), payments with respect to certain securities loans, and gains from
the sale or other disposition of stock, securities or foreign currencies, or
other income (including but not limited to gain from options, futures and
forward contracts) derived with respect to its business of investing in such
stock, securities or currencies and (b)&nbsp;net income derived from interests
in certain &#147;publicly traded partnerships&#148; (as defined for United States federal
income tax purposes) that derive less than 90% of their gross income from the
items described in (a)&nbsp;above (each a &#147;Qualified Publicly Traded
Partnership&#148;); and (ii)&nbsp;diversify its holdings so that, at the end of each
quarter of each taxable year (a)&nbsp;at least 50% of the value of each Fund&#146;s
total assets is represented by cash and cash items, United States government
securities, the securities of other regulated investment companies and other
securities, with such other securities limited, in respect of any one issuer,
to an amount not greater than 5% of the value of the Fund&#146;s total assets and
not more than 10% of the outstanding voting securities of such issuer, and
(b)&nbsp;not more than 25% of the value of the Fund&#146;s total assets is invested
in the securities of (I)&nbsp;any one issuer (other than United States
government securities and the securities of other regulated investment
companies), (II)&nbsp;any two or more issuers (other than registered investment
companies) in which the Fund owns 20% or more of the voting securities and that
are determined to be engaged in the same business or similar or related trades
or businesses or (III)&nbsp;any one or more Qualified Publicly Traded
Partnerships.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust&#146;s investments in partnerships, including in
Qualified Publicly Traded Partnerships, may result in each Fund being subject
to state, local or foreign income, franchise or withholding tax liabilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
regulated investment companies, each of Value Trust and Global Trust generally
will not be subject to United States federal income tax on income and gains
that it distributes (with Value Trust&#146;s distribution of Global Trust Common
Stock constituting a distribution for this purpose) each taxable year to
stockholders, provided it distributes at least 90% of the sum of the Fund&#146;s
(i)&nbsp;investment company taxable income (which includes, among other items,
dividends, interest and the excess of any net short-term capital gains over net
long-term capital losses and other taxable income other than any net capital
gain (as defined below) reduced by deductible expenses) determined without
regard to the deduction for dividends and distributions paid and (ii)&nbsp;its
net tax-exempt interest (the excess of its gross tax-exempt interest over
certain disallowed deductions). Each of Value Trust and Global Trust intends to
distribute at least annually substantially all of such income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts not
distributed on a timely basis in accordance with a calendar year distribution
requirement are subject to a nondeductible 4% excise tax at the Fund level. To
avoid the tax, each of Value Trust and Global Trust must distribute during each
calendar year an amount at least equal to the sum of (i)&nbsp;98% of its
ordinary income (not taking into account any capital gains or losses) for the
calendar year, (ii)&nbsp;98.2% of its capital gains in excess of its capital
losses (adjusted for certain ordinary losses) for a one-year period generally
ending on October&nbsp;31 of the calendar year (unless an election is made to
use the Fund&#146;s fiscal year), and (iii)&nbsp;certain undistributed amounts from
previous years on which the Fund paid no United States federal income tax.
While each Fund intends to distribute any income and capital gains in the
manner necessary to minimize imposition of the 4% excise tax, there can be no
assurance that sufficient amounts of a fund&#146;s taxable income and capital gains
will be distributed to avoid entirely the imposition of the tax. In that event,
each Fund will be liable for the tax only on the amount by which it does not
meet the foregoing distribution requirement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any
taxable year either of Value Trust or Global Trust does not qualify as a
regulated investment company, all of its taxable income (including its net
capital gain) will be subject to tax at regular corporate rates without any
deduction for distributions to stockholders.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>32</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
currently has a policy of paying quarterly distributions to its common
stockholders. Distributions are currently being made at the annual rate of 5%
of the rolling average of the prior four calendar quarter-end NAVs of the
Fund&#146;s Common Stock, with the fourth quarter distribution being the greater of
1.25% of the rolling average or the distribution required by the Code. If, for
any quarterly distribution, Value Trust&#146;s net investment income and net
realized capital gains are less than the amount of the distribution, the
difference will constitute a return of capital. Value Trust&#146;s final
distribution for each calendar year will include any remaining net investment
income and net realized capital gains deemed, for Federal income tax purposes,
undistributed during the year, and may, but need not, include all net long-term
capital gains realized during the year. If, for any calendar year, the total
distributions exceed net investment income and net realized capital gains, the
excess will generally be treated as a tax-free return of capital (up to the
amount of the stockholder&#146;s tax basis in his or her shares). The amount treated
as a tax-free return of capital will reduce the adjusted basis in the
stockholder&#146;s Value Trust shares, thereby increasing the stockholder&#146;s
potential gain or reducing the stockholder&#146;s potential loss on the sale of the
shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Taxation of Stockholders</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
paid to investors by each of Value Trust and Global Trust from its investment
company taxable income, which includes the excess of net short-term capital
gains over net long-term capital losses (together referred to hereinafter as
&#147;ordinary income dividends&#148;), are generally taxable to investors as ordinary
income to the extent of the distributing Fund&#146;s earnings and profits. Such
distributions (if reported by the distributing Fund in a written statement
furnished to the stockholders) may, however, qualify (provided holding periods
and other requirements are met) (i)&nbsp;for the dividends received deduction
in the case of corporate stockholders to the extent that the income of
distributing Fund consists of dividend income from United States corporations,
and (ii)&nbsp;for taxable years through December&nbsp;31, 2012, as qualified
dividend income eligible for the reduced maximum Federal tax rate (generally
15%) in the case of individuals to the extent that the distributing Fund
receives qualified dividend income. Qualified dividend income is, in general,
dividend income from taxable domestic corporations and certain foreign
corporations (for example, foreign corporations incorporated in a possession of
the United States or in certain countries with a qualified comprehensive tax
treaty with the United States, or whose stock with respect to which such
dividend is paid is readily tradable on an established securities market in the
United States).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
paid to investors from an excess of a Fund&#146;s net long-term capital gains over
its net short-term capital losses (&#147;capital gain dividends&#148;), including capital
gain dividends credited to the investors but retained by the Fund are taxable
to the investors as long-term capital gains if they have been properly reported
(or designated in the case of retained capital gains), regardless of how long
the investors have held shares of the Fund. The maximum Federal tax rate on net
long-term capital gain of individuals is reduced generally from 20% to 15% for
such gain realized before January&nbsp;1, 2013. Present law taxes both
long-term and short-term capital gains of corporations at the rates applicable
to ordinary income. Distributions in excess of a Fund&#146;s earnings and profits
will first reduce the adjusted tax basis of the shares held by an investor and,
after such adjusted tax basis is reduced to zero, will constitute capital gains
to the investor (assuming the shares are held by the investor as a capital
asset). Value Trust and Global Trust will furnish investors with written
statements reporting the amount of any distributions that should be treated as
qualified dividend income, capital gain dividends or otherwise.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale,
exchange, redemption or other disposition of common or preferred shares of each
of Value Trust and Global Trust will generally result in capital gain or loss
to an investor, and will be long-term capital gain or loss if the shares have
been held for more than one year at the time of sale. Any loss upon the sale or
exchange of fund shares held for six months or less, however, will be treated
as long-term capital loss to the extent of any capital gain dividends received
(including amounts credited as an undistributed capital gain dividend) by an
investor. A loss realized on a sale or exchange of shares of Value Trust or
Global Trust will be disallowed if other substantially identical shares of the
same Fund are acquired (whether through the automatic reinvestment of dividends
or otherwise) within a 61-day period beginning 30&nbsp;days before and ending
30&nbsp;days after the date that the shares are disposed of. In such case, the
basis of the shares acquired will be adjusted to reflect the disallowed loss.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Value
Trust or Global Trust pays a distribution in January that was declared in the
previous October, November or December to stockholders of record on a specified
date in one of such months, then such distribution will be treated for tax
purposes as being paid by the distributing Fund and received by its
stockholders not later than December&nbsp;31 of the year in which the distribution
was declared.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>33</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust is required in certain circumstances to backup
withhold on taxable dividends or distributions and certain other payments paid
to non-corporate holders of the Fund&#146;s shares who do not furnish Value Trust
and Global Trust with their correct taxpayer identification number (in the case
of individuals, their social security number) and certain certifications, or
who are otherwise subject to backup withholding. Backup withholding is not an
additional tax. Any amounts withheld from payments made to such holders may be
refunded or credited against their United States federal income tax liability,
if any, provided that the required information is furnished to the IRS. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
may be subject to additional state, local, and foreign taxes, depending on each
stockholder&#146;s particular situation. Non-U.S. stockholders may be subject to
U.S. tax rules that differ significantly from those summarized above, including
the likelihood that ordinary income dividends distributed to them will be
subject to withholding of U.S. tax at a rate of 30% (or a lower treaty rate, if
applicable). Non-U.S. investors are encouraged to consult their own tax
advisers regarding U.S. federal, state, local and foreign tax considerations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing is a general and abbreviated summary of the provisions of the Code
and the Treasury regulations in effect as they directly govern the taxation of
Value Trust and Global Trust and each of their stockholders. These provisions
are subject to change by legislative or administrative action, and any such
change may be retroactive. A more complete discussion of the tax rules
applicable to Value Trust and Global Trust and each of their stockholders can
be found in &#147;Taxation&#148; in the Statement of Information. Stockholders are urged
to consult their tax advisers regarding specific questions about United States
federal, foreign, state, local income or other taxes. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CUSTODIAN, TRANSFER AGENT AND REGISTRAR</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State
Street Bank and Trust Company, Two Heritage Drive, North Quincy, Massachusetts
02171, acts as custodian of the cash and other assets of each Fund.
Computershare Trust Company, N.A., PO Box 43010, Providence, RI 02940-3010,
acts as transfer agent and registrar for each Fund&#146;s shares and as Plan Agent
under its Plan. Stockholder inquiries should be directed to [Name of Fund], c/o Computershare, PO Box
43010, Providence, RI 02940-3010, telephone (800) 426-5523. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DESCRIPTION OF CAPITAL STOCK</B></FONT></P>

<P><FONT SIZE=2><B>Value Trust </B></FONT></P>

<P><FONT SIZE=2><I>General </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
Trust, which was incorporated under the laws of the State of Maryland on July
1, 1986, is authorized to issue 150,000,000 shares of common stock, par value
$0.001 per share. Each share of common stock has equal dividend, distribution
and liquidation rights and is entitled to one vote per share on each matter
submitted to a vote of common stockholders. The shares of Value Trust Common
Stock outstanding are fully paid and non-assessable. Shares of Value Trust
Common Stock are not redeemable and have no preemptive, exchange, conversion or
cumulative voting rights. As a NYSE-listed company, Value Trust is required to
hold annual meetings of its stockholders. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
Value Trust Charter, Value Trust&#146;s Board of Directors has authority to classify
and reclassify any authorized but unissued shares of stock into other classes
or series of stock, including preferred stock, and to cause the Fund to issue
such shares. The Value Trust Board currently has authority to cause the Fund to
issue and sell up to 50,000,000 shares of preferred stock, $0.001 par value per
share, that may be convertible into shares of the Fund&#146;s common stock. The
terms of such preferred stock are, or would be, fixed by the Board of Directors
and materially limit and/or qualify, or would materially limit and/or qualify,
the rights of the holders of the Fund&#146;s common stock. See &#147;Investment Goals and
Policies of Value Trust and Global Trust &#151; Value Trust &#151;Risks to Common
Stockholders of Borrowing Money and Issuing Senior Securities.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the number of shares of (i) capital stock authorized and
(ii) capital stock outstanding for each class of authorized securities of Value
Trust as of December 31, 2010. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>34</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">&nbsp;
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>&nbsp;
 </TD>
 <TD WIDTH="20%" VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>&nbsp;
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM>&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM>&nbsp;

 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM  STYLE="BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=2><B>Title of Class</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Authorized</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Held by Value Trust or for its Own
 Account</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Outstanding</B></FONT></P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR  BGCOLOR="#cceeff">
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Common
 Stock, $0.001 par value</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>150,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX ">
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>66,094,525</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Preferred
 Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>50,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX ">
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>8,800,000</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR BGCOLOR="#cceeff">
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>5.90% Cumulative Preferred Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>8,800,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX ">
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>8,800,000</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP STYLE="BORDER-right:SOLID BLACK 1PX">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=BOTTOM STYLE="BORDER-right:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

</TABLE>

<P><FONT SIZE=2><I>Value Trust Common Stock </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
Asset Values and Sales Prices</I>. Value Trust&#146;s shares of
common stock are publicly held and are listed and traded on the NYSE under the
symbol &#147;RVT.&#148; The following table sets forth for the periods indicated the high
and low sales prices on the NYSE per share of Common Stock of the Fund, the NAV
per share on the dates of the market highs and lows and the number of shares
traded. </FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%"  STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="16%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM STYLE="BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=11 VALIGN=top STYLE="BORDER-left:SOLID BLACK 1PX">
 <P style="margin-left:1%"><FONT SIZE=2>Market Price
 Per Share and Related Discount<BR>
 (-)/Premium (+) (1)(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=5 VALIGN=top STYLE="BORDER-left:SOLID BLACK 1PX">
 <P style="margin-left:2%"><FONT SIZE=2>Net Asset
 Value on Date of Market High and Low (3)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=top STYLE="BORDER-left:SOLID BLACK 1PX">
 <P style="margin-left:2%"><FONT SIZE=2>Reported<BR>
 NYSE<BR>
 Volume</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;Quarter
 ended</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-left:SOLID BLACK 1PX">
 <P><FONT SIZE=2>&nbsp;High</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2>&nbsp;Low</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM style="BORDER-left:SOLID BLACK 1PX">
 <P><FONT SIZE=2>&nbsp;High</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2>&nbsp;Low</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-left:SOLID BLACK 1PX">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>


 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;March 31,
 2009</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>9.28</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>-6.6</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff"> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>4.94</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>-18.5</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff"> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>9.94</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>6.06</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff"  style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=2>9.9 million
 shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>


 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;June 30,
 2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>9.26</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-5.3</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>7.13</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-9.3</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>9.78</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>7.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>14.8 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>


 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;September
 30, 2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>10.51</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>-14.6</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff"> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>7.81</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>-16.5</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff"> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>12.31</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>9.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff" style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=2>13.8 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;December 31,
 2009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>10.90</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-16.0</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>9.68</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-16.8</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12.98</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>11.63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>13.0 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR BGCOLOR="#cceeff">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;March 31,
 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>11.95</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-15.4</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>10.03</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-16.3</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14.12</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>11.98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>13.0 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;June 30,
 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>13.01</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-14.0</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>10.48</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-17.2</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>15.12</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>15.6 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;September
 30, 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12.17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-15.1</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>10.27</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-16.1</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14.33</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>13.1 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;December 31,
 2010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14.68</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-12.6</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12.05</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>-15.4</FONT></P>
 </TD>
 <TD VALIGN=TOP> <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>16.80</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black"> <P><FONT SIZE=2>&nbsp;$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>12.2 million shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>&nbsp;March 31,
 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
   <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD> <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>

</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
evidenced by the above table, for the period indicated, the Common Stock has
generally traded in the market below NAV. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance that the Common Stock will trade in the future at, above or
below NAV. <BR></B>The average weekly trading volume of Value Trust
Common Stock on the NYSE during the period from January 1, 2010 through
December 31, 2010 was 1,035,780.50 shares. The average weekly trading volume of
the Common Stock on the NYSE during the period from January 1, 2011 through
[March 31, 2011] was [ &nbsp;&nbsp;&nbsp;] shares. Value Trust&#146;s shares of common stock have
traded in the market at both premiums to and discounts from net asset value. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>35</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Over Value Trust&#146;s twenty-four year history, the range fluctuated from
a 17.61% premium in 2006 to a 23.57% discount in 1987. Beginning in 2007, the
net asset value of Value Trust exceeded the market price and this discount
continued through December 31, 2010. The net asset value of Value Trust has
exceeded the market price during 2011 with an average discount of [ &nbsp;&nbsp;&nbsp;]%. As of [
], 2011, the closing market price of Value Trust was a [ &nbsp;&nbsp;&nbsp;]% discount to net
asset value. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions</I>.
So long as any shares of Value Trust Preferred Stock are outstanding, holders
of Value Trust Common Stock will not be entitled to receive any dividends or
other distributions from Value Trust unless all accumulated dividends on
outstanding shares of preferred stock have been paid, and unless asset coverage
(as defined in the 1940 Act) with respect to such Value Trust Preferred Stock
would be at least 200% after giving effect to such distributions. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
Asset Value</I>. The NAV of the Fund&#146;s shares of common
stock is calculated at the close of regular trading on the NYSE (generally 4:00
p.m. Eastern time) every day that the NYSE is open. The Fund makes this
information available daily by telephone (800-221-4268), via its web
site (www.roycefunds.com) and through electronic distribution for media publication,
including major internet-based financial services web sites and portals
(bloomberg.com, yahoo.com, cbsmarketwatch.com, etc.). Currently, <I>The Wall Street Journal</I>, The New York
Times and Barron&#146;s publish NAVs for closed-end investment companies weekly. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NAV per
share of Value Trust Common Stock is calculated by dividing the current value
of the Fund&#146;s total assets less the sum of all of its liabilities and the
aggregate liquidation preferences of its outstanding shares of Preferred Stock,
by the total number of outstanding shares of common stock. The Fund&#146;s
investments are valued based on market prices or, if market quotations are not
readily available, at their fair value as determined in good faith under
procedures established by the Fund&#146;s Board of Directors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Value Trust Preferred Stock </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
Value Trust Charter, Value Trust&#146;s Board of Directors has authority to classify
and reclassify any authorized but unissued shares of stock into other classes
or series of stock, including Preferred Stock, and to cause Value Trust to
issue such shares. Value Trust&#146;s Board of Directors currently has authority to
cause Value Trust to issue and sell up to 50,000,000 shares of preferred stock,
par value $0.001 per share, including shares that may be convertible into
shares of the Fund&#146;s common stock. The terms of such preferred stock would be
fixed by the Board of Directors and would materially limit and/or qualify the
rights of the holders of Value Trust Common Stock. The Board of Directors has
designated 8,800,000 shares of preferred stock as the Cumulative Preferred
Stock. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
1940 Act, Value Trust is permitted to have outstanding more than one series of
preferred stock so long as no single series has priority over another series as
to the distribution of assets of the Fund or the payment of dividends. Holders
of the Fund&#146;s preferred stock do not have preemptive rights to purchase any
shares of preferred stock that might be issued. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Cumulative Preferred Stock is listed and traded on the NYSE under the symbol
&#147;RVT.prb&#148; If Value Trust fails to pay dividends for two years or more, holders
of the Cumulative Preferred Stock will acquire certain additional voting
rights. See &#147;&#151;Voting Rights&#148; below. Such rights will be their exclusive remedy
for any such failure. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund,
at its option, may redeem the Cumulative Preferred Stock, in whole or in part,
for cash at a price equal to $25.00 per share plus accumulated but unpaid
dividends (whether or not earned or declared) through the date of redemption
(the &#147;Redemption Price&#148;). The Fund is required to meet certain asset coverage
tests with respect to the Cumulative Preferred Stock as required by the 1940
Act. In addition, pursuant to the rating agency guidelines, the Fund is
required to maintain a certain discounted asset coverage. If the Fund fails to
meet these requirements and does not correct such failure, the Fund may be
required to redeem, in part or in full, the Cumulative Preferred Stock at the
Redemption Price, in order to meet these requirements. Additionally, failure to
meet the foregoing asset coverage requirements could restrict the Fund&#146;s
ability to pay dividends to Common Stockholders and could lead to sales of
portfolio securities at inopportune times. The Fund has met these requirements
since issuing the Cumulative Preferred Stock. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>36</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation
Rights</I>. Upon a liquidation, dissolution or winding up
of the affairs of Value Trust (whether voluntary or involuntary), holders of
then outstanding shares of Preferred Stock will be entitled to receive out of
the assets of the Fund available for distribution to stockholders, after
satisfying claims of creditors but before any distribution or payment of assets
is made to holders of the Common Stock, a Liquidation Preference, and such
holders will be entitled to no further participation in any distribution
payment in connection with any such liquidation, dissolution or winding up. If,
upon any liquidation, dissolution or winding up of the affairs of the Fund,
whether voluntary or involuntary, the assets of the Fund available for
distribution among the holders of all outstanding shares of Cumulative
Preferred Stock and any other outstanding class or series of preferred stock
ranking on a parity with the Cumulative Preferred Stock as to payment upon
liquidation, will be insufficient to permit the payment in full to such holders
of Cumulative Preferred Stock of the Liquidation Preference and the amounts due
upon liquidation with respect to such other preferred stock, then such
available assets will be distributed among the holders of Preferred Stock and
such other Preferred Stock ratably in proportion to the respective preferential
amounts to which they are entitled. Unless and until the Liquidation Preference
has been paid in full to the holders of Cumulative Preferred Stock, no
dividends or distributions will be made to holders of the Common Stock or any
other stock of the Fund ranking junior to the Cumulative Preferred Stock as to
liquidation. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any
liquidation, the holders of Value Trust Common Stock, after required payments
to the holders of Cumulative Preferred Stock, will be entitled to participate
equally and ratably in the remaining assets of Value Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rating
Agency Guidelines</I>. Value Trust intends that, so long
as shares of Cumulative Preferred Stock are outstanding, the composition of its
portfolio will reflect guidelines established by the NRSRO in connection with
the Fund&#146;s receipt of a rating for the Cumulative Preferred Stock from the
NRSRO. The NRSRO issues ratings for various securities reflecting the perceived
creditworthiness of those securities. The guidelines are designed to ensure
that assets underlying outstanding debt or preferred stock will be sufficiently
varied and will be of sufficient quality and amount to justify investment grade
ratings. The guidelines do not have the force of law but have been adopted by
the Fund in order to receive the above-described ratings for shares of
Preferred Stock, which ratings are generally relied upon by investors in
purchasing such securities. The guidelines provide a set of tests for portfolio
composition and asset coverage that supplement (and in some cases are more
restrictive than) the applicable requirements under the 1940 Act. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
intends to maintain a portfolio value at least equal to the discounted value of
the assets in its portfolio which satisfies minimum values set by the NRSRO.
Upon any failure to do this, the Fund will seek to alter the composition of its
portfolio to satisfy the NRSRO. To the extent it is not able to do so in a
timely basis, the Fund may redeem shares of Cumulative Preferred Stock in
accordance with their terms. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
securities rating is not a recommendation to buy, sell or hold securities and
is subject to revision or withdrawal at any time by the assigning rating
agency. Each rating should be evaluated independently of any other rating. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
Rights</I>. Except as otherwise required by applicable law
or as specified in the Charter or By-laws of Value Trust, holders of shares of
Cumulative Preferred Stock and any other Value Trust Preferred Stock will be
entitled to one vote per share on each matter submitted to a vote of
stockholders and will vote together with holders of shares of common stock as a
single class. Also, except as otherwise required by the 1940 Act, (i) holders
of outstanding shares of the Cumulative Preferred Stock will be entitled as a
series, to the exclusion of the holders of all other securities, including
other Value Trust Preferred Stock, Value Trust Common Stock and other classes
of capital stock of Value Trust, to vote on matters affecting the Cumulative
Preferred Stock that do not materially adversely affect any of the contract rights
of holders of such other securities, including other Value Trust Preferred
Stock, Value Trust Common Stock and other classes of capital stock, as
expressly set forth in the Fund&#146;s Charter, and (ii) holders of outstanding
shares of Cumulative Preferred Stock will not be entitled to vote on matters
affecting any other preferred stock that do not materially adversely affect any
of the contract rights of holders of the Cumulative Preferred Stock, as
expressly set forth in the Charter. The foregoing voting provisions will not
apply to any shares of Cumulative Preferred Stock if, at or prior to the time
when the act with respect to which such vote otherwise would be required will
be effected, such shares will have been (i) redeemed or (ii) called for
redemption as required by the Charter and sufficient funds provided to the
Paying Agent to effect such redemption. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>37</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the election of the Fund&#146;s directors, holders of shares of
Cumulative Preferred Stock and any other Value Trust Preferred Stock, voting as
a separate class, will be entitled at all times to elect two of the Fund&#146;s
directors, and the remaining directors will be elected by holders of shares of
Value Trust Common Stock and holders of shares of Cumulative Preferred Stock and
any other Value Trust Preferred Stock, voting together as single class. In
addition, if at any time dividends on outstanding shares of Cumulative
Preferred Stock and/or any other Value Trust Preferred Stock are unpaid in an
amount equal to at least two full years&#146; dividends thereon and sufficient funds
shall not have been deposited with the Paying Agent for the payment of such
accumulated dividends, or if at any time holders of any other shares of Value
Trust Preferred Stock are entitled, together with the holders of shares of
Cumulative Preferred Stock, to elect a majority of the directors of the Fund
under the 1940 Act, then the number of directors constituting the Board of
Directors will automatically increase by the smallest number that, when added
to the two directors elected exclusively by the holders of shares of Cumulative
Preferred Stock and any other Value Trust Preferred Stock of the Fund as
described above, would constitute a majority of the Board of Directors as so
increased by such smallest number. Such additional directors will be elected at
a special meeting of stockholders which will be called and held as soon as
practicable, and at all subsequent meetings at which directors are to be
elected, the holders of shares of Cumulative Preferred Stock and any other
Value Trust Preferred Stock of the Fund, voting as a separate class, will be
entitled to elect the smallest number of additional directors that, together
with the two directors which such holders in any event will be entitled to
elect, constitutes a majority of the total number of directors of the Fund as
so increased. The terms of office of the persons who are directors at the time
of that election will continue. If the Fund thereafter pays, or declares and
sets apart for payment in full, all dividends payable on all outstanding shares
of Cumulative Preferred Stock and any other Value Trust Preferred Stock for all
past dividend periods, the additional voting rights of the holders of shares of
Cumulative Preferred Stock and any other Value Trust Preferred Stock as
described above will cease, and the terms of office of all of the additional
directors elected by the holders of shares of Cumulative Preferred Stock and
any other Value Trust Preferred Stock (but not of the directors with respect to
whose election the holders of shares of Value Trust Common Stock were entitled
to vote or the two directors the holders of shares of Cumulative Preferred
Stock and any other Value Trust Preferred Stock have the right to elect in any
event) will terminate and the number of directors constituting the Board of
Directors will automatically decrease accordingly. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as
shares of the Cumulative Preferred Stock are outstanding, the Fund will not,
without the affirmative vote of the holders of a majority of the shares of
Cumulative Preferred Stock outstanding at the time, voting separately as one
class, amend, alter or repeal the provisions of the Charter, whether by merger,
consolidation or otherwise, so as to materially adversely affect any of the
contract rights expressly set forth in the Charter of holders of shares of the
Cumulative Preferred Stock. Under Maryland law, the terms of stock may be made
dependent on facts ascertainable outside of the charter of a corporation,
including an action or determination of the board of directors. Accordingly,
the interpretation or applicability of any or all of the rating agency
guidelines may from time to time be modified by the Board of Directors in its
sole discretion based on a determination by the Board of Directors that such
action is necessary or appropriate with respect to the Cumulative Preferred
Stock; provided, however, that the Board of Directors receives written
confirmation from a NRSRO that any such modification would not impair the then
current rating assigned to the Cumulative Preferred Stock by the NRSRO.
Furthermore, under certain circumstances, without the vote of stockholders, the
Board of Directors of the Fund may determine that it is not in the best
interests of the Fund to continue to comply with the rating agency guidelines.
See &#147;&#151; Termination of Rating Agency Guidelines&#148; below. The affirmative vote of
a majority of the votes entitled to be cast by holders of outstanding shares of
the Cumulative Preferred Stock and any other Value Trust Preferred Stock,
voting as a separate class, will be required to approve any plan of
reorganization adversely affecting such shares or any action requiring a vote
of security holders under Section 13(a) of the 1940 Act, including, among other
things, changes in the Fund&#146;s investment goal or changes in the investment
restrictions described as fundamental policies under &#147;Investment Restrictions&#148;
in Appendix A. The class vote of holders of shares of the Cumulative Preferred
Stock and any other Value Trust Preferred Stock described above in each case
will be in addition to a separate vote of the requisite percentage of shares of
Value Trust Common Stock and Cumulative Preferred Stock and any other Value
Trust Preferred Stock, voting together as a single class, necessary to
authorize the action in question. See &#147;Description of Capital Stock &#150; Certain
Corporate Governance Provisions.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Rating Agency Guidelines. </I>The terms of the
Cumulative Preferred Stock provide that if the Board of Directors of Value
Trust determines that it is not in the best interests of the Fund to continue
to comply with the rating agency guidelines, the Fund will no longer be
required to comply with such guidelines, provided that (i) the Fund has given
the Paying Agent, the applicable NRSRO and holders of the Cumulative Preferred
Stock at </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>38</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>least 20 calendar days written notice of such termination of
compliance, (ii) the Fund is in compliance with the rating agency guidelines at
the time the notice required in clause (i) above is given and at the time of
termination of compliance with the rating agency guidelines, (iii) at the time
the notice required in clause (i) above is given and at the time of termination
of compliance with the rating agency guidelines, the Cumulative Preferred Stock
is listed on the NYSE or on another exchange registered with the Commission as
a national securities exchange and (iv) at the time of termination of
compliance with the rating agency guidelines, the Cumulative Preferred Stock
must have received a rating from at least one NRSRO that is at least comparable
to the then current rating from a NRSRO. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund
voluntarily terminates compliance with the rating agency guidelines, the NRSRO
may change its rating on the Cumulative Preferred Stock or withdraw its rating
altogether. However, the Fund will then be required to comply with the
guidelines established by the successor NRSRO<B>.
</B>It is the Fund&#146;s present intention to continue to comply with the
rating agency guidelines. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Global Trust </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>General </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust, which was incorporated under the laws of the State of Maryland on
February 14, 2011, is authorized to issue 150,000,000 shares of common stock,
par value $0.001 per share. Each share of common stock has equal dividend,
distribution and liquidation rights and is entitled to one vote per share on
each matter submitted to a vote of common stockholders. When issued, the Global
Trust Common Stock distributed in the Transaction will be fully paid and
non-assessable. Global Trust Common Stock is non-redeemable and has no
preemptive, exchange, conversion or cumulative voting rights. As a NYSE-listed
company, the Fund will be required to hold annual meetings of its stockholders.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
Global Trust Charter, Global Trust&#146;s Board of Directors has authority to
classify and reclassify any authorized but unissued shares of stock into other
classes or series of stock, including preferred stock, and to cause Global
Trust to issue such shares. Global Trust&#146;s Board of Directors has authority to
cause the Fund to issue and sell up to 50,000,000 shares of preferred stock,
$0.001 par value per share, that may be convertible into shares of Global
Trust&#146;s Common Stock. The terms of such Global Trust Preferred Stock are, or would
be, fixed by the Board of Directors and materially limit and/or qualify, or
would materially limit and/or qualify, the rights of the holders of Global
Trust&#146;s Common Stock. See &#147;Investment Goals and Policies of Value Trust and
Global Trust &#151; Risks to Common Stockholders of Borrowing Money and Issuing
Senior Securities.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
1940 Act, Global Trust is permitted to have outstanding more than one series of
preferred stock so long as no single series has priority over another series as
to the distribution of assets of the Fund or the payment of dividends. Holders
of the Fund&#146;s preferred stock do not have preemptive rights to purchase any
shares of preferred stock that might be issued. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the number of shares of (i) capital stock authorized and
(ii) capital stock outstanding for each class of authorized securities of
Global Trust as of [ &nbsp;&nbsp;&nbsp;] [as adjusted for the Transaction]. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%"  STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="46%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="33%" VALIGN=TOP style="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Outstanding</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Title of Class</B></FONT></P>
 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount Authorized</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>as Adjusted</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>Common Stock, $0.001 par value</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff" STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=2>150,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=2>9,442,075</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Preferred Stock, $0.001 par value</FONT></P>
 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=2>50,000,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>0</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-bottom:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>
</TABLE>

