<SEC-DOCUMENT>0000949377-12-000497.txt : 20120806
<SEC-HEADER>0000949377-12-000497.hdr.sgml : 20120806
<ACCEPTANCE-DATETIME>20120806112926
ACCESSION NUMBER:		0000949377-12-000497
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120920
FILED AS OF DATE:		20120806
DATE AS OF CHANGE:		20120806
EFFECTIVENESS DATE:		20120806

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		121008839

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

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e11529_def14a.htm
<TEXT>
<html>
<body>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="TOP" align="center"><font face="Times New Roman" size="2">SCHEDULE 14A
 INFORMATION</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Proxy Statement
 Pursuant to Section 14(a) of the Securities Exchange Act of 1934</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">(Amendment
 No.&#160;&#160;&#160;&#160;&#160;&#160;)</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Filed by the
 Registrant [ ]</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Filed by a
 Party other than the Registrant [ ]</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Check the
 appropriate box:</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ] &#160;&#160;&#160;Preliminary
 Proxy Statement</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ] &#160;&#160;&#160;Confidential,
 for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[X] &#160;Definitive
 Proxy Statement</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ]  &#160;&#160;&#160;Definitive Additional Materials</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ] &#160;&#160;&#160;Soliciting
 Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="TOP" colspan="3" align="center"><font face="Times New Roman" size="2">
<u>ROYCE VALUE TRUST, INC.</u></font></td>
</tr>
<tr>
<td valign="TOP" colspan="3" align="center"><font face="Times New Roman" size="2">
(Name of Registrant as Specified In Its Charter)</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="TOP" colspan="3" align="center"><font face="Times New Roman" size="2">
(Name of Person(s) Filing Proxy Statement if other than the Registrant)</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="TOP" colspan="3" align="left"><font face="Times New Roman" size="2">
Payment of Filing Fee (Check the appropriate box):</font></td>
</tr>
<tr>
<td width="2%" valign="TOP" align="left"><font face="Times New Roman" size="2">[X]</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">No fee required.</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ]</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Fee computed
 on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">1) Title of
 each class of securities to which transaction applies:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">2) Aggregate
 number of securities to which transaction applies:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">3) Per unit
 price or other underlying value of transaction computed pursuant to Exchange Act
 Rule 0-11 (Set forth the amount on which the filing fee is calculated and state
 how it was determined):</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">4) Proposed
 maximum aggregate value of transaction:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">5) Total fee
 paid:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ]</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Fee paid previously
 with preliminary materials.</font></td>
</tr>
<tr>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">[ ]</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">Check box
 if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
 identify the filing for which the offsetting fee was paid previously. Identify the
 previous filing by registration statement number, or the Form or Schedule and the
 date of its filing.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">1) Amount
 Previously Paid:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">2) Form, Schedule
 or Registration Statement No.:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">3) Filing
 Party:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="TOP" align="left"><font face="Times New Roman" size="2">4) Date filed:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<div><hr noshade size="3" color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="times new roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>745 Fifth Avenue<br>New York, New York 10151</b></font></p>
<div><hr size="1" color="#000000" noshade width="20%"></div>
<p align="center"><font face="times new roman" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></font></p>
<div><hr size="1" color="#000000" noshade width="20%"></div>
<p align="center"><font face="times new roman" size="2"><b>TO BE HELD ON SEPTEMBER 20, 2012</b></font></p>
<p align="justify"><font face="times new roman" size="2">To the Stockholders of:</font></p>
<p align="justify"><font face="times new roman" size="2">ROYCE VALUE TRUST, INC.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of ROYCE VALUE TRUST, INC. (the &#147;Fund&#148;) will be held at the offices
 of the Fund, 745 Fifth Avenue, New York, New York 10151 on Thursday, September 20,
 2012, at 12:30 p.m. (Eastern time), for the following purposes:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
To elect four Directors to the Fund&#146;s Board:</font></td>
</tr>
<tr>
<td align="left" colspan="5"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">two Directors
 to be elected by the holders of the Fund&#146;s Common Stock and its 5.90% Cumulative