<P><FONT SIZE=2><B>Repurchases of Securities </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust is a closed-end diversified management investment
company and, as such, its stockholders do not, and will not, have the right to
redeem their shares of the Fund. Although neither Value </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>39</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Trust nor Global Trust will offer to repurchase its shares of common
stock and/or preferred stock on a periodic basis, it may repurchase its shares
of common stock and/or preferred stock on such occasions when it is deemed
advisable by the Fund. Each Fund&#146;s Board of Directors has authorized the
open-market repurchase of up to 9% of the issued and outstanding shares of its
common stock, and, in the case of Value Trust, up to 10% of the issued and
outstanding shares of Cumulative Preferred Stock, during 2011. Under the 1940
Act, each of Value Trust and Global Trust may repurchase its securities (i) on
a securities exchange or such other open market designated by the Commission
(provided that the Fund has, in the case of purchases of its stock, informed
holders of the class of stock involved within the preceding six months of its
intention to repurchase such stock), (ii) by a tender offer open to all holders
of the class of securities involved or (iii) as otherwise permitted by the SEC.
Where a repurchase of shares of the Fund is to be made that is not to be
effected on a securities exchange or an open market or by the making of a
tender offer, the 1940 Act provides that certain conditions must be met
regarding, among other things, distribution of net income, identity of the
seller, price paid, brokerage commissions, prior notice to holders of the class
of its securities involved of an intention to purchase such securities and the
purchase not being made in a manner or on a basis which discriminates unfairly
against the other holders of such class. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may incur debt, in an amount not exceeding 10% of
its total assets, to finance share repurchase transactions. Any related
interest charges will be paid by the applicable Fund and borne pro rata by the
stockholders indirectly through their interest in the Fund. See &#147;Investment
Goals and Policies of Value Trust and Global Trust &#151; Risk Factors &#151; Risks to
Common Stockholders of Borrowing Money and Issuing Senior Securities.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Fund
repurchases its shares of Common Stock for a price below their NAV, the NAV of
those shares of Common Stock that remain outstanding would be enhanced, but
this does not necessarily mean that the market price of those outstanding
shares would be affected, either positively or negatively. Repurchases of
shares of Common Stock by a Fund would also decrease its total assets and accordingly
may increase its expenses as a percentage of average net assets. Further,
interest on any borrowings to finance any such share repurchase transactions
would reduce the Fund&#146;s net income. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to repurchases discussed above, Value Trust at its option, may redeem the
Cumulative Preferred Stock, in whole or in part for cash at a price equal to
the Redemption Price discussed above under &#147;&#151;Value Trust&#151;Value Trust Preferred
Stock.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Rights Offerings </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
has and may in the future, and Global Trust may in the future, and at their
discretion, choose to make rights offerings from time to time for a number of
shares and on terms that may or may not be similar to any of Value Trust&#146;s
previous offers. Any such future rights offering will be made in accordance
with the 1940 Act. Under the laws of Maryland, the state in which each of Value
Trust and Global Trust was incorporated, the Board of each Fund is authorized
to approve rights offerings without obtaining stockholder approval. The staff
of the Commission has interpreted the 1940 Act as not requiring stockholder
approval of a transferable rights offering at a price below the then current
net asset value so long as certain conditions are met, including (i) a good
faith determination by a fund&#146;s Board that such offering would result in a net
benefit to existing stockholders; (ii) the offering fully protects
stockholders&#146; preemptive rights and does not discriminate among stockholders
(except for the possible effect of not offering fractional rights); (iii)
management uses its best efforts to ensure an adequate trading market in the
rights for use by stockholders who do not exercise such rights; and (iv) the
ratio of a transferable rights offering does not exceed one new share for each
three rights held. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Certain Corporate Governance Provisions </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The six
Value Trust Directors who are elected by the holders of Value Trust Common
Stock and Value Trust Preferred Stock voting together are divided into three
classes, each having a staggered term of three years. The two Value Trust
Directors elected only by the holders of Value Trust Preferred Stock stand for
election at each annual meeting of stockholders. Currently, Global Trust has
not issued Preferred Stock; therefore all eight directors will be elected by
the holders of Global Trust Common Stock until such time, if ever, as Global
Trust Preferred Stock is issued and outstanding. Upon completion of the
Transaction, Global Trust Directors will be divided into three classes, each
having a staggered term of three years (except, to ensure that the term of a
class of Global Trust&#146;s </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>40</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Directors expires each year, one class of Global Trust&#146;s Directors will
serve an initial one-year term and three-year terms thereafter and another class
of its Directors will serve an initial two-year term and three-year terms
thereafter). Each year the term of one class of Directors will expire.
Accordingly, only those Directors in one class may be changed in any one year,
and it would require a minimum of two years to change a majority of the Board.
Such system of electing Directors may have the effect of maintaining the
continuity of management and, thus, make it more difficult for the stockholders
of that Fund to change the majority of Directors. Vacancies on the Board of
Directors for one or more of the classified positions may be filled by the
remaining Directors for the balance of the term of the class. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Value
Trust, the class and other voting rights of the Cumulative Preferred Stock and
any other preferred stock that may be issued could make it more difficult for
the Fund to take certain actions that may, in the future, be proposed by the
Board of Directors and/or the holders of Value Trust Common Stock, such as (i)
a merger, exchange of securities, liquidation or alteration of the rights of a
class of the Fund&#146;s securities if such actions would be adverse to the
preferred stock, (ii) converting the Fund to an open-end investment company or
acting inconsistently with its fundamental investment restrictions or other
fundamental policies or (iii) seeking to operate other than as an investment
company. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Global
Trust Charter provides that the affirmative vote of the holders of 80% of the
outstanding voting shares of Global Trust (a &#147;Supermajority Vote&#148;), each voting
as a separate class, is generally required to authorize certain transactions
(&#147;Extraordinary Transactions&#148;). Such matters include amending the Charter to
make Global Trust&#146;s Common Stock a &#147;redeemable security&#148; or to convert Global
Trust from a &#147;closed-end company&#148; to an &#147;open-end company.&#148; Further, any
liquidation or dissolution of Global Trust and any amendment to the Charter to
effect such a liquidation or dissolution will require a Supermajority Vote, as
well as any merger, consolidation, share exchange or sale or exchange of all or
substantially all of the assets of Global Trust. Finally, a Supermajority Vote
is required for any transaction between Global Trust and a person, or group of
persons acting together (including, without limitation, a &#147;group&#148; for purposes
of Section 13(d) of the Securities Exchange Act of 1934, as amended (the &#147;1934
Act&#148;), or any successor provision), and any person controlling, controlled by
or under common control with any such person or member of such group, that is
entitled to exercise or direct the exercise, or acquire the right to exercise
or direct the exercise, directly or indirectly, other than solely by virtue of
a revocable proxy, of one-tenth or more of the voting power in the election of
directors generally. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary
Transactions can also be accomplished by an affirmative vote of the holders of
a majority of the votes entitled to be cast, rather than a Supermajority Vote,
if the Continuing Directors (as defined below), by a vote of at least
two-thirds of such Continuing Directors, in addition to approval by the Board
of Directors, approve such proposal, transaction or amendment. For transactions
involving common control, no stockholder approval will be required provided (i)
such transaction is approved by the Continuing Directors, by a vote of at least
two-thirds of such Continuing Directors, and (ii) applicable state law or
another provision of the Charter or Bylaws do not otherwise requires such
approval. Continuing Directors include (i) current Directors of the Board, (ii)
those nominated for election by the stockholders or whose election by the
directors to fill vacancies on the Board is approved by a majority of the
Directors of the Board, and (iii) any successor directors whose nomination for
election by the stockholders or whose election by the directors to fill
vacancies is approved by a majority of the Continuing Directors or successor
Continuing Directors, who are on the Board at the time of the nomination or
election, as applicable. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director
of Value Trust may be removed with or without cause by a vote of a majority of
the votes entitled to be cast for the election of such director. A director of
Global Trust may only be removed for cause and only by the affirmative vote of
at least two-thirds of the votes entitled to be cast generally in the election
of directors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s
By-laws permit stockholders to call a special meeting of stockholders only if
certain procedural requirements are met and the request is made by stockholders
entitled to cast at least a majority of the votes entitled to be cast at such a
meeting. Each Fund&#146;s By-laws also require that 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 at an annual meeting
of stockholders. With respect to an annual meeting of stockholders, notice of
any such nomination or business must be delivered to or received at the
principal executive offices of the applicable Fund not less than 90 calendar
days nor more than 120 calendar days prior to the anniversary of the date of
mailing </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>41</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>of the notice for the preceding year&#146;s annual meeting (subject to
certain exceptions). Any advance notice by a stockholder must be accompanied by
certain information as provided in the By-laws. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
provisions of the 1940 Act and the Charter require a separate additional vote
of the holders of preferred stock to approve certain transactions, including
certain mergers, asset dispositions and conversion of the Fund to open-end
status. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of the Charters and Bylaws (the &#147;Governing Documents&#148;) of Value
Trust and Global Trust described above may be regarded as &#147;anti-takeover&#148;
provisions. The provisions could have the effect of depriving the owners of
shares in either Fund of opportunities to sell their shares at a premium over
prevailing market prices, by discouraging a third party from seeking to obtain
control of either Value Trust or Global Trust in a tender offer or similar
transaction. The overall effect of these provisions is to render more difficult
the accomplishment of a merger or the assumption of control by a principal
stockholder. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to the Governing Documents of Value Trust and Global Trust, on file
with the Commission, for the full text of these provisions. See &#147;Further
Information.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Limitation of Directors&#146; and Officers&#146;
Liability </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The By-laws
of each of Value Trust and Global Trust provide that the Fund will indemnify
its Directors and officers and may indemnify its employees or agents against
liabilities and expenses incurred in connection with litigation in which they
may be involved because of their positions with the Fund, to the fullest extent
permitted by law. However, nothing in the By-laws of either Value Trust or
Global Trust protects or indemnifies a Director, officer, employee or agent of
such fund against any liability to which such person would otherwise be subject
in the event of such person&#146;s willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his or her
position. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FURTHER INFORMATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust are subject to the informational requirements of
the 1934 Act and the 1940 Act and in accordance therewith file, or will file,
reports and other information with the Commission. Reports, proxy statements
and other information filed by Value Trust and Global Trust with the Commission
pursuant to the informational requirements of the 1934 Act and the 1940 Act can
be inspected and copied at the public reference facilities maintained by the
Commission, 100 F Street, N.E., Washington, D.C. 20549. The Commission maintains
a web site at http://www.sec.gov containing reports, proxy and information
statements and other information regarding registrants, including Value Trust
and Global Trust, that file electronically with the Commission. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
Common Stock and the Cumulative Preferred Stock are listed on the NYSE.
Reports, proxy statements and other information concerning Value Trust and
filed with the Commission by Value Trust will be available for inspection at
the NYSE, 20 Broad Street, New York, New York 10005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust Common Stock will be listed on the NYSE. Reports, proxy statements and
other information concerning Global Trust and filed with the Commission by
Global Trust will be available for inspection at the NYSE, 20 Broad Street, New
York, New York 10005. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements
contained in this Combined Prospectus/Proxy Statement as to the contents of any
contract or other document referred to are not necessarily complete, and, in
each instance, reference is made to the copy of such contract or other document
filed as an exhibit to the Registration Statement, of which this Combined
Prospectus/Proxy Statement forms a part, each such statement being qualified in
all respects by such reference. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>REQUIRED VOTE FOR PROPOSAL</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of
the Transaction by the stockholders is to be determined by the vote of a
majority of the outstanding shares of Value Trust (holders of Value Trust
Common Stock and holders of Cumulative Preferred Stock, voting together as a
single class). Under the 1940 Act, this means that to be approved, the
Transaction must </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>42</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>receive the affirmative vote of the lesser of (1) a majority of the
outstanding shares of Value Trust, or (2) 66 2/3% or more of the shares of
Value Trust represented at the Meeting if more than 50% of the outstanding
shares of Value Trust are present or represented by proxy at the Meeting
(&#147;Majority Vote&#148;). While Value Trust has no present intention of making any
additional distributions in the form of registered investment companies other
than the distribution of Global Trust as described above, the Board of Value
Trust in the future could authorize such additional distributions. The Board
may elect to delay or not to proceed with the Transaction notwithstanding its
approval by stockholders if for any reason the Board determines that such
action would be in the best interests of stockholders. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Value Trust Board, including the Non-Interested Directors, unanimously
recommends that the holders of Value Trust Common Stock and Value Trust
Preferred Stock vote &#147;FOR&#148; approval of the Transaction. </B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>GENERAL VOTING INFORMATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to the solicitation of proxies by mail, officers of Value Trust and regular
employees of Computershare, Value Trust&#146;s transfer agent, and affiliates of
Computershare or other representatives of Value Trust may also solicit proxies
by telephone, telegraph, Internet or in person. In addition, Value Trust has
retained [_____] to assist in the solicitation of proxies for a minimum fee of
$[___] plus reimbursement of expenses. The costs of solicitation and the
expenses incurred in connection with preparing the Combined Prospectus/Proxy
Statement and its enclosures will be paid by Royce. Royce will reimburse
brokerage firms and others for their expenses in forwarding solicitation
materials to the beneficial owners of shares. Value Trust&#146;s most recent annual
report, including audited financial statements for the year ended December 31,
2010 are available upon request, without charge, by writing to The Royce Funds
at 745 Fifth Avenue, New York, NY 10151, by calling The Royce Funds at
800-221-4268, or via the internet at www.roycefunds.com. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
enclosed proxy is properly executed and returned in time to be voted at the
Meeting, the Value Trust Shares (as defined below) represented thereby will be
voted <B>&#147;FOR&#148;</B> Proposal 1 and <B>&#147;FOR&#148;</B> any other matters deemed appropriate
unless instructions to the contrary are marked. Any stockholder who has given a
proxy has the right to revoke it at any time prior to its exercise either by
attending the Meeting and voting his or her shares in person or by submitting a
letter of revocation or a later-dated proxy to Value Trust at the above address
prior to the date of the Meeting. Merely attending the Meeting without voting,
however, will not revoke a previously given proxy. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum of
stockholders is constituted by the presence in person or by proxy of the
holders of a majority of the outstanding shares of Value Trust entitled to vote
at the Meeting. In the event a quorum is not present at the Meeting, or in the
event that a quorum is present at the Meeting but sufficient votes to approve
any of the proposed items are not received, the persons named as proxies may
propose one or more adjournments of the Meeting to permit further solicitation
of proxies. A stockholder vote may be taken on one or more of the proposals in
this Combined Prospectus/Proxy Statement prior to such adjournment if
sufficient votes have been received for approval and it is otherwise appropriate.
Any such adjournment will require the affirmative vote of a majority of those
shares present at the Meeting in person or by proxy. If a quorum is present,
the persons named as proxies will vote those proxies which they are entitled to
vote <B>&#147;FOR&#148;</B> any proposal in favor
of such adjournment and will vote those proxies required to be voted <B>&#147;AGAINST&#148;</B> any proposal against any such
adjournment. Absent the establishment of a subsequent record date and the
giving of notice to the holders of record thereon, the adjourned Meeting must
take place not more than 120 days after the record date. At such adjourned
Meeting, any business may be transacted which might have been transacted at the
original Meeting. If a quorum is present, a stockholder vote may be taken on
one or more of the proposals properly brought before the Meeting prior to any
adjournment if sufficient votes have been received and it is otherwise
appropriate. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The close
of business on [ &nbsp;&nbsp;&nbsp;] has been fixed as
the record date for the determination of stockholders entitled to notice of and
to vote at the Meeting and all adjournments thereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
has two classes of capital stock: Value Trust Common Stock and Value Trust
Preferred Stock (together, the &#147;Value Trust Shares&#148;). The holders of Value
Trust Common Stock and Value Trust Preferred Stock are each entitled to one
vote for each full share held and an appropriate fraction of a vote for each
fractional share </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>43</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>held. On the record date, the only Value Trust Preferred Stock
outstanding consisted of Cumulative Preferred Stock. On the record date, there
were [ &nbsp;&nbsp;&nbsp;] shares of Value Trust Common
Stock and 8,800,000 shares of Cumulative Preferred Stock outstanding. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following persons were known to Value Trust to be beneficial owners or owners
of record of 5% or more of its outstanding shares of Value Trust Common Stock
or Cumulative Preferred Stock as of the Record Date: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="22%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="26%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Name and Address of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Class/Series of Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Amount and Nature of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Percent of</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Owner</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Ownership</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Class/Series</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Cede &amp;
 Co.*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Depository
 Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Cumulative
 Preferred Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Company</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>P.O. Box #20</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Bowling
 Green Station</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York, NY
 10028</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Shares held by brokerage firms, banks and other financial
 intermediaries on behalf of beneficial owners are registered in the name of
 Cede &amp; Co. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><U>Summary of Voting Rights on Proxy Proposals</U>.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="53%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="36%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>To consider
 and vote upon a proposal to contribute a portion of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Holders of
 Value Trust Common</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Value Trust&#146;s
 assets (which is anticipated to consist largely or</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Stock and
 holders of the Cumulative</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>exclusively
 of cash and short-term fixed income instruments)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Preferred
 Stock, voting together as a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>having a
 value of approximately $100 million ([&nbsp;&nbsp;&nbsp;
 ]% of Value</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>single class</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Trust&#146;s net
 assets attributable to Common Stock as of [&nbsp;&nbsp;&nbsp;
 ],</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2011), to a
 newly-organized, diversified, closed-end</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>management
 investment company, Global Trust, and to</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>distribute
 to common stockholders of Value Trust, in the form of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>a dividend,
 shares of Global Trust Common Stock at a rate of</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>one (1)
 share of Global Trust Common Stock for every [seven</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(7)] shares
 of Value Trust Common Stock</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Other
 Business</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Holders of
 Value Trust Common</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Stock and
 holders of the Cumulative</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Preferred
 Stock, voting together as a</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>single class</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>44</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>BROKER NON-VOTES AND ABSTENTIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of determining the presence of a quorum for transacting business at
the Meeting, abstentions and broker &#147;non-votes&#148; (that is, proxies from brokers
or nominees indicating that such persons have not received instructions from
the beneficial owner or other persons entitled to vote shares on a particular
matter with respect to which the brokers or nominees do not have discretionary
power) will be treated as shares that are present but that have not been voted.
Accordingly, stockholders are urged to forward their voting instructions
promptly. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abstentions
or broker non-votes will not be counted as votes cast, but will be considered
to be present at the Meeting for purposes of determining the existence of a
quorum. Consequently, abstentions and broker non-votes will have the same
effect as a vote &#147;against&#148; the Proposal. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
of Value Trust will be informed of the voting results of the Meeting in Value
Trust&#146;s [Semi-Annual Report dated June 30, 2011]. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>OTHER MATTERS TO COME BEFORE THE MEETING</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Value Trust does not intend to present any other business at the Meeting,
nor are they aware that any stockholder intends to do so. If, however, any
other matters are properly brought before the Meeting, the persons named in the
accompanying form of proxy will vote thereon in accordance with their judgment.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT IS
IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. STOCKHOLDERS WHO DO NOT EXPECT TO
ATTEND THE MEETING ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND RETURN THE
PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>45</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>APPENDIX A</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INVESTMENT RESTRICTIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Global Trust </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Listed
below are Global Trust&#146;s fundamental investment policies and limitations.
Unless otherwise noted, whenever an investment policy or limitation states a
maximum percentage of Global Trust&#146;s assets that may be invested in any
security or other asset or sets forth a policy regarding quality standards, the
percentage limitation or standard will be determined immediately after or at
the time of Global Trust&#146;s acquisition of the security or other asset.
Accordingly, any subsequent change in values, net assets or other circumstances
will not be considered in determining whether the investment complies with
Global Trust&#146;s investment policies and limitations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust&#146;s fundamental investment policies cannot be changed without approvals of
the holders of a majority of the Fund&#146;s outstanding shares of common stock and
preferred stock (if any), voting together as a single class, and a majority of
the preferred stock (if any), voting as a separate class (which for this
purpose and under the 1940 Act means the lesser of (i) 67% or more of the
relevant shares of capital stock of the Fund present or represented at a
meeting of stockholders, at which the holders of more than 50% of the
outstanding relevant shares of capital stock are present or represented or (ii)
more than 50% of the outstanding relevant shares of capital stock of the Fund).
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for
the fundamental investment restrictions set forth below, the investment
policies and limitations described in this Appendix A are operating policies
and may be changed by the Board of Directors of Global Trust without
stockholder approval or, except as required by law, prior notice to
stockholders. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Global Trust may not, as a matter of fundamental policy: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue any class of senior security, or
sell any such security of which it is the issuer, except as permitted by the
1940 Act; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase securities on margin or write
call options on its portfolio securities; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sell securities short; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwrite the securities of other
issuers; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in the securities of any one
issuer (other than the United States or any agency or instrumentality of the
United States) if, at the time of acquisition, the Fund would own more than 10%
of the voting securities of such issuer or, as to 75% of the Fund&#146;s total
assets, more than 5% of such assets would be invested in the securities of such
issuer; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest more than 25% of its assets in
any one industry; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase or sell real estate or real
estate mortgage loans or invest in the securities of real estate companies
unless such securities are publicly-traded; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase or sell commodities or
commodity contracts; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make loans, except for (a) purchases of
portions of issues of publicly-distributed bonds, debentures and other
securities, whether or not such purchases are made on the original issuance of
such securities, (b) repurchase agreements, bank certificates of deposit and
other similar securities and (c) loans of up to 25% of its assets to qualified
brokers, dealers or institutions for their use relating to short sales or other
securities transactions (provided that such loans are fully collateralized at
all times); </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in companies for the purpose of
exercising control of management; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>46</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase portfolio securities from or
sell such securities directly to any of its officers, directors, employees or
investment adviser, as principal for their own accounts; or </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest more than 5% of its total
assets in warrants, rights and options. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust may not, as a matter of operating policy, invest more than 5% of its net
assets in lower-rated (high-risk) non-convertible debt securities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust may not, as a matter of operating policy, invest more than 35% of its net
assets in the securities of companies headquartered in developing countries. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust may invest in the securities of other investment companies (open or
closed-end) to the extent permitted under the 1940 Act. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a
percentage restriction is met at the time of investment, a later increase or
decrease in percentage resulting from a change in the value of portfolio
securities or amount of total assets is not considered a violation of any of
the above restrictions. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Value Trust </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
policies set forth below are fundamental policies of Value Trust and may not be
changed without approvals of the holders of a majority of the Fund&#146;s
outstanding shares of common stock and Cumulative Preferred Stock and any other
Value Trust Preferred Stock, voting together as a single class, and a majority
of the Cumulative Preferred Stock and any other Value Trust Preferred Stock,
voting as a separate class (which for this purpose and under the 1940 Act means
the lesser of (i) 67% or more of the relevant shares of capital stock of the
Fund present or represented at a meeting of stockholders, at which the holders
of more than 50% of the outstanding relevant shares of capital stock are
present or represented or (ii) more than 50% of the outstanding relevant shares
of capital stock of the Fund). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for
the fundamental investment policies set forth below, Value Trust does not
consider its other policies, such as seeking current income, to be fundamental,
and such policies may be changed by the Board of Directors of Value Trust
without stockholder approval or, except as required by law, prior notice to
stockholders. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
may not: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue any class of senior security, or
sell any such security of which it is the issuer, except as permitted by the
1940 Act. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase on margin or write call
options on its portfolio securities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sell securities short. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwrite the securities of other
issuers, or invest in restricted securities unless such securities are
redeemable shares issued by money market funds registered under the 1940 Act. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest more than 25% of its total
assets in any one industry. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase or sell real estate or real
estate mortgage loans, or invest in the securities of real estate companies
unless such securities are publicly-traded. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase or sell commodities or
commodity contracts. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make loans, except for (a) purchases of
portions of issues of publicly-distributed bonds, debentures and other
securities, whether or not such purchases are made on the original issuance of
such securities, (b) repurchase agreements with any bank that is the custodian
of its assets covering U.S. Treasury and agency obligations and </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>47</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>having a term of not more than one week and (c) loans of up to 25% of
its assets to qualified brokers, dealers or institutions for their use relating
to short sales or other security transactions (provided that such loans are
secured by collateral equal at all times to at least 100% of the value of the
securities loaned). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in companies for the purpose of
exercising control of management. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase portfolio securities from or
sell such securities directly to any of its officers, directors, employees or
investment adviser, as principal for their own accounts. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest in the securities of any one
issuer (other than the United States or any agency or instrumentality of the
United States) if, at the time of acquisition, the Fund would own more than 10%
of the voting securities of such issuer or, as to 75% of the Fund&#146;s total
assets, more than 5% of such assets would be invested in the securities of such
issuer. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invest more than 5% of its total
assets in warrants, rights or options. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a
percentage restriction is met at the time of investment, a later increase or
decrease in percentage resulting from a change in the value of portfolio
securities or amount of total assets is not considered a violation of any of
the above restrictions. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to issuing and selling senior securities as set forth in No. 1 above, Value
Trust may obtain (i) temporary bank borrowings (not in excess of 5% of the
value of its total assets) for emergency or extraordinary purposes and (ii) such
short-term credits (not in excess of 5% of the value of its total assets) as
are necessary for the clearance of securities transactions. Under the 1940 Act
and the Articles Supplementary, such temporary bank borrowings would be treated
as indebtedness in determining whether or not asset coverage was at least 200%
for senior securities of the Fund representing indebtedness. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
there are no liquidity restrictions on investments made by Value Trust and the
Fund may, therefore, invest without limit in illiquid securities, the Fund
expects to invest only in securities for which market quotations are readily
available. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>48</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
information in this statement of additional information is not complete and may
be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This statement
of additional information is not an offer to sell these securities and it is
not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SUBJECT TO COMPLETION <BR>
PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION <BR>
DATED MARCH 16, 2011</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE VALUE TRUST, INC. <BR>
745 Fifth Avenue <BR>
New York, NY 10151 <BR>
(800) 221-4268</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE GLOBAL VALUE TRUST, INC. <BR>
745 Fifth Avenue <BR>
New York, NY 10151 <BR>
(800) 221-4268</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PART B</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>STATEMENT OF ADDITIONAL INFORMATION</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B> [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2011</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Statement of Additional Information (this &#147;SAI&#148;) relates to the proposed
contribution of a portion of the assets (which is anticipated to consist
largely or exclusively of cash and short-term fixed income instruments) of
Royce Value Trust, Inc. (&#147;Value Trust&#146;) having a value of approximately $100
million ([ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% of Value Trust&#146;s net assets attributable to Common Stock as of [
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011), to a newly-organized, diversified, closed-end management investment
company, Royce Global Value Trust, Inc. (&#147;Global Trust&#148;), and the distribution
to common stockholders of Value Trust, in the form of a dividend, shares of
common stock of Global Trust (&#147;Global Trust Common Stock&#148;) at a rate of one (1)
share of Global Trust Common Stock for every [seven (7)] shares of Value
Trust&#146;s common stock (&#147;Value Trust Common Stock&#148;). Each of Value Trust and
Global Trust are referred to herein as a &#147;Fund,&#148; and together as the &#147;Funds.&#148;
The contribution of such Value Trust assets to Global Trust and the subsequent
distribution of the Global Trust&#146;s shares to Value Trust common stockholders
are referred to herein as the &#147;Transaction.&#148; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SAI
contains information which may be of interest to stockholders of Value Trust
relating to the Transaction, but which is not included in the Combined
Prospectus/Proxy Statement dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2011 (the &#147;Combined Prospectus/Proxy
Statement&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SAI is
not a prospectus, and should be read in conjunction with the Combined
Prospectus/Proxy Statement. The Combined Prospectus/Proxy Statement has been
filed with the Securities and Exchange Commission (the &#147;Commission&#148;), and is
available upon request and without charge by calling call Investor Information
at 1-800-221-4268. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms used in this SAI and not otherwise defined herein have the meanings given
them in the Combined Prospectus/Proxy Statement. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="85%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>RISK FACTORS
 AND SPECIAL CONSIDERATIONS</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MANAGEMENT
 OF VALUE TRUST AND GLOBAL TRUST</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Directors and Officers</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Board Committees and Meetings</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Boards&#146; Oversight Role in Management</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Officers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>PRINCIPAL
 STOCKHOLDERS</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Value Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Global Trust</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>EXPERTS AND
 FINANCIAL STATEMENTS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>ADDITIONAL
 INFORMATION</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Portfolio Transactions</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Portfolio Turnover</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Proxy Voting Policies and Procedures</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Code of Ethics and Related Matters</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Portfolio Manager Information</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Description of Portfolio Manager
 Compensation Structure</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Potential Conflicts of Interest</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>INVESTMENT
 ADVISORY AND OTHER SERVICES</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Investment Management</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Investment Advisory Agreements</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Advisory Fee</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Custodian</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Transfer Agent</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>ADMINISTRATION
 AGREEMENT</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>23</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>TAXATION</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>24</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>REPORT OF
 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>STATEMENT OF
 ASSETS AND LIABILITIES</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>30</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=2>EXHIBIT A
 ROYCE &amp; ASSOCIATES PROXY VOTING GUIDELINES AND PROCEDURES</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP BGCOLOR="#cceeff">
 <P ALIGN=RIGHT><FONT SIZE=2>A-1</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>RISK FACTORS AND SPECIAL CONSIDERATIONS</B></FONT></P>

<P><FONT SIZE=2><I>Funds&#146; Rights as Stockholders </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Value Trust nor Global Trust may invest in a company for the purpose of
exercising control of management. However, each of Value Trust and Global Trust
may exercise its rights as a stockholder and communicate its views on important
matters of policy to management, the board of directors and/or stockholders if
Royce &amp; Associates, LLC, each Fund&#146;s investment adviser (&#147;Royce&#148;) or the
Board of Directors of the Fund determines that such matters could have a
significant effect on the value of the Fund&#146;s investment in the company. The
activities that Value Trust and Global Trust may engage in, either individually
or in conjunction with others, may include, among others, supporting or
opposing proposed changes in a company&#146;s corporate structure or business
activities; seeking changes in a company&#146;s board of directors or management;
seeking changes in a company&#146;s direction or policies; seeking the sale or
reorganization of a company or a portion of its assets; or supporting or
opposing third party takeover attempts. This area of corporate activity is
increasingly prone to litigation, and it is possible that a Fund could be
involved in lawsuits related to such activities. Royce will monitor such
activities with a view to mitigating, to the extent possible, the risk of
litigation against the Funds and the risk of actual liability if a Fund is
involved in litigation. However, no guarantee can be made that litigation
against a fund will not be undertaken or liabilities incurred. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may, at its expense or in conjunction with others,
pursue litigation or otherwise exercise its rights as a security holder to seek
to protect the interests of security holders if Royce and the applicable Board
of Directors determine this to be in the best interests of the Fund&#146;s
stockholders. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Lower-Rated (High-Risk) and Investment Grade
Debt Securities </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may invest up to 5% of its net assets in
lower-rated (high-risk) non-convertible debt securities. They may be rated from
Ba to Ca by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s) or from BB to D by
Standard &amp; Poor&#146;s Financial Services LLC or may be unrated. These
securities have poor protection with respect to the payment of interest and
repayment of principal and may be in default as to the payment of principal or
interest. These securities are often speculative and involve greater risk of
loss or price changes due to changes in the issuer&#146;s capacity to pay. The
market prices of lower-rated (high-risk) debt securities may fluctuate more
than those of higher-rated debt securities and may decline significantly in
periods of general economic difficulty, which may follow periods of rising
interest rates. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market
for lower-rated (high-risk) debt securities may be thinner and less active than
that for higher-rated debt securities, which can adversely affect the prices at
which the former are sold. If market quotations cease to be readily available
for a lower-rated (high-risk) debt security in which a fund has invested, the
security will then be valued in accordance with procedures established by the
applicable Board of Directors. Judgment plays a greater role in valuing
lower-rated (high-risk) debt securities than is the case for securities for
which more external sources for quotations and last sale information are
available. Adverse publicity and changing investor perceptions may affect a
Fund&#146;s ability to dispose of lower-rated (high-risk) debt securities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the
risk of default is higher for lower-rated (high-risk) debt securities, Royce&#146;s
research and credit analysis may play an important part in managing securities
of this type for the Funds. In considering such investments for the Funds,
Royce will attempt to identify those issuers of lower-rated (high-risk) debt
securities whose financial condition is adequate to meet future obligations,
has improved or is expected to improve in the future. Royce&#146;s analysis may
focus on relative values based on such factors as interest or dividend
coverage, asset coverage, earnings prospects and the experience and managerial
strength of the issuer. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may also invest in non-convertible debt securities
in the lowest rated category of investment grade debt. Such securities may have
speculative characteristics, and adverse changes in economic conditions or
other circumstances are more likely to lead to a weakened capacity to make
principal and interest payments than is the case with higher grade securities. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may also invest in investment grade
non-convertible debt securities. Such securities include those rated Aaa by
Moody&#146;s (which are considered to be of the highest credit quality and where the
capacity to pay interest and repay principal is extremely strong), those rated
Aa by Moody&#146;s (where the capacity to repay principal is considered very strong,
although elements may exist that make risks appear somewhat larger than
expected with securities rated Aaa), securities rated A by Moody&#146;s (which are
considered to possess adequate factors giving security to principal and
interest) and securities rated Baa by Moody&#146;s (which are considered to have an
adequate capacity to pay interest and repay principal, but may have some
speculative characteristics). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Securities of Exchange-Traded Funds </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may purchase, sell and invest in the securities of
exchange-traded funds (&#147;ETFs&#148;). ETFs are ownership interests in unit investment
trusts, depositary receipts, and other pooled investment vehicles that are
traded on an exchange and that hold a portfolio of securities or other
financial instruments (the &#147;Underlying Assets&#148;). The Underlying Assets are
typically selected to correspond to the securities that comprise a particular
broad based, sector or international index, or to provide exposure to a
particular industry sector or asset class. From time to time the Fund may also
purchase ETFs that sell short a portfolio of securities or other financial
asset. An investment in an ETF involves risks similar to investing directly in
the Underlying Assets, including the risk that the value of the Underlying
Assets may fluctuate in accordance with changes in the financial condition of
their issuers, the value of securities and other financial instruments
generally, and other market factors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
performance of an ETF will be reduced by transaction and other expenses,
including fees paid by the ETF to service providers. Investors in ETFs are
eligible to receive their portion of dividends, if any, accumulated on the
securities held in the portfolio, less fees and expenses of the ETF. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an ETF
is an investment company, unless an exemption has been obtained from the
Commission, the limitations applicable to the Funds&#146; ability to purchase
securities issued by other investment companies will apply. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Repurchase Agreements </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a
repurchase agreement, a Fund in effect makes a loan by purchasing a security
and simultaneously committing to resell that security to the seller at an
agreed upon price on an agreed upon date within a number of days (usually not
more than seven) from the date of purchase. The resale price reflects the
purchase price plus an agreed upon incremental amount which is unrelated to the
coupon rate or maturity of the purchased security. A repurchase agreement
requires or obligates the seller to pay the agreed upon price, which obligation
is in effect secured by the value (at least equal to the amount of the agreed
upon resale price and marked to market daily) of the underlying security. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may engage in repurchase agreements provided that
such agreements are collateralized by cash or securities issued by the U.S.
Government or its agencies. While it does not presently appear possible to
eliminate all risks from these transactions (particularly the possibility of a
decline in the market value of the underlying securities, as well as delays and
costs to the Funds in connection with bankruptcy proceedings), it is the policy
of each Fund to enter into repurchase agreements only with recognized
securities dealers, banks and Fixed Income Clearing Corporation, a securities
clearing agency registered with the Commission, each determined by Royce to
represent minimal credit risk and having a term of seven days or less. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Warrants, Rights and Options </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Value Trust and Global Trust may invest up to 5% of its total assets in
warrants, rights and options. A warrant, right or call option entitles the
holder to purchase a given security within a specified period for a specified
price and does not represent an ownership interest. A put option gives the
holder the right to sell a particular security at a specified price during the
term of the option. These securities have no voting rights, pay no dividends
and have no liquidation rights. In addition, their market prices do not
necessarily move parallel to the market prices of the underlying securities. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale of
warrants, rights or options held for more than one year generally results in a
long-term capital gain or loss to a Fund, and the sale of warrants, rights or
options held for one year or less generally results in a short term capital
gain or loss. The holding period for securities acquired upon exercise of a
warrant, right or call option, however, generally begins on the day after the
date of exercise, regardless of how long the warrant, right or option was held.
The securities underlying warrants, rights and options could include shares of
common stock of a single company or securities market indices representing
shares of the common stocks of a group of companies, such as the S&amp;P 600. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing
in warrants, rights and call options on a given security allows a Fund to hold
an interest in that security without having to commit assets equal to the
market price of the underlying security and, in the case of securities market
indices, to participate in a market without having to purchase all of the
securities comprising the index. Put options, whether on shares of common stock
of a single company or on a securities market index, would permit a Fund to
protect the value of a portfolio security against a decline in its market price
and/or to benefit from an anticipated decline in the market price of a given
security or of a market. Thus, investing in warrants, rights and options
permits a Fund to incur additional risk and/or to hedge against risk. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Reverse Repurchase Agreements </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust is authorized to enter into reverse repurchase agreements. Such
agreements involve the sale of securities held by Global Trust pursuant to an
agreement to repurchase the securities at an agreed-upon price, date and
interest payment. When effecting repurchase transactions, liquid securities of
a dollar amount equal in value to the securities subject to the agreement are
required to be segregated with the Fund&#146;s custodian bank, and the reverse repurchase
agreement is required to be marked to market daily. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Asset Coverage Test </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
18(a)(1) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)
permits a registered closed-end company such as Value Trust and Global Trust to
issue and sell a class of senior securities that is stock (such as the
Cumulative Preferred Stock) only if, immediately after such issuance and sale,
the net asset value (&#147;NAV&#148;) of the Fund&#146;s portfolio is at least 200% of the
liquidation preference of the preferred stock. Section 18(g) of the 1940 Act
defines a senior security to mean any stock of a class having priority over any
other class as to distribution of assets or payment of dividends. Under Section
18(h) of the 1940 Act, asset coverage of a class of senior securities of an
issuer which is a stock means the ratio which the value of the issuer&#146;s total
assets, less all of its liabilities and indebtedness not represented by senior
securities, bears to the aggregate amount of the issuer&#146;s senior securities
representing indebtedness plus the aggregate of the involuntary liquidation
preference of such class of senior security which is a stock. Section 18(a)(1)
of the 1940 Act also prevents the Fund from declaring any cash or other
non-stock dividends or distributions on its common stock or purchasing any
shares of its capital stock if, immediately thereafter, the NAV of the Fund&#146;s
portfolio (determined after deducting the amount of such dividend or
distribution) is at least 200% of the liquidation preference of its outstanding
preferred stock. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
asset coverage for the Cumulative Preferred Stock as of the last day of March,
June, September or December in any calendar year should fall below 200%, Value
Trust would redeem such preferred stock at a price equal to its liquidation
preference plus accumulated but unpaid dividends to the date of redemption
and/or any other senior securities of Value Trust then outstanding to the
extent necessary to restore such asset coverage to at least 200%. </FONT></P>

<div ALIGN=CENTER><FONT SIZE=2>* * *</FONT></div>

<div ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
believes that each of Value Trust and Global Trust are suitable for investment
only by persons who can invest without concern for current income, and that
such Funds are suitable only for those investors who are in a financial
position to assume above-average risks in search for long-term capital
appreciation. </FONT></div>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>MANAGEMENT OF VALUE TRUST AND GLOBAL TRUST</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Directors and Officers </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business and affairs of each of Value Trust and Global Trust are managed under
the direction of the Board of each Fund, and the day-to-day operations of each
Fund are conducted through or under the direction of its respective officers. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of each of Value Trust and Global Trust is comprised of the same
eight individuals. With respect to Value Trust, two of the Directors, David L.
Meister and Patricia W. Chadwick, are elected annually by the holders of Value
Trust Preferred Stock, voting as a separate class. The remaining six Directors
are divided into three classes and are elected by the holders of Value Trust
Common Stock and Value Trust Preferred Stock, voting together as a single
class. The Class I Directors, Charles M. Royce and G. Peter O&#146;Brien, have terms
that expire in 2012; the Class II Directors, Mark R. Fetting, and Arthur S.
Mehlman, have terms that expire in 2013; and the Class III Directors, Richard
M. Galkin and Stephen L. Isaacs, have terms that expire in 2011. To the extent
permitted by the 1940 Act and Maryland law, vacancies on the Board can be
filled by the remaining Directors for the remainder of the term of the
respective Board position. Because Global Trust has no issued and outstanding
Preferred Stock, all eight of its Directors will be elected by holders of
Global Trust Common Stock. As of the date of this SAI, all eight Global Trust
Directors are members of the same class. Pursuant to the Articles of
Incorporation of Global Trust, upon completion of the Transaction, the eight
Directors of Global Trust will be divided into three classes. The Class I Directors,
Charles M. Royce, G. Peter O&#146;Brien and David L. Meister, will have terms that
expire in 2012; the Class II Directors, Mark R. Fetting, Arthur S. Mehlman and
Patricia W. Chadwick, will have terms that expire in 2013; and the Class III
Directors, Richard M. Galkin and Stephen L. Isaacs, will have terms that expire
in 2014. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are
no family relationships between any of the Funds&#146; Directors and officers. Each
Director will hold office until his term expires and his successor has been
duly elected or until his earlier resignation or removal. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information as to each Director of each
Fund. The Directors are responsible for the overall supervision of the
operations of the Funds and have the various duties imposed on directors of
registered investment companies by the 1940 Act. Each Director became a
Director of Global Trust in 2011. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 17%; vertical-align: top">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 13%; vertical-align: top">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 16%; vertical-align: top">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 14%; vertical-align: top">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 16%; vertical-align: top">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Value Trust</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Number of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Term of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Principal</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Portfolios in the</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Office and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Occupations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Fund Complex</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Other Public</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Name, Age and</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Position(s) with</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Length of</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>During Past</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Overseen by</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Directorships</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Address*</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>the Fund</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Time Served</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Five Years</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>Director</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P ALIGN=CENTER><FONT SIZE=2><B>held by Director</B></FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>


  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>


  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Charles M.</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Class I
 Director</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Since 1986</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>President,
 Chief</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>35</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Director of</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Royce* (71)</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>and
 President</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Investment</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>TICC Capital</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Officer,
 Co-Chief</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Corp</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Investment</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Officer and</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>member of
 Board</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>of Managers
 of</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Royce &amp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Associates,
 LLC</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>(&#147;Royce&#148;),</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>investment</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>adviser to
 the</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Funds, Royce</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=2>Capital Fund</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:1px solid black">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>


  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>


  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX;BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>

 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>&nbsp;

 </TD>

 <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=TOP >&nbsp;

 </TD>
<TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 0PX">&nbsp;

 </TD>

 <TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 0PX">&nbsp;

 </TD>

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 </TD>

 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 0PX">&nbsp;

 </TD>
<TD VALIGN=TOP STYLE="BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>

 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 0PX">&nbsp;

 </TD>



 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(&#147;RCF&#148;),
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Focus Trust,
 Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(&#147;RFT&#148;),
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Micro-Cap
 Trust,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Inc. (&#147;RMT&#148;)
 and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce Value</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Trust, Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(&#147;RVT&#148;)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(collectively,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#147;The Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds&#148;).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Mark R.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Class II
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 2001</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>52</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fetting*
 (56)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Executive</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Director/Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>c/o The
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer of
 Legg</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of all Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mason, Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds
 consisting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mr.
 Fetting&#146;s</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of 35
 portfolios;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>prior
 business</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director/Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>experience</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of the Legg</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>includes
 having</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mason Family
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>served as a</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds
 consisting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>member of
 the</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of 17
 portfolios</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Board of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Managers of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce;
 Senior</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Executive Vice</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of
 Legg</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mason, Inc.;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Division</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Senior
 Officer of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Prudential</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Financial
 Group,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Inc. and
 related</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>companies;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Partner,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Greenwich</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Associates;
 and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>T. Rowe
 Price</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Group, Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Patricia W.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Value Trust</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 2010</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consultant
 and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>35</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Wisconsin</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Chadwick
 (62)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Energy Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ravengate</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and ING</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global Trust</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Partners LLC</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mutual Funds</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Class II
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(since
 2000).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>



 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Richard M.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Class III</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1986</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Private
 investor.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>35</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Galkin (72)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mr. Galkin&#146;s</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>c/o The
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>prior
 business</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>experience</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>includes
 having</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>served as</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>Richard M.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>





 </TABLE>
<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER-left:SOLID BLACK 1PX;BORDER-right:SOLID BLACK 1PX;BORDER-top:SOLID BLACK 1PX">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Galkin</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Associates,
 Inc.,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>telecommunicati</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>ons
 consultants,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Manhattan
 Cable</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Television
 (a</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>subsidiary
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Time Inc.),</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Haverhills
 Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(another
 Time</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Inc.
 subsidiary),</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Rhode Island</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Cable
 Television</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and Senior
 Vice</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Satellite</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Television
 Corp.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a
 subsidiary of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>Comsat).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Stephen L.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Class III</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1986</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of
 The</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>35</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Isaacs (71)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Center for</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>c/o The
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Health and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Social
 Policy</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(since
 September</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1996);
 Attorney</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and
 President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Health
 Policy</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Associates,
 Inc.,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>consultants.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mr. Isaacs&#146;s</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>prior
 business</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>experience</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>includes
 having</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>served as</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Columbia</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>University</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Development</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Law and
 Policy</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Program and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Professor at</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Columbia</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>University
 (until</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>August
 1996).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-right: Black 1pt solid; border-left: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-top:solid black 1px">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Arthur S.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-top:solid black 1px">
 <P><FONT SIZE=2>Class II
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-top:solid black 1px">
 <P><FONT SIZE=2>Since 2004</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-top:solid black 1px">
 <P><FONT SIZE=2>Director of
 The</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-top:solid black 1px">
 <P><FONT SIZE=2>52</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-top: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-top:solid black 1px">
 <P><FONT SIZE=2>Director of</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Mehlman (68)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>League for</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Director/Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Municipal</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>c/o The
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>People with</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of all Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mortgage
 &amp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Disabilities,
 Inc.;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds
 consisting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Equity, LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of 35
 portfolios;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>University
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director/Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maryland</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of the Legg</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Foundation
 (non-</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mason Family
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>profits).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds
 consisting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Formerly:</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of 17
 portfolios)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>University
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Maryland</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>College Park</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Foundation
 (non-</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>profit)
 (from</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1998 to
 2005);</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Partner,
 KPMG</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>LLP</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(international</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>accounting firm)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(from 1972
 to</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2002);
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of Maryland</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Business</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Roundtable
 for</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Education
 (from</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>July 1984 to</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>June 2002).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>David L.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Value Trust</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1986</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consultant.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>35</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Meister (71)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chairman and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>c/o The
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Executive</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Global Trust</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer of
 The</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Class I
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Tennis
 Channel</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(from June
 2000</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>to March
 2005).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mr.
 Meister&#146;s</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>prior
 business</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>experience</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>includes
 having</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>served as a
 Chief</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Executive</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Seniorlife.com,
 a</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>consultant
 to the</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>communications</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>industry,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Financial
 News</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Network,
 Senior</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>HBO,
 President</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of Time-Life</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Films and
 Head</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of
 Broadcasting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>for Major</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="16%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>League
 Baseball.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>




 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;G. Peter</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Class I
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 2001</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director,
 Bridges</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>52</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director of</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;O&#146;Brien (65)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>School
 (since</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Director/Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>TICC Capital</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;c/o The
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2006);
 Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of all Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Corp.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Emeritus of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds
 consisting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;745 Fifth</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Colgate</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of 35
 portfolios;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>University
 (since</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director/Trustee</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2005); Board</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of the Legg</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Member of
 Hill</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mason Family
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>House, Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Funds consisting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(since
 1999);</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of 17
 portfolios)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Formerly:</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Trustee of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Colgate</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>University
 (from</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1996 to
 2005),</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of
 Hill</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>House, Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(from 2001
 to</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2005) and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Managing</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director/Equity</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Capital
 Markets</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Group of
 Merrill</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Lynch &amp;
 Co.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(from 1971
 to</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1999).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>





</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>* &nbsp;&nbsp;An &#147;interested person&#148; of each Fund and/or Royce under Section 2(a)(19)
of the 1940 Act. <BR>
** Each Director will hold office until
their successors have been duly elected and qualified or until their earlier
resignation or removal. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
information about each Director follows (supplementing the information provided
in the table above) that describes some of the specific experiences,
qualifications, attributes or skills that each Director possesses which each
Board of Directors (each, a &#147;Board&#148;) believes has prepared them to be effective
Directors. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Charles
M. Royce</I> - In addition to his tenure as a director/trustee of the
open and closed-end registered investment companies advised by Royce (&#147;The
Royce Funds&#148;), Mr. Royce serves as the President, Co-Chief Investment Officer
and as a member of the Board of Managers of Royce, having been President of
Royce since 1972. Mr. Royce has over 40 years of investment and business
experience. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark R. Fetting</I> - In addition to his
tenure as a director/trustee of The Royce Funds and of the Legg Mason Family of
Funds, Mr. Fetting serves as the Chairman, President and Chief Executive
Officer of Legg Mason, Inc. and has served as a member of the Board of Managers
of Royce. Mr. Fetting has over 30 years of investment and business experience. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Richard M. Galkin</I> - In addition to his
tenure as a director/trustee of The Royce Funds, Mr. Galkin has served as the
Chairman of the Board&#146;s Audit Committee for more than 15 years, acting as
liaison between the Boards and the Funds&#146; independent registered public
accountants and as co-Chairman of the Boards&#146; Nominating Committee. Mr. Galkin
has over 40 years of business experience, including extensive experience in the
telecommunications industry. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stephen L. Isaacs</I> - In addition to his
tenure as a director/trustee of The Royce Funds, Mr. Isaacs serves as Attorney
and President of a private consulting firm. Mr. Isaacs has over 40 years of
business and academic experience, including extensive experience related to
public health and philanthropy. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Arthur S. Mehlman</I> - In addition to his
tenure as a director/trustee of The Royce Funds and of the Legg Mason Family of
Funds, Mr. Mehlman is designated as an Audit Committee Financial Expert. Mr. Mehlman
has over 35 years of business experience, including as Partner of an
international accounting firm and a Director for various private companies and
non-profit entities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>David L. Meister</I> - In addition to his
tenure as a director/trustee of The Royce Funds, Mr. Meister has over 40 years
of business experience, including extensive experience as an executive officer
in and consultant to the communications industry. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>G. Peter O&#146;Brien</I> - In addition to his
tenure as a director/trustee of The Royce Funds and of the Legg Mason Family of
Funds, Mr. O&#146;Brien serves as co-Chairman of the Boards&#146; Nominating Committee.
Mr. O&#146;Brien has over 35 years of business experience, including extensive
experience in the financial sector. In addition, Mr. O&#146;Brien has served on the
boards of public companies and non-profit entities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Patricia W. Chadwick</I> - In addition to her
tenure as a director/trustee of The Royce Funds, Ms. Chadwick is designated as
an Audit Committee Financial Expert. Ms. Chadwick has over 30 years of
investment and business experience, including extensive experience in the
financial sector and as a consultant to business and non-profit entities. In
addition, Ms. Chadwick has served on the boards of a variety of public and
private companies and non-profit entities, including currently serving on the
board of two public companies. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of each Fund believes that each Director&#146;s experience, qualifications,
attributes and skills should be evaluated on an individual basis and in
consideration of the perspective such Director brings to the entire Board, with
no single Director, or particular factor, being indicative of Board
effectiveness. However, each Board believes that Directors need to have the
ability to critically review, evaluate, question and discuss information
provided to them, and to interact effectively with Fund management, service
providers and counsel, in order to exercise effective business judgment in the
performance of their duties; the Board believes that their members satisfy this
standard. Experience relevant to having this ability may be achieved through a
Director&#146;s educational background; business, professional training or practice,
public service or academic positions; experience from service as a board member
(including the Board of each Fund) or as an executive of investment funds,
public companies or significant private or non-profit entities or other
organizations; and/or other life experiences. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assist
them in evaluating matters under federal and state law, the Directors of each
Fund are counseled by their own independent legal counsel, who participates in
Board meetings and interacts with Royce, and also may benefit from information
provided by Royce&#146;s internal counsel; both Board and Royce&#146;s internal counsel
have </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>significant experience advising funds and fund board members. The Board
and its committees have the ability to engage other experts as appropriate. The
Board evaluates its performance on an annual basis. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>Board Composition and Leadership Structure </I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1940
Act requires that at least 40% of a Fund&#146;s directors not be &#147;interested
persons&#148; (as defined in the 1940 Act) of the Fund and as such are not
affiliated with the Fund&#146;s investment adviser (&#147;Non-Interested Directors&#148;). To
rely on certain exemptive rules under the 1940 Act, a majority of a Fund&#146;s
directors must be Non-Interested Directors, and for certain important matters,
such as the approval of investment advisory agreements or transactions with
affiliates, the 1940 Act or the rules thereunder require the approval of a
majority of the Non-Interested Directors. Currently, 75% of the Funds&#146;
Directors are Non-Interested Directors. The Boards do not have a chairman, but
the President, Mr. Royce, an interested person of the Funds, acts as chairman
at the Board meetings. The Non-Interested Directors have not designated a lead
Non-Interested Director, but the Chairman of the Audit Committee, Mr. Galkin,
generally acts as chairman of meetings or executive sessions of the
Non-Interested Directors and, when appropriate, represents the views of the
Non-Interested Directors to management. Each Board has determined that its
leadership structure is appropriate in light of the services that Royce and its
affiliates provide to the Fund and potential conflicts of interest that could
arise from these relationships. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to each Director&#146;s share ownership in Value Trust and in the other
funds in the group of registered investment companies comprising The Royce
Funds that are overseen by the respective Directors as of December 31, 2010 is
set forth in the tables below. Global Trust had not commenced operations as of
December 31, 2010; therefore, no Director owned shares of Global Trust. </FONT></P>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <td style="width: 24%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 37%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 38%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Name of Director</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Dollar Range of Equity Securities</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Aggregate Dollar Range of Equity</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;in Value Trust</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Securities in The Royce Funds</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;Charles M.
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;Mark R.
 Fetting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;Richard M.
 Galkin</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;Stephen L. Isaacs</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;Arthur S.
 Mehlman</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;David L.
 Meister</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;G. Peter
 O&#146;Brien</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>



 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;&nbsp;Patricia W.
 Chadwick</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Board Committees and Meetings </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of each Fund has an Audit Committee, comprised of Patricia W. Chadwick,
Richard M. Galkin, Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister and
G. Peter O&#146;Brien. The Audit Committee is responsible for, among other things,
recommending the selection and nomination of the Funds&#146; independent accountants
and for conducting post-audit reviews of the Funds&#146; financial statements with
such independent accountants. Each Fund has adopted an Audit Committee charter.
Mr. Galkin serves as Chairman of the Audit Committee and Mr. Mehlman and Ms.
Chadwick are designated as Audit Committee Financial Experts, as defined under
Commission Regulations. During the year ended December 31, 2010, the Audit
Committee of Value Trust held two meetings. Global Trust had not commenced
operations as of December 31, 2010; therefore, the Audit Committee of Global
Trust held no meetings. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board
of Directors of each Fund has a Nominating Committee, comprised of Patricia W.
Chadwick, Richard M. Galkin, Stephen L. Isaacs, Arthur S. Mehlman, David L.
Meister and G. Peter O&#146;Brien. The Nominating Committee is responsible for,
among other things, identifying individuals qualified to serve as
Non-Interested Directors of the applicable Fund and recommending its nominees
for consideration by the Fund&#146;s full Board of Directors. Each Fund has adopted
a Nominating Committee charter. Messrs. Galkin and O&#146;Brien serve as co-Chairman
of the Nominating Committee. During the year ended December 31, 2010, the
Nominating Committee of each Fund did not meet. While the Committee is solely
responsible for the selection and nomination of the Fund&#146;s Non-Interested
Directors, the Committee will review and consider nominations for the office of
Director made by management and by Fund stockholders as it deems appropriate.
Stockholders who wish to recommend a nominee should send their suggestions to
the Secretary of the applicable Fund, which should include biographical
information and set forth their proposed nominee&#146;s qualifications. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee charter of each Fund requires the Nominating Committee to
identify individuals qualified to serve as Non-Interested Directors of the Fund
and to recommend its nominees for consideration by the Board. 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, including but not limited
to whether a potential nominee&#146;s personal and professional qualities and
attributes would provide a beneficial diversity of skills, experience and/or
perspective to the Board; (ii) the character and integrity of the person; (iii)
whether or not the person is an &#147;interested person&#148; as defined in the 1940 Act
and whether the person is otherwise qualified under applicable laws and
regulations to serve as a Director or Non-Interested 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
stock exchange audit committee membership standards; (vi) whether or not the
person serves on boards of, or is otherwise affiliated with, competing
financial service organizations or their related investment company complexes;
(vii) whether or not the person is willing to serve as, and willing and able to
commit the time necessary for the performance of the duties of, a Director of
the Fund; and (viii) whether or not the selection and nomination of the person
would be in the best interest of the Fund in light of the requirements of the
Fund&#146;s retirement policies. While the Nominating Committee does not have a
formal policy regarding diversity, as noted above, it may consider the
diversity of skills, experience and/or perspective a potential nominee will
bring to the Board as part of its evaluation of the contribution such potential
nominee will make to the Board. Such factors will be considered in light of the
other factors described above and in the context of the Board&#146;s existing
membership at the time such potential candidate is considered. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Boards&#146; Oversight Role in Management </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Board&#146;s role in management of the applicable Fund is oversight. As is the case
with virtually all investment companies (as distinguished from operating
companies), service providers to the Funds, primarily Royce and its affiliates,
have responsibility for the day-to-day management of each Fund, which includes
responsibility for risk management (including management of investment
performance and investment risk, valuation risk, issuer and counterparty credit
risk, compliance risk and operational risk). As part of its oversight, each
Board, acting at its scheduled meetings, or the Chairman of the Audit
Committee, acting between Board meetings, regularly interacts with and receives
reports from senior personnel of service providers, including the Funds&#146; and
Royce&#146;s Chief Compliance Officer and portfolio management personnel. Each
Board&#146;s Audit Committee (which consists of the six Non-Interested Directors)
meets during its scheduled meetings, and between meetings the Chairman of the
Audit Committee maintains contact with the Funds&#146; independent registered public
accounting firm and the Funds&#146; Vice President and Treasurer. The Boards also
receive periodic presentations from senior personnel of Royce or its affiliates
regarding risk management generally, as well as periodic presentations
regarding specific operational, compliance or investment areas such as business
continuity, anti-money laundering, personal trading, valuation, investment research
and securities lending. The Boards also receive reports from counsel to Royce
and the Boards&#146; own independent legal counsel regarding regulatory compliance
and governance matters. The Boards&#146; oversight role does not make either Board a
guarantor of the Funds&#146; investments or activities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the
year ended December 31, 2010, the following Directors received compensation
from Value Trust and/or the other funds in the group of registered investment
companies comprising The Royce Funds. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 19%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 22%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 20%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <td style="width: 17%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Name of Director</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Aggregate</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Pension or</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Estimated Annual</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Total</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Compensation</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Retirement</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Benefits Upon</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Compensation</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;from Value Trust</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Benefits Accrued as</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Retirement</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;From Fund</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Part of Value Trust</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Complex*</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=2><B>&nbsp;&nbsp;Expenses</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Charles M.
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Mark R.
 Fetting</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Richard M.
 Galkin</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Stephen L.
 Isaacs</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Arthur S.
 Mehlman</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;David L.
 Meister</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;G. Peter
 O&#146;Brien</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Patricia W.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;Chadwick</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 0px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 0px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 0px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 0px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom:solid black 0px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* Represents
aggregate compensation paid to each Director during the calendar year ended
December 31, 2010 from the Fund Complex. The Fund Complex includes the 35
portfolios of The Royce Funds and the 17 portfolios of the Legg Mason Funds. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
January 1, 2011, each of the non-interested Directors receives a fee of $13,500
per year for serving on Value Trust&#146;s Board of Directors plus $1,100 for each
meeting of the Board attended. Each non-interested Director receives a fee of
$2,500 per year for serving on Global Trust&#146;s Board of Directors plus $200 for
each meeting of the Board attended. </FONT></P>

<P><FONT SIZE=2><B>Officers </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
biographical and other information concerning the officers of Value Trust and
Global Trust is set forth below. Officers are elected by and serve at the
pleasure of the Board of Directors. Each officer will hold office for the year
ending December 31, 2011, and thereafter until his respective successor is duly
elected and qualified. Each officer became an officer of Global Trust in 2011.</FONT></P>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Value Trust Term</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Principal</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>of Office and</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Occupations</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>&nbsp;&nbsp;Name, Age and</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Position(s) with</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Length of Time</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>During Past Five</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Other Public</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>&nbsp;&nbsp;Address*</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>each Fund</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Served</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Years</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="center"><FONT SIZE=2><B>Directorships</B></FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P align="center"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P align="center"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P align="center"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P align="center"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P align="center"><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;John D.
 Diederich.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1997</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Operating</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;(59)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and
 Treasurer</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer,
 Managing</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;745 Fifth
 Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>member of
 the</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Board of
 Managers</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of Royce;
 Chief</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Financial
 Officer of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce;
 Director of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Administration
 of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 1%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Royce
 Funds;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and
 President of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce Fund</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Services,
 Inc.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(&#147;RFS&#148;),
 having</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>been
 employed by</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce since
 April</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1993.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Jack E. Fockler,
 Jr.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1995</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Managing
 Director</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>(52)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and Vice
 President</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth
 Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of Royce;
 and Vice</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of
 RFS,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>having been</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>employed by
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>since
 October 1989</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>W. Whitney
 George</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1995</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Co-Chief
 Investment</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>(52)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer,
 Managing</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth
 Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Director and
 Vice</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of
 Royce,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>having been</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>employed by
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>since
 October 1991.</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Daniel A.
 O&#146;Byrne*</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Principal
 and Vice</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>(48)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President of
 Royce,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth
 Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>having been</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and
 Assistant</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>employed by
 Royce</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Secretary</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since 1994</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>since
 October 1986</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>General
 Counsel,</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Principal,
 Chief</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Legal and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Compliance
 Officer</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>John E.
 Denneen*</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and
 Secretary of</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>(43)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce;
 Secretary</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth
 Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Secretary
 and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1996-2001</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and Chief
 Legal</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Legal</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>and since</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer of
 The</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>April 2002</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce Funds</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: Black 1pt solid">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Compliance</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer of
 The</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Royce Funds
 (since</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Lisa Curcio
 (51)</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>October
 2004) and</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth
 Avenue</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Compliance Officer</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Compliance</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Since
 October</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of Royce
 (since June</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>10151</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Officer</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1, 2004</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>2004).</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>PRINCIPAL STOCKHOLDERS</B></FONT></P>

<P><FONT SIZE=2><B>Value Trust </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of
December 31, 2010, there were 66,094,525 shares of common stock and 8,800,000
shares of preferred stock outstanding. The following persons were known to
Value Trust to be beneficial owners or owners of record of 5% or more of its
outstanding shares of common stock or Cumulative Preferred Stock as of the
Record Date: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 23%; vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 25%; vertical-align: top; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Name and Address of</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Amount and Nature of</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Owner</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P ALIGN=CENTER><FONT SIZE=2><B>Class/Series of Stock</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ownership</B></FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P ALIGN=CENTER><FONT SIZE=2><B>Percent of Class/Series</B></FONT></P>
 </TD>
 </TR>

 <TR>
  <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <td style="vertical-align: top; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>

<P><FONT SIZE=2><B>Global Trust </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the
date of the Combined Prospectus/Proxy Statement, one (1) share of Global Trust
Common Stock is outstanding, which is owned beneficially and of record by Value
Trust. This share was issued in respect of Value Trust&#146;s contribution of $10 of
initial capital to Global Trust. Value Trust will contribute an additional
$99,990 of initial capital before the distribution of Global Trust Common Stock
to holders of Value Trust Common Stock pursuant to the Transaction. Value Trust
has represented that these shares were, or will be, purchased for investment
purposes only and that they will be sold only pursuant to a registration
statement under the 1933 Act or an applicable exemption therefrom. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>EXPERTS AND FINANCIAL STATEMENTS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;&nbsp;], serves as the independent registered
public accounting firm of each of Value Trust and Global Trust. [ &nbsp;&nbsp;] annually renders, or will annually render,
an opinion on the financial statements of the respective Fund. [&nbsp;&nbsp; ] has an
office at [&nbsp;&nbsp; ], and also performs tax and other professional services for the
Funds. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statement of assets and liabilities of Global Trust, as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], contained in this Statement of Additional
Information has been included herein in reliance on the report of [&nbsp;&nbsp; ] and upon the authority of such firm as
experts in auditing and accounting. The statement of assets and liabilities of
Value Trust, as of December 31, 2010, and the related statement of operations
for the year then ended, the statements of changes in net assets for each of
the two years in the period then ended and the selected per share date and
ratios for each of the five years in the period then ended included in the
Annual Report have been audited by [ &nbsp;&nbsp;&nbsp;] as indicated in their report with
respect thereto, and are incorporated in this SAI by reference in reliance upon
such report and upon the authority of such firm as experts in accounting and
auditing. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
can call 800-221-4268 to request copies of Value Trust&#146;s annual and semi-annual
reports, to request other information about Value Trust, or to make stockholder
inquiries. Value Trust&#146;s reports are also available at the website
www.roycefunds.com. You may also obtain Value Trust&#146;s reports, proxy and
information statements and other information regarding Value Trust that is
filed electronically with the Commission on the Commission&#146;s web site
(http://www.sec.gov). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ADDITIONAL INFORMATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Portfolio Transactions </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce is
responsible for selecting the brokers who effect the purchases and sales of
each Fund&#146;s portfolio securities. Royce does not select a broker to effect a
securities transaction for a Fund unless Royce believes such broker is capable
of obtaining the best execution for the security involved in the transaction.
Best execution is comprised of several factors, including the liquidity of the
market for the security, the commission charged, the promptness and reliability
of execution, priority accorded the order and other factors affecting the
overall benefit obtained. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to considering a broker&#146;s execution capability, Royce generally considers the
research and brokerage services which the broker has provided to it, including
any research relating to the security involved in the transaction and/or to
other securities. Royce may use commission dollars generated by agency
transactions for the Funds and its other client accounts to pay for such
services. Research services that may be paid for in this way assist Royce in
carrying out its investment decision-making responsibilities. They may include
general economic research, market and statistical information, industry and
technical research, strategy and company research, advice as to the
availability of securities or purchasers or sellers of a particular security,
research related to performance measurement, and may be written or oral.
Brokerage services that may be paid for in this way include effecting
securities transactions and incidental functions such as clearance, settlement
and custody. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce is
authorized, in accordance with Section 28(e) of the Securities Exchange Act of
1934, as amended (the &#147;1934 Act&#148;) and under its Investment Advisory Agreements
with the Funds, to cause the Funds to pay brokerage commissions in excess of
those which another broker might have charged for effecting the same
transaction, in recognition of the value of research and brokerage services
provided to Royce by the broker. Thus, the Funds generally pay higher
commissions to those brokers who provide both such research and brokerage
services than those who provide only execution services. Royce determines the
overall reasonableness of brokerage commissions paid based on prevailing
commission rates for similar transactions and the value it places on the
research and/or brokerage services provided to it by the broker, viewed in
terms of either the particular transaction or Royce&#146;s overall responsibilities
with respect to its accounts. Liquidity rebates and payments for order flow are
not considered by Royce to be significant factors when selecting brokers and
setting broker commission rates. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research
and brokerage services furnished by brokers through whom a Fund effects
securities transactions may be used by Royce in servicing all of its accounts,
and Royce may not use all of such services in connection with the Fund.
Moreover, Royce&#146;s receipt of these services does not reduce the investment
advisory fees payable to Royce, even though Royce might otherwise be required
to purchase some of them for cash. Royce may, therefore, be viewed as having a
conflict of interest relating to its obtaining such research services with Fund
and other client account commission dollars. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some
cases Royce may receive a service from a broker that has both a
&#147;research/brokerage&#148; and a &#147;non-research/non-brokerage&#148; use. When this occurs,
Royce makes a good faith allocation between the research/brokerage and
non-research/non-brokerage use of the service. Only the portion of the service
that is used for research/brokerage purposes may be paid for with commission
dollars. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even though
Royce makes investment decisions for each Fund independently from those for the
other Fund and the other accounts managed by Royce, Royce frequently purchases,
holds or sells securities of the same issuer for more than one Royce account
because the same security may be suitable for more than one of them. When Royce
is purchasing or selling the same security for more than one Royce account
managed by the same primary portfolio manager on the same trading day, Royce
generally seeks to average the transactions as to price and allocate them as to
amount in a manner believed by Royce to be equitable to each. Royce generally
effects such purchases and sales of the same security pursuant to Royce&#146;s Trade
Allocation Guidelines and Procedures. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under such
Guidelines and Procedures, Royce places and executes unallocated orders with
broker-dealers during the trading day and then allocates the securities
purchased or sold in such transactions to one or more of Royce&#146;s accounts at or
shortly following the close of trading, generally using the average net price
obtained by accounts with the same primary portfolio manager. Royce does such
allocations based on a number of judgmental factors that it believes should
result in fair and equitable treatment to those of its accounts for which the
securities may be deemed suitable. In some cases, this procedure may adversely
affect the price paid or received by a Fund or the size of the position
obtained for a Fund. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time
to time, one or more of Royce&#146;s portfolio managers may sell short or purchase
long a security for the client accounts that he manages even though one or more
other portfolio managers may have or acquire an opposite position in this same
security for the client accounts that they manage. In addition, from time to
time, two portfolio managers with independent investment discretion over
separate portions of a single Fund&#146;s portfolio may place opposite direction
trades for that Fund in the same security on the same day or within a short
period of time of one another. Although Royce has taken certain steps designed
to minimize the circumstances under which this will occur, it nevertheless
could result in adverse tax consequences to the Fund&#146;s taxable stockholders. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During each
of the three years ended December 31, 2008, 2009 and 2010, Value Trust paid
brokerage commissions as follows: $961,877, $1,401,854 and $1,320,710. As of
December 31, 2010, Global Trust had not yet commenced operations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Portfolio Turnover </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Value Trust nor Global Trust engages in the trading of securities for the
purpose of realizing short-term profits, but adjusts its portfolio as it deems
advisable in view of prevailing or anticipated market conditions to accomplish
its investment objective. A high rate of portfolio turnover involves
correspondingly greater brokerage commission expenses than a lower rate, which
expenses must be borne by the applicable Fund and its stockholders. High
portfolio turnover may also result in the realization of substantial net
short-term capital gains and any distributions resulting from such gains will
be taxable at ordinary income rates for U.S. federal income tax purposes. Value
Trust&#146;s portfolio turnover rates for the years ended December 31, 2009 and
December 31, 2010 were 31% and 30%, respectively. The portfolio turnover rate
is calculated by dividing the lesser of sales or purchases of portfolio
securities by the average monthly value of Value Trust&#146;s portfolio securities.
For purposes of this calculation, portfolio securities exclude purchases and
sales of debt securities having a maturity at the date of purchase of one year
or less. As of December 31, 2010, Global Trust had not yet commenced
operations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Proxy Voting Policies and Procedures </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce has
adopted written proxy voting policies and procedures (the &#147;Proxy Voting
Procedures&#148;) for itself, the Funds and all The Royce Funds and clients accounts
for which Royce is responsible for voting proxies. (A copy of the Proxy Voting
Procedures is attached to this Statement of Additional Information as Exhibit
A). The Board of Directors of each Fund has delegated all proxy voting
decisions to Royce. In voting proxies, Royce is guided by general fiduciary
principles. Royce&#146;s goal is to act prudently, solely in the best interest of
the beneficial owners of the accounts it manages. Royce attempts to consider
all factors of its vote that could affect the value of the investment and will
vote proxies in the manner it believes will be consistent with efforts to
enhance and/or protect stockholder value. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
personnel are responsible for monitoring receipt of all proxies and ensuring
that proxies are received for all securities for which Royce has proxy voting
responsibility. Royce divides proxies into &#147;regularly recurring&#148; and &#147;non-regularly
recurring&#148; matters. Examples of regularly recurring matters include
non-contested elections of directors and non-contested approvals of independent
auditors. Regularly recurring matters are generally voted as recommended by the
issuer&#146;s board of directors or management. Non-regularly recurring matters are
brought to the attention of portfolio manager(s) for the applicable account(s)
and, after giving consideration to advisories provided by an independent third
party research firm, the portfolio manager(s) directs that such matters be
voted in a way that he believes should better protect or enhance the value of
the investment. If the portfolio manager determines that information relating
to a proxy requires additional analysis, is missing, or is incomplete, the
portfolio manager will give the proxy to an analyst or another portfolio
manager for review and analysis. Under certain circumstances, Royce may vote
against a proposal from the issuer&#146;s board of directors or management. Royce&#146;s
portfolio managers decide these issues on a case-by-case basis. A Royce
portfolio manager may, on occasion, decide to abstain from voting a proxy or a
specific proxy item when such person concludes that the potential benefit of
voting is outweighed by the cost or when it is not in the client&#146;s best
interest to vote. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may
be circumstances where Royce may not be able to vote proxies in a timely
manner, including, but not limited to (a) when certain securities are out on
loan at the time of a record date, (b) when administrative or operational
constraints impede the ability to cast a timely vote, such as late receipt of
proxy voting information, and/or (c) when systems, administrative or processing
errors occur (including errors by Royce or third party vendors). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
furtherance of Royce&#146;s goal to vote proxies in the best interests of its
client, Royce follows specific procedures outlined in the Proxy Voting
Procedures to identify, assess and address material conflicts that may arise
between Royce&#146;s interests and those of its clients before voting proxies on
behalf of such clients. In the event such a material conflict of interest is
identified, the proxy will be voted by Royce in accordance with the
recommendation given by an independent third party research firm. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
regarding how the Funds voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is available without charge upon
request, by calling the Funds toll-free at (800) 221-4268 and on the
Commission&#146;s Internet site at http://www.sec.gov. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Code of Ethics and Related Matters </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce and
each open and closed-end registered investment companies advised by Royce (&#147;The
Royce Funds&#148;), including the Funds has adopted a Code of Ethics under Rule
17j-1 under the 1940 Act under which directors (other than non-management
directors), officers and employees of Royce and RFS (&#147;Royce-related persons&#148;)
and interested trustees/directors, officers and employees of The Royce Funds
are generally prohibited from personal trading in any security which is then
being purchased or sold or considered for purchase or sale by a Fund or any
other Royce account. The Code of Ethics permits such persons to engage in other
personal securities transactions if (i) the securities involved are certain
debt securities, money market instruments/funds, shares of non-affiliated
registered open-end investment companies or shares acquired from an issuer in a
rights offering or under an automatic investment plan, including among other
things, dividend reinvestment plans or employee-approved automatic
payroll-deduction cash purchase plans, (ii) the transactions are either
non-volitional or are effected in an account over which such person has no
direct or indirect influence or control or (iii) they first obtain permission
to trade from Royce&#146;s Compliance Officer and either an executive officer or
Senior Portfolio Manager of Royce. The Code contains standards for the granting
of such permission, and permission to trade will usually be granted only in
accordance with such standards. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce&#146;s
clients include several private investment companies in which Royce,
Royce-related persons and/or other Legg Mason affiliates have (and, therefore,
may be deemed to beneficially own) a share of up to 15% of the company&#146;s
realized and unrealized net capital gains from securities transactions, but
less than 25% of the company&#146;s equity interests. The Code of Ethics does not
restrict transactions effected by Royce for such private investment company
accounts, and transactions for such accounts are subject to Royce&#146;s allocation
policies and procedures. See &#147;Additional Information &#151; Portfolio Transactions&#148;.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of
December 31, 2010, Royce-related persons, interested trustees/directors,
officers and employees of The Royce Funds and members of their immediate
families beneficially owned shares of The Royce Funds having a total value of
over $130 million, and such persons beneficially owned equity interests in
Royce-related private investment companies totaling approximately $14,549,675
million. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code of
Ethics of each Fund can be reviewed and copied at the Commission&#146;s Public
Reference Room in Washington, D.C. Information on the operations of the
Reference Room may be obtained by calling the Commission at 202-551-8090. The
Code of Ethics of each Fund is also available on the EDGAR database on the
Commission&#146;s Internet web site at http://www.sec.gov. Copies of each Code of
Ethics may also be obtained, after paying a duplicating fee, by electronic
request at the following e-mail address: publicinfo@sec.gov, or by writing the
Commission&#146;s Public Reference Room, Washington, D.C. 20549-0102. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Portfolio Manager Information </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles M.
Royce is the primary portfolio manager of Value Trust and Global Trust.
Christopher Flynn and David Nadel are each assistant portfolio managers for
Value Trust and Global Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Funds and Accounts Managed</I>. The following table sets
forth information about funds and accounts other than the Funds for which the
Funds&#146; portfolio managers are primarily responsible for the day-to-day
portfolio management as of December 31, 2010. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=7 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Number of Other Accounts Managed and<BR>
 Assets by Account Type</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=7 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Number of Accounts and Assets for<BR>
 Which the Advisory Fee is Performance-<BR>
 Based</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD COLSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=7 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Other</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Other</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Registered</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Pooled</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Registered</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Pooled</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Investment</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Investment</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Other</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Investment</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Investment</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Other</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Names of
 Portfolio Managers</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Companies</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Vehicles</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Accounts</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Companies</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Vehicles</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Accounts</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=2>Charles M. Royce</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Christopher Flynn</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P><FONT SIZE=2>David Nadel</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#cceeff">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities
Ownership of Portfolio Managers</I>. The following table
sets forth the dollar range of securities beneficially owned by the portfolio
managers in Value Trust as of December 31, 2010. </FONT></P>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border: Black 1pt solid">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="26%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <td style="width: 2%; vertical-align: bottom; border-left: Black 1pt solid">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Portfolio Manager</B></FONT></P>
 </TD>
 <td style="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Dollar Range of Equity Securities Held in
 Value Trust</B></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>Charles M.
 Royce
</FONT></P>
 </TD>
 <td style="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>