 Preferred Stock (the &#147;Preferred Stock&#148;), voting together as a single class,
 and</font></td>
</tr>
<tr>
<td align="left" colspan="5"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">two Directors
 to be elected only by the holders of the Fund&#146;s Preferred Stock voting as a
 separate class; and</font></td>
</tr>
<tr>
<td align="left" colspan="5"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="2"><font face="Times New Roman" size="2">To transact
 such other business as may properly come before the Meeting or any adjournment thereof.</font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board of Directors of the Fund has set the close of business on July 13, 2012
 as the record date for determining those stockholders entitled to vote at the Meeting
 or any adjournment thereof, and only holders of record at the close of business
 on that day will be entitled to vote.</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="times new roman" size="2"><b>IMPORTANT</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2"><b>To save the Fund the expense of additional proxy solicitation, please mark your instructions
 on the enclosed Proxy, date and sign it and return it in the enclosed envelope (which
 requires no postage if mailed in the United States), even if you expect to be present
 at the Meeting. You may also provide your vote via telephone or the Internet by
 following the instructions on the proxy card or Notice of Internet Availability
 of Proxy Materials, please take advantage of these prompt and efficient voting options.</b>
 The accompanying Proxy is solicited on behalf of the Board of Directors, is revocable
 and will not affect your right to vote in person in the event that you attend the
 Meeting.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="60%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">August
 6, 2012</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF<br> PROXY MATERIALS FOR THE ANNUAL
 MEETING OF<br> STOCKHOLDERS TO BE HELD ON SEPTEMBER 20, 2012</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>THE NOTICE, PROXY STATEMENT AND PROXY CARD FOR<br> THE FUND ARE AVAILABLE AT WWW.PROXYVOTE.COM
</b></font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="times new roman" size="2"><b>PROXY STATEMENT</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>ROYCE VALUE TRUST, INC.<br>745 Fifth Avenue<br>New York, New York 10151</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>ANNUAL MEETING OF STOCKHOLDERS</b>
<br><b>September 20, 2012</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>INTRODUCTION</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The enclosed Proxy is solicited on behalf of the Board of Directors for use at the
 Annual Meeting of Stockholders (the &#147;Meeting&#148;) of Royce Value Trust, Inc.
 (the &#147;Fund&#148;), to be held at the offices of the Fund, 745 Fifth Avenue,
 New York, New York 10151, on Thursday, September 20, 2012, at 12:30 p.m. (Eastern
 time) and at any adjournments thereof. The approximate mailing date of this Proxy
 Statement is August 6, 2012.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">All properly executed Proxies received prior to the Meeting will be voted at the
 Meeting in accordance with the instructions marked thereon or otherwise as provided
 therein. Unless instructions to the contrary are marked, Proxies will be voted &#147;FOR&#148; the election of the Director nominees of the Fund.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">You may revoke your Proxy at any time before it is exercised by sending written instructions
 to the Secretary of the Fund at the Fund&#146;s address indicated above or by filing
 a new Proxy with a later date, and any stockholder attending the Meeting may vote
 in person, whether or not he or she has previously filed a Proxy.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The cost of soliciting proxies will be borne by the Fund, which will reimburse brokerage
 firms, custodians, nominees and fiduciaries for their expenses in forwarding proxy
 material to the beneficial owners of the Fund&#146;s shares. Some officers and employees
 of the Fund and/or Royce &#038; Associates, LLC (&#147;R&#038;A&#148;), the Fund&#146;s investment adviser, may solicit proxies personally and by telephone, if deemed
 desirable. Stockholders vote at the Meeting by casting ballots (in person or by
 proxy) which are tabulated by one or two persons, appointed by the Board of Directors
 before the Meeting, who serve as Inspectors and Judges of Voting at the Meeting
 and who have executed an Inspectors&#146; and Judges&#146; Oath.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board of Directors of the Fund has set the close of business on July 13, 2012
 as the record date (the &#147;Record Date&#148;) for determining those stockholders
 entitled to vote at the Meeting or any adjournment thereof, and only holders of
 record at the close of business on that day will be entitled to vote. Stockholders
 on the Record Date will be entitled to one vote for each outstanding share of Common
 Stock and 5.90% Cumulative Preferred Stock</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">(the &#147;Preferred Stock&#148; and, together with the Common Stock, &#147;Stock&#148; or &#147;shares&#148;) held (proportional voting rights for fractional shares
 held), with no shares having cumulative voting rights.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">As of the Record Date,
 there were 69,171,006 shares of Common Stock and 8,800,000 shares
 of Preferred Stock of the Fund outstanding. The following persons were known to
 the Fund to be beneficial owners or owners of record of 5% or more of its outstanding
 shares of Common Stock or Preferred Stock as of the Record Date:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Class/Series</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Percent of</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Name and Address of Owner</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>of Stock</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><u><b>Nature of Ownership</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><u><b>Class/Series</b></u></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Cede &#038; Co.*</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Common</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">67,682,153 shares&#151;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">97.85%</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Depository
 Trust Company</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Record*</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">P.O. Box #20</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Bowling Green
 Station</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="20%" valign="bottom" align="center"><font face="Times New Roman" size="2">5.90%</font></td>
<td width="7%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="10%" valign="bottom" align="left"><font face="Times New Roman" size="2">8,800,000 shares&#151;</font></td>
<td width="7%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="20%" valign="bottom" align="center"><font face="Times New Roman" size="2">100%</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10028</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Record*</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#000000" noshade width="18%"></td>
</tr>
<tr>
<td valign="TOP" align="center"><font face="Times New Roman" size="2">*</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Shares held
 by brokerage firms, banks and other financial intermediaries on behalf of beneficial
 owners are registered in the name of Cede &#038; Co.</font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board of Directors knows of no business other than that stated in Proposal 1
 of the Notice of Meeting that will be presented for consideration at the Meeting.
 If any other matter is properly presented at the Meeting or any adjournment thereof,
 it is the intention of the persons named on the enclosed proxy card to vote in accordance
 with their best judgment.</font></p>
<p align="center"><font face="times new roman" size="2"><b>SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS</b></font></p>
<table border="1" cellpadding="5" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Proposal</b></font></td>
<td width="35%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Common Stockholders</b></font></td>
<td width="35%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Preferred Stockholders</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>Election
 of Directors</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Common and
 Preferred Stockholders, voting together as a single class, elect two Directors</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Preferred
 Stockholders, voting as a separate class, elect two additional Directors</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">2</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="times new roman" size="2"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">At the Meeting, four members of the Board of Directors of the Fund will be elected.
 The holders of both Common Stock and Preferred Stock, voting together as a single
 class, are entitled to elect six directors. These six directors are divided into
 three classes, each class having a term of three years. Each year the term of office
 of one class will expire. Charles M. Royce and G. Peter O&#146;Brien have each been
 nominated by the Board of Directors for a three-year term to expire at the Fund&#146;s 2015 Annual Meeting of Stockholders or until their successors are duly elected
 and qualified. The classes of Directors are indicated below:</font></p>

<p align="justify"><font face="times new roman" size="2"><u><b>CLASS I DIRECTORS TO SERVE UNTIL 2015 ANNUAL MEETING
OF STOCKHOLDERS</b></u>
<br>Charles M. Royce <br>G. Peter O&#146;Brien</font></p>
<p align="justify"><font face="times new roman" size="2"><u><b>CLASS III DIRECTORS SERVING UNTIL 2014 ANNUAL MEETING
OF STOCKHOLDERS</b></u>
<br>Richard M. Galkin<br>Stephen L. Isaacs</font></p>
<p align="justify"><font face="times new roman" size="2"><u><b>CLASS II DIRECTORS SERVING UNTIL 2013 ANNUAL MEETING
OF STOCKHOLDERS</b></u>
<br>Mark R. Fetting <br>Arthur S. Mehlman</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The holders of Preferred Stock, voting as a separate class, are entitled to elect
 two directors to serve until the next Annual Meeting of Stockholders and until their
 successors are duly elected and qualified or until their earlier resignation or
 removal. The Board of Directors has nominated the following two persons to continue
 as Directors of the Fund, to be elected by holders of the Preferred Stock: Patricia
 W. Chadwick and David L. Meister.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Each of these persons has agreed to serve if elected, and the Fund&#146;s management
 has no reason to believe that any of them will be unavailable for service as a Director.