 <TR>
 <TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
 <P><FONT SIZE=2>Chris Flynn</FONT></P>
 </TD>
 <td style="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>



 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>David Nadel</FONT></P>
 </TD>
 <td style="vertical-align: bottom; border-left: Black 1pt solid">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the
date of this SAI, none of the portfolio managers of Global Trust own any equity
securities of Global Trust. </FONT></P>

<P><FONT SIZE=2><B>Description of Portfolio Manager Compensation
Structure </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce seeks
to maintain a compensation program that is competitively positioned to attract
and retain high-caliber investment professionals. All Royce portfolio managers
(&#147;Portfolio Managers&#148;) receive from Royce a base salary, Performance-Related
Variable Compensation (generally the largest element of each Portfolio
Manager&#146;s compensation with the exception of Charles M. Royce), Firm-Related
Variable Compensation based primarily on registered investment company and
other client account revenues generated by Royce and a benefits package.
Portfolio Manager compensation is reviewed and may be modified from time to
time as appropriate to reflect changes in the market, as well as to adjust the
factors used to determine variable compensation. Except as described below,
each Portfolio Manager&#146;s compensation consists of the following elements: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>BASE SALARY. Each Portfolio Manager is paid a base salary. In setting
 the base salary, Royce seeks to be competitive in light of the particular
 Portfolio Manager&#146;s experience and responsibilities. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>PERFORMANCE-RELATED VARIABLE COMPENSATION. Each Portfolio Manager
 receives quarterly Performance-Related Variable Compensation that is either
 asset-based, or revenue-based and therefore in part based on the value of the
 net assets of the account for which he or she is being compensated,
 determined with reference to each of the registered investment company and
 other client accounts they are managing. The revenue used to determine the
 quarterly Performance-Related Variable Compensation received by Charles M.
 Royce that relates to each of Royce Micro-Cap Trust, Inc. (&#147;Micro-Cap Trust&#148;)
 and Value Trust is performance-based fee revenue. For all Portfolio Managers,
 the Performance-Related Variable Compensation applicable to the registered
 investment company accounts managed by the Portfolio Manager is subject to
 downward adjustment or elimination based on a combination of 3-year, 5-year
 and 10-year risk-adjusted pre-tax returns of such accounts relative to all
 small-cap objective funds with three years of history tracked by Morningstar
 (as of December 31, 2010 there were [ &nbsp;&nbsp;&nbsp;] such funds tracked by Morningstar),
 the 5-year absolute returns of such accounts relative to 5-year U.S. Treasury
 Notes and absolute returns over the prior full market cycle and current cycle
 to date vs. the accounts&#146; benchmark. The Performance-Related Variable
 Compensation applicable to non-registered investment company accounts managed
 by a Portfolio Manager, and to Royce Select Funds, is not subject to
 performance-related adjustment. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Payment of the Performance-Related Variable Compensation may be
 deferred, and any amounts deferred are forfeitable, if the Portfolio Manager
 is terminated by Royce with or without cause or resigns. The amount of the
 deferred Performance-Related Variable Compensation will appreciate or
 depreciate during the deferral period, based on the total return performance
 of one or more Royce-managed registered investment company accounts selected
 by the Portfolio Manager at the beginning of the deferral period. The amount
 deferred will depend on the Portfolio Manager&#146;s total direct, indirect
 beneficial and deferred unvested investments in the Royce registered
 investment company account for which he or she is receiving portfolio
 management compensation.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9679;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>FIRM-RELATED VARIABLE COMPENSATION. Each Portfolio Manager receives
 quarterly variable compensation based on Royce&#146;s net revenues. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#9679;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>BENEFIT PACKAGE. Each Portfolio Manager also receives benefits
 standard for all Royce employees, including health care and other insurance
 benefits, and participation in Royce&#146;s 401(k) Plan and Money Purchase Pension
 Plan. From time to time, on a purely discretionary basis, Portfolio Managers
 may also receive options to acquire stock in Royce&#146;s parent company, Legg
 Mason, Inc. Those options typically represent a relatively small portion of a
 Portfolio Managers&#146; overall compensation. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles M.
Royce, in addition to the above-described compensation, also receives variable
compensation based on Royce&#146;s retained pre-tax operating profit. This variable
compensation, along with the Performance-Related Variable Compensation and
Firm-Related Variable Compensation, generally represents the most significant
element of Mr. Royce&#146;s compensation. A portion of the above-described
compensation payable to Mr. Royce relates to his responsibilities as Royce&#146;s
Chief Executive Officer, Co-Chief Investment Officer and President of The Royce
Funds. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Potential Conflicts of Interest </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fact
that a Portfolio Manager has day-to-day management responsibility for more than
one client account may create actual, potential or only apparent conflicts of
interest. For example, the Portfolio Manager may have an opportunity to
purchase securities of limited availability. In this circumstance, the
Portfolio Manager is expected to review each account&#146;s investment guidelines,
restrictions, tax considerations, cash balances, liquidity needs and other
factors to determine the suitability of the investment for each account and to
ensure that his or her managed accounts are treated equitably. The Portfolio
Manager may also decide to purchase or sell the same security for multiple
managed accounts at approximately the same time. To address any conflicts that
this situation may create, the Portfolio Manager will generally combine managed
account orders (i.e., enter a &#147;bunched&#148; order) in an effort to obtain best
execution or a more favorable commission rate. In addition, if orders to buy or
sell a security for multiple accounts managed by common Portfolio Managers on
the same day are executed at different prices or commission rates, the
transactions will generally be allocated by Royce to each of such managed
accounts at the weighted average execution price and commission. In
circumstances where a pre-allocated bunched order is not completely filled, each
account will normally receive a pro-rated portion of the securities based upon
the account&#146;s level of participation in the order. Royce may under certain
circumstances allocate securities in a manner other than pro-rata if it
determines that the allocation is fair and equitable under the circumstances
and does not discriminate against any account. See also, &#147;Portfolio
Transactions&#148; above. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described above, there is a revenue-based component of each Portfolio Manager&#146;s
Performance-Related Variable Compensation and the Portfolio Managers also
receive Firm-Related Variable Compensation based on revenues (adjusted for
certain imputed expenses) generated by Royce. In addition, Charles M. Royce and
W. Whitney George receive variable compensation based on Royce&#146;s retained
pre-tax profits from operations. As a result, the Portfolio Managers may
receive a greater relative benefit from activities that increase the value to
Royce of the Funds and/or other Royce client accounts, including, but not
limited to, increases in sales of The Royce Funds shares and assets under
management. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, as
described above, the Portfolio Managers generally manage more than one client
account, including, among others, registered investment company accounts,
separate accounts and private pooled accounts managed on behalf of institutions
(e.g., pension funds, endowments and foundations) and for high-net-worth </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>individuals. The appearance of a conflict of interest may arise where
Royce has an incentive, such as a performance-based management fee (or any
other variation in the level of fees payable by Funds or other Royce client
accounts to Royce), which relates to the management of one or more Funds or
accounts with respect to which the same Portfolio Manager has day-to-day
management responsibilities. Except as described below, no Royce Portfolio
Manager&#146;s compensation is tied to performance fees earned by Royce for the
management of any one client account. Although variable and other compensation
derived from Royce revenues or profits is impacted to some extent, the impact
is relatively minor given the small percentage of Royce firm assets under
management for which Royce receives performance-measured revenue.
Notwithstanding the above, the Performance-Related Variable Compensation paid
to Charles M. Royce as Portfolio Manager of two registered investment company
accounts (Value Trust and Micro-Cap Trust) is based, in part, on
performance-based fee revenues. Value Trust and Micro-Cap Trust pay Royce a
fulcrum fee that is adjusted up or down depending on the performance of the
Fund relative to its benchmark index. In addition, five other registered
investment company accounts, Royce Select Fund I, Royce Select Fund II, Royce
Global Select Fund, Royce SMid-Cap Select Fund and Royce Opportunity Select
Fund, series of the Royce Fund, each pay Royce a performance-based fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
conflicts of interest may arise when a Portfolio Manager personally buys, holds
or sells securities held or to be purchased or sold for a Fund or other Royce
client account or personally buys, holds or sells the shares of one or more of
The Royce Funds. To address this, Royce has adopted a written Code of Ethics
designed to prevent and detect personal trading activities that may interfere
or conflict with client interests (including Fund stockholders&#146; interests). See
&#147;Code of Ethics and Related Matters&#148; above. Royce generally does not permit its
Portfolio Managers to purchase small- or micro-cap securities in their personal
investment portfolios. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce and
each of the Funds have adopted certain compliance procedures which are designed
to address the above-described types of conflicts. However, there is no
guarantee that such procedures will detect each and every situation in which a
conflict arises. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INVESTMENT ADVISORY AND OTHER SERVICES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Investment Management </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
serves as the investment adviser to Value Trust and Global Trust pursuant to an
investment advisory agreement with each Fund (each such agreement, an &#147;Investment
Advisory Agreement&#148;). Royce (which term as used in this Combined
Prospectus/Proxy Statement includes its corporate predecessor), a Delaware
limited liability company, is an investment advisory firm whose predecessor was
organized in February 1967. Royce is registered as an investment adviser under
the Investment Advisers Act of 1940, as amended. Royce became investment
adviser of Value Trust in November 1986, when Value Trust commenced operations.
The Board of Directors of Global Trust, including all of the Directors who are
not &#147;interested persons&#148; of the Fund under the 1940 Act, approved Royce as the
investment adviser of Global Trust in February, 2011. Royce also serves as
investment adviser to other management investment companies and institutional
accounts. As of [ &nbsp;&nbsp;&nbsp;], Royce managed approximately $[ &nbsp;&nbsp;&nbsp;] billion in assets for
Value Trust and other client accounts. Royce&#146;s principal business address is
745 Fifth Avenue, New York, NY 10151. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October
1, 2001, Royce became an indirect wholly-owned subsidiary of Legg Mason, Inc.
(&#147;Legg Mason&#148;). On March 31, 2002, Royce&#146;s corporate predecessor was merged
into Royce Holdings, LLC (a wholly-owned subsidiary of Legg Mason), which then
changed its name to Royce &amp; Associates, LLC. As a result of this merger,
Royce &amp; Associates, LLC became Value Trust&#146;s investment adviser and a
direct wholly-owned subsidiary of Legg Mason. Founded in 1899, Legg Mason is a
publicly-held financial services company primarily engaged in providing asset
management, securities brokerage, investment banking and related financial
services through its subsidiaries. As of January 31, 2011, Legg Mason&#146;s asset
management subsidiaries had aggregate assets under management of approximately
$672 billion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under each
of Value Trust&#146;s and Global Trust&#146;s Articles of Incorporation, as amended and
supplemented (the &#147;Charter&#148;), and Maryland law, the Fund&#146;s business and affairs
are managed under the direction of its Board of Directors. Investment decisions
for the Fund are made by Royce, subject to any direction it may receive from
the Fund&#146;s Board of Directors, which periodically reviews the Funds&#146; investment
performance. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Investment Advisory Agreements</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the
Investment Advisory Agreement between Value Trust and Royce dated
October&nbsp;1, 2001 (the &#147;Value Trust Investment Advisory Agreement&#148;), and the
Investment Advisory Agreement between Global Trust and Royce dated [ &nbsp;&nbsp;&nbsp;], 2011
(the &#147;Global Trust Investment Advisory Agreement, and together with the Value
Trust Investment Advisory Agreement, the &#147;Investment Advisory Agreements&#148;),
Royce (i)&nbsp;determines the composition of each Fund&#146;s portfolio, the nature
and timing of the changes in it and the manner of implementing such changes,
subject to any directions it may receive from the applicable Fund&#146;s Board of
Directors; (ii)&nbsp;provides each Fund with investment advisory, research and
related services for the investment of its assets; and (iii)&nbsp;pays expenses
incurred in performing its investment advisory duties under the Investment
Advisory Agreements.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund
pays all administrative and other costs and expenses attributable to its
operations and transactions, including, without limitation, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its
office space and facilities; auditing; preparation, printing and distribution
of its prospectuses, proxy statements, shareholder reports and notices;
supplies and postage; Federal and state registration fees; Federal, state and
local taxes; non-affiliated directors&#146; fees; and brokerage commissions. Please
see the section of this Statement of Additional Information entitled,
&#147;Administration Agreement&#148; for more information.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
its terms, the Value Trust Investment Advisory Agreement had, and the Global
Trust Investment Advisory Agreement will have, an initial term of two years,
and each continues from year to year thereafter if approved annually
(i)&nbsp;by the respective Board or by the holders of a majority of its
outstanding voting securities and (ii)&nbsp;by a majority of the Directors who
are not &#147;interested persons&#148; (as defined in the 1940 Act) of any party to an
Investment Advisory Agreement, by vote cast in person at a meeting called for
the purpose of voting on such approval. Each Investment Advisory Agreement may
be terminated by the respective Fund at any time, without penalty, on
60&nbsp;days&#146; written notice, and will automatically terminate in the event of
its &#147;assignment&#148; (as defined in the 1940 Act).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Advisory Fee</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for its services under the Value Trust Investment Advisory
Agreement, Royce receives a fee comprised of a Basic Fee (&#147;Basic Fee&#148;) and an
adjustment to the Basic Fee based on the investment performance of the Fund in
relation to the investment record of the S&amp;P SmallCap 600 Index (&#147;S&amp;P
600&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Basic
Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the
average of the Fund&#146;s month-end net assets applicable to common stockholders,
plus the liquidation value of preferred stock, for the rolling 60-month period
ending with such month (the &#147;performance period&#148;). The Basic Fee for each month
is increased or decreased at the rate of 1/12 of 0.05% for each percentage
point that the investment performance of the Fund exceeds, or is exceeded by,
the percentage change in the investment record of the S&amp;P 600 for the
performance period by more than two percentage points. The performance period
for each such month is a rolling 60-month period ending with such month. The
maximum increase or decrease in the Basic Fee for any month may not exceed 1/12
of.5%. Accordingly, for each month, the maximum monthly fee rate as adjusted
for performance is 1/12 of 1.5% and is payable if the investment performance of
the Fund exceeds the percentage change in the investment record of the S&amp;P
600 by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of 0.5% and is payable if
the percentage change in the investment record of the S&amp;P 600 exceeds the
investment performance of the Fund by 12 or more percentage points for the
performance period. As a result, the actual investment advisory fee rate may at
times be greater than the fee rate paid by many other funds.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, Royce is not entitled to receive any fee for any month when the
investment performance of the Fund for the rolling 36-month period ending with
such month is negative. In the event that the Fund&#146;s investment performance for
such a performance period is less than zero, Royce will not be required to
refund to the Fund any fee earned in respect of any prior performance period.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce has
voluntarily committed to waive the portion of its investment advisory fee
attributable to an issue of the Fund&#146;s preferred stock for any month in which
the Fund&#146;s average annual NAV total return since issuance of the preferred
stock fails to exceed the applicable preferred stock&#146;s dividend rate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each of
the twelve rolling 36-month periods ended December&nbsp;31, 2009, and for the
first 11 rolling 36&nbsp;month periods ended December&nbsp;31, 2010, Value
Trust had negative investment performance and, accordingly, paid no advisory
fee. Value Trust paid an advisory fee of $999,933 for the month of December
2010.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table illustrates, on an annualized basis, the full range of
permitted increases or decreases to the Basic Fee.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=95 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=146 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=147 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=93 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=107 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=133 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Difference between Performance <BR>
 of Fund and % Change in <BR>
 S&amp;P 600 Record</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Adjustment to 1% <BR>
 Basic Fee</B></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM style="border-left:solid black 1px; border-right:solid black 1px">
 <P ALIGN=CENTER><FONT SIZE=2><B>Fees as Adjusted</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR  BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+12 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>&nbsp;or more</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.50%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.50%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.45%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.45%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR  BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.40%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.40%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.35%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.35%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR  BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.30%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.30%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.25%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.25%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.20%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.20%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.15%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.15%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.10%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.10%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+0.05%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.05</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>+/-2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>0.00%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>1.00%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.05%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.95%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.10%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.90%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.15%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.85%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.20%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.80%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.25%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.75%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.30%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.70%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.35%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.65%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.40%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.60^</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.45%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.55%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR BGCOLOR="#cceeff">
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-12 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>&nbsp;or less</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-left:solid black 1px">
 <P ALIGN=RIGHT><FONT SIZE=2>-0.50%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style="border-right:solid black 1px">
 <P><FONT SIZE=2>0.50%</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
calculating the investment performance of Value Trust and the percentage change
in the investment record of the S&amp;P 600, all dividends paid from investment
income and other distributions of realized capital gains during the performance
period are treated as having been reinvested at net asset value on the record
date for the payment of such dividends and distributions, and no effect is
given to gain or loss resulting from capital share transactions of the Fund.
Fractions of a percentage point are rounded to the nearest whole point (to the
higher whole point if exactly one-half). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
Royce&#146;s fee is partially based on the average net assets of the Fund (including
assets obtained from the sale of the Cumulative Preferred Stock and other
preferred stock), Royce has generally benefited from the Fund&#146;s issuance of
preferred stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each of
the three years ended December&nbsp;31, 2008, 2009 and 2010, as applicable,
Royce received advisory fees from Value Trust (net of any amounts waived by
Royce) and waived advisory fees payable to it, as follows: $11,933,825, 0 and
$999,933, respectively</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust</I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for its services under the Global Trust Investment Advisory
Agreement, Global Trust will pay Royce a monthly fee equal to 1/12 of 1.25%
(1.25% on an annualized basis) of the average net assets of the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>Fund for each month during the term of the investment advisory
agreement. The net assets of the Fund shall be computed by subtracting the
amount of any indebtedness and other liabilities of the Fund from the value of
the total assets of the Fund, and the liquidation preference of and any potential
redemption premium for any preferred stock of the Fund that may hereafter be
issued and outstanding shall not be treated as an indebtedness or other
liability of the Fund for this purpose.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the
fee is computed based on the Fund&#146;s net assets and not on its total assets,
Royce will not receive any fee in respect of those assets of the Fund equal to
the aggregate unpaid principal amount of any indebtedness of the Fund. However,
because preferred stock is a form of equity for these purposes, Royce will
receive a fee in respect of any assets of the Fund equal to the initial
liquidation preference of and any potential redemption premium for any
preferred stock that may be issued and sold by the Fund.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
Royce&#146;s fee is based on the average net assets of the Fund (including net
assets applicable to both Global Trust Common Stock and Global Trust Preferred
Stock), Royce would generally benefit from the Fund&#146;s issuance of preferred
stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Custodian</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State
Street Bank and Trust Company (&#147;State Street&#148;) is the custodian for the
securities, cash and other assets of each Fund but it does not participate in
either Fund&#146;s investment decisions. Each Fund has authorized State Street to
deposit certain domestic and foreign portfolio securities in several central
depository systems and to use foreign sub-custodians for certain foreign
portfolio securities, as allowed by Federal law. State Street&#146;s main office is
at John Adams Building, 2 North, 1776 Heritage Drive, North Quincy, MA 02171.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State
Street is responsible for calculating each Fund&#146;s daily net asset value per
share and for maintaining its portfolio and general accounting records and also
provides certain shareholder services.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Transfer Agent</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare
Trust Company, N.A., PO Box 43010, Providence, RI 02940-3010, is the transfer
agent, dividend-paying agent and registrar for each Fund&#146;s shares, but it does
not participate in either Fund&#146;s investment decisions.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ADMINISTRATION AGREEMENT</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
January&nbsp;1, 2008, Value Trust and Royce entered into an administration
agreement (the &#147;Value Trust Administration Agreement&#148;). Global Trust and Royce
also have entered into an administration agreement (the &#147;Global Trust
Administration Agreement&#148; and together with the Global Trust Administration
Agreement the &#147;Administration Agreements&#148;). Under the terms of the
Administration Agreements, Royce provides the Funds with, among other things,
administrative, professional, compliance and clerical services; necessary
personnel, office space and facilities and equipment; preparation of its
prospectuses, statements of additional information and proxy statements,
shareholders&#146; reports and notices and other reports and filings made to and
with the Securities Exchange Commission and/or other regulators; administering
shareholder accounts, handling shareholder relations and such other services as
Royce, subject to the Funds&#146; Board of Directors, shall from time to time
determine to be necessary or useful to perform its obligations under the terms
of the Administration Agreement. Royce also, on behalf of the Funds, conducts
relations with custodians, depositories, transfer agents, dividend disbursing
agents, other shareholder servicing agents, accountants, attorneys, underwriters,
brokers and dealers, corporate fiduciaries, insurers, banks and other such
persons in any such other capacity deemed to be necessary or desirable. Royce
does not receive a fee under the terms of either Administration Agreement but
rather is reimbursed by the Funds on a monthly, or more frequent basis, for any
and all costs and expenses that it may incur in providing services under the
Administration Agreement, including, without limitation, the costs and expenses
relating to necessary personnel, rent, telephone, technology and supplies. In
accordance with the Value Trust Administration Agreement, for the fiscal years
ended December&nbsp;31, 2010, December&nbsp;31, 2009, and December&nbsp;31,
2008, Royce received $142,721, $143,487, and $123,132, respectively, in reimbursements
from Value Trust.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>23</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2><B>TAXATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion is a brief summary of certain U.S.&nbsp;federal income tax
considerations affecting Value Trust and Global Trust and each of their
stockholders. The discussion reflects applicable tax laws of the United States
as of the date of this SAI, which tax laws may be changed or subject to new
interpretations by the courts or the Internal Revenue Service (the &#147;IRS&#148;)
retroactively or prospectively. No attempt is made to present a detailed explanation
of all U.S.&nbsp;federal, state, local and foreign tax concerns affecting Value
Trust and Global Trust and each of their stockholders (including stockholders
owning a large position in each of Value Trust and Global Trust), and the
discussions set forth herein do not constitute tax advice. Investors are urged
to consult their own tax advisers to determine the tax consequences to them of
investing in Value Trust and Global Trust.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Taxation of a Fund</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
has qualified and intends to continue to qualify, as a regulated investment
company under Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#147;Code&#148;) (a &#147;RIC&#148;). Global Trust intends to elect to and qualify as a RIC.
Accordingly, each Fund must or will, as the case may be, among other things,
(i)&nbsp;derive in each taxable year at least 90% of its gross income from
(a)&nbsp;dividends, interest (including tax-exempt interest), payments with
respect to certain securities loans, and gains from the sale or other
disposition of stock, securities or foreign currencies, or other income
(including but not limited to gain from options, futures and forward contracts)
derived with respect to its business of investing in such stock, securities or
currencies and (b)&nbsp;net income derived from interests in certain &#147;publicly
traded partnerships&#148; (as defined for U.S.&nbsp;federal income tax purposes)
that derive less than 90% of their gross income from the items described in
(a)&nbsp;above (each a &#147;Qualified Publicly Traded Partnership&#148;); and
(ii)&nbsp;diversify its holdings so that, at the end of each quarter of each
taxable year (a)&nbsp;at least 50% of the value of its total assets is
represented by cash and cash items, U.S.&nbsp;government securities, the
securities of other regulated investment companies and other securities, with
such other securities limited, in respect of any one issuer, to an amount not
greater than 5% of the value of a fund&#146;s total assets and not more than 10% of
the outstanding voting securities of such issuer and (b)&nbsp;not more than 25%
of the value of a fund&#146;s total assets is invested in the securities of
(I)&nbsp;any one issuer (other than U.S.&nbsp;government securities and the
securities of other RICs), (II)&nbsp;any two or more issuers in which a fund
owns more than 20% or more of the voting securities and that are determined to
be engaged in the same business or similar or related trades or businesses or
(III)&nbsp;any one or more Qualified Publicly Traded Partnerships.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a RIC
fails a gross income test for any taxable year, it nevertheless may qualify as
a RIC for such year if it is entitled to relief under certain savings
provisions of the Code and pays a penalty tax. The savings provisions generally
will be available if (i)&nbsp;after the RIC identifies such failure, it files a
schedule describing each item of gross income for such taxable year that fails
the gross income tests, and (ii)&nbsp;the RIC&#146;s failure to meet the test was
due to reasonable cause and not due to willful neglect. The penalty tax equals
the amount (if any) by which the gross income that fails the RIC gross income
test exceeds 1/9 of the RIC gross income that satisfies the RIC gross income
test.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Similarly,
if a RIC fails to meet an asset test, the RIC will not lose its RIC status if
(i)&nbsp;once the RIC identifies the failure, the RIC describes each asset that
caused the failure in a schedule filed with the IRS; (ii)&nbsp;the failure is
due to reasonable cause and not willful neglect; (iii)&nbsp;within six months
of the close of the quarter in which the RIC identifies the failure, the RIC
either disposes of the asset or otherwise passes the asset test; and
(iv)&nbsp;unless the failure is a &#147;de&nbsp;minimis&#148; failure, the RIC pays a tax
in an amount equal to the greater of (a)&nbsp;$50,000, or (b)&nbsp;the amount
equal to the product of (I)&nbsp;the net income generated by the non-qualifying
assets, and (II)&nbsp;the highest rate of corporate income tax. A failure of
the assets tests is &#147;de&nbsp;minimis&#148; if the total value of the non-qualifying
assets does not exceed the lesser of (i)&nbsp;1% of the total value of the
RIC&#146;s assets, and (ii)&nbsp;$10,000,000.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investments of each of Value Trust and Global Trust in partnerships, including
Qualified Publicly Traded Partnerships, may result in each Fund being subject
to state, local, or foreign income, franchise or withholding tax liabilities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a RIC,
each Fund generally is not. or will not be, as the case may be, subject to
U.S.&nbsp;federal income tax on income and gains that it distributes each
taxable year to stockholders, provided it distributes at least 90% of the sum
of its (i)&nbsp;investment company taxable income (which includes, among other
items, dividends, interest and the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>24</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>excess of any net short-term capital gain over net long-term capital
loss and other taxable income, other than any net long-term capital gain,
reduced by deductible expenses) determined without regard to the deduction for
dividends paid and (ii)&nbsp;its net tax-exempt interest (the excess of its
gross tax-exempt interest over certain disallowed deductions). Each fund
intends to distribute at least annually substantially all of such income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts not
distributed on a timely basis in accordance with a calendar year distribution
requirement are subject to a nondeductible 4% excise tax at the Fund level. To
avoid the tax, each of Value Trust and Global Trust must or will, as the case
may be, distribute during each calendar year an amount at least equal to the
sum of (i)&nbsp;98% of its ordinary income (not taking into account any capital
gain or loss) for the calendar year, (ii)&nbsp;98.2% of its capital gain in
excess of its capital loss (adjusted for certain ordinary losses) for a
one-year period generally ending on October&nbsp;31 of the calendar year
(unless an election is made to use the Fund&#146;s fiscal year), and
(iii)&nbsp;certain undistributed amounts from previous years on which a fund
paid no federal income tax. While each Fund intends to distribute any income
and capital gain in the manner necessary to minimize imposition of the 4%
excise tax, there can be no assurance that sufficient amounts of the Fund&#146;s
taxable income and capital gain will be distributed to avoid entirely the
imposition of the tax. In that event, each Fund will be liable for the tax only
on the amount by which it does not meet the foregoing distribution requirement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
distribution will be treated as paid by a Fund during the calendar year if it
is (i)&nbsp;paid during the calendar year or (ii)&nbsp;declared by the Fund in
October, November or December of the year, payable to its stockholders of
record on a date during such a month and paid by the Fund during January of the
following year. Any such distributions paid during January of the following
year will be deemed to be received no later than December&nbsp;31 of the year
the distributions are declared, rather than when the distributions are
received.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Fund
were unable to satisfy the 90% distribution requirement or, notwithstanding the
savings provisions of the Code, otherwise were to fail to qualify as a RIC in
any year, it would be taxed in the same manner as an ordinary corporation and
distributions to the Fund&#146;s stockholders would not be deductible by the Fund in
computing its taxable income. To re-qualify to be taxed as a RIC in a
subsequent year, a Fund would be required to distribute to its stockholders its
earnings and profits attributable to its non-RIC years. In addition, if a Fund
failed to qualify as a RIC for a period greater than two taxable years, it
would be required to elect to recognize and pay tax on any net built-in gain
(the excess of aggregate gain, including items of income, over aggregate loss
that would have been realized if the Fund had been liquidated) or,
alternatively, be subject to taxation on such built-in gain recognized for a
period of ten years, in order to qualify as a RIC in a subsequent year.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss
on the sales of securities by each Fund will generally be long-term capital
gain or loss if the securities have been held by the Fund for more than one
year. Gain or loss on the sale of securities held for one year or less will be
short-term capital gain or loss.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
currency gain or loss on non-U.S.&nbsp;dollar-denominated securities and on any
non-U.S.&nbsp;dollar-denominated futures contracts, options and forward
contracts that are not section 1256 contracts (as defined below) generally will
be treated as ordinary income and loss.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
by either Value Trust or Global Trust in certain &#147;passive foreign investment
companies&#148; (&#147;PFICs&#148;) could subject the Fund to federal income tax (including
interest charges) on certain distributions or dispositions with respect to
those investments that cannot be eliminated by making distributions to
stockholders. Elections may be available to a Fund to mitigate the effect of
this tax provided that the PFIC complies with certain reporting requirements,
but such elections generally accelerate the recognition of income without the
receipt of cash. Dividends paid by PFICs will not qualify for the reduced tax
rates discussed below under &#147;Taxation of Stockholders.&#148;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund
may invest in debt obligations purchased at a discount with the result that
each Fund may be required to accrue income for U.S.&nbsp;federal income tax
purposes before amounts due under the obligations are paid. Each Fund may also
invest in securities rated in the medium to lower rating categories of
nationally recognized rating organizations, and in unrated securities (&#147;high
yield securities&#148;). A portion of the interest payments on such high yield
securities may be treated as dividends for certain U.S.&nbsp;federal income tax
purposes.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>25</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result
of investing in stock of PFICs or securities purchased at a discount or any
other investment that produces income that is not matched by a contemporaneous
cash distribution, a Fund could be required to include in taxable income amounts
it has not yet received. Any such income would be treated as income earned by
each Fund and therefore would be subject to the distribution requirements of
the Code. This might prevent a Fund from distributing 90% of its investment
company taxable income as is required in order to avoid fund-level federal
income taxation on all of its income, or might prevent a Fund from distributing
enough ordinary income and capital gain net income to avoid completely the
imposition of the excise tax. To avoid this result, a Fund may be required to
borrow money or dispose of securities to be able to make distributions to its
stockholders.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If either
of Value Trust or Global Trust does not meet the asset coverage requirements of
the 1940 Act and, in the case of Value Trust, the Articles Supplementary, the
Fund will be required to suspend distributions to the holders of common shares
until the asset coverage is restored. Such a suspension of distributions might
prevent the Fund from distributing 90% of its investment company taxable income
as is required in order to avoid fund-level federal income taxation on all of
its income, or might prevent the Fund from distributing enough income and
capital gain net income to avoid completely imposition of the excise tax.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of
the Funds&#146; investment practices are subject to special and complex
U.S.&nbsp;federal income tax provisions that may, among other effects,
(i)&nbsp;disallow, suspend or otherwise limit the allowance of certain losses
or deductions, (ii)&nbsp;convert lower taxed long-term capital gains into
higher taxed short-term capital gains or ordinary income, (iii)&nbsp;convert
ordinary loss or a deduction into capital loss (the deductibility of which is
more limited), (iv)&nbsp;cause a Fund to recognize income or gain without a
corresponding receipt of cash, (v)&nbsp;adversely change the date on which a
purchase or sale of stock or securities is deemed to occur, (vi)&nbsp;adversely
change the characterization of certain complex financial transactions and
(vii)&nbsp;produce income that will not qualify as good income for purposes of
the 90% annual gross income test described above. Each of Value Trust and
Global Trust will monitor its transactions and may make certain tax elections
to mitigate the effect of these rules and prevent disqualification of the Fund
as a regulated investment company.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Foreign Taxes</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since each
of Value Trust and Global Trust may invest in foreign securities, income from
such securities may be subject to non-U.S.&nbsp;taxes. Each Fund expects to
invest less than 50% of its total assets in foreign securities. As long as a
Fund continues to invest less than 50% of its assets in foreign securities, its
stockholders will be unable to claim the foreign tax deduction or foreign tax
credit with respect to certain foreign taxes paid by the Fund.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Taxation
of Stockholders</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
and Global Trust each will determine either to distribute or to retain for
reinvestment all or part of its net capital gain. Any such gain retained by a
Fund will be subject to a 35% tax. In that event, each Fund expects to
designate the retained amount as undistributed capital gain in a notice to its
stockholders, each of whom (i)&nbsp;will be required to include in income for
tax purposes as long-term capital gain its share of such undistributed amounts,
(ii)&nbsp;will be entitled to credit its proportionate share of the tax paid by
each Fund against its federal income tax liability and to claim refunds to the
extent that the credit exceeds such liability and (iii)&nbsp;will increase its
basis in its shares of the Fund by an amount equal to 65% of the amount of
undistributed capital gain included in such stockholder&#146;s gross income.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
paid by each Fund from its investment company taxable income, which includes
net short-term capital gain, generally are taxable as ordinary income to the
extent of the distributing Fund&#146;s earnings and profits. Such distributions, if
reported by the distributing Fund in a written statement furnished to its
stockholders, may, however, qualify (provided holding period and other
requirements are met by the distributing Fund and its stockholders)
(i)&nbsp;for the dividends received deduction available to corporations, but
only to the extent that the distributing Fund&#146;s income consists of dividend
income from U.S.&nbsp;corporations and (ii)&nbsp;for taxable years through
December&nbsp;31, 2012, as qualified dividend income eligible for the reduced
maximum federal tax rate available to individuals (generally 15%) but only to
the extent that the distributing Fund receives qualified dividend income.
Qualified dividend income is, in general, dividend income from taxable domestic
corporations and certain qualified foreign corporations (for example, foreign
corporations incorporated in a possession of the United States or in certain
countries with a qualifying comprehensive tax treaty with the United States, or
whose shares with respect to </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>26</FONT></P>