 However, if any of them become unwilling or unable to serve, the persons named in
 the accompanying Proxy will vote for the election of such other persons, if any,
 as the Board of Directors may nominate.</font></p>
<p align="center"><font face="times new roman" size="2">3</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Certain biographical and other information concerning the existing Directors and
 the nominees who are &#147;interested persons&#148; as defined in the Investment
 Company Act of 1940, as amended (the &#147;Investment Company Act&#148;), of the
 Fund, including their designated classes, is set forth below.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address*
 and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>of</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Public
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Principal
 Occupations</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>With</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Time</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Elected
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Complex
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Company
</b></font></td>
</tr>
<tr>
<td width="1%" valign="bottom" align="left" nowrap><font face="Times New Roman" size="2"><b><u>During
 Past Five Years**</u></b></font></td>
<td width="10%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Age</u></b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>the Fund</u></b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Served</u></b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Expires</u></b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>By</u></b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="11%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Overseen</u></b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Directorships</u></b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>


<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Charles M. Royce*** <br>President, Co-Chief Investment Officer and Member of Board of
 Managers of Royce &#038; Associates, LLC (&#147;R&#038;A&#148;), investment adviser
 to the Fund, Royce Focus Trust, Inc. (&#147;RFT&#148;), Royce Micro-Cap Trust,
 Inc. (&#147;RMT&#148;), The Royce Fund (&#147;TRF&#148;) and Royce Capital Fund
 (&#147;RCF&#148;) (the Fund, RFT, RMT, TRF and RCF collectively, &#147;The Royce
 Funds&#148;).</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">72</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I Director and President&#134;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2012</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">35</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">TICC Capital
 Corp.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Mark R. Fetting***<br> President, Chief Executive Officer, Chairman and Director of Legg
 Mason, Inc. Mr. Fetting&#146;s prior business experience includes having served
 as a Member of the Board of Managers of R&#038;A; Senior Executive Vice President
 of Legg Mason, Inc.; Division President and Senior Officer of Prudential Financial
 Group, Inc. and related companies; Partner, Greenwich Associates; and Vice President,
 T. Rowe Price Group, Inc.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">57</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class II Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2013</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">49 (Director/Trustee
 of all Royce Funds consisting of 35 portfolios; Director/Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Legg Mason, Inc.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#000000" noshade width="18%"></td>
</tr>
<tr>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="2">*</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">Mr. Royce&#146;s address is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue, New York,
 New York 10151. Mr. Fetting&#146;s address is c/o Legg Mason, Inc., 100 International
 Drive, Baltimore, Maryland 21202.</font></p></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Each of the
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 for which R&#038;A acts as an investment adviser.</font></td>
</tr>
<tr>
<td valign="top" NOWRAP align="right"><font face="Times New Roman" size="2">***</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> &#147;Interested
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</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#134;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"> Elected by
 and serves at the pleasure of the Board of Directors.</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">4</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2"><b>Interested Persons</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Messrs. Royce and Fetting are &#147;interested persons&#148; of the Fund within the
 meaning of Section 2(a)(19) of the Investment Company Act due to the positions they
 hold with R&#038;A and its affiliate Legg Mason, respectively, and their stock ownership
 in Legg Mason. There are no family relationships between any of the Fund&#146;s
 Directors and officers.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Certain biographical and other information concerning the existing Directors and
 nominees who are not &#147;interested persons,&#148; as defined in the Investment