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<P ALIGN=JUSTIFY><FONT SIZE=2>which such dividend is paid is readily tradable on an established
securities market in the United States). A qualified foreign corporation does
not include a foreign corporation which for the taxable year of the corporation
in which the dividend was paid, or the preceding taxable year, is a &#147;passive
foreign investment company,&#148; as defined in the Code. If either of Value Trust
or Global Trust engages in certain securities lending transactions, the amount
received by the Fund that is the equivalent of the dividends paid by the issuer
on the securities loaned will not be eligible for qualified dividend income
treatment.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
of net capital gain (if any) reported as capital gain distributions in written
statements furnished to a stockholder are taxable at rates applicable to
long-term capital gain, whether paid in cash or in shares, and regardless of
how long the stockholder has held its Fund shares. Capital gain distributions
are not eligible for the dividends received deduction. The maximum federal tax
rate on net long-term capital gain of individuals is reduced generally from 20%
to 15% for such gain realized before January&nbsp;1, 2013. Unrecaptured
Section&nbsp;1250 gain distributions, if any, will be subject to a 25% tax.
Distributions in excess of a distributing Fund&#146;s earnings and profits will
first reduce the adjusted tax basis of a holder&#146;s shares and, after such
adjusted tax basis is reduced to zero, will constitute capital gain to such
holder (assuming the shares are held as a capital asset). For non-corporate
taxpayers, investment company taxable income (other than qualified dividend
income) will currently be taxed at a maximum rate of 35%, while net capital
gain generally will be taxed at a maximum rate of 15%. For corporate taxpayers,
both investment company taxable income and net capital gain are taxed at a
maximum rate of 35%.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an
individual receives a dividend that is eligible for qualified dividend income
treatment, and such dividend constitutes an &#147;extraordinary dividend,&#148; then any
loss on the sale or exchange of the Fund shares in respect of which the
extraordinary dividend was paid, will be long-term capital loss to the extent
of such extraordinary dividend. An &#147;extraordinary dividend&#148; for this purpose is
generally a dividend (i)&nbsp;in an amount greater than or equal to 10% or 5%
of the taxpayer&#146;s tax basis (or trading value) in a share of common stock or
preferred stock, respectively, aggregating dividends with ex-dividend dates
within an 85-day period or (ii)&nbsp;in an amount greater than 20% of the
taxpayer&#146;s tax basis (or trading value) in a share of common or preferred
stock, aggregating dividends with ex-dividend dates within a 365-day period.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The IRS
requires a RIC that has two or more classes of stock to allocate to each such
class proportionate amounts of each type of the RIC&#146;s income (such as ordinary
income, capital gains, dividends qualifying for the dividends received
deduction (&#147;DRD&#148;) and qualified dividend income) based upon the percentage of
total dividends paid out of current or accumulated earnings and profits to each
class for the taxable year. Accordingly, Value Trust and Global Trust each
intends for each taxable year to allocate its capital gain dividends, dividends
qualifying for the DRD and dividends that constitute qualified dividend income
(if any) between its common stock and preferred stock in proportion to the
total dividends paid out of current or accumulated earnings and profits to each
class with respect to such taxable year. Distributions in excess of Value
Trust&#146;s and Global Trust&#146;s current and accumulated earnings and profits, if
any, however, will not be allocated proportionately between the common stock
and preferred stock. Since Value Trust&#146;s and Global Trust&#146;s current and
accumulated earnings and profits will first be used to pay dividends on its
preferred stock, distributions in excess of such earnings and profits (if any)
will be made disproportionately to holders of shares of Common Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
may be entitled to offset their capital gain distributions (but not
distributions eligible for qualified dividend income treatment) with capital
loss. There are a number of statutory provisions affecting whether capital loss
may be offset against capital gain, and limiting the use of loss from certain
investments and activities. Stockholders with capital loss are urged to consult
their tax advisers on such limitations.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The price
of stock purchased at any time may reflect the amount of a forthcoming
distribution. Those purchasing stock just prior to a distribution will receive
a distribution which will be taxable to them even though it represents in part
a return of invested capital.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
types of income received by Value Trust or Global Trust from real estate
investment trusts (&#147;REITs&#148;), real estate mortgage investment conduits
(&#147;REMICs&#148;), taxable mortgage pools or other investments may cause the Fund to
report some or all of its distributions as &#147;excess inclusion income.&#148; To Fund
stockholders such excess inclusion income may (1)&nbsp;constitute taxable
income, as &#147;unrelated business taxable income&#148; (&#147;UBTI&#148;) for those stockholders
who would otherwise be tax-exempt such as individual retirement accounts,
401(k) accounts, Keogh plans, pension plans and certain charitable entities;
(2)&nbsp;not be offset against net operating losses for tax </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>27</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>purposes; (3)&nbsp;not be eligible for reduced U.S.&nbsp;withholding
for non-U.S.&nbsp;stockholders even from tax treaty countries; and
(4)&nbsp;cause a Fund to be subject to tax if certain &#147;disqualified
organizations&#148; as defined by the Code are Fund stockholders.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon a
sale, exchange, redemption or other disposition of stock, a stockholder will
generally realize a taxable gain or loss equal to the difference between the
amount of cash and the fair market value of other property received and the
stockholder&#146;s adjusted tax basis in the stock. Such gain or loss will be
treated as long-term capital gain or loss if the shares have been held for more
than one year. Any loss realized on a sale or exchange will be disallowed to
the extent the shares disposed of are replaced by substantially identical
shares within a 61-day period beginning 30&nbsp;days before and ending
30&nbsp;days after the date that the shares are disposed of. In such a case,
the basis of the shares acquired will be adjusted to reflect the disallowed
loss.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any loss
realized by a stockholder on the sale of Value Trust or Global Trust shares
held by the stockholder for six months or less will be treated for tax purposes
as a long-term capital loss to the extent of any capital gain distributions
received by the stockholder (or amounts credited to the stockholder as an
undistributed capital gain) with respect to such shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary
income distributions and capital gain distributions also may be subject to
state and local taxes. Stockholders are urged to consult their own tax advisers
regarding specific questions about federal (including the application of the
alternative minimum tax rules), state, local or foreign tax consequences to
them of investing in Value Trust or Global Trust.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
will be furnished, if appropriate, various written statements after the close
of each of Value Trust and Global Trust&#146;s taxable years reporting the
U.S.&nbsp;federal income tax status of certain dividends, distributions and
deemed distributions that were paid (or that are treated as having been paid)
by each Fund to its stockholders during the preceding taxable year.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a
stockholder recognizes a loss with respect to Value Trust or Global Trust&#146;s
shares of $2&nbsp;million or more for an individual stockholder or
$10&nbsp;million or more for a corporate stockholder, the stockholder must file
with the IRS a disclosure statement on Form&nbsp;8886. Direct stockholders of
portfolio securities are in many cases exempted from this reporting
requirement, but under current guidance, stockholders of a regulated investment
company are not exempted. The fact that a loss is reportable under these
regulations does not affect the legal determination of whether the taxpayer&#146;s
treatment of the loss is proper. Stockholders are encouraged to consult their
tax advisers to determine the applicability of these regulations in light of
their individual circumstances.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
paid or distributions made by Value Trust or Global Trust to stockholders who
are non-resident aliens or foreign entities (&#147;foreign investors&#148;) are generally
subject to withholding tax at a 30% rate or a reduced rate specified by an
applicable income tax treaty to the extent derived from investment income and
short-term capital gains. In order to obtain a reduced rate of withholding, a
foreign investor will be required to provide an IRS Form&nbsp;W-8BEN certifying
its entitlement to benefits under a treaty. The withholding tax does not apply
to regular dividends paid or distributions made to a foreign investor who
provides a Form&nbsp;W-8ECI, certifying that the dividends or distributions are
effectively connected with the foreign investor&#146;s conduct of a trade or
business within the United States. Instead, the effectively connected dividends
or distributions will be subject to regular U.S.&nbsp;income tax as if the
foreign investor were a U.S.&nbsp;stockholder. A non-U.S.&nbsp;corporation
receiving effectively connected dividends or distributions may also be subject
to additional &#147;branch profits tax&#148; imposed at a rate of 30% (or lower treaty
rate). A foreign investor who fails to provide an IRS Form&nbsp;W-8BEN or other
applicable form may be subject to backup withholding at the appropriate rate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general,
United States federal withholding tax will not apply to any gain or income
realized by a foreign investor in respect of any distributions of net long-term
capital gains over net short-term capital losses, exempt-interest dividends, or
upon the sale or other disposition of shares of Value Trust or Global Trust.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For taxable
years beginning before January&nbsp;1, 2012, properly-reported dividends or
distributions are generally exempt from United States federal withholding tax
where they (i)&nbsp;are paid in respect of a Fund&#146;s &#147;qualified net interest
income&#148; (generally, the Fund&#146;s U.S.&nbsp;source interest income other than
certain contingent interest and interest from obligations of a corporation or
partnership in which the Fund is a 10% or greater stockholder, reduced </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>28</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>by expenses that are allocable to such income) or (ii)&nbsp;are paid in
respect of the Fund&#146;s &#147;qualified short-term capital gains&#148; (generally, the
excess of a Fund&#146;s net short-term capital gain over its long-term capital loss
for such taxable year). Depending on its circumstances, however, Value Trust or
Global Trust may report its potentially eligible dividends or distributions as
a combination of qualified net interest income, qualified short-term capital
gains, and income not qualifying for this withholding exemption. In order to
qualify for this exemption from withholding, a foreign investor will need to
comply with applicable certification requirements relating to its
non-U.S.&nbsp;status (including, in general, furnishing an IRS Form&nbsp;W-8BEN
or substitute Form to the Fund). In the case of shares held through an
intermediary, the intermediary may withhold even if Value Trust or Global Trust
reports the payment as qualified net interest income or qualified short-term
capital gain. Foreign investors should contact their intermediaries with
respect to the application of these rules to their accounts.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Backup Withholding</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
and Global Trust each may be required to withhold U.S.&nbsp;federal income tax
on all taxable distributions and redemption proceeds payable to non-corporate
stockholders who fail to provide the Fund with their correct taxpayer
identification number or to make required certifications, or who have been
notified by the IRS that they are subject to backup withholding. Backup
withholding is not an additional tax. Any amounts withheld may be refunded or
credited against such stockholder&#146;s U.S.&nbsp;federal income tax liability, if
any, provided that the required information is furnished to the IRS.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>Recent Legislation</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recently
enacted health care legislation, effective for taxable years beginning after
December&nbsp;31, 2012, imposes a new 3.8% Medicare tax on certain
U.S.&nbsp;stockholders who are individuals, estates or trusts and whose income
exceeds certain thresholds. This new tax will apply to dividends on and gain
from the disposition of each Fund&#146;s shares.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, recently enacted legislation regarding foreign account tax
compliance, effective for payments made after December&nbsp;31, 2012, imposes a
withholding tax of 30% on dividends and gross proceeds from the disposition of
our stock paid to certain foreign financial institutions, investment funds and
other non-U.S.&nbsp;persons unless various information reporting and certain
other requirements are satisfied. This legislation also imposes new
U.S.&nbsp;return disclosure obligations (and related penalties for failure to
disclose) on persons required to file U.S.&nbsp;federal income tax returns that
hold certain specified foreign financial assets (which include financial
accounts in foreign financial institutions).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
and prospective investors are encouraged to consult their own tax advisers
regarding the possible implications of this recently enacted legislation on
their investment in the Funds&#146; common stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing is a general and abbreviated summary of the applicable provisions of
the Code and Treasury regulations presently in effect. For the complete
provisions, reference should be made to the pertinent Code sections and the
Treasury regulations promulgated thereunder. The Code and the Treasury
regulations are subject to change by legislative, judicial or administrative
action, either prospectively or retroactively. Stockholders and prospective
investors are encouraged to consult their own tax advisers regarding the
purchase, ownership and disposition of shares of common stock of the Funds.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>29</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></FONT></P>

<P><FONT SIZE=2>To the Board
of Directors and Stockholders of Royce Global Value Trust, Inc.<BR>
New York, New York</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have
audited the accompanying statement of assets and liabilities of Royce Global
Value Trust, Inc., (&#147;Fund&#148;), This financial statement is the responsibility of
the Fund&#146;s management. Our responsibility is to express an opinion on this
financial statement based on our audits.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audit of this financial statement in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statement is free of material
misstatement. The Fund is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statement. Our procedures included
confirmation of securities owned as of [ &nbsp;&nbsp;&nbsp;], 2011, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our
opinion, the financial statement referred to above presents fairly, in all
material respects, the financial position of Royce Global Value Trust, Inc. at
[&nbsp;&nbsp; ], 2011, in conformity with accounting principles generally accepted in the
United States of America.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>/s/ [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>[Date]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE
GLOBAL VALUE TRUST, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>STATEMENT OF ASSETS AND LIABILITIES</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>[To be included]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>30</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=2><B>EXHIBIT
A</B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2>June 5, 2003, as amended<BR>
through October&nbsp;22, 2009</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><U>Royce
&amp; Associates Proxy Voting Guidelines and Procedures</U></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>These procedures apply to Royce &amp; Associates, LLC (&#147;Royce&#148;) and all
funds and other client accounts for which it is responsible for voting proxies,
including all open and closed-end registered investment companies (&#147;The Royce
Funds&#148;), limited partnerships, limited liability companies, separate accounts,
other accounts for which it acts as investment adviser and any accounts for
which it acts as sub-adviser that have delegated proxy voting authority to
Royce. Such authority is determined at the inception of each client account and
generally: (i)&nbsp;is specifically authorized in the applicable investment
management agreement or other written instrument or (ii)&nbsp;where not
specifically authorized, is granted to Royce where general investment
discretion is given to it in the applicable investment management agreement.
The Boards of Trustees/Directors of The Royce Funds (the &#147;Boards&#148;) have
delegated all proxy voting decisions to Royce subject to these policies and
procedures. Notwithstanding the above, from time to time the Boards may reserve
voting authority for specific securities.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><U>Receipt of Proxy Material</U>. Under the
continuous oversight of the Head of Administration, an Administrative Assistant
designated by him is responsible for monitoring receipt of all proxies and
ensuring that proxies are received for all securities for which Royce has proxy
voting responsibility. All proxy materials are logged in upon receipt by
Royce&#146;s Librarian</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><U>Voting of Proxies</U>. Once proxy material has
been logged in by Royce&#146;s Librarian, it is then promptly reviewed by the designated
Administrative Assistant to evaluate the issues presented. Regularly recurring
matters are usually voted as recommended by the issuer&#146;s board of directors or
&#147;management.&#148; The Head of Administration or his designee, in consultation with
the Chief Investment Officer, develops and updates a list of matters Royce
treats as &#147;regularly recurring&#148; and is responsible for ensuring that the
designated Administrative Assistant has an up-to-date list of these matters at
all times, including instructions from Royce&#146;s Chief Investment Officer on how
to vote on those matters on behalf of Royce clients. Examples of &#147;regularly
recurring&#148; matters include non-contested elections of directors and
non-contested approval of independent auditors. Non-&#148;regularly recurring&#148;
matters are brought to the attention of the portfolio manager(s) for the
account(s) involved by the designated Administrative Assistant, and, after
giving some consideration to advisories from Glass Lewis &amp; Co., an
independent third party research firm, the portfolio manager directs that such
matters be voted in a way that he or she believes should better protect or
enhance the value of the investment. If the portfolio manager determines that
information concerning any proxy requires analysis, is missing or incomplete,
he or she then gives the proxy to an analyst or another portfolio manager for
review and analysis.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>a.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>From time to time, it is possible that one Royce portfolio manager
 will decide (i)&nbsp;to vote shares held in client accounts he or she manages
 differently from the vote of another Royce portfolio manager whose client
 accounts hold the same security or (ii)&nbsp;to abstain from voting on behalf
 of client accounts he or she manages when another Royce portfolio manager is
 casting votes on behalf of other Royce client accounts.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The designated Administrative Assistant reviews all proxy votes
 collected from Royce&#146;s portfolio managers prior to such votes being cast. If
 any difference exists among the voting instructions given by Royce&#146;s
 portfolio managers, as described above, the designated Administrative
 Assistant then presents these proposed votes to the Head of Administration,
 or his designee, and the Chief Investment Officer. The Chief Investment
 Officer, after consulting with the relevant portfolio managers, either
 reconciles the votes or authorizes the casting of differing votes by
 different portfolio managers. The Head of Administration, or his designee,
 maintains a log of all votes for which different portfolio managers have cast
 differing votes, that describes the rationale for allowing such differing
 votes and contains the initials of both the Chief Investment Officer and Head
 of Administration, or his designee, allowing such differing votes. The Head
 of Administration, or his designee, performs a weekly review of all votes
 cast by Royce to confirm </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>that any conflicting votes were properly handled in accordance with
 the above-described procedures.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>c.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>There are many circumstances that might cause Royce to vote against
 an issuer&#146;s board of directors or &#147;management&#148; proposal. These would include,
 among others, excessive compensation, unusual management stock options,
 preferential voting and poison pills. The portfolio managers decide these
 issues on a case-by-case basis as described above.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>d.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>A portfolio manager may, on occasion, determine to abstain from
 voting a proxy or a specific proxy item when he or she concludes that the
 potential benefit of voting is outweighed by the cost, when it is not in the
 client account&#146;s best interest to vote.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>e.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>When a client has authorized Royce to vote proxies on its behalf,
 Royce will generally not accept instructions from the clients regarding how
 to vote proxies.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>f.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>If a security is on loan under The Royce Funds&#146; Securities Lending Program
 with State Street Bank and Trust Company (&#147;Loaned Securities&#148;), the Head of
 Administration, or his designee, will recall the Loaned Securities and
 request that they be delivered within the customary settlement period after
 the notice, to permit the exercise of their voting rights if the number of
 shares of the security on loan would have a material effect on The Royce
 Funds&#146; voting power at the up-coming stockholder meeting. A material effect
 is defined as any case where the Loaned Securities are 1% or more of a class
 of a company&#146;s outstanding equity securities. Monthly, the Head of
 Administration or his designee will review the summary of this activity by
 State Street. A quarterly report detailing any exceptions that occur in
 recalling Loaned Securities will be given to the Boards.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Custodian banks are authorized to release all proxy ballots held for
Royce client account portfolios to Glass Lewis &amp; Co. for voting, utilizing
the Viewpoint proxy voting platform. Substantially all portfolio companies utilize
Broadridge to collect their proxy votes.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Under the continuous oversight of the Head of Administration, or his
designee, the designated Administrative Assistant is responsible for voting all
proxies in a timely manner. Votes are returned to Broadridge using Viewpoint as
ballots are received, generally two weeks before the scheduled meeting date.
The issuer can thus see that the shares were voted, but the actual vote cast is
not released to the company until 4:00 pm on the day before the meeting. If proxies
must be mailed, they go out at least ten business days before the meeting date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><U>Conflicts of Interest</U>. The designated
Administrative Assistant reviews reports generated by Royce&#146;s portfolio
management system (&#147;Quest PMS&#148;) that set forth by record date, any security
held in a Royce client account which is issued by a (i)&nbsp;public company
that is, or a known affiliate of which is, a separate account client of Royce
(including sub-advisory relationships), (ii)&nbsp;public company, or a known
affiliate of a public company, that has invested in a privately-offered pooled
vehicle managed by Royce or (iii)&nbsp;public company, or a known affiliate of
a public company, by which the spouse of a Royce employee or an immediate
family member of a Royce employee living in the household of such employee is
employed, for the purpose of identifying any potential proxy votes that could
present a conflict of interest for Royce. The Head of Administration, or his
designee, develops and updates the list of such public companies or their known
affiliates which is used by Quest PMS to generate these daily reports. This
list also contains information regarding the source of any potential conflict
relating to such companies. Potential conflicts identified on the &#147;conflicts
reports&#148; are brought to the attention of the Head of Administration or his
designee by the designated Administrative Assistant. An R&amp;A Compliance
Officer then reviews them to determine if business or personal relationships
exist between Royce, its officers, managers or employees and the company that
could present a material conflict of interest. Any such identified material
conflicts are voted by Royce in accordance with the recommendation given by an
independent third party research firm (Glass Lewis &amp; Co.). The Head of Administration
or his designee maintains a log of all such conflicts identified, the analysis
of the conflict and the vote ultimately cast. Each entry in this log is signed
by the Chief Investment Officer before the relevant votes are cast.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2><U>Recordkeeping</U>. A record of the issues and how
they are voted is stored in the Viewpoint system. Copies of all physically
executed proxy cards, all proxy statements (with it being permissible to rely
on proxy statements filed and available on Edgar) and any other documents
created or reviewed that are material to making a decision on how to vote
proxies are retained in the Company File maintained by Royce&#146;s Librarian in an
easily accessible place for a period of not less than six years from the end of
the fiscal year during which the last entry was made on such record, the first
two years at Royce&#146;s office. In addition, copies of each written client request
for information on how Royce voted proxies on behalf of that client, and a copy
of any written response by Royce to any (written or oral) client request for
information on how Royce voted proxies on behalf of that client will be
maintained by Royce&#146;s Head of Administration and/or Royce&#146;s Director of
Alternative Investments, or their designee (depending on who received such
request) for a period of not less than six years from the end of the fiscal
year during which the last entry was made on such record, the first two years
at Royce&#146;s office. Royce&#146;s Compliance Department shall maintain a copy of any
proxy voting policies and procedures in effect at any time within the last five
years.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><U>Disclosure</U>. Royce&#146;s proxy voting procedures
will be disclosed to clients upon commencement of a client account. Thereafter,
proxy voting records and procedures are generally disclosed to those clients
for which Royce has authority to vote proxies as set forth below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The Royce Funds &#150; proxy voting records are disclosed annually on Form
 N-PX (with such voting records also available at www.roycefunds.com). Proxy
 voting procedures are available in the Statement of Additional Information
 for the open-end funds, in the annual report on Form N-CSR for the closed-end
 funds and at www.roycefunds.com.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Limited Liability Company and Limited Partnership Accounts &#150; proxy
 voting records are disclosed to members/partners upon request and proxy
 voting procedures (along with a summary thereof) are provided to
 members/partners annually (and are available at www.roycefunds.com.)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Separate Accounts &#150; proxy voting records and procedures are disclosed
 to separate account clients annually.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ROYCE
GLOBAL VALUE TRUST, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PART
C</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>OTHER
INFORMATION</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Item 15. Indemnification</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The By-laws
of Global Trust provides that Global Trust will indemnify its Directors and
officers and may indemnify its employees or agents against liabilities and
expenses incurred in connection with litigation in which they may be involved
because of their positions with Global Trust to the fullest extent permitted by
law. However, nothing in the By-laws of Global Trust protects or indemnifies a
director, officer, employee or agent of Global Trust against any liability to
which such person would otherwise be subject in the event of such person&#146;s
willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his or her position.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Item 16. Exhibits</FONT></P>

<P><FONT SIZE=2>(1) Articles
of Incorporation of Global Trust.*<BR>
(2) By-Laws of Global Trust.*<BR>
(3) Not Applicable.<BR>
(4) Not Applicable.<BR>
(5) Form of Global Trust&#146;s Common Stock Certificate.*<BR>
(6) Form of Investment Advisory Agreement between Global Trust and Royce &amp;
Associates, LLC.*<BR>
(7) Not applicable.<BR>
(8) Not applicable.<BR>
(9) Form of Custodian Contract between Global Trust and State Street Bank and
Trust Company (&#147;State Street&#148;).**<BR>
(10) Not applicable.<BR>
(11) Opinion and Consent of [ &nbsp;&nbsp;&nbsp;] with respect to legality.**<BR>
(12) Opinion and Consent of Sidley Austin LLP with respect to tax matters.**<BR>
(13) (a) Form of Registrar, Transfer Agency and Service Agreement between
Global Trust and Computershare (Common Stock).**<BR>
(13)(b) Form of Administration Agreement between Global Trust and Royce &amp;
Associates, LLC.*<BR>
(14) Consents of [ &nbsp;&nbsp;&nbsp;].**<BR>
(15) Not applicable.<BR>
(16) Not applicable.<BR>
(17) (a) Form of Proxy Cards.*<BR>
(17) (b) Initial Purchase Agreement dated [ &nbsp;&nbsp;&nbsp;], 2011 between Global Trust and
Royce Value Trust, Inc.**<BR>
(17) (c) Annual Report of Royce Value Trust, Inc. to Shareholders for the
fiscal year ended December&nbsp;31, 2010.**<BR>
(17) (d) Distribution Reinvestment and Cash Purchase Plan of Global Trust.*</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Filed
 herewith.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>**</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>To be filed
 by amendment.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Item&nbsp;17. Undertakings</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant agrees that
prior to any public reoffering of the securities registered through the use of
a prospectus which is a part of this Registration Statement by any person or
party who is deemed to be an underwriter within the meaning of Rule&nbsp;145(c)
of the Securities Act of 1933, the reoffering prospectus will contain the
information called for by the applicable registration form for reofferings by
persons who may be deemed underwriters, in addition to the information called
for by the other items of the applicable form.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant agrees that
every prospectus that is filed under paragraph&nbsp;(1) above will be filed as
a part of an amendment to the Registration Statement and will not be used until
the amendment is effective, </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>C-1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>and that, in determining any liability under the Securities Act of
1933, each post-effective amendment shall be deemed to be a new registration
statement for the securities offered therein, and the offering of the
securities at that time shall be deemed to be the initial bona&nbsp;fide
offering of them.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>C-2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required
by the Securities Act of 1933, this Registration Statement has been signed on
behalf of the Registrant, in the City of New York and State of New York, on the
15<sup>th</sup> day of&nbsp;March, 2011.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 style="font:small-caps">Royce
 Global Value Trust, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Registrant)</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="46%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Charles M. Royce</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Charles M. Royce,
 President)</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person
whose signature appears below hereby authorizes Charles M. Royce, John E.
Denneen and John D. Diederich, or any of them, as attorney in fact, to sign on
his or her behalf, individually and in each capacity stated below, any
amendments to this Registration Statement (including post effective amendments)
and to file the same, with all exhibits thereto, with the Securities and
Exchange Commission.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required
by the Securities Act of 1933, this Registration Statement has been signed by
the following persons in the capacities and on the dates indicated.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="39%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B><U>Signature</U></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B><U>Title</U></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B><U>Date</U></B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Charles M. Royce</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>President and Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Charles
 M. Royce)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 John D. Diederich</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Vice President and Treasurer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(John
 D. Diederich)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Principal Financial and Accounting Officer)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Mark R. Fetting</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Mark
 R. Fetting)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Patricia W. Chadwick</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Patricia
 W. Chadwick)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Richard M. Galkin</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Richard M. Galkin)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Stephen L. Isaacs</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Stephen L. Isaacs)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Arthur S. Mehlman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Arthur S. Mehlman)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 David L. Meister</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(David
 L. Meister)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>C-3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="39%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B><U>Signature</U></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B><U>Title</U></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B><U>Date</U></B></FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 G. Peter O&#146;Brien</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 15, 2011</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(G.
 Peter O&#146;Brien)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>C-4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=center><FONT SIZE=2>Exhibits</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="89%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Articles of
 Incorporation of Global Trust.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By-Laws of
 Global Trust.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(5)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Global Trust&#146;s Common Stock Certificate.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(6)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Investment Advisory Agreement between Global Trust and Royce &amp; Associates,
 LLC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(13)(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Administration Agreement between Global Trust and Royce &amp; Associates,
 LLC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(17) (a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Proxy Cards.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(17)(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Distribution
 Reinvestment and Cash Purchase Plan of Global Trust.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(1)
<SEQUENCE>3
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P ALIGN=RIGHT><FONT SIZE=2><B>EXHIBIT 99 (1)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><U>ROYCE
GLOBAL VALUE TRUST, INC.</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLES
OF INCORPORATION</B></FONT></P>

<P><FONT SIZE=2>THIS IS TO CERTIFY THAT:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INCORPORATOR</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, John E. Denneen, whose address is c/o Royce Global Value Trust,
Inc., 745 Fifth Avenue, New York, NY 10151, being at least 18 years of age,
does hereby form a corporation under the general laws of the State of Maryland.
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>NAME</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the corporation (the &#147;Corporation&#148;) is: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Royce Global Value
Trust, Inc.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
III</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PURPOSE</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purposes for which the Corporation is formed are to conduct and carry on the
business of a closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and to engage in
any lawful act or activity for which corporations may be organized under the
general laws of the State of Maryland as now or hereafter in force. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
IV</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PRINCIPAL
OFFICE IN STATE AND RESIDENT AGENT</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
address of the principal office of the Corporation in this State is c/o United
States Corporation Company, 7 St. Paul Street, Suite 1660, Baltimore, Maryland
21202. The name and address of the resident agent of the Corporation in
Maryland are United States Corporation Company, 7 St. Paul Street, Suite 1660,
Baltimore, Maryland 21202. The resident agent is a Maryland corporation. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
V</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PROVISIONS
FOR DEFINING, LIMITING <BR>
AND REGULATING CERTAIN POWERS OF THE <BR>
CORPORATION AND OF THE STOCKHOLDERS AND DIRECTORS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1
<U>Number, Vacancies, Classification and Election of Directors</U>. The
business and affairs of the Corporation shall be managed under the direction of
the Board of Directors. The number of directors of the Corporation is initially
one, which number may be increased or decreased only by the Board of Directors
pursuant to the Bylaws of the Corporation (the &#147;Bylaws&#148;), but shall never be
less than the minimum number required by the Maryland General Corporation Law
(the &#147;MGCL&#148;). Each director shall have the qualifications, if any, specified in
the Bylaws. The name of the director who shall serve until his successor is
duly elected and qualifies is Charles M. Royce.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation elects, at such time as it becomes eligible to make the election
provided for under Section&nbsp;3-802(b) of the MGCL, that, except as may be
provided by the Board of Directors in setting the terms of any class or series
of Preferred Stock (as hereinafter defined), any and all vacancies on the Board
of Directors may be filled only by the affirmative vote of a majority of the
remaining directors in office, even if the remaining directors do not
constitute a quorum, and any director elected to fill a vacancy shall serve for
the remainder of the full term of the directorship in which such vacancy
occurred and until a successor is duly elected and qualifies.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the first date on which the Corporation has more than one stockholder, the
directors (other than any director elected solely by holders of one or more
classes or series of Preferred Stock in connection with dividend arrearages)
shall be classified, with respect to the terms for which they severally hold
office, into three classes, as determined by the Board of Directors, with Class
I directors to hold office initially for a term expiring at the annual meeting
of stockholders in 2012, Class II directors to hold office initially for a term
expiring at the annual meeting of stockholders in 2013 and Class III directors
to hold office initially for a term expiring at the annual meeting of
stockholders in 2014, with each director to hold office until her or his
successor is duly elected and qualifies. At each annual meeting of the
stockholders, commencing with the 2012 annual meeting, the successors to the
class of directors whose term expires at such meeting shall be elected to hold
office for a term expiring at the third succeeding annual meeting of
stockholders following the meeting at which they were elected and until their
successors are duly elected and qualify. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in the Bylaws, a majority of the votes entitled to be
cast in the election of directors shall be required to elect a director. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2
<U>Extraordinary Actions</U>. Except as specifically provided in
Section&nbsp;5.6 (relating to removal of directors), and in Section&nbsp;7.2
(relating to certain actions and certain amendments to the charter of the
Corporation (the &#147;Charter&#148;)), notwithstanding any provision of law requiring
any action to be taken or approved by the affirmative vote of the holders of shares
entitled to cast a greater number of votes, any such action shall be effective
and valid if declared advisable by the Board of Directors and taken or approved
by the affirmative </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 2 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>vote of holders of shares entitled to cast a majority
of all the votes entitled to be cast on the matter.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3
<U>Authorization by Board of Stock Issuance</U>. The Board of Directors may
authorize the issuance from time to time of shares of stock of the Corporation
of any class or series, whether now or hereafter authorized, or securities or
rights convertible into shares of its stock of any class or series, whether now
or hereafter authorized, for such consideration, if any, as the Board of
Directors may deem advisable (or without consideration in the case of a stock
split or stock dividend), subject to such restrictions or limitations, if any,
as may be set forth in the Charter or Bylaws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4
<U>Preemptive Rights and Appraisal Rights</U>. Except as may be provided by the
Board of Directors in setting the terms of classified or reclassified shares of
stock pursuant to Section&nbsp;6.4 or as may otherwise be provided by contract,
no holder of shares of stock of the Corporation shall, as such holder, have any
preemptive right to purchase or subscribe for any additional shares of stock of
the Corporation or any other security of the Corporation which it may issue or
sell. No holder of stock of the Corporation shall be entitled to exercise the
rights of an objecting stockholder under Title 3, Subtitle 2 of the MGCL or any
successor statute unless the Board of Directors, upon the affirmative vote of a
majority of the entire Board of Directors, shall determine that such rights
apply, with respect to all or any classes or series of stock, or any proportion
of the shares thereof, to a particular transaction or all transactions
occurring after the date of such determination in connection with which holders
of such shares would otherwise be entitled to exercise such rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.5
<U>Determinations by Board</U>. The determination as to any of the following
matters, made in good faith by or pursuant to the direction of the Board of
Directors consistent with the Charter, shall be final and conclusive and shall
be binding upon the Corporation and every holder of shares of its stock: the
amount of the net income of the Corporation for any period and the amount of
assets at any time legally available for the payment of dividends, redemption
of its stock or the payment of other distributions on its stock; the amount of
paid-in surplus, net assets, other surplus, annual or other cash flow, net
profit, net assets in excess of capital, undivided profits or excess of profits
over losses on sales of assets; the amount, purpose, time of creation, increase
or decrease, alteration or cancellation of any reserves or charges and the
propriety thereof (whether or not any obligation or liability for which such
reserves or charges shall have been created shall have been paid or
discharged); any interpretation of the terms, preferences, conversion or other
rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications or terms or conditions of redemption of any class
or series of stock of the Corporation; the fair value, or any sale, bid or
asked price to be applied in determining the fair value, of any asset owned or
held by the Corporation or of any shares of stock of the Corporation; the
number of shares of stock of any class or series of the Corporation; any matter
relating to the acquisition, holding and disposition of any assets by the
Corporation; or any other matter relating to the business and affairs of the
Corporation or required or permitted by applicable law, the Charter or Bylaws
or otherwise to be determined by the Board of Directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.6
<U>Removal of Directors</U>. Subject to the rights of holders of one or more
classes or series of Preferred Stock to elect or remove one or more directors,
any director,</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 3 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>or the entire Board of Directors, may be removed from
office at any time only for cause and only by the affirmative vote of at least
two-thirds of the votes entitled to be cast generally in the election of
directors. For the purpose of this paragraph, &#147;cause&#148; shall mean, with respect
to any particular director, conviction of a felony or a final judgment of a
court of competent jurisdiction holding that such director caused demonstrable,
material harm to the Corporation through bad faith or active and deliberate
dishonesty. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
VI</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>STOCK</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1
<U>Authorized Shares</U>. The Corporation has authority to issue 200,000,000
shares of stock, initially consisting of 150,000,000 shares of common stock,
$0.001 par value per share (&#147;Common Stock&#148;), and 50,000,000 shares of
preferred stock, $0.001 par value per share (&#147;Preferred Stock&#148;). The aggregate
par value of all authorized shares of stock having par value is $200,000. If
shares of one class or series of stock are classified or reclassified into
shares of another class or series of stock pursuant to this Article VI, the
number of authorized shares of the former class or series shall be
automatically decreased and the number of shares of the latter class or series
shall be automatically increased, in each case by the number of shares so
classified or reclassified, so that the aggregate number of shares of stock of
all classes and series that the Corporation has authority to issue shall not be
more than the total number of shares of stock set forth in the first sentence
of this paragraph. A majority of the entire Board of Directors, without any
action by the stockholders of the Corporation, may amend the Charter from time
to time to increase or decrease the aggregate number of shares of stock or the
number of shares of stock of any class or series that the Corporation has
authority to issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2
<U>Common Stock</U>. Each share of Common Stock shall entitle the holder
thereof to one vote. The Board of Directors may reclassify any unissued shares
of Common Stock from time to time in one or more classes or series of stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3
<U>Preferred Stock</U>. The Board of Directors may classify any unissued shares
of Preferred Stock and reclassify any previously classified but unissued shares
of stock of any class or series from time to time in one or more classes or
series of stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4
<U>Classified or Reclassified Shares</U>. Prior to issuance of classified or
reclassified shares of any class or series, the Board of Directors by
resolution shall: (a)&nbsp;designate that class or series to distinguish it
from all other classes and series of stock of the Corporation; (b)&nbsp;specify
the number of shares to be included in the class or series; (c)&nbsp;set or
change, subject to the express terms of any class or series of stock of the
Corporation outstanding at the time, the preferences, conversion or other
rights, voting powers (including exclusive voting rights, if any),
restrictions, limitations as to dividends or other distributions,
qualifications and terms and conditions of redemption for each class or series;
and (d)&nbsp;cause the Corporation to file articles supplementary with the
State Department of Assessments and Taxation of Maryland (&#147;SDAT&#148;). Any of the
terms of any class or series of stock set or changed pursuant to clause (c) of
this Section 6.4 may be made dependent upon facts or events ascertainable
outside the Charter (including determinations by the Board of Directors or
other facts or events within the control of the Corporation) and may vary among
holders thereof, provided that the manner in which such</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 4 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>facts, events or variations shall operate upon the
terms of such class or series of stock is clearly and expressly set forth in
the articles supplementary or other Charter document filed with the SDAT. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5
<U>Inspection of Books and Records</U>. A stockholder that is otherwise
eligible under applicable law to inspect the Corporation&#146;s books of account,
stock ledger, or other specified documents of the Corporation shall have no
right to make such inspection if the Board of Directors determines that such
stockholder has an improper purpose for requesting such inspection. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6
<U>Charter and Bylaws</U>. The rights of all stockholders and the terms of all
stock are subject to the provisions of the Charter and the Bylaws. The Board of
Directors of the Corporation shall have the exclusive power to make, alter,
amend or repeal the Bylaws.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
VII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>AMENDMENTS;
CERTAIN EXTRAORDINARY TRANSACTIONS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1
<U>Amendments Generally</U>. The Corporation reserves the right from time to
time to make any amendment to its Charter, now or hereafter authorized by law,
including any amendment altering the terms or contract rights, as expressly set
forth in the Charter, of any shares of outstanding stock. All rights and powers
conferred by the Charter on stockholders, directors and officers are granted
subject to this reservation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2.
<U>Approval of Certain Extraordinary Actions and Charter Amendments</U>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
<u>Required Votes.</u> The affirmative vote of the holders of shares entitled to cast
at least 80% of the votes entitled to be cast on the matter, each voting as a
separate class, shall be necessary to effect:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Any amendment to the Charter to make the Corporation&#146;s Common Stock a
&#147;redeemable security&#148; or to convert the Corporation, whether by merger or
otherwise, from a &#147;closed-end company&#148; to an &#147;open-end company&#148; (as such terms
are defined in the 1940 Act);</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
The liquidation or dissolution of the Corporation and any amendment to the
Charter to effect any such liquidation or dissolution;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
Any amendment to, or any amendment inconsistent with the provisions of, Section
5.1, Section 5.2, Section 5.6, Section 7.1 or this Section 7.2;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
Any merger, consolidation, share exchange or sale or exchange of all or
substantially all of the assets of the Corporation that the MGCL requires be
approved by the stockholders of the Corporation; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
Any transaction between the Corporation and a person, or group of persons
acting together (including, without limitation, a &#147;group&#148; for purposes of
Section </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 5 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>13(d) of the Securities Exchange Act of 1934, as
amended, or any successor provision), and any person controlling, controlled by
or under common control with any such person or member of such group, that is
entitled to exercise or direct the exercise, or acquire the right to exercise
or direct the exercise, directly or indirectly, other than solely by virtue of
a revocable proxy, of one-tenth or more of the voting power in the election of
directors generally;</FONT></P>