 Company Act, of the Fund, including their designated classes, is set forth below.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>Number of</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>Portfolios</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left" nowrap><font face="Times New Roman" size="2"><b>Name, Address* and</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>in Fund</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left" nowrap><font face="Times New Roman" size="2"><b>Principal Occupations</b></font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>With</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>Elected</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b>Complex</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="top" align="left" nowrap><font face="Times New Roman" size="2"><b><u>During Past Five Years**</u></b></font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Age</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b><u>the Fund</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Served</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Expires</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="Times New Roman" size="2"><b><u>By</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Patricia W. Chadwick <br>Consultant and President of Ravengate Partners LLC (since 2000).</div></font></td>
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<td valign="top" align="center"><font face="Times New Roman" size="2">63</font></td>
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<td valign="top" align="center"><font face="Times New Roman" size="2">Wisconsin
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Richard M. Galkin<br> Private investor. Mr. Galkin&#146;s prior business experience includes
 having served as President of Richard M. Galkin Associates, Inc., telecommunications
 consultants, President of Manhattan Cable Television (a subsidiary of Time Inc.),
 President of Haverhills Inc. (another Time Inc. subsidiary), President of Rhode
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class
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</tr>
</table>
<p align="center"><font face="times new roman" size="2">5</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Portfolios</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2"><b>Name, Address* and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Positions</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Length</b></font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
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<tr>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Stephen L. Isaacs <br>President of The Center for Health and Social Policy (since September
 1996); Attorney and President of Health Policy Associates, Inc., consultants. Mr.
 Isaacs&#146;s prior business experience includes having served as Director of Columbia
 University Development Law and Policy Program and Professor at Columbia University
 (until August 1996).</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">72</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
 Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2014</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">35</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Arthur S. Mehlman <br>Director of The League for People with Disabilities, Inc.; Director
 of University of Maryland Foundation (non-profits). Formerly: Director of Municipal
 Mortgage &#038; Equity, LLC (from October 2004 to April 2011); Director of University
 of Maryland College Park Foundation (non-profit)(from 1998 to 2005); Partner, KPMG
 LLP (international accounting firm) (from 1972 to 2002); Director of Maryland Business
 Roundtable for Education (from July 1984 to June 2002).</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">70</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class II
 Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2004</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2013</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">49 (Director/
 Trustee of all Royce Funds consisting of 35 portfolios; Director/ Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">6</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Portfolios
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Other
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2"><b>Name, Address*
 and</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Positions
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Length
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Current
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>in Fund
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Public
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2"><b>Principal
 Occupations</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>With</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>of Time</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Term</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Elected</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Complex</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Company</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left" nowrap><font face="Times New Roman" size="2"><b><u>During Past Five Years**</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Age</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>the Fund</u>
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Served</u>
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Expires</u>
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>By</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Overseen</u>
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Directorships</u>
</b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
 David L. Meister<br> Consultant. Chairman and Chief Executive Officer of The Tennis Channel
 (from June 2000 to March 2005). Mr. Meister&#146;s prior business experience includes having served as Chief Executive Officer of Seniorlife.com,
 a consultant to the communications industry, President of Financial News Network,
 Senior Vice President of HBO, President of Time-Life Films and Head of Broadcasting
 for Major League Baseball.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">72</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2012</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Preferred
 only</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">35</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
G. Peter O&#146;Brien<br> Director, Bridges School (since 2006); Trustee Emeritus of
 Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999).
 Formerly: Trustee of Colgate University (from 1996 to 2005); President of Hill House,
 Inc. (from 2001 to 2005); and Managing Director/Equity Capital Markets Group of
 Merrill Lynch &#038; Co. (from 1971 to 1999).</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">66</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I
 Director</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2012</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Common and
 Preferred</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">49 (Director/Trustee of
 all Royce Funds consisting of 35 portfolios; Director/Trustee of the
 Legg Mason Family of Funds consisting of 14 portfolios)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">TICC Capital Corp.</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" colspan="3"><hr size="1" color="#000000" noshade width="18%"></td>
</tr>
<tr>
<td width="2%" valign="top" align="right"><font face="Times New Roman" size="2">*</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">Ms. Chadwick&#146;s and Messrs. Galkin, Isaacs, Mehlman, Meister and O&#146;Brien&#146;s address
 is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue, New York, New York 10151.</div></font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">Each of the
 Directors or nominees is a director/trustee of certain other investment companies
 for which R&#038;A acts as an investment adviser. Ms. Chadwick and Messrs. Galkin,
 Isaacs, Mehlman, Meister and O&#146;Brien are each a member of the Fund&#146;s Audit
 Committee and its Nominating Committee.</div></font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">7</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">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 the Board of Directors (the
 &#147;Board&#148;) believes has prepared them to be effective Directors.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><i>Charles
 M. Royce</i> - In addition to his tenure as a Director/Trustee of The Royce Funds,
 Mr. Royce serves as the President, Co-Chief Investment Officer and as a member of
 the Board of Managers of R&#038;A, having been President of R&#038;A since 1972.
 Mr. Royce has over 40 years of investment and business experience.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><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 R&#038;A. Mr. Fetting has over 30 years of investment and business
 experience.</div></font></td>
</tr>
<tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><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 boards of
 two public companies.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><i>Richard M</i>. <i>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 Board and the Fund&#146;s
 independent registered public accountants and as co-Chairman of the Board&#146;s
 Nominating Committee. Mr. Galkin has over 40 years of business experience, including
 extensive experience in the telecommunications industry.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><i>Stephen
 L</i>. <i>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.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><i>Arthur
 S</i>. <i>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.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">8</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><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.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify"><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 Board&#146;s 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.</div></font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board 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, the 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 the 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. The charter for the Board&#146;s Nominating Committee
 contains certain other specific factors considered by the Nominating Committee in
 identifying and selecting Director candidates (as described below).</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">To assist them in evaluating matters under federal and state law, the Directors are
 counseled by their own independent legal counsel, who participates in Board meetings
 and interacts with R&#038;A, and also may benefit from information provided by R&#038;A&#146;s internal counsel; both Board and R&#038;A&#146;s internal counsel
 have 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="center"><font face="times new roman" size="2">9</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2"><b>Board Composition and Leadership Structure</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Investment Company Act requires that at least 40% of a Fund&#146;s Directors
 not be &#147;interested persons&#148; (as defined in the Investment Company Act)
 of the Fund and as such are not affiliated with the Fund&#146;s investment adviser
 (&#147;Independent Directors&#148;). To rely on certain exemptive rules under the
 Investment Company Act, a majority of a Fund&#146;s directors must be Independent
 Directors, and for certain important matters, such as the approval of investment
 advisory agreements or transactions with affiliates, the Investment Company Act
 or the rules thereunder require the approval of a majority of the Independent Directors.