<P><FONT SIZE=2><I>provided,
however</I>, that, if the Continuing Directors (as defined
herein), by a vote of at least two-thirds of such Continuing Directors, in
addition to approval by the Board of Directors, approve such proposal,
transaction or amendment, the affirmative vote of the holders of a majority of
the votes entitled to be cast shall be sufficient to approve such proposal,
transaction or amendment; and <I>provided further</I>, that, with respect to
any transaction referred to in (a)(v) above, if such transaction is approved by
the Continuing Directors, by a vote of at least two-thirds of such Continuing
Directors, no stockholder approval of such transaction shall be required unless
the MGCL or another provision of the Charter or Bylaws otherwise requires such
approval.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
<U>Continuing Directors</U>. &#147;Continuing Directors&#148; means (i)&nbsp;the
directors identified in Section 5.1, (ii)&nbsp;the directors whose nomination
for election by the stockholders or whose election by the directors to fill
vacancies on the Board is approved by a majority of the directors identified in
Section 5.1, who are on the Board at the time of the nomination or election, as
applicable, or (iii)&nbsp;any successor directors whose nomination for election
by the stockholders or whose election by the directors to fill vacancies is
approved by a majority of the Continuing Directors or successor Continuing
Directors, who are on the Board at the time of the nomination or election, as
applicable.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE
VIII</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>LIMITATION
OF LIABILITY; INDEMNIFICATION <BR>
AND ADVANCE OF EXPENSES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1
<U>Limitation of Liability</U>. To the maximum extent that Maryland law in
effect from time to time permits limitation of the liability of directors and
officers of a corporation, no present or former director or officer of the
Corporation shall be liable to the Corporation or its stockholders for money
damages. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2
<U>Indemnification and Advance of Expenses</U>. The Corporation shall have the
power, to the maximum extent permitted by Maryland law in effect from time to
time, to obligate itself to indemnify, and to pay or reimburse reasonable
expenses in advance of final disposition of a proceeding to, (a)&nbsp;any
individual who is a present or former director or officer of the Corporation or
(b)&nbsp;any individual who, while a director or officer of the Corporation and
at the request of the Corporation, serves or has served as a director, officer,
partner, manager, managing member or trustee of another corporation, real
estate investment trust, partnership, joint venture, limited liability company,
trust, employee benefit plan or any other enterprise from and against any claim
or liability to which such person may become subject or which such person may
incur by reason of his or her service in any such capacity. The Corporation
shall have the power, with the approval of the Board of Directors, to provide
such indemnification and advancement of expenses to a person who served a
predecessor of the Corporation in any of the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 6 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>capacities described in (a)&nbsp;or (b)&nbsp;above and
to any employee or agent of the Corporation or a predecessor of the
Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3
<U>1940 Act</U>. The provisions of this Article VIII shall be subject to the
limitations of the 1940 Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4
<U>Amendment or Repeal</U>. Neither the amendment nor repeal of this Article
VIII, nor the adoption or amendment of any other provision of the Charter or
Bylaws inconsistent with this Article VIII, shall apply to or affect in any
respect the applicability of the preceding sections of this Article VIII with
respect to any act or failure to act which occurred prior to such amendment,
repeal or adoption.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>[SIGNATURE PAGE
FOLLOWS]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 7 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, I have signed these Articles of Incorporation and acknowledge
the same to be my act on this 14<SUP>th</SUP> day of February, 2011.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
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 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ John E. Denneen</FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>John E. Denneen</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Incorporator</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>- 8 -</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.(2)
<SEQUENCE>4
<FILENAME>ex99-2.htm
<DESCRIPTION>EXBIBIT 99.2
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P ALIGN=RIGHT><FONT SIZE=2><B>EXHIBIT 99 (2)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B><U>ROYCE GLOBAL VALUE TRUST, INC.</U></B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>BYLAWS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE I</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>OFFICES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Principal Office. The principal office of the Corporation in the State of
Maryland shall be located at such place as the Board of Directors may
designate.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Additional Offices. The Corporation may have additional offices, including a
principal executive office, at such places as the Board of Directors may from
time to time determine or the business of the Corporation may require.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE II</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>MEETINGS OF STOCKHOLDERS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Place. All meetings of stockholders of shall be held the principal executive
office of the Corporation or at such other place as shall be set by the Board
of Directors and stated in the notice of the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Annual Meeting. An annual meeting of the stockholders for the election of
directors and the transaction of any business within the powers of the
Corporation shall be held on the date and at the time set by the Board of
Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. Special Meetings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
General. The President or the Board of Directors may call a special meeting of
the stockholders. Subject to subsection (b) of this Section 3, a special
meeting of stockholders shall also be called by the Secretary of the Corporation
to act on any matter that may properly be considered at a meeting of
stockholders upon the written request of stockholders entitled to cast not less
than a majority of all the votes entitled to be cast on such matter at such
meeting. Subject to subsection (b) of this Article II, Section 3, any special
meeting shall be held at such place, date and time as may be designated by the
President or the Board of Directors, whoever shall have called the meeting. In
fixing a date for any special meeting, the President or the Board of Directors
may consider such factors as he, she or it deems relevant, including, without
limitation, the nature of the matters to be considered, the facts and
circumstances surrounding any request for the meeting and any plan of the Board
of Directors to call an annual meeting or a special meeting.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Stockholder Requested Special Meetings. (1) Any stockholder of record seeking
to have stockholders request a special meeting shall, by sending written notice
to the Secretary (the &#147;Record Date Request Notice&#148;) by registered mail, return
receipt requested, </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>request the
Board of Directors to fix a record date to determine the stockholders entitled
to request a special meeting (the &#147;Request Record Date&#148;). The Record Date
Request Notice shall set forth the purpose of the meeting and the matters
proposed to be acted on at it, shall be signed by one or more stockholders of
record as of the date of signature (or their agents duly authorized in a
writing accompanying the Record Date Request Notice), shall bear the date of
signature of each such stockholder (or such agent) and shall set forth all
information relating to each such stockholder and each matter proposed to be
acted on at the meeting that would be required to be disclosed in connection
with the solicitation of proxies for election of directors in an election
contest (even if an election contest is not involved), or would otherwise be
required in connection with such a solicitation, in each case pursuant to
Regulation 14A (or any successor provision) under the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder (the
&#147;Exchange Act&#148;). Upon receiving the Record Date Request Notice, the Board of
Directors may fix a Request Record Date. The Request Record Date shall not
precede and shall not be more than ten days after the close of business on the
date on which the resolution fixing the Request Record Date is adopted by the
Board of Directors. If the Board of Directors, within ten days after the date
on which a valid Record Date Request Notice is received, fails to adopt a
resolution fixing the Request Record Date, the Request Record Date shall be the
close of business on the tenth day after the first date on which the Record Date
Request Notice is received by the Secretary.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
In order for any stockholder to request a special meeting to act on any matter
that may properly be considered at a meeting of stockholders, one or more
written requests for a special meeting (collectively, the &#147;Special Meeting
Request&#148;) signed by stockholders of record (or their agents duly authorized in
a writing accompanying the request) as of the Request Record Date entitled to
cast not less than a majority of all of the votes entitled to be cast on such
matter at such meeting (the &#147;Special Meeting Percentage&#148;) shall be delivered to
the Secretary. In addition, the Special Meeting Request shall (a) set forth the
purpose of the meeting and the matters proposed to be acted on at it (which
shall be limited to those lawful matters set forth in the Record Date Request
Notice received by the Secretary), (b) bear the date of signature of each such
stockholder (or such agent) signing the Special Meeting Request, (c)&nbsp;set
forth (i)&nbsp;the name and address, as they appear in the Corporation&#146;s books,
of each stockholder signing such request (or on whose behalf the Special
Meeting Request is signed), (ii)&nbsp;the class, series and number of all
shares of stock of the Corporation which are owned (beneficially or of record)
by each such stockholder and (iii)&nbsp;the nominee holder for, and number of,
shares of stock of the Corporation owned beneficially but not of record by such
stockholder, (d)&nbsp;be sent to the Secretary by registered mail, return
receipt requested, and (e)&nbsp;be received by the Secretary within 60 days
after the Request Record Date. Any requesting stockholder (or agent duly
authorized in a writing accompanying the revocation of the Special Meeting
Request) may revoke his, her or its request for a special meeting at any time
by written revocation delivered to the Secretary.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
The Secretary shall inform the requesting stockholders of the reasonably
estimated cost of preparing and mailing or delivering the notice of the meeting
(including the Corporation&#146;s proxy materials). The Secretary shall not be
required to call a special meeting upon stockholder request and such meeting
shall not be held unless, in addition to the documents required by paragraph
(2) of this Section 3(b), the Secretary receives payment </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>of such
reasonably estimated cost prior to the preparation and mailing or delivery of
such notice of the meeting.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
In the case of any special meeting called by the Secretary upon the request of
stockholders (a &#147;Stockholder-Requested Meeting&#148;), such meeting shall be held at
such place, date and time as may be designated by the Board of Directors; <I>provided</I>,
however, that the date of any Stockholder-Requested Meeting shall be not more
than 90 days after the record date for such meeting (the &#147;Meeting Record
Date&#148;); and <I>provided
further</I> that if the Board of Directors fails to designate, within
ten days after the date that a valid Special Meeting Request is actually
received by the Secretary (the &#147;Delivery Date&#148;), a date and time for a
Stockholder-Requested Meeting, then such meeting shall be held at 2:00 p.m.
local time on the 90<SUP>th</SUP> day after the Meeting Record Date or, if such
90<SUP>th</SUP> day is not a Business Day (as defined below), on the first
preceding Business Day; and <I>provided further</I> that in the event that
the Board of Directors fails to designate a place for a Stockholder-Requested
Meeting within ten days after the Delivery Date, then such meeting shall be
held at the principal executive office of the Corporation. In the case of any
Stockholder-Requested Meeting, if the Board of Directors fails to fix a Meeting
Record Date that is a date within 30 days after the Delivery Date, then the
close of business on the 30<SUP>th</SUP> day after the Delivery Date shall be
the Meeting Record Date. The Board of Directors may revoke the notice for any
Stockholder-Requested Meeting in the event that the requesting stockholders
fail to comply with the provisions of paragraph (3) of this Section 3(b).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)
If written revocations of the Special Meeting Request have been
delivered to the Secretary and the result is that stockholders of record (or
their agents duly authorized in writing), as of the Request Record Date,
entitled to cast less than the Special Meeting Percentage have delivered, and
not revoked, requests for a special meeting to the Secretary: (i) if the notice
of meeting has not already been given, the Secretary shall refrain from giving
the notice of the meeting and send to all requesting stockholders who have not
revoked such requests written notice of any revocation of a request for a
special meeting on the matter, or (ii)&nbsp;if the notice of meeting has been
given and if the Secretary first sends to all requesting stockholders who have
not revoked requests for a special meeting on the matter written notice of any
revocation of a request for the special meeting and written notice of the
Corporation&#146;s intention to revoke the notice of the meeting or for the chairman
of the meeting to adjourn the meeting without action on the matter, (A) the
Secretary may revoke the notice of the meeting at any time before ten days
before the commencement of the meeting or (B) the chairman of the meeting may
call the meeting to order and adjourn the meeting without acting on the matter.
Any request for a special meeting received after a revocation by the Secretary
of a notice of a meeting shall be considered a request for a new special
meeting.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)
The Board of Directors or the President may appoint regionally or
nationally recognized independent inspectors of elections to act as the agent
of the Corporation for the purpose of promptly performing a ministerial review
of the validity of any purported Special Meeting Request received by the
Secretary. For the purpose of permitting the inspectors to perform such review,
no such purported Special Meeting Request shall be deemed to have been
delivered to the Secretary until the earlier of (i) five Business Days after
receipt by the Secretary of such purported request and (ii) such date as the
independent inspectors certify to the Corporation that the valid requests
received by the Secretary represent, as of the Request Record </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Date,
stockholders of record entitled to cast not less than the Special Meeting
Percentage. Nothing contained in this paragraph (6) shall in any way be
construed to suggest or imply that the Corporation or any stockholder shall not
be entitled to contest the validity of any request, whether during or after
such five Business Day period, or to take any other action (including, without
limitation, the commencement, prosecution or defense of any litigation with
respect thereto, and the seeking of injunctive relief in such litigation).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
For purposes of these Bylaws, &#147;Business Day&#148; shall mean any day other than a
Saturday, a Sunday or a day on which banking institutions in the State of New
York are authorized or obligated by law or executive order to close.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. Notice of Meetings. Not less than ten nor more than 90 days before each
meeting of stockholders, the Secretary shall give to each stockholder entitled
to vote at such meeting and to each stockholder not entitled to vote who is
entitled to notice of the meeting notice in writing or by electronic
transmission stating the time and place of the meeting and, in the case of a
special meeting or as otherwise may be required by any statute, the purpose for
which the meeting is called, either by mail, by presenting it to such
stockholder personally, by leaving it at the stockholder&#146;s residence or usual
place of business or by any other means permitted by Maryland law. If mailed,
such notice shall be deemed to be given when deposited in the United States
mail addressed to the stockholder at the stockholder&#146;s address as it appears on
the records of the Corporation, with postage thereon prepaid. If transmitted
electronically, such notice shall be deemed to be given when transmitted to the
stockholder by an electronic transmission to any address or number of the
stockholder at which the stockholder receives electronic transmissions. The
Corporation may give a single notice to all stockholders who share an address,
which single notice shall be effective as to any stockholder at such address,
unless a stockholder objects to receiving such single notice or revokes a prior
consent to receiving such single notice. Failure to give notice of any meeting
to one or more stockholders, or any irregularity in such notice, shall not
affect the validity of any meeting fixed in accordance with this Article II or
the validity of any proceedings at any such meeting.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 11(a) of this Article II, any business of the Corporation may be
transacted at an annual meeting of stockholders without being specifically
designated in the notice, except such business as is required by any statute to
be stated in such notice. No business shall be transacted at a special meeting
of stockholders except as specifically designated in the notice. The
Corporation may postpone or cancel a meeting of stockholders by making a public
announcement (as defined in Section 11(c)(3) of this Article II) of such
postponement or cancellation prior to the meeting. Notice of the date, time and
place to which the meeting is postponed shall be given not less than ten days
prior to such date and otherwise in the manner set forth in this Section.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. Quorum. The presence in person or by proxy of the holders of shares of stock
of the Corporation entitled to cast a majority of the votes entitled to be cast
(without regard to class) shall constitute a quorum at any meeting of the
stockholders, except with respect to any such matter that, under applicable
statutes or regulatory requirements or the charter of the Corporation, requires
approval by a separate vote of one or more classes of stock, in which case the
presence in person or by proxy of the holders of shares entitled to cast a
majority of the votes </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>entitled to be
cast by each such class on such a matter shall constitute a quorum. This Section
shall not affect any requirement under any statute or the charter of the
Corporation for the vote necessary for the adoption of any measure.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. Adjournment. If a quorum shall not be present at any meeting of the
stockholders, the chairman of the meeting may adjourn the meeting <I>sine die</I>
or from time to time to a date not more than 120 days after the original record
date without notice other than announcement at the meeting. At such adjourned
meeting at which a quorum shall be present, any business may be transacted
which might have been transacted at the meeting as originally notified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stockholders present either in person or by proxy, at a meeting which has been
duly called and at which a quorum has been established, may continue to
transact business until adjournment, notwithstanding the withdrawal from the
meeting of enough stockholders to leave fewer than required to establish a
quorum.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. Organization and Conduct. Every meeting of stockholders shall be conducted
by an individual appointed by the Board of Directors to be chairman of the
meeting or, in the absence of such appointment or appointed individual, by the
chairman of the Board, if any, or, in the case of a vacancy in the office or absence
of the chairman of the Board, by one of the following officers present at the
meeting in the following order: the vice chairman of the Board, if any, the
President, any Vice Presidents in order of their rank and seniority, the
Secretary, the Treasurer or, in the absence of such officers, a chairman chosen
by the stockholders by the vote of a majority of the votes cast by stockholders
present in person or by proxy. The Secretary, or, in the Secretary&#146;s absence,
an assistant secretary, or, in the absence of both the Secretary and assistant
secretaries, an individual appointed by the Board of Directors or, in the
absence of such appointment, an individual appointed by the chairman of the
meeting shall act as secretary of the meeting. In the event that the Secretary
presides at a meeting of the stockholders, an assistant secretary, or, in the
absence of assistant secretaries, an individual appointed by the Board of
Directors or the chairman of the meeting, shall record the minutes of the
meeting. The order of business and all other matters of procedure at any
meeting of stockholders shall be determined by the chairman of the meeting. The
chairman of the meeting may prescribe such rules, regulations and procedures
and take such action as, in the discretion of such chairman and without any
action by the stockholders, are appropriate for the proper conduct of the
meeting, including, without limitation, (a) restricting admission to the time
set for the commencement of the meeting; (b) limiting attendance at the meeting
to stockholders of record of the Corporation, their duly authorized proxies and
other such individuals as the chairman of the meeting may determine; (c)
limiting participation at the meeting on any matter to stockholders of record
of the Corporation entitled to vote on such matter, their duly authorized
proxies and other such individuals as the chairman of the meeting may
determine; (d) limiting the time allotted to questions or comments; (e)
determining when and for how long the polls should be open and when the polls
should be closed; (f) maintaining order and security at the meeting; (g)
removing any stockholder or any other individual who refuses to comply with
meeting procedures, rules or guidelines as set forth by the chairman of the
meeting; (h) concluding a meeting or recessing or adjourning the meeting to a
later date and time and at a place announced at the meeting; and (i) complying
with any state and local laws and regulations </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>concerning
safety and security. Unless otherwise determined by the chairman of the
meeting, meetings of stockholders shall not be required to be held in
accordance with the rules of parliamentary procedure.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. Voting. Each director shall be elected by a plurality of votes cast. Each
share may be voted for as many individuals as there are directors to be elected
and for whose election the share is entitled to be voted. A majority of the
votes cast at a meeting of stockholders duly called and at which a quorum is
present shall be sufficient to approve any other matter which may properly come
before the meeting, unless a different vote is required by statute or by the
charter of the Corporation. Unless otherwise provided by statute or in the
charter, each outstanding share, regardless of class, shall be entitled to one
vote on each matter submitted to a vote at a meeting of stockholders.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. Proxies. A stockholder may cast the votes entitled to be cast by the holder
of the shares of stock owned of record by the stockholder in person or by proxy
executed by the stockholder or by the stockholder&#146;s duly authorized agent in
any manner permitted by law. Such proxy or evidence of authorization of such
proxy shall be filed with the Secretary of the Corporation before or at the
meeting. No proxy shall be valid more than eleven months after its date unless
otherwise provided in the proxy.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10. Inspectors. The Board of Directors, in advance of any meeting, may, but
need not, appoint one or more individual inspectors or one or more entities
that designate individuals as inspectors to act at the meeting or any
adjournment thereof. If an inspector or inspectors are not appointed, the
person presiding at the meeting may, but need not, appoint one or more
inspectors. In case any person who may be appointed as an inspector fails to
appear or act, the vacancy may be filled by appointment made by the Board of
Directors in advance of the meeting or at the meeting by the chairman of the
meeting. The inspectors, if any, shall (i) determine the number of shares of
stock represented at the meeting, in person or by proxy, and the validity and
effect of proxies, (ii) receive and tabulate all votes, ballots or consents,
(iii) report such tabulation to the chairman of the meeting, (iv) hear and determine
all challenges and questions arising in connection with the right to vote, and
(v) do such acts as are proper to fairly conduct the election or vote. Each
such report shall be in writing and signed by the inspector or by a majority of
them if there is more than one inspector acting at such meeting. If there is
more than one inspector, the report of a majority shall be the report of the
inspectors. The report of the inspector or inspectors on the number of shares
represented at the meeting and the results of the voting shall be <I>prima facie</I>
evidence thereof.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11. Advance Notice of Stockholder Nominees for Director and Other Stockholder
Proposals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Annual Meetings of Stockholders. (1) Nominations of individuals for election to
the Board of Directors and the proposal of other business to be considered by
the stockholders may be made at an annual meeting of stockholders (i) pursuant
to the Corporation&#146;s notice of meeting, (ii) by or at the direction of the
Board of Directors or (iii) by any stockholder of the Corporation who was a
stockholder of record both at the time of giving of notice by the stockholder
as provided for in this Section 11(a) and at the time of the annual meeting,
who is </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>entitled to vote at the meeting in the election of each individual so
nominated or on any such other business and who has complied with this Section
11(a).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
For any nomination or other business to be properly brought before an annual
meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this
Section 11, the stockholder must have given timely notice thereof in writing to
the Secretary of the Corporation and, in the case of any such other business,
such other business must otherwise be a proper matter for action by the
stockholders. To be timely, a stockholder&#146;s notice shall set forth all
information required under this Section 11 and shall be delivered to the
Secretary at the principal executive office of the Corporation not earlier than
the 150<SUP>th</SUP> day nor later than 5:00 p.m., East Time, on the 120<SUP>th</SUP>
day prior to the first anniversary of the date of the proxy statement (as
defined in Section 11(c)(3) of this Article II) for the preceding year&#146;s annual
meeting; provided, however, that in connection with the Corporation&#146;s first
annual meeting or in the event that the date of the annual meeting is advanced
or delayed by more than 30 days from the first anniversary of the date of the
preceding year&#146;s annual meeting, notice by the stockholder to be timely must be
so delivered not earlier than the 150<SUP>th</SUP> day prior to the date of
such annual meeting and not later than 5:00 p.m., East Time, on the later of
the 120<SUP>th</SUP> day prior to the date of such annual meeting, as
originally convened, or the tenth day following the day on which public
announcement of the date of such meeting is first made. The public announcement
of a postponement or adjournment of an annual meeting shall not commence a new
time period for the giving of a stockholder&#146;s notice as described above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
Such stockholder&#146;s notice shall set forth: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
to each individual whom the stockholder proposes to nominate for election or
reelection as a director (each, a &#147;Proposed Nominee&#148;),</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
all information relating to the Proposed Nominee that would be required to be
disclosed in connection with the solicitation of proxies for the election of
the Proposed Nominee as a director in an election contest (even if an election
contest is not involved), or would otherwise be required in connection with
such solicitation, in each case pursuant to Regulation 14A (or any successor
provision) under the Exchange Act and the rules thereunder; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
whether such stockholder believes any such Proposed Nominee is, or is not, an
&#147;interested person&#148; of the Corporation, as defined in the Investment Company
Act of 1940, as amended, and the rules promulgated thereunder (the &#147;Investment
Company Act&#148;) and information regarding such individual that is sufficient, in
the discretion of the Board of Directors or any committee thereof or any
authorized officer of the Corporation, to make such determination;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
as to any business that the stockholder proposes to bring before the meeting, a
description of such business, the stockholder&#146;s reasons for proposing such
business at the meeting and any material interest in such business of such
stockholder or any Stockholder Associated Person (as defined below),
individually or in the aggregate, including any anticipated benefit to the
stockholder or the Stockholder Associated Person therefrom;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
as to the stockholder giving the notice, any Proposed Nominee and any
Stockholder Associated Person,</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the class, series and number of all shares of stock or other securities of the
Corporation or affiliate thereof (collectively, the &#147;Company Securities&#148;), if
any, which are owned (beneficially or of record) by such stockholder, Proposed
Nominee or Stockholder Associated Person, the date on which each such Company
Security was acquired and the investment intent of such acquisition, and any
short interest (including any opportunity to profit or share in any benefit
from any decrease in the price of such stock or other security) in any Company
Securities of any such person;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
the nominee holder for, and number of, any Company Securities owned
beneficially but not of record by such stockholder, Proposed Nominee or
Stockholder Associated Person;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)
whether and the extent to which such stockholder, Proposed Nominee or
Stockholder Associated Person, directly or indirectly (through brokers,
nominees or otherwise), is subject to or during the last six months has engaged
in any hedging, derivative or other transaction or series of transactions or
entered into any other agreement, arrangement or understanding (including any
short interest, any borrowing or lending of securities or any proxy or voting
agreement), the effect or intent of which is to (I) manage risk or benefit of
changes in the price of (x) Company Securities or (y) any security of any other
closed-end investment company (a &#147;Peer Group Company&#148;) for such stockholder,
Proposed Nominee or Stockholder Associated Person or (II)&nbsp;increase or decrease the voting power of such
stockholder, Proposed Nominee or Stockholder Associated Person in the
Corporation or any affiliate thereof (or, as applicable, in any Peer Group
Company) disproportionately to such person&#146;s economic interest in the Company
Securities (or, as applicable, in any Peer Group Company); and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)
any substantial interest, direct or indirect (including, without limitation,
any existing or prospective commercial, business or contractual relationship
with the Corporation), by security holdings or otherwise, of such stockholder,
Proposed Nominee or Stockholder Associated Person, in the Corporation or any
affiliate thereof, other than an interest arising from the ownership of Company
Securities where such stockholder, Proposed Nominee or Stockholder Associated
Person receives no extra or special benefit not shared on a <I>pro rata</I>
basis by all other holders of the same class or series;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
as to the stockholder giving the notice, any Stockholder Associated Person with
an interest or ownership referred to in clauses (ii) or (iii) of this
paragraph&nbsp;(3) of this Section&nbsp;11(a) and any Proposed Nominee,</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the name and address of such stockholder, as they appear on the Corporation&#146;s
stock ledger, and the current name and business address, if different, of each
such Stockholder Associated Person and any Proposed Nominee and</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
the investment strategy or objective, if any, of such stockholder and each such
Stockholder Associated Person who is not an individual and a copy of the
prospectus, offering memorandum or similar document, if any, provided to
investors or potential investors in such stockholder and each such Stockholder
Associated Person; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
to the extent known by the stockholder giving the notice, the name and address
of any other stockholder supporting the nominee for election or reelection as a
director or the proposal of other business on the date of such stockholder&#146;s
notice.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
Such stockholder&#146;s notice shall, with respect to any Proposed Nominee, be
accompanied by a certificate executed by the Proposed Nominee (i) certifying
that such Proposed Nominee (a) is not, and will not become a party to, any
agreement, arrangement or understanding with any person or entity other than
the Corporation in connection with service or action as a director that has not
been disclosed to the Corporation and (b) will serve as a director of the
Corporation if elected; and (ii) attaching a completed Proposed Nominee
questionnaire (which questionnaire shall be provided by the Corporation, upon
request, to the stockholder providing the notice and shall include all
information relating to the Proposed Nominee that would be required to be
disclosed in connection with the solicitation of proxies for the election of
the Proposed Nominee as a director in an election contest (even if an election
contest is not involved), or would otherwise be required in connection with
such solicitation, in each case pursuant to Regulation 14A (or any successor
provision) under the Exchange Act and the rules thereunder, or would be
required pursuant to the rules of any national securities exchange or over-the-counter
market).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)
Notwithstanding anything in this subsection (a) of this Section 11 to the
contrary, in the event that the number of directors to be elected to the Board
of Directors is increased, and there is no public announcement of such action
at least 130 days prior to the first anniversary of the date of the proxy
statement (as defined in Section 11(c)(3) of this Article II) for the preceding
year&#146;s annual meeting, a stockholder&#146;s notice required by this Section 11(a)
shall also be considered timely, but only with respect to nominees for any new
positions created by such increase, if it shall be delivered to the Secretary
at the principal executive office of the Corporation not later than 5:00 p.m.,
East Time, on the tenth day following the day on which such public announcement
is first made by the Corporation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)
For purposes of this Section 11, &#147;Stockholder Associated Person&#148; of any
stockholder means (i) any person&nbsp;acting in concert with such stockholder,
(ii) any beneficial owner of shares of stock of the Corporation owned of record
or beneficially by such stockholder (other than a stockholder that is a
depositary) and (iii) any&nbsp;person that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common
control with, such stockholder or such Stockholder Associated Person.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Special Meetings of Stockholders. Only such business shall be conducted at a
special meeting of stockholders as shall have been brought before the meeting
pursuant to the Corporation&#146;s notice of meeting. Nominations of individuals for
election to the Board of Directors may be made at a special meeting of
stockholders at which directors are to be elected only (i) by or at the
direction of the Board of Directors or (ii) provided that the special </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>meeting has
been called in accordance with Section 3 of this Article II for the purpose of
electing directors, by any stockholder of the Corporation who is a stockholder
of record both at the time of giving of notice provided for in this Section 11
and at the time of the special meeting, who is entitled to vote at the meeting
in the election of each individual so nominated and who has complied with the
notice procedures set forth in this Section 11. In the event the Corporation
calls a special meeting of stockholders for the purpose of electing one or more
individuals to the Board of Directors, any such stockholder may nominate an
individual or individuals (as the case may be) for election as a director as
specified in the Corporation&#146;s notice of meeting, if the stockholder&#146;s notice,
containing the information required by paragraph (a)(3) of this Section 11
shall be delivered to the Secretary at the principal executive office of the
Corporation not earlier than the 120<SUP>th</SUP> day prior to such special
meeting and not later than 5:00 p.m., East Time, on the later of the 90<SUP>th</SUP>
day prior to such special meeting or the tenth day following the day on which
public announcement is first made of the date of the special meeting and of the
nominees proposed by the Board of Directors to be elected at such meeting. The
public announcement of a postponement or adjournment of a special meeting shall
not commence a new time period for the giving of a stockholder&#146;s notice as
described above.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
General. (1) If information submitted pursuant to this Section 11 by any
stockholder proposing a nominee for election as a director or any proposal for
other business at a meeting of stockholders shall be inaccurate in any material
respect, such information may be deemed not to have been provided in accordance
with this Section 11. Any such stockholder shall notify the Corporation of any
inaccuracy or change (within two Business Days of becoming aware of such inaccuracy
or change) in any such information. Upon written request by the Secretary of
the Corporation or the Board of Directors, any such stockholder shall provide,
within five Business Days of delivery of such request (or such other period as
may be specified in such request), (A) written verification, satisfactory, in
the discretion of the Board of Directors or any authorized officer of the
Corporation, to demonstrate the accuracy of any information submitted by the
stockholder pursuant to this Section 11, and (B) a written update of any
information submitted by the stockholder pursuant to this Section 11 as of an
earlier date. If a stockholder fails to provide such written verification or
written update within such period, the information as to which written verification
or a written update was requested may be deemed not to have been provided in
accordance with this Section 11.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
Only such individuals who are nominated in accordance with this Section 11
shall be eligible for election by stockholders as directors, and only such
business shall be conducted at a meeting of stockholders as shall have been
brought before the meeting in accordance with this Section 11. The chairman of
the meeting shall have the power to determine whether a nomination or any other
business proposed to be brought before the meeting was made or proposed, as the
case may be, in accordance with this Section 11.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
For purposes of this Section 11, &#147;the date of the proxy statement&#148; shall have
the same meaning as &#147;the date of the company&#146;s proxy statement released to
shareholders&#148; as used in Rule 14a-8(e) promulgated under the Exchange Act, as
interpreted by the Securities and Exchange Commission from time to time.
&#147;Public announcement&#148; shall mean disclosure (i) in a press release reported by
the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or
other widely circulated news or wire service or (ii) in a </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>document
publicly filed by the Corporation with the Securities and Exchange Commission
pursuant to the Exchange Act or the Investment Company Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)
Notwithstanding the foregoing provisions of this Section 11, a stockholder
shall also comply with all applicable requirements of state law and of the
Exchange Act and the rules and regulations thereunder with respect to the
matters set forth in this Section 11. Nothing in this Section 11 shall be
deemed to affect any right of a stockholder to request inclusion of a proposal
in, or the right of the Corporation to omit a proposal from, the Corporation&#146;s
proxy statement pursuant to Rule 14a-8 (or any successor provision) under the
Exchange Act. Nothing in this Section 11 shall require disclosure of revocable
proxies received by the stockholder or Stockholder Associated Person pursuant
to a solicitation of proxies after the filing of an effective Schedule 14A by
such stockholder or Stockholder Associated Person under Section 14(a) of the
Exchange Act.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE III</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>BOARD OF DIRECTORS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. General Powers. The business and affairs of the Corporation shall be managed
under the direction of its Board of Directors. All powers of the Corporation
may be exercised by or under authority of the Board of Directors except as
conferred on or reserved to the stockholders by law, by the Charter or by these
Bylaws.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Number, Tenure and Qualifications. The number of directors shall be fixed
from time to time by resolution of the Board of Directors adopted by a majority
of the directors then in office; provided, however, that the number of
directors shall in no event be fewer than three nor, subject to the charter of
the Corporation, more than eleven. The tenure of office of a director shall not
be affected by any decrease in the number of directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. Resignation. A director of the Corporation may resign at any time by giving
written notice of his or her resignation to the Board of Directors or to the
President or the Secretary of the Corporation. Any resignation shall take
effect at the time specified in it or, should the time when it is to become
effective not be specified in it, immediately upon its receipt. Unless the
resignation states otherwise, acceptance of a resignation shall not be
necessary to make it effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. Vacancies. If for any reason any or all the directors cease to be directors,
such event shall not terminate the Corporation or affect these Bylaws or the
powers of the remaining directors hereunder, if any. Pursuant to the
Corporation&#146;s election in Article V of the charter, except as may be provided
by the Board of Directors in setting the terms of any class or series of
preferred stock, (a) any vacancy on the Board of Directors may be filled only
by a majority of the remaining directors, even if the remaining directors do
not constitute a quorum and (b) any director elected to fill a vacancy shall
serve for the remainder of the full term of the class in which the vacancy
occurred and until a successor is elected and qualifies.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. Place of Meetings. Meetings of the Board of Directors may be held at any
place that the Board of Directors may from time to time determine or that is
specified in the notice of the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. Regular Meetings. Regular meetings of the Board of Directors may be held
without notice at the time and place determined by the Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. Special Meetings. Special meetings of the Board of Directors may be called
by a majority of the directors of the Corporation or by the President. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. Annual Meeting. The annual meeting of the Board of Directors shall be held
as soon as practicable after the meeting of stockholders at which the directors
were elected. No notice of such annual meeting shall be necessary if held
immediately after the adjournment, and at the site, of the meeting of
stockholders. If not so held, notice shall be given as hereinafter provided for
special meetings of the Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. Notice of Special Meetings. Notice of any special meeting of the Board of
Directors shall be delivered personally or by telephone, electronic mail,
facsimile transmission, other standard form of telecommunication, United States
mail or courier to each director at his or her business or residence address.
Notice by personal delivery, telephone, electronic mail, facsimile transmission
or other standard form of telecommunication shall be given at least 24 hours
prior to the meeting. Notice by United States mail shall be given at least
three days prior to the meeting. Notice by courier shall be given at least two
days prior to the meeting. Telephone notice shall be deemed to be given when
the director or his or her agent is personally given such notice in a telephone
call to which the director or his or her agent is a party. Electronic mail
notice shall be deemed to be given upon transmission of the message to the
electronic mail address given to the Corporation by the director. Facsimile
transmission notice shall be deemed to be given upon completion of the
transmission of the message to the number given to the Corporation by the
director and receipt of a completed answer-back indicating receipt. Notice by
United States mail shall be deemed to be given when deposited in the United
States mail properly addressed, with postage thereon prepaid. Notice by courier
shall be deemed to be given when deposited with or delivered to a courier
properly addressed. Neither the business to be transacted at, nor the purpose
of, any annual, regular or special meeting of the Board of Directors need be
stated in the notice, unless specifically required by statute or these Bylaws.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10. Quorum and Voting. A majority of the members of the entire Board of
Directors shall be present in person at any meeting of the Board so as to
constitute a quorum for the transaction of business at the meeting, and, except
as otherwise expressly required by statute, the Charter, these Bylaws, the
Investment Company Act, or any other applicable statute, the act of a majority of
the directors present at any meeting at which a quorum is present shall be the
act of the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the absence of a quorum at any meeting of the Board, a majority of the
directors present may adjourn the meeting to another time and place, and notice
of any adjourned meeting shall be given to the directors who were not present
at the time of the adjournment and, unless </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