 Currently, 75% of the Fund&#146;s Directors are Independent Directors. The Board
 does not have a chairman, but the President, Mr. Royce, an interested person of
 the Fund, acts as chairman at the Board meetings. The Independent Directors have
 not designated a lead Independent Director, but the Chairman of the Audit Committee,
 Mr. Galkin, generally acts as chairman of meetings or executive sessions of the
 Independent Directors and, when appropriate, represents the views of the Independent
 Directors to management. The 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 face="times new roman" size="2"><b>Audit Committee Report</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board of Directors has a standing Audit Committee (the &#147;Audit Committee&#148;), which consists of the Independent Directors who also are &#147;independent&#148; as defined in the listing standards of the New York Stock Exchange. The current
 members of the Audit Committee are Patricia W. Chadwick, Richard M. Galkin, Stephen
 L. Isaacs, Arthur S. Mehlman, David L. Meister and G. Peter O&#146;Brien. Mr. Galkin
 serves as Chairman of the Audit Committee and Ms. Chadwick and Mr. Mehlman have
 been designated as Audit Committee Financial Experts, as defined under Securities
 and Exchange Commission (&#147;SEC&#148;) regulations.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The principal purposes of the Audit Committee are to (i) assist Board oversight of
 the (a) integrity of the Fund&#146;s financial statements; (b) independent accountants&#146; qualifications and independence; and (c) performance of the Fund&#146;s independent
 accountants and (ii) prepare, or oversee the preparation of any audit committee
 report required by rules of the SEC to be included in the Fund&#146;s proxy statement
 for its annual meeting of stockholders. The Board of Directors has adopted an Audit
 Committee Charter for the Fund which is attached hereto as Exhibit A.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Audit Committee also has (i) received written disclosures and the letter required
 by Independence Standards Board Standard No. 1 from Tait, Weller &#038; Baker (&#147;TW&#038;B&#148;), independent auditors for the Fund, and (ii) discussed certain
 matters required to be discussed under the requirements of The Public Company Accounting
 Oversight Board with TW&#038;B. The Audit</font></p>
<p align="center"><font face="times new roman" size="2">10</font></p>
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<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">Committee has considered whether the provision of non-audit services by the Fund&#146;s independent auditors is compatible with maintaining their independence.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">At
 its meeting held on February 16, 2012, the Audit Committee reviewed and discussed
 the audit of the Fund&#146;s financial statements as of December 31, 2011 and for
 the fiscal year then ended with Fund management and TW&#038;B. Had any material
 concerns arisen during the course of the audit and the preparation of the audited
 financial statements mailed to stockholders and included in the Fund&#146;s 2011
 Annual Report to Stockholders, the Audit Committee would have been notified by Fund
 management or TW&#038;B. The Audit Committee received no such notifications. At
 the same meeting, the Audit Committee recommended to the Board of Directors that
 the Fund&#146;s audited financial statements be included in the Fund&#146;s 2011
 Annual Report to Stockholders.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Nominating Committee</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board of Directors has a Nominating Committee composed of the six Independent
 Directors, namely Ms. Chadwick and Messrs. Galkin, Isaacs, Mehlman, Meister and
 O&#146;Brien. Messrs. Galkin and O&#146;Brien serve as co-Chairmen of the Nominating
 Committee. The Board of Directors has adopted a Nominating Committee Charter which
 is attached hereto as Exhibit B.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Nominating Committee is responsible for identifying and recommending to the Board
 of Directors individuals believed to be qualified to become Board members in the
 event that a position is vacated or created. The Nominating Committee will consider
 Director candidates recommended by stockholders. In considering potential nominees,
 the Nominating Committee will take into consideration (i) the contribution which
 the person can make to the Board, with consideration given to the person&#146;s
 business and professional experience, education and such other factors as the Committee
 may consider relevant, 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 Investment Company Act and whether the person is
 otherwise qualified under applicable laws and regulations to serve as a Director
 or Independent Director of the Fund; (iv) whether or not the person has any relationships
 that might impair his or her independence, such as any business, financial or family
 relationships with Fund management, the investment adviser of the Fund, Fund service
 providers or their affiliates; (v) whether or not the person is financially literate
 pursuant to the New York Stock Exchange&#146;s audit committee membership standards;
 (vi) whether or not the person serves on 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</font></p>
<p align="center"><font face="times new roman" size="2">11</font></p>
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<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">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" style="text-indent:35px;"><font face="times new roman" size="2">To have a candidate considered by the Nominating Committee, a stockholder must submit
 the recommendation in writing and must include biographical information and set
 forth the qualifications of the proposed nominee. The stockholder recommendation
 and information described above must be sent to the Fund&#146;s Secretary, John
 E. Denneen, c/o Royce Value Trust, Inc., 745 Fifth Avenue, New York, New York 10151.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Although the Board of Directors does not have a standing compensation committee,
 the Independent Directors review their compensation annually.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Board&#146;s Oversight Role in Management</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board&#146;s role in management of the Fund is oversight. As is the case with
 virtually all investment companies (as distinguished from operating companies),
 service providers to the Fund, primarily R&#038;A and its affiliates, have responsibility
 for the day-to-day management of the 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, the 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 Fund&#146;s and R&#038;A&#146;s Chief Compliance Officer and portfolio management