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<P><FONT SIZE=2>the time and
place were announced at the meeting at which the adjournment was taken, to the
other directors. At any adjourned meeting at which a quorum is present, any
business may be transacted that might have been transacted at the meeting as
originally called. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors present at a meeting which has been duly called and at which a quorum
has been established may continue to transact business until adjournment,
notwithstanding the withdrawal from the meeting of enough directors to leave
fewer than required to establish a quorum. If enough directors have withdrawn
from a meeting to leave fewer than required to establish a quorum, but the
meeting is not adjourned, the action of the majority of that number of
directors necessary to constitute a quorum at such meeting shall be the action
of the Board of Directors, unless the concurrence of a greater proportion is
required for such action by statute, the charter of the Corporation or these
Bylaws.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11. Organization. The President or, in his or her absence or inability to act,
another director chosen by a majority of the directors present shall act as
chairman of the meeting and preside at the meeting. The Secretary (or, in his
or her absence or inability to act, any person appointed by the chairman) shall
act as secretary of the meeting and keep the minutes of the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
12. Written Consent of Directors in Lieu of a Meeting. Subject to the
Investment Company Act, any action required or permitted to be taken at any
meeting of the Board of Directors may be taken without a meeting, if a consent
to such action is given in writing or by electronic transmission by each
director and is filed with the minutes of proceedings of the Board of
Directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13. Remote Meetings. Directors may participate in a meeting by means of a
conference telephone or other communications equipment if all persons
participating in the meeting can hear each other at the same time. Subject to
the Investment Company Act, participation in a meeting by these means shall
constitute presence in person at the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
14. Compensation. Directors shall not receive any stated salary for their
services as directors but, by resolution of the Board of Directors, may receive
compensation per year and/or per meeting and/or per visit to real property or
other facilities owned or leased by the Corporation and for any service or
activity they perform or engage in as directors. Directors may be reimbursed
for expenses of attendance, if any, at each annual, regular or special meeting
of the Board of Directors or of any committee thereof and for their expenses,
if any, in connection with each property visit and any other service or
activity they perform or engage in as directors; but nothing herein contained
shall be construed to preclude any directors from serving the Corporation in
any other capacity and receiving compensation therefor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
15. Reliance. Each director and officer of the Corporation shall, in the
performance of his or her duties with respect to the Corporation, be entitled
to rely on any information, opinion, report or statement, including any
financial statement or other financial data, prepared or presented by an
officer or employee of the Corporation whom the director or officer reasonably
believes to be reliable and competent in the matters presented, by a lawyer,
certified public accountant or other person, as to a matter which the director
or officer reasonably </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>believes to be
within the person&#146;s professional or expert competence, or, with respect to a
director, by a committee of the Board of Directors on which the director does
not serve, as to a matter within its designated authority, if the director
reasonably believes the committee to merit confidence.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 16.
Ratification. The Board of Directors or the stockholders may
ratify and make binding on the Corporation any action or inaction by the
Corporation or its officers to the extent that the Board of Directors or the
stockholders could have originally authorized the matter. Moreover, any action
or inaction questioned in any stockholders&#146; derivative proceeding or any other
proceeding on the ground of lack of authority, defective or irregular
execution, adverse interest of a director, officer or stockholder,
non-disclosure, miscomputation, the application of improper principles or
practices of accounting or otherwise, may be ratified, before or after
judgment, by the Board of Directors or by the stockholders, and if so ratified,
shall have the same force and effect as if the questioned action or inaction
had been originally duly authorized, and such ratification shall be binding
upon the Corporation and its stockholders and shall constitute a bar to any
claim or execution of any judgment in respect of such questioned action or
inaction.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
17. Emergency Provisions. Notwithstanding any other provision
in the charter or these Bylaws, this Section 20 shall apply during the
existence of any catastrophe, or other similar emergency condition, as a result
of which a quorum of the Board of Directors under Article III of these Bylaws
cannot readily be obtained (an &#147;Emergency&#148;). During any Emergency, unless
otherwise provided by the Board of Directors, (i)&nbsp;a meeting of the
Board of Directors or a committee thereof may be called by any director or
officer by any means feasible under the circumstances; (ii)&nbsp;notice of any
meeting of the Board of Directors during such an Emergency may be given less
than 24 hours prior to the meeting to as many directors and by such means as
may be feasible at the time, including publication, television or radio; and
(iii)&nbsp;the number of directors necessary to constitute a quorum shall be
one-third of the entire Board of Directors. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IV</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>COMMITTEES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Number, Tenure and Qualifications. The Board of Directors may appoint from
among its members an Executive Committee, an Audit Committee, a Nominating
Committee and other committees, composed of one or more directors, to serve at
the pleasure of the Board of Directors.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Powers. The Board of Directors may delegate to committees appointed under
Section 1 of this Article any of the powers of the Board of Directors, except
as prohibited by law.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. Meetings. Notice of committee meetings shall be given in the same manner as
notice for special meetings of the Board of Directors. A majority of the
members of the committee shall constitute a quorum for the transaction of
business at any meeting of the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>committee. The
act of a majority of the committee members present at a meeting shall be the
act of such committee. The Board of Directors may designate a chairman of any
committee, and such chairman or, in the absence of a chairman, any two members
of any committee (if there are at least two members of the committee) may fix
the time and place of its meeting unless the Board shall otherwise provide. In
the absence of any member of any such committee, the members thereof present at
any meeting, whether or not they constitute a quorum, may appoint another
director to act in the place of such absent member. Each committee shall keep
minutes of its proceedings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. Remote Meetings. Members of a committee of the Board of Directors may
participate in a meeting by means of a conference telephone or other
communications equipment if all persons participating in the meeting can hear
each other at the same time. Participation in a meeting by these means shall
constitute presence in person at the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. Written Consent by Committees. Any action required or permitted to be taken
at any meeting of a committee of the Board of Directors may be taken without a
meeting, if a consent to such action is given in writing or by electronic
transmission by each member of the committee and is filed with the minutes of
proceedings of such committee.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. Vacancies. Subject to the provisions hereof, the Board of Directors shall
have the power at any time to change the membership of any committee, to fill
all vacancies, to designate alternate members to replace any absent or disqualified
member or to dissolve any such committee. Subject to the power of the Board of
Directors, the members of the committee shall have the power to fill any
vacancies on the committee.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE V</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>OFFICERS, AGENTS AND EMPLOYEES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Number and Qualifications. The officers of the Corporation shall be a
President, a Secretary and a Treasurer, each of whom shall be elected by the
Board of Directors. The Board of Directors may elect or appoint one or more
Vice Presidents and may also appoint any other officers, agents and employees
it deems necessary or proper. Any two or more offices may be held by the same
person, except the office of President and Vice President, but no officer shall
execute, acknowledge or verify in more than one capacity any instrument required
by law to be executed, acknowledged or verified in more than one capacity.
Officers shall be elected by the Board of Directors each year at its first
meeting held after the annual meeting of stockholders, each to hold office
until the meeting of the Board following the next annual meeting of the
stockholders and until his or her successor shall have been duly elected and
shall have qualified, until his or her death or until he or she shall have
resigned or have been removed, as provided by these Bylaws. The Board of
Directors may from time to time elect such officers (including one or more
assistant vice presidents, one or more assistant treasurers and one or more
assistant secretaries) and may appoint, or delegate to the President the power
to appoint, such agents as may be necessary or desirable for the business of
the Corporation. Such other officers and agents shall have such duties and
shall hold their offices for such terms as may be prescribed by the Board or by
the appointing authority. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Resignations. Any officer of the Corporation may resign at any time by
giving written notice of his or her resignation to the Board of Directors, the
President or the Secretary. Any resignation shall take effect at the time
specified therein or, if the time when it shall become effective is not
specified therein, immediately upon its receipt. Unless otherwise stated in the
resignation, the acceptance of a resignation shall not be necessary to make it
effective. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. Removal of Officer, Agent or Employee. Any officer, agent or employee of the
Corporation may be removed by the Board of Directors, with or without cause, at
any time if the Board of Directors in its judgment finds that the best
interests of the Corporation will be served thereby, and the Board may delegate
the power of removal as to agents and employees not elected or appointed by the
Board of Directors. Removal shall be without prejudice to the person&#146;s contract
rights, if any, but the appointment of any person as an officer, agent or
employee of the Corporation shall not of itself create contract rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. Vacancies. A vacancy in any office, whether arising from death, resignation,
removal or any other cause, may be filled for the unexpired portion of the term
of the office that shall be vacant, in the manner prescribed in these Bylaws
for the regular election or appointment to the office. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. Compensation. The compensation of the officers of the Corporation shall be
fixed by the Board of Directors, but this power may be delegated to any officer
with respect to other officers under his or her control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. Bonds or Other Security. If required by the Board, any officer, agent or
employee of the Corporation shall give a bond or other security for the
faithful performance of his or her duties, in an amount and with any surety or
sureties as the Board may require. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. President. The President shall be the chief executive officer of the
Corporation and shall preside at all meetings of the stockholders and of the
Board of Directors. The President shall, subject to the control of the Board of
Directors, have general charge of the business and affairs of the Corporation
and may employ and discharge employees and agents of the Corporation, except
those elected or appointed by the Board, and he or she may delegate these
powers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. Vice President. Each Vice President shall have the powers and perform the
duties that the Board of Directors or the President may from time to time
prescribe. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. Treasurer. Subject to the provisions of any contract that may be entered
into with any custodian pursuant to authority granted by the Board of
Directors, the Treasurer shall have charge of all receipts and disbursements of
the Corporation and shall have or provide for the custody of the Corporation&#146;s
funds and securities; he or she shall have full authority to receive and give
receipts for all money due and payable to the Corporation, and to endorse
checks, drafts and warrants, in its name and on its behalf, and to give full
discharge for the same; he or she shall deposit all funds of the Corporation,
except those that may be required for current </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>use, in such
banks or other places of deposit as the Board of Directors may from time to
time designate; and he or she shall, in general, perform all duties incident to
the office of Treasurer and such other duties as may from time to time be
assigned to him by the Board of Directors or the President. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10. Secretary. The Secretary shall: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Keep or cause to be kept, in one or more books provided for the purpose, the
minutes of all meetings of the Board of Directors, the committees of the Board
and the stockholders; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
See that all notices are duly given in accordance with the provisions of these
Bylaws and as required by law; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Be custodian of the records and the seal of the Corporation and affix and
attest the seal to all stock certificates of the Corporation (unless the seal
of the Corporation on such certificates shall be a facsimile, as hereinafter
provided) and affix and attest the seal to all other documents to be executed
on behalf of the Corporation under its seal; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
See that the books, reports, statements, certificates and other documents and
records required by law to be kept and filed are properly kept and filed; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
In general, perform all the duties incident to the office of Secretary and such
other duties as from time to time may be assigned to him by the Board of
Directors or the President. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11. Delegation of Duties. In case of the absence of any officer of the
Corporation, or for any other reason that the Board of Directors may deem
sufficient, the Board may confer for the time being the powers or duties, or
any of them, of such officer upon any other officer or upon any director. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>STOCK</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Certificates; Required Information. The Board of Directors may authorize the
Corporation to issue some or all of the shares of any class or series of its
stock without certificates. In the event that the Corporation issues shares of
stock represented by certificates, such certificates shall be in such form as
prescribed by the Board of Directors or a duly authorized officer, shall
contain the statements and information required by the Maryland General
Corporation Law (the &#147;MGCL&#148;) and shall be signed by the officers of the
Corporation in the manner permitted by the MGCL. In the event that the
Corporation issues shares of stock without certificates, to the extent then
required by the MGCL, the Corporation shall provide to record holders of such
shares a written statement of the information required by the MGCL to be included
on stock certificates. There shall be no differences in the rights and
obligations of stockholders based on whether or not their shares are
represented by certificates. If shares of a class or series of stock are
authorized by the Board of Directors to be issued without certificates, no
stockholder shall be entitled to a certificate or certificates representing any
shares of such </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>17</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>class or
series of stock held by such stockholder unless otherwise determined by the
Board of Directors and then only upon written request by such stockholder to
the secretary of the Corporation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Transfers. All transfers of shares of stock shall be made on the books of
the Corporation, by the holder of the shares, in person or by his, her or its
attorney, in such manner as the Board of Directors or any officer of the
Corporation may prescribe and, if such shares are certificated, upon surrender
of certificates duly endorsed. The issuance of a new certificate upon the
transfer of certificated shares is subject to the determination of the Board of
Directors that such shares shall no longer be represented by certificates. Upon
the transfer of uncertificated shares, to the extent then required by the MGCL,
the Corporation shall provide to record holders of such shares a written
statement of the information required by the MGCL to be included on stock
certificates.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall be entitled to treat the holder of record of any share of
stock as the holder in fact thereof and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such share or on the
part of any other person, whether or not it shall have express or other notice
thereof, except as otherwise expressly provided by the laws of the State of Maryland.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, transfers of shares of any class or series of stock will be
subject in all respects to the charter of the Corporation and all of the terms
and conditions contained therein.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. Replacement Certificate. Any officer of the Corporation may direct a new
certificate or certificates to be issued in place of any certificate or
certificates theretofore issued by the Corporation alleged to have been lost,
destroyed, stolen or mutilated, upon the making of an affidavit of that fact by
the person claiming the certificate to be lost, destroyed, stolen or mutilated;
provided, however, if such shares have ceased to be certificated, no new
certificate shall be issued unless requested in writing by such stockholder and
the Board of Directors has determined that such certificates may be issued.
Unless otherwise determined by an officer of the Corporation, the owner of such
lost, destroyed, stolen or mutilated certificate or certificates, or his or her
legal representative, shall be required, as a condition precedent to the
issuance of a new certificate or certificates, to give the Corporation a bond
in such sums as it may direct as indemnity against any claim that may be made
against the Corporation.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. Fixing Of Record Date. Subject to Article II, Section 3(b) of these Bylaws,
in advance, a record date may be set, for the purpose of determining
stockholders entitled to notice of or to vote at any meeting of stockholders,
by the President or the Board of Directors, whoever shall have called the
meeting. The Board of Directors may set, in advance, the record date for
determining stockholders entitled to receive payment of any dividend or the
allotment of any other rights, or in order to make a determination of
stockholders for any other proper purpose. Such date, in any case, shall not be
prior to the close of business on the day the record date is fixed and shall be
not more than 90 days and, in the case of a meeting of stockholders, not less than
ten days, before the date on which the meeting or particular action requiring
such determination of stockholders of record is to be held or taken.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>18</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
a record date for the determination of stockholders entitled to notice of and
to vote at any meeting of stockholders has been set as provided in this
section, such record date shall continue to apply to the meeting if adjourned
or postponed, except if the meeting is adjourned or postponed to a date more
than 120 days after the record date originally fixed for the meeting, in which
case a new record date for such meeting may be determined as set forth herein.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. Stock Ledger. The Corporation shall maintain at its principal office or at
the office of its counsel, accountants or transfer agent, an original or
duplicate share ledger containing the name and address of each stockholder and
the number of shares of each class held by such stockholder.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. Fractional Stock; Issuance of Units. The Board of Directors may authorize
the Corporation to issue fractional stock or authorize the issuance of scrip,
all on such terms and under such conditions as it may determine.
Notwithstanding any other provision of the charter or these Bylaws, the Board
of Directors may issue units consisting of different securities of the
Corporation. Any security issued in a unit shall have the same characteristics
as any identical securities issued by the Corporation, except that the Board of
Directors may provide that for a specified period securities of the Corporation
issued in such unit may be transferred on the books of the Corporation only in
such unit.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>INDEMNIFICATION AND INSURANCE</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Indemnification. To the maximum extent permitted by Maryland law, in effect
from time to time, the Corporation shall indemnify and, without requiring a
preliminary determination of the ultimate entitlement to indemnification, shall
pay or reimburse reasonable expenses in advance of final disposition of a
proceeding to (a) any individual who is a present or former director or officer
of the Corporation and who is made or threatened to be made a party to the
proceeding by reason of his or her service in that capacity or (b) any
individual who, while a director or officer of the Corporation and at the
request of the Corporation, serves or has served as a director, officer,
partner, trustee, manager or member of another corporation, real estate
investment trust, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise and who is made or threatened to be
made a party to the proceeding by reason of his or her service in that
capacity. The rights to indemnification and advance of expenses provided by the
charter of the Corporation and these Bylaws shall vest immediately upon the
election of a director or officer. The Corporation may, with the approval of
its Board of Directors or any duly authorized committee thereof, provide such
indemnification and advance for expenses to an individual who served a
predecessor of the Corporation in any of the capacities described in (a) or (b)
above and to any employee or agent of the Corporation or a predecessor of the
Corporation. The indemnification and payment or reimbursement of expenses
provided in these Bylaws shall not be deemed exclusive of or limit in any way
other rights to which any person seeking indemnification or payment or
reimbursement of expenses may be or may become entitled under any bylaw,
resolution, insurance, agreement or otherwise. Any </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>19</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>indemnification
or payment or reimbursement of expenses made pursuant to this Article VI shall
be subject to applicable requirements of the Investment Company Act.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the amendment nor repeal of this Article, nor the adoption or amendment of any
other provision of the Bylaws or charter of the Corporation inconsistent with
this Article, shall apply to or affect in any respect the applicability of the
preceding paragraph with respect to any act or failure to act which occurred
prior to such amendment, repeal or adoption.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Insurance. The Corporation shall have the power to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee
or agent of the Corporation, or who, while a director, officer, employee or
agent of the Corporation, is or was serving at the request of the Corporation
as a director, officer, partner, trustee, employee, agent or fiduciary of
another domestic or foreign corporation, partnership, joint venture, trust,
enterprise or employee benefit plan, against any liability asserted against and
incurred by him in any such capacity or arising out of his or her status as
such, whether or not the Corporation would have the power to indemnify him
against such liability. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VIII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>SEAL</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
seal of the Corporation shall be circular in form and shall bear the name of
the Corporation, the year of its incorporation, the words &#147;Corporate Seal&#148; and
&#147;Maryland&#148; and any emblem or device approved by the Board of Directors. The
seal may be used by causing it or a facsimile to be impressed or affixed or in
any other manner reproduced, or by placing the word &#147;(Seal)&#148; adjacent to the
signature of the authorized officer of the Corporation. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IX</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>FISCAL YEAR</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Fiscal Year. The Corporation&#146;s fiscal year shall be fixed by the Board of
Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Accountant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Corporation shall employ an independent public accountant or a
nationally-recognized firm of independent public accountants as its Accountant
to examine the accounts of the Corporation and to certify financial statements
of the Corporation. The Accountant&#146;s certificates and reports shall be
addressed both to the Board of Directors and to the stockholders. The employment
of the Accountant shall be conditioned upon the right of the Corporation to
terminate the employment forthwith without any penalty by vote of a majority of
the outstanding voting securities at any stockholders&#146; meeting called for that
purpose. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
A majority of the members of the Board of Directors who are not &#147;interested
persons&#148; (as such term is defined in the Investment Company Act) of the
Corporation shall select </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>the Accountant
at any meeting held within thirty (30) days before or after the beginning of
the fiscal year of the Corporation or before the annual stockholders&#146; meeting
in that year. Such selection shall be submitted for ratification or rejection
at the next succeeding annual stockholders&#146; meeting. If such meeting shall
reject such selection, the Accountant shall be selected by majority vote of the
Corporation&#146;s outstanding voting securities, either at the meeting at which the
rejection occurred or at a subsequent meeting of stockholders called for that
purpose. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Any vacancy occurring between annual meetings, due to the resignation of the
Accountant, may be filled by the vote of a majority of the members of the Board
of Directors who are not &#147;interested persons&#148; of the Corporation, as that term
is defined in the Investment Company Act, at a meeting called for the purpose
of voting on such action. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE X</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>CUSTODY OF SECURITIES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Employment of a Custodian. The Corporation shall place and at all times
maintain in the Custodian (including any sub-custodian for the Custodian) all
funds, securities and similar investments owned by the Corporation. The
Custodian (and any sub-custodian) shall be an institution conforming to the
requirements of Section 17(f) of the Investment Company Act, and the rules of
the Securities and Exchange Commission thereunder. The Custodian shall be
appointed from time to time by the Board of Directors, which shall fix its
remuneration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to such rules, regulations and orders as the Securities and Exchange Commission
may adopt, the Corporation may direct the Custodian to deposit all or any part
of the securities owned by the Corporation in a system for the central handling
of securities established by a national securities exchange or a national securities
association registered with the Securities and Exchange Commission, or
otherwise in accordance with the Investment Company Act, pursuant to which
system all securities of any particular class of any issuer deposited within
the system are treated as fungible and may be transferred or pledged by
bookkeeping entry without physical delivery of such securities, provided that
all such deposits shall be subject to withdrawal only upon the order of the
Corporation or the Custodian. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. Termination of Custodian Agreement. Upon termination of the Custodian
Agreement or inability of the Custodian to continue to serve, the Board of
Directors shall promptly appoint a successor Custodian, but in the event that
no successor Custodian can be found who has the required qualifications and is
willing to serve, the Board of Directors shall call as promptly as possible a
special meeting of the stockholders to determine whether the Corporation shall
function without a Custodian or shall be liquidated. If so directed by vote of
the holders of a majority of the outstanding shares of stock entitled to vote
of the Corporation, the Custodian shall deliver and pay over all property of
the Corporation held by it as specified in such vote. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>21</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XI</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>WAIVER OF NOTICE</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
any notice of a meeting is required to be given pursuant to the charter of the
Corporation or these Bylaws or pursuant to applicable law, a waiver thereof in
writing or by electronic transmission, given by the person or persons entitled
to such notice, whether before or after the time stated therein, shall be
deemed equivalent to the giving of such notice. Neither the business to be
transacted at nor the purpose of any meeting need be set forth in the waiver of
notice, unless specifically required by statute. The attendance of any person
at any meeting shall constitute a waiver of notice of such meeting, except
where such person attends a meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully
called or convened.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>INSPECTION OF RECORDS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
stockholder that is otherwise eligible under applicable law to inspect the
Corporation&#146;s books of account, stock ledger, or other specified documents of
the Corporation shall have no right to make such inspection if the Board of
Directors determines that such stockholder has an improper purpose for
requesting such inspection.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE XIII</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>AMENDMENTS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall have the exclusive power, at any time, to adopt, alter
or repeal any provision of these Bylaws and to make new Bylaws.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>22</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.(5)
<SEQUENCE>5
<FILENAME>ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>


<P ALIGN=RIGHT><FONT SIZE=2><B>EXHIBIT 99 (5)</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>NUMBER
 _________</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>SHARES
 ______________</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>COMMON STOCK</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>COMMON STOCK</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>INCORPORATED
 UNDER THE LAWS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>THIS
 CERTIFICATE IS</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>OF THE STATE
 OF MARYLAND</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>TRANSFERABLE
 IN BOSTON,</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>MA, OR IN
 NEW YORK, NY</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>CUSIP [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>See Reverse For Certain Definitions</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>ROYCE GLOBAL VALUE TRUST, INC.</FONT></P>

<P><FONT SIZE=2>This Certifies
that</FONT></P>

<P><FONT SIZE=2>is the owner
of</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FULLY
PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF THE PAR VALUE OF $.001
EACH OF Royce Global Value Trust, Inc. transferable on the books of the
Corporation by the holder in person or by duly authorized attorney on surrender
of this Certificate properly endorsed. This Certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witness
the facsimile seal of the Corporation and the facsimile signatures of its duly
authorized officers.</FONT></P>

<P><FONT SIZE=2>Dated:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Secretary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Countersigned
and Registered:</FONT></P>

<P><FONT SIZE=2>COMPUTERSHARE
TRUST COMPANY, N.A.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="52%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Authorized
 Signature</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>ROYCE GLOBAL VALUE TRUST, INC.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="32%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="32%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>TEN COM</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>as tenants
 in common</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>UNIF GIFT
 MIN ACT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;______Custodian_______</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>TEN ENT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>as tenants
 by the entireties</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minor)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>JT TEN</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>as joint
 tenants with right</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>of
 survivorship and not as</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>under
 Uniform Gifts to</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>tenants in
 common</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Minors Act
 _____________</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (State)</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
abbreviations may also be used though not in the above list.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
value received, ___________ hereby sell, assign and transfer unto </FONT></P>

<P><FONT SIZE=2>PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE </FONT></P>

<P><FONT SIZE=2>_________________________________________________________________________________________<BR>
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING ZIP CODE OF ASSIGNEE) </FONT><br>
<FONT SIZE=2>_________________________________________________________________________________________</FONT></P>

<p><FONT SIZE=2>_________________________________________________________________________________________</FONT></P>

<P><FONT SIZE=2>_________________________________________________________________________________________
shares of the capital stock represented by the within Certificate, and
do hereby irrevocably constitute and appoint _____________ Attorney to transfer
the said stock on the books of the within named Corporation with full power of
substitution in the premises.</FONT></P>

<P><FONT SIZE=2>Dated:
_________________</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>Signature:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

</TABLE>

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="32%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="61%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><font size="2">NOTICE:</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P><font size="2">THE
 SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON
 THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR
 ENLARGEMENT, OR ANY CHANGE WHATEVER.</font></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.(6)
<SEQUENCE>6
<FILENAME>ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P ALIGN=RIGHT><FONT SIZE=2><B>EXHIBIT 99 (6)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INVESTMENT ADVISORY AGREEMENT <BR>
BETWEEN <BR>
ROYCE GLOBAL VALUE TRUST, INC. <BR>
AND ROYCE &amp; ASSOCIATES, LLC.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement
made this __ day of ___________, 2011, by and between ROYCE GLOBAL VALUE TRUST,
INC., a Maryland corporation (the &#147;Fund&#148;), and ROYCE &amp; ASSOCIATES, LLC, a
Delaware limited liability company (the &#147;Adviser&#148;). </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund
and the Adviser hereby agree as follows: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Duties
of the Adviser</U>. The Adviser shall, during the term and subject to the
provisions of this Agreement, (a) determine the composition of the portfolio of
the Fund, the nature and timing of the changes therein and the manner of
implementing such changes, and (b) provide the Fund with such investment
advisory, research and related services as the Fund may, from time to time,
reasonably require for the investment of its assets. The Adviser shall perform
such duties in accordance with the applicable provisions of the Fund&#146;s Articles
of Incorporation, By-laws and stated investment objective, policies and
restrictions and any directions it may receive from the Fund&#146;s Board of
Directors. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Fund
Responsibilities and Expenses Payable by the Fund</U>. Except as otherwise
provided in Paragraphs 1 and 3 hereof, the Fund shall be responsible for
determining the net asset value of its shares and for all of its other
operations and shall pay all administrative and other costs and expenses
attributable to its operations and transactions, including, without limitation,
registrar, transfer agent and custodian fees; legal, administrative and
clerical services; rent for its office space and facilities; auditing;
preparation, printing and distribution of its proxy statements, stockholders&#146;
reports and notices; supplies and postage; Federal and state registration fees;
FINRA and securities exchange listing fees and expenses; Federal, state, local
and foreign taxes; non-affiliated directors&#146; fees; interest on its borrowings;
brokerage commissions; and the cost of issue, sale and repurchase of its
shares. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Expenses
Payable by the Adviser</U>. The Adviser shall pay all expenses which it may
incur in performing its duties under Paragraph 1 hereof and shall reimburse the
Fund for any space leased by the Fund and occupied by the Adviser. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Compensation
of the Adviser</U>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Fund agrees to pay to the Adviser, and the Adviser agrees to accept, as
compensation for the services provided by the Adviser hereunder, a monthly fee
equal to 1/12 of 1.25% (1.25% on an annualized basis) of the average net assets
of the Fund for each month during the term of this Agreement. (The net assets
of the Fund shall be computed by subtracting the amount of any indebtedness and
other liabilities of the Fund from the value of the total assets of the Fund,
and the liquidation preference of and any potential redemption premium for any
preferred stock of the Fund that may hereafter be issued and outstanding shall
not be treated as an indebtedness or other liability of the Fund for this
purpose.) Such compensation shall be accrued on the Fund&#146;s books at the close
of business on each day that the value of its net assets is </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>computed during each year and shall be payable to the Adviser monthly,
at or promptly following the end of each such month. However, the Fund and the
Adviser may agree in writing to temporarily or permanently reduce such fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
In the event of any termination of this Agreement, the fee provided for in this
Paragraph 4 shall be calculated on the basis of a period ending on the last day
on which this Agreement is in effect, subject to a <I>pro rata</I> adjustment based on the number of days elapsed in
the current month as a percentage of the total number of days in such month. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Excess
Brokerage Commissions</U>. The Adviser is hereby authorized, to the fullest
extent now or hereafter permitted by law, to cause the Fund to pay a member of
a national securities exchange, broker or dealer an amount of commission for
effecting a securities transaction in excess of the amount of commission another
member of such exchange, broker or dealer would have charged for effecting that
transaction, if the Adviser determines in good faith that such amount of
commission is reasonable in relation to the value of the brokerage and/or
research services provided by such member, broker or dealer, viewed in terms of
either that particular transaction or its overall responsibilities with respect
to the Fund and its other accounts. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Limitations
on the Employment of the Adviser</U>. The services of the Adviser to the Fund
shall not be deemed exclusive, and the Adviser may engage in any other business
or render similar or different services to others so long as its services to
the Fund hereunder are not impaired thereby, and nothing in this Agreement
shall limit or restrict the right of any director, officer or employee of the
Adviser to engage in any other business or to devote his time and attention in
part to any other business, whether of a similar or dissimilar nature. So long
as this Agreement or any extension, renewal or amendment remains in effect, the
Adviser shall be the only investment adviser for the Fund, subject to the
Adviser&#146;s right to enter into sub-advisory agreements. The Adviser assumes no
responsibility under this Agreement other than to render the services called
for hereunder, and shall not be responsible for any action of or directed by
the Board of Directors of the Fund, or any committee thereof, unless such
action has been caused by the Adviser&#146;s gross negligence, willful malfeasance,
bad faith or reckless disregard of its obligations and duties under this
Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Responsibility
of Dual Directors, Officers and/or Employees</U>. If any person who is a
director, officer or employee of the Adviser is or becomes a director, officer
and/or employee of the Fund and acts as such in any business of the Fund
pursuant to this Agreement, then such director, officer and/or employee of the
Adviser shall be deemed to be acting in such capacity solely for the Fund, and
not as a director, officer or employee of the Adviser or under the control or
direction of the Adviser, although paid by the Adviser. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Protection
of the Adviser</U>. The Adviser shall not be liable to the Fund for any action
taken or omitted to be taken by the Adviser in connection with the performance
of any of its duties or obligations under this Agreement or otherwise as an
investment adviser of the Fund, and the Fund shall indemnify the Adviser and
hold it harmless from and against all damages, liabilities, costs and expenses
(including reasonable attorneys&#146; fees and amounts reasonably paid in
settlement) incurred by the Adviser in or by reason of any pending, threatened
or completed action, suit, investigation or other proceeding (including an
action or suit by or in the right of the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>Fund or its security holders) arising out of or otherwise based upon
any action actually or allegedly taken or omitted to be taken by the Adviser in
connection with the performance of any of its duties or obligations under this
Agreement or otherwise as an investment adviser of the Fund. Notwithstanding
the preceding sentence of this Paragraph 8 to the contrary, nothing contained
herein shall protect or be deemed to protect the Adviser against or entitle or
be deemed to entitle the Adviser to indemnification in respect of any liability
to the Fund or its stockholders which the Adviser would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of its reckless disregard of its duties and
obligations under this Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determinations
of whether and the extent to which the Adviser is entitled to indemnification
hereunder shall be made by reasonable and fair means, including (a) a final
decision on the merits by a court or other body before whom the action, suit or
other proceeding was brought that the Adviser was not liable by reason of
willful misfeasance, bad faith, gross negligence or reckless disregard of its
duties, or (b) in the absence of such a decision, a reasonable determination,
based upon a review of the facts, that the Adviser was not liable by reason of
such misconduct by (i) the vote of a majority of a quorum of the directors of
the Fund who are neither &#147;interested persons&#148; of the Fund (as defined in
Section 2(a)(19) of the Investment Company Act of 1940) nor parties to the
action, suit or other proceeding or (ii) an independent legal counsel in a
written opinion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Effectiveness,
Duration and Termination of Agreement</U>. This Agreement shall become
effective as of the date above written. This Agreement shall remain in effect
until two years from the date of this Agreement, and thereafter shall continue
automatically for successive annual periods, <I>provided
that</I> such continuance is specifically approved at least annually by
(a) the vote of the Fund&#146;s directors, including a majority of such directors
who are not parties to this Agreement or &#147;interested persons&#148; (as such term is
defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such
party, cast in person at a meeting called for the purpose of voting on such
approval, or (b) the vote of a majority of the outstanding voting securities of
the Fund and the vote of the Fund&#146;s directors, including a majority of such directors
who are not parties to this Agreement or &#147;interested persons&#148; (as so defined)
of any such party. This Agreement may be terminated at any time, without the
payment of any penalty, on 60 days&#146; written notice by the vote of a majority of
the outstanding voting securities of the Fund, or by the vote of a majority of
the Fund&#146;s directors or by the Adviser, and will automatically terminate in the
event of its &#147;assignment&#148; (as such term is defined for purposes of Section
15(a)(4) of the Investment Company Act of 1940); <I>provided, however,</I> that the provisions of Paragraph 8 of
this Agreement shall remain in full force and effect, and the Adviser shall
remain entitled to the benefits thereof, notwithstanding any such termination. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund
may, so long as this Agreement remains in effect, use &#147;Royce&#148; as part of its
name. The Adviser may, upon termination of this Agreement, require the Fund to
refrain from using the name &#147;Royce&#148; in any form or combination in its name or
in its business, and the Fund shall, as soon as practicable following its
receipt of any such request from the Adviser or, so refrain from using such
name. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice
under this Agreement shall be given in writing, addressed and delivered or
mailed, postage prepaid, to the other party at its principal office. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <U>Stockholder
Liability</U>. Notice is hereby given that this Agreement is entered into on
the Fund&#146;s behalf by an officer of the Fund in his capacity as an officer and
not individually and that the obligations of or arising out of this Agreement
are not binding upon any of the Fund&#146;s Directors, officers, employees, agents
or stockholders individually, but are binding only upon the assets and property
of the Fund. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed on
the date above written. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE GLOBAL
 VALUE TRUST, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:
 Charles M. Royce</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:
 President</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE &amp;
 ASSOCIATES, LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
   <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>

 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:
 Charles M. Royce</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:
 President</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(13)(B)
<SEQUENCE>7
<FILENAME>ex99-13b.htm
<DESCRIPTION>EXBIBIT 99.13B
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>


<P ALIGN=right><FONT SIZE=2><b>EXHIBIT 99 (13) (b)</b></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ADMINISTRATION AGREEMENT</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
made as of ___________, 2011, by and between ROYCE GLOBAL VALUE TRUST, INC., a
Maryland corporation (the &#147;Fund&#148;) and ROYCE &amp; ASSOCIATES, LLC, a Delaware
limited liability company (the &#147;Administrator&#148;). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>WITNESSETH:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Fund is engaged in business as an closed-end management investment company
and is registered as such under the Investment Company Act of 1940, as amended
(the &#147;Investment Company Act&#148;); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Fund is responsible for determining the net asset value of its shares and
for all of its other operations and for paying all administrative and other
costs and expenses attributable to its operations and transactions; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Fund desires to retain the Administrator to provide administrative services
to the Fund in the manner and on the terms hereinafter set forth; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Administrator is willing to provide administrative services to the Fund on
the terms and conditions hereafter set forth; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter
contained, the Fund and the Administrator hereby agree as follows: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE I <BR>
DUTIES OF THE ADMINISTRATOR</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
The Fund hereby employs the Administrator to act as administrator and to
furnish, or arrange for affiliates or others to furnish, the administrative
services described below, subject to review by and the overall control of the
Board of Directors of the Fund (the &#147;Directors&#148;), for the period and on the
terms and conditions set forth in this Agreement. The Administrator hereby
accepts such employment and agrees during such period to render, or arrange for
the rendering of, such services and to assume the obligations herein set forth
in consideration for the reimbursement of its and its affiliates costs and
expenses as provided for herein. The Administrator and its affiliates shall for
all purposes herein be deemed to be independent contractors and shall, unless
otherwise expressly provided or authorized, have no authority to act for or
represent the Fund in any way or otherwise be deemed agents of the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Administrator shall perform (or
arrange for the performance by affiliates or others of) any and all
administrative services, excluding investment advisory services, necessary for
the operation of the Fund. In this regard, the Administrator shall provide the
Fund with, among other things, administrative, professional, compliance and
clerical services; necessary personnel, office space and facilities and
equipment; preparation of its prospectuses, statements of additional
information, proxy statements, stockholders&#146; reports and notices and other
reports and filings made to and with the Securities and Exchange Commission and/or
other regulators; administering stockholder accounts, handling stockholder
relations and such other services as the </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Administrator,
subject to review by the Directors, shall from time to time determine to be
necessary or useful to perform its obligations under this Agreement. The
Administrator shall also, on behalf of the Fund, conduct relations with
custodians, depositories, transfer agents, dividend disbursing agents, other
stockholder servicing agents, accountants, attorneys, underwriters, brokers and
dealers, corporate fiduciaries, insurers, banks and such other persons in any
such other capacity deemed to be necessary or desirable. The Administrator
shall make quarterly or more frequent reports to the Directors of its
performance of its obligations hereunder and furnish advice and recommendations
with respect to such other aspects of the business and affairs of the Fund as
it shall determine to be desirable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
advisory services are provided to the Fund by Royce &amp; Associates, LLC, in
its capacity as investment adviser, pursuant to a separate investment advisory
agreement (the &#147;Investment Advisory Agreement&#148;). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE II <BR>
ALLOCATION OF CHARGES AND EXPENSES; <BR>
REIMBURSEMENT OF THE ADMINISTRATOR</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in the Investment Advisory Agreement with respect to the
services provided thereunder, the Fund alone shall remain responsible for and
shall continue to pay or cause to be paid all administrative and other costs
and expenses attributable to its operations and transactions. In this regard,
the Fund will reimburse the Administrator or its affiliates on a monthly or
more frequent basis for any and all costs and expenses that they may pay or
incur in providing the administrative services described in Article I,
including, without limitation, costs and expenses relating to necessary
personnel, rent, telephone, technology and supplies. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE III <BR>
LIMITATION OF LIABILITY AND INDEMNIFICATION OF THE ADMINISTRATOR</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrator shall not be liable for any error of judgment or mistake of law
or for any loss arising out of any act or omission in the administration of the
Fund, except to the extent of any willful misfeasance, bad faith or gross
negligence in the performance of its duties, or by reason of reckless disregard
of its obligations and duties hereunder. The Fund shall indemnify the
Administrator and hold it harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys&#146; fees and amounts reasonably
paid in settlement) incurred by the Administrator in or by reason of any
pending, threatened or completed action, suit, investigation or other
proceeding (including an action or suit by or in the right of the Fund or its
security holders) arising out of or otherwise based upon any action actually or
allegedly taken or omitted to be taken by the Administrator in connection with
the performance of any of its duties or obligations under this Agreement or
otherwise as an administrator of the Fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determinations
of whether and the extent to which the Administrator is entitled to
indemnification hereunder shall be made by reasonable and fair means, including
(a) a final decision on the merits by a court or other body before whom the
action, suit or other proceeding was brought that the Administrator was not
liable by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of its duties, or (b) in the absence of such a decision, a </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>reasonable
determination, based upon a review of the facts, that the Administrator was not
liable by reason of such misconduct by (i) the vote of a majority of a quorum
of the Directors of the Fund who are neither &#147;interested persons&#148; of the Fund
(as defined in Section 2(a)(19) of the Investment Company Act) nor parties to
the action, suit or other proceeding or (ii) an independent legal counsel in a
written opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Article III, the term &#147;Administrator&#148; shall include any affiliates
of the Administrator performing services for the Fund contemplated hereby and
partners, stockholders, members, directors, managers, officers and employees of
the Administrator and such affiliates. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE IV <BR>
ACTIVITIES OF THE ADMINISTRATOR</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
services of the Administrator to the Fund are not to be deemed to be exclusive,
and the Administrator and each affiliate is free to render services to others.
It is understood that Directors, officers, employees and stockholders of the
Fund are or may become interested in or associated with the Administrator and
its affiliates, as directors, managers, officers, employees, partners,
stockholders, members or otherwise, and that the Administrator and directors,
managers, officers, employees, partners, stockholders and members of the
Administrator and its affiliates are or may become similarly interested in or
associated with the Fund as stockholders or otherwise. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE V <BR>
DURATION AND TERMINATION OF THIS AGREEMENT</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
This Agreement shall become effective as of and from ___________, 2011 and shall
remain in force and automatically continue from year to year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
This Agreement may be terminated at any time, without the payment of any
penalty, by the Directors or by the vote of a majority of the outstanding
voting securities of the Fund, or by the Administrator, on sixty days&#146; written
notice to the other party. This Agreement shall automatically terminate in the
event of its assignment. </FONT></P>

<P align="center"><FONT SIZE=2>ARTICLE VI <BR>
DEFINITIONS OF CERTAIN TERMS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms &#147;vote of majority of the outstanding voting securities,&#148; &#147;assignment,&#148;
&#147;affiliated person&#148; and &#147;interested person,&#148; when used in this Agreement, shall
have the respective meanings specified in the Investment Company Act and the
Rules and Regulations thereunder, subject, however, to such exemptions as may
be granted by the Securities and Exchange Commission under said Act. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>ARTICLE VII <BR>
GOVERNING LAW</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be construed in accordance with laws of the State of New York
and the applicable provisions of the Investment Company Act. To the extent that
the applicable laws of the State of New York, or any of the provisions herein,
conflict with the applicable provisions of the Investment Company Act, the
latter shall control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
as of the date first above written. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE GLOBAL
 VALUE TRUST, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><font size=2>By:</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Charles M.
 Royce</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE &amp;
 ASSOCIATES, LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
   <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><font size=2>By:</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>John D.
 Diederich</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Operating
 Officer and Vice</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>President</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(17)(A)
<SEQUENCE>8
<FILENAME>ex99-17a.htm
<DESCRIPTION>EXHIBIT 99.17A
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<P align="right"><FONT face=arial SIZE=2><b>EXHIBIT 99 (17) (a)</b></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=361 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=361 VALIGN=TOP>
 <P> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B><I>PROXY TABULATOR<BR>
 P.O. BOX 9112 <BR>
 FARMINGDALE, NY 11735</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>To vote by Internet</B></FONT></P>
 <P><FONT face=arial SIZE=2>1) Read the
 Proxy Statement and have the proxy card below at hand. <br>
</FONT><FONT face=arial SIZE=2>2) Go to
 website <B><U>www.[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].com<BR>
 </U></B>3) Follow the instructions provided on the website.</FONT></P>
 <P><FONT face=arial SIZE=2><B>To vote by Telephone</B></FONT></P>
 <P><FONT face=arial SIZE=2>1) Read the
 Proxy Statement and have the proxy card below at hand. </FONT><br>
<FONT face=arial SIZE=2>2) Call <B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
 </B>3) Follow the instructions. </FONT></P>
 <P><FONT face=arial SIZE=2><B>To vote by Mail </B></FONT></P>
 <P><FONT face=arial SIZE=2>1) Read the
 Proxy Statement. <BR>
 2) Check the appropriate boxes on the proxy card below. <BR>
 3) Sign and date the proxy card. <BR>
 4) Return the proxy card in the envelope provided.</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP colspan="2">
 <P><FONT face=arial SIZE=2>TO VOTE, MARK
BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KEEP
 THIS PORTION FOR YOUR RECORDS</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>THIS PROXY CARD IS VALID ONLY WHEN</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SIGNED AND DATED</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>&nbsp;&nbsp;DETACH
 AND RETURN THIS PORTION ONLY</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>Vote on Proposal</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>For</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>Against</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>Abstain</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
  <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT face=arial SIZE=2>1. To
 consider and vote upon a proposal to contribute approximately $100 million of
 the Fund&#146;s assets to Royce Global Value Trust, Inc., a newly-organized,
 diversified, closed-end management investment company, and to distribute to
 the Fund&#146;s common stockholders, in the form of a dividend, shares of common
 stock of Royce Global Value Trust, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2>2. To
 transact such other business as may properly come before the Special Meeting
 or any adjournment thereof.</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>The shares of stock represented by this
 Proxy will be voted in accordance with the specifications made above. If no
 specifications are made, such shares will be voted FOR the proposal and in
 the discretion of the proxy holder as to any other matter that may properly
 come before the Meeting. Please refer to the Proxy Statement for a discussion
 of the Proposal.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>Please Sign, Date and Return the Proxy Card
 Promptly Using the Enclosed Envelope. </B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>Note: Please be sure to sign and date this
 proxy</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Signature
 [PLEASE SIGN WITHIN BOX]</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>Date</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;Signature
 (Joint Owners)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>Date</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT face=arial SIZE=2><B>Important
Notice Regarding the Availability of Proxy Materials for the Special Meeting:<BR></B>The Proxy Statement is available at www.[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].com.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right: solid black 1px">
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
  <TD VALIGN=TOP style="border-left: solid black 1px">
 <P style="margin-left:1%"><FONT face=arial SIZE=2><B>PROXY</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right: solid black 1px">
 <P ALIGN=RIGHT style="margin-right:1%"><FONT face=arial SIZE=2><B>PROXY</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>ROYCE VALUE TRUST, INC.<BR>
 745 FIFTH AVENUE<BR>
 NEW YORK, NEW YORK 10151</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>This Proxy is solicited on behalf of the Board of Directors.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P style="margin-left:1%; margin-right:1%"><FONT face=arial SIZE=2>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 [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011 at a Special Meeting of Stockholders of Royce
 Value Trust, Inc. to be held on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2011, and at any adjournment thereof.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P style="margin-left:1%; margin-right:1%"><FONT face=arial SIZE=2><B>PLEASE VOTE, DATE AND SIGN ON REVERSE AND
 RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
<P style="margin-left:1%; margin-right:1%"><FONT face=arial SIZE=2>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>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP style="border-left: solid black 1px; border-right: solid black 1px">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; border-left: solid black 1px; border-right: solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT face=arial SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=361 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=361 VALIGN=TOP>
 <P> </P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B><I>PROXY TABULATOR<BR>
 P.O. BOX 9112 <BR>
 FARMINGDALE, NY 11735</I></B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>To vote by Internet</B></FONT></P>
 <P><FONT face=arial SIZE=2>1) Read the
 Proxy Statement and have the proxy card below at hand. </FONT><br>
<FONT face=arial SIZE=2>2) Go to
 website <B><U>www.[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].com<BR>
 </U></B>3) Follow the instructions provided on the website.</FONT></P>
 <P><FONT face=arial SIZE=2><B>To vote by Telephone</B></FONT></P>
 <P><FONT face=arial SIZE=2>1) Read the
 Proxy Statement and have the proxy card below at hand. </FONT><br>
<FONT face=arial SIZE=2>2) Call <B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<BR>
 </B>3) Follow the instructions. </FONT></P>
 <P><FONT face=arial SIZE=2><B>To vote by Mail </B></FONT></P>
 <P><FONT face=arial SIZE=2>1) Read the
 Proxy Statement. <BR>
 2) Check the appropriate boxes on the proxy card below. <BR>
 3) Sign and date the proxy card. <BR>
 4) Return the proxy card in the envelope provided.</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP colspan="2">
 <P><FONT face=arial SIZE=2>TO VOTE, MARK
BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KEEP
 THIS PORTION FOR YOUR RECORDS</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>THIS PROXY CARD IS VALID ONLY WHEN</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SIGNED AND DATED</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>&nbsp;&nbsp;DETACH
 AND RETURN THIS PORTION ONLY</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>Vote on Proposal</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>For</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>Against</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>Abstain</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
  <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT face=arial SIZE=2>1. To
 consider and vote upon a proposal to contribute approximately $100 million of
 the Fund&#146;s assets to Royce Global Value Trust, Inc., a newly-organized,
 diversified, closed-end management investment company, and to distribute to
 the Fund&#146;s common stockholders, in the form of a dividend, shares of common
 stock of Royce Global Value Trust, Inc.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>0</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2>2. To
 transact such other business as may properly come before the Special Meeting
 or any adjournment thereof.</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>The shares of stock represented by this
 Proxy will be voted in accordance with the specifications made above. If no
 specifications are made, such shares will be voted FOR the proposal and in
 the discretion of the proxy holder as to any other matter that may properly
 come before the Meeting. Please refer to the Proxy Statement for a discussion
 of the Proposal.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>Please Sign, Date and Return the Proxy Card
 Promptly Using the Enclosed Envelope. </B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD COLSPAN=6 VALIGN=TOP>
 <P><FONT face=arial SIZE=2><B>Note: Please be sure to sign and date this
 proxy</B></FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-left:solid black 1px; border-right:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX">&nbsp;

 </TD>
  <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Signature
 [PLEASE SIGN WITHIN BOX]</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>Date</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;Signature
 (Joint Owners)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>Date</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style="border-left:solid black 1px">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style="border-right:solid black 1px">&nbsp;

 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-left:SOLID BLACK 1PX; BORDER-right:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>

</TABLE>


<P ALIGN=CENTER><FONT face=arial SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(17)(D)
<SEQUENCE>9
<FILENAME>ex99-17d.htm
<DESCRIPTION>EX-99.17 D
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>










<P ALIGN=right><FONT SIZE=2><B>EXHIBIT 99 (17) (d)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>DISTRIBUTION REINVESTMENT AND CASH PURCHASE
PLAN <BR>
FOR COMMON STOCKHOLDERS OF <BR>
ROYCE GLOBAL VALUE TRUST, INC.</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>What is the Distribution Reinvestment and
 Cash Purchase Plan?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Distribution Reinvestment and Cash Purchase Plan offers common stockholders
 of Royce Global Value Trust, Inc. a prompt and simple way to reinvest net
 investment income dividends and capital gains and other periodic
 distributions in shares of the Fund&#146;s common stock. It is the Fund&#146;s present
 policy, which may be changed by the Board of Directors, to distribute
 substantially all of its net investment income and net realized capital
 gains, if any, to its stockholders at least annually. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Plan also allows you to make optional cash investments in shares of the Fund&#146;s
 common stock through the Plan Agent and to deposit certificates representing
 your Fund shares with the Plan Agent for safekeeping. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare
 Trust Company, N.A. (&#147;Computershare&#148;), a federally chartered trust
 institution, acts as Plan Agent for stockholders in administering the Plan.
 Computershare, Inc., an affiliate of Computershare and a transfer agent
 registered with the Securities and Exchange Commission, acts as service agent
 for Computershare. The complete terms and conditions of the Plan accompany
 this outline. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>Who can participate in the Plan?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
 your shares of common stock of the Fund are registered in your own name, you
 will automatically participate in the Plan, unless you have indicated that
 you do not wish to participate and instead wish to receive dividends and
 capital gains distributions in cash. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>What does the Plan offer?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Plan has two components: reinvestment of dividends and distributions, and an
 optional cash purchase feature. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment
 of dividends and distributions </B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
 participating in the Plan, your dividends and distributions will be promptly
 paid to you in additional shares of common stock of the Fund, thereby
 increasing your holdings in the Fund. If the Fund declares a dividend or
 distribution, you will automatically receive shares of the Fund&#146;s common
 stock. The number of </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>shares
 to be issued to you will be determined by dividing the total amount of the
 distribution payable to you by the lower of (i) the last reported sale price
 of a share of the Fund&#146;s common stock on the valuation date, which will
 normally be the fifth business day following the record date, or (ii) the net
 asset value per share on the valuation date, provided that the Fund will not
 issue new shares at a discount of more than 5% from the last reported sale
 price on that date. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary
 cash purchase </B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan
 participants have the option of making investments in shares of the Fund&#146;s
 common stock through the Plan Agent. You may invest $100 or more monthly. The
 Plan Agent will purchase shares for you on the New York Stock Exchange or
 otherwise in the open market on or about the 15th of each month. If you hold
 shares that are registered in your own name, you should contact the Plan
 Agent directly. Please send your check, made payable to Royce Global Value
 Trust, Inc., to the following address: </FONT></P>
 <P ALIGN=CENTER><FONT SIZE=2>Computershare <BR>
 c/o Royce Global Value Trust, Inc. <BR>
 PO Box 43010 <BR>
 Providence, RI 02940-3010</FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Your
 cash (which does not earn interest) will be held by the Plan Agent until the
 following month&#146;s investment date. You may withdraw a voluntary cash payment
 by written notice if the notice is received by the Plan Agent not less than
 forty-eight hours before the investment date. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>How does the custody of shares work?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
 shares that are issued to you in payment of distributions or that are
 purchased by you through voluntary cash purchases are held in the name of the
 Plan Agent or its nominee and the shares are added to your balance in the
 Plan. You also have the option of sending your common stock certificates to
 the Plan Agent, as described in Paragraph 9 of the Plan, and the shares will
 be included in your balance in the Plan and held in the same manner as noted
 above. The Plan Agent will send a confirmation statement to you shortly after
 any activity in your account. You may contact the Plan Agent directly by
 calling 1 (800) 426-5523 between 9:00 a.m. and 5:00 p.m., Monday through
 Friday. </FONT></P>

 </TD>
 </TR>
</TABLE>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>Is there a cost to participate?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
 is no charge payable by participants for receiving dividends and capital
 gains distributions in additional Fund shares, since the Plan Agent&#146;s fees
 and expenses are paid by the Fund. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
 purchases from voluntary cash payments, participants must pay a service fee
 of $0.75 for each monthly investment and a pro rata share of the brokerage
 commissions. These charges will be deducted from amounts to be invested. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>May I withdraw from the Plan?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
 may withdraw from the Plan without penalty at any time by written notice to
 the Plan Agent. Your withdrawal will be effective as specified in Paragraph
 13 of the Plan. Upon withdrawal, you will receive subsequent dividends and
 capital gains distributions in cash instead of shares. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
 withdraw from the Plan or to sell shares held by the Plan Agent, you must
 send written instructions signed by all registered owners to the Plan Agent.
 If you withdraw, at your option you will either receive without charge a
 certificate issued in your name for all full shares or, if you request, the
 Plan Agent will sell all of the shares in your Plan account (including any
 other Fund shares deposited by you) through a broker selected by it and send
 you the proceeds, less a service fee of $2.50 and less brokerage commissions.
 If you elect to sell your full shares, your written instructions signed by
 all registered owners must have <B>signatures
 guaranteed</B> if the net proceeds will exceed $10,000. A signature
 guarantee verifies the authenticity of your signature and may be obtained
 from banks, brokerage firms and any other guarantor that the Plan Agent deems
 acceptable. The Plan Agent will convert any fractional shares you hold at the
 time of your withdrawal to cash at the current market price and send you a
 check for the proceeds. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
 at any time you wish to re-enroll in the Plan, simply send written
 instructions signed by all registered owners to the Plan Agent. </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>How do participating stockholders benefit?</B></FONT><br>
<FONT SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;
 You will build holdings in the Fund easily and automatically, at no brokerage
 cost for distributions in Fund shares or at reduced cost in the case of
 voluntary cash purchases.</FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;
 You will receive a detailed account statement from the Plan
 Agent, showing total dividends and distributions, additional cash payments,
 date of investment, shares acquired and price per share, and total shares of
 record held by you and by the Plan Agent for you. You will be able to vote
 all shares held for you by the Plan Agent at stockholder meetings. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;
 As long as you participate in the Plan, the Plan Agent will hold
 the shares it has acquired for you and from other participants in
 safekeeping, in non-certificated form. This convenience provides added
 protection against loss, theft or inadvertent destruction of certificates. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2><B>Whom should I contact for additional
 information?</B></FONT><br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
 address all notices, correspondence, questions or other communications
 regarding the Plan to: </FONT></P>
 <P ALIGN=CENTER><FONT SIZE=2>Computershare <BR>
 c/o Royce Global Value Trust, Inc. <BR>
 PO Box 43010 <BR>
 Providence, RI 02940-3010 <BR>
 1 (800) 426-5523</FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either
 Royce Global Value Trust, Inc. or Computershare may amend or terminate the
 Plan. Participants will be sent written notice at least 30 days before the
 effective date of any amendment. In case of termination, participants will be
 sent written notice of the termination at least 30 days before the record
 date of any dividend or capital gains distribution by the Fund. </FONT></P>

 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

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 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
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 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>DISTRIBUTION REINVESTMENT AND <BR>
 CASH PURCHASE PLAN OF <BR>
 ROYCE GLOBAL VALUE TRUST, INC.</B></FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
 Global Value Trust, Inc., a Maryland corporation (the &#147;Fund&#148;), hereby adopts
 the following plan the &#147;Plan&#148;) with respect to net investment income
 dividends and capital gains and other periodic distributions declared by its
 Board of Directors on shares of its Common Stock and to voluntary cash
 purchases of shares of its Common Stock: </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>1.
 Unless a stockholder specifically elects to receive cash as set forth below,
 all net investment income dividends and all capital gains and other periodic
 distributions hereafter declared by the Board of Directors shall be payable
 in shares of the Common Stock of the Fund. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>2.
 Such dividends and distributions shall be payable on such date or dates as
 may be fixed from time to time by the Board of Directors to stockholders of
 record at the close of business on the record date(s) established by the
 Board of Directors for the dividend and/or distribution involved. Unless a
 stockholder specifically elects otherwise, such stockholder will receive all
 dividends and/or distributions in full and fractional shares of the Fund&#146;s
 Common Stock, and no action shall be required on such stockholder&#146;s part to
 receive a distribution in stock. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>3.
 The number of shares to be issued to a stockholder shall be determined by
 dividing the total dollar amount of the distribution payable to such
 stockholder by the lower of (i) the last reported sale price at the close of
 regular trading on the New York Stock Exchange on the valuation date fixed by
 the Board of Directors for such distribution, which will normally be the
 fifth business day following the record date, or (ii) the net asset value per
 share on the valuation date (but not less than 95% of the last reported sale
 price on that date). </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>4.
 A stockholder may, however, elect to receive his or its dividends and
 distributions in cash. To exercise this option, such stockholder shall notify
 Computershare, the Plan Agent and the Fund&#146;s custodian, transfer agent and
 registrar, in writing so that such notice is received by Computershare no
 later than 10 days prior to the record date fixed by the Board of Directors
 for the dividend and/or distribution involved. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>5.
 Computershare will set up an account for shares acquired pursuant to the Plan
 for each stockholder who has not so elected to receive dividends and
 distributions in cash (&#147;Participant&#148;). Computershare may hold each
 Participant&#146;s shares, together with the shares of other Participants, in
 non-certificated form in Computershare&#146;s name or that of its nominee. Upon
 request by a Participant, received in writing no later than 10 days prior to
 the record date, Computershare will, instead of crediting shares to and/or
 carrying shares in a Participant&#146;s account, issue, without </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>charge
 to the Participant, a certificate registered in the Participant&#146;s name for
 the number of whole shares payable to the Participant and a check for any
 fractional share. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>6.
 A Participant has the option of sending additional funds to Computershare, in
 any amount of at least $100, for the purchase in the open market of shares of
 the Fund&#146;s Common Stock for his or its account. Such voluntary payments will
 be so invested by Computershare on or about the 15th of each month, and in no
 event more than 30 days after such date, except where necessary to comply
 with provisions of Federal securities law. Funds received less than 5
 business days prior to an investment date will be held by Computershare until
 the next investment date. A Participant may withdraw his entire voluntary
 cash payment by written notice received by Computershare not less than 48
 hours before such payment is to be invested. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>7.
 Investments of voluntary cash payments may be made by Computershare on any
 securities exchange where shares of the Fund&#146;s Common Stock are traded, in
 the over-the-counter market or in negotiated transactions and may be on such
 terms as to price, delivery and otherwise as Computershare shall determine.
 Participant funds held by Computershare uninvested will not bear interest,
 and Computershare shall have no liability in connection with any inability to
 purchase shares within 45 days after receipt of funds or with the timing of
 any purchases effected. Computershare shall have no responsibility as to the
 value of the shares of the Fund&#146;s Common Stock acquired for any Participant&#146;s
 account and may commingle funds of Participants for the purpose of cash
 investments. The average price (including brokerage commissions) per share of
 all shares purchased by Computershare shall be the price per share allocable
 to the Participant in connection with the cash investment. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>8.
 Computershare will confirm to each Participant each acquisition made pursuant
 to the Plan as soon as practicable but not later than 10 business days after
 the date thereof. Although each Participant may from time to time have an
 undivided fractional interest (computed to three decimal places) in a share
 of Common Stock of the Fund, no certificates for a fractional share will be
 issued. However, dividends and distributions on fractional shares will be
 credited to each Participant&#146;s account. In the event of termination of a
 Participant&#146;s account under the Plan, Computershare will adjust for any such
 undivided fractional interest in cash at the market value of the Fund&#146;s
 shares at the time of termination. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>9.
 A Participant may deposit certificates for shares of Common Stock of the Fund
 with Computershare for safekeeping. The deposited shares will be credited to
 the Participant&#146;s account and will be treated in all respects in the same
 manner as shares issued to or purchased for the Participant&#146;s account. All
 certificates should be sent with </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

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 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
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 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>written
 instructions to deposit the certificates in the Participant&#146;s Plan account.
 They need not be endorsed and should be sent by registered or certified mail,
 return receipt requested, to: </FONT></P>
 <P ALIGN=CENTER><FONT SIZE=2>Computershare <BR>
 c/o Royce Global Value Trust, Inc. <BR>
 PO Box 43010 <BR>
 Providence, RI 02940-3010</FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>10.
 Computershare will forward to each Participant any Fund-related proxy
 solicitation materials and each Fund report or other communication to
 stockholders, and will vote any shares held by it under the Plan in
 accordance with the instructions set forth on proxies returned by
 Participants to the Fund. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>11.
 In the event that the Fund makes available to its Common Stockholders rights
 to purchase additional shares or other securities, the shares held by
 Computershare for each Participant under the Plan will be added to any other
 shares held by the Participant in certificated form in calculating the number
 of rights to be issued to the Participant. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>12.
 Computershare&#146;s service fee, if any, for administering the Plan will be paid
 for by the Fund. Participants will be charged a $0.75 service fee for each
 voluntary cash investment and their pro rata share of brokerage commissions
 on all open market purchases. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>13.
 Each Participant may terminate his or its account under the Plan by so
 notifying Computershare in writing. Such termination will be effective
 immediately if the Participant&#146;s notice is received by Computershare not less
 than 10 days prior to any dividend or distribution record date; otherwise,
 such termination will be effective only with respect to any subsequent
 dividend or distribution. The Plan may be terminated by the Fund or by
 Computershare upon notice in writing mailed to each Participant at least 30
 days prior to any record date for the payment of any dividend or distribution
 by the Fund. Upon any termination, Computershare will cause a certificate or
 certificates to be issued for the full shares held for each Participant under
 the Plan and a cash adjustment for any fractional share to be delivered to
 the Participant without charge to the Participant. If a Participant elects by
 his or its written notice to Computershare in advance of termination to have
 Computershare sell part or all of his or its shares and remit the proceeds to
 the Participant, Computershare is authorized to deduct a $2.50 transaction
 fee plus brokerage commission from the proceeds. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>14.
 These terms and conditions may be amended or supplemented by Computershare or
 the Fund at any time but, except when necessary or appropriate to comply with
 </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>applicable
 law or the rules or policies of the Securities and Exchange Commission or any
 other regulatory authority, only by mailing to each Participant appropriate
 written notice at least 30 days prior to the effective date thereof. The
 amendment or supplement shall be deemed to be accepted by each Participant
 unless, prior to the effective date thereof, Computershare receives written
 notice of the termination of his or its account under the Plan. Any such
 amendment may include an appointment by Computershare in its place and stead
 of a successor agent under these terms and conditions, with full power and
 authority to perform all or any of the acts to be performed by Computershare
 under these terms and conditions. Upon any such appointment of any agent for
 the purpose of receiving dividends and distributions, the Fund will be
 authorized to pay to such successor agent, for each Participant&#146;s account,
 all dividends and distributions payable on shares of the Fund held in the
 Participant&#146;s name or under the Plan for retention or application by such
 successor agent as provided in these terms and conditions. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>15.
 Computershare will at all times act in good faith and use its best efforts
 within reasonable limits to ensure its full and timely performance of all
 services to be performed by it under this Plan and to comply with applicable
 law, but assumes no responsibility and shall not be liable for loss or damage
 due to errors unless such error is caused by Computershare&#146;s negligence, bad
 faith or willful misconduct or that of its employees or agents. </FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=2>16.
 These terms and conditions shall be governed by the laws of the State of New
 York. </FONT></P>
 <P ALIGN=RIGHT><FONT SIZE=2>February 2011</FONT></P>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>[ Royce &amp;
Associates Letterhead] </FONT></P>

<P><FONT SIZE=2>U.S.
Securities and Exchange Commission <BR>
Division of Investment Management <BR>
100 F Street, NE <BR>
Washington D.C. 20549-4720 </FONT></P>

<P><FONT SIZE=2>March 15, 2011
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:
<u>Royce Global Value Trust, Inc. and Royce Value Trust, Inc. </u></FONT></P>

<P><FONT SIZE=2>Ladies and
Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
behalf of Royce Global Value Trust, Inc. (&#147;Global Trust&#148;) and Royce Value
Trust, Inc. (&#147;Value Trust&#148;), transmitted herewith for filing with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act
of 1933 (the &#147;Securities Act&#148;) is Global Trust&#146;s Registration Statement on Form
N-14 (the &#147;Registration Statement&#148;), containing the preliminary combined
prospectus/proxy statement and preliminary statement of additional information
of Global Trust and Value Trust, and the notice for the special meeting of the
stockholders of Value Trust expected to be held in mid to late June 2011 (the
&#147;Meeting&#148;). At the Meeting, the stockholders of Value Trust will be asked to
approve a proposal to contribute a portion of Value Trust&#146;s assets (which is
anticipated to consist largely or exclusively of cash and short-term fixed
income instruments) to Global Trust, a newly-organized, diversified, closed-end
management investment company, and to distribute to common stockholders of Value
Trust, in the form of a dividend, shares of common stock of Global Trust. The
contribution of such Value Trust assets to Global Trust and the subsequent
distribution of the Global Trust&#146;s shares to Value Trust common stockholders
are referred to herein as the &#147;Transaction.&#148; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust filed its Form N-8A, Notification of Registration filed pursuant to
Section 8(a) of the Investment Company Act of 1940 (the &#147;Investment Company
Act&#148;) on March 11, 2011. It will file its Registration Statement on Form N-2
under the Investment Company Act within 90 days of such Form N-8A filing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust and Value Trust expect to file an application for an order from the
Commission pursuant to Section 17(b) of the Investment Company Act of 1940 (the
&#147;1940 Act&#148;) granting an exemption from Section 17(a) thereof, and pursuant to
Section 17(d) of the 1940 Act and Rule 17d-1 thereunder, in connection with the
Transaction in the near future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
Global Trust and Value Trust would like to send the materials to the
stockholders of Value Trust in early May 2011, we would appreciate any comments
you have as soon as reasonably practicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
direct any communications relating the Registration Statement to me at
212-508-4578. Thank you. </FONT></P>

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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Very truly
 yours, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ John E.
 Denneen </FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

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