 personnel. The Board&#146;s Audit Committee (which consists of the six Independent
 Directors) meets during its scheduled meetings, and between meetings the Chairman
 of the Audit Committee maintains contact with the Fund&#146;s independent registered
 public accounting firm and the Fund&#146;s Vice President and Treasurer. The Board
 also receives periodic presentations from senior personnel of R&#038;A 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 Board also receives reports from counsel to R&#038;A and the Board&#146;s own independent legal counsel regarding regulatory, compliance and governance
 matters. The</font></p>
<p align="center"><font face="times new roman" size="2">12</font></p>
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<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">Board&#146;s oversight role does not make the Board a guarantor of the Fund&#146;s
 investments or activities.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Committee and Board of Directors Meetings</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">During the year ended December 31, 2011, the Board of Directors held six meetings,
 the Audit Committee held two meetings and the Nominating Committee did not hold
 any meetings. Each Director then in office attended 75% or more of the aggregate
 of the total number of meetings of the Board of Directors and the total number of
 meetings of the Audit Committee held during that year.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Compensation of Directors and Affiliated Persons</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Each Independent Director receives a base fee of $15,000 per year plus $1,100 for
 each meeting of the Board of Directors attended. No Director received remuneration
 for services as a Director for the year ended December 31, 2011 in addition to or
 in lieu of this standard arrangement.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Set forth below is the aggregate compensation paid by the Fund and
 the total compensation paid by The Royce Funds to each Independent Director of the
 Fund for the year ended December 31, 2011.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Total</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Pension or</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Compensation</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Retirement</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Total</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>From the</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Benefits</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Estimated</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Compensation</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Fund and</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Accrued</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Annual</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>From The</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Fund</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Aggregate</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Benefits</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Royce Funds</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Complex</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Compensation</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>of Fund</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>upon</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Paid to</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b>Paid to</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b><u>Name</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>From the Fund</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Expenses</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Retirement</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Directors</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="Times New Roman" size="2"><b><u>Directors<sup>1</sup></u></b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left" nowrap><font face="Times New Roman" size="2">
Patricia W. Chadwick,</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Director</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">20,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="right"><font face="Times New Roman" size="2">$</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Richard M. Galkin,</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Director</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">20,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Stephen L. Isaacs,</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Director</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">20,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Arthur S. Mehlman,</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Director</div></font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2">20,000</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="6%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2">298,964</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
David L. Meister,</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Director</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">20,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
G. Peter O&#146;Brien,</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Director</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">20,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">176,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">287,806</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#000000" noshade width="18%"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>1</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">Represents
 aggregate compensation paid to each Director during the calendar year ended December
 31, 2011 from the Fund Complex. The Fund Complex includes the 35 portfolios of The
 Royce Funds and the 14 portfolios of the Legg Mason Family of Funds.</div></font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">13</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2"><b>Officers of the Fund</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Officers of the Fund are elected each year by the Fund&#146;s Board of Directors.
 The following sets forth information concerning the Fund&#146;s officers:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address*
 and Principal</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><b>Officer
 of</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b><u>Occupations
 During Past Five Years</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Age</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Office</u>**</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" nowrap align="center"><font face="Times New Roman" size="2"><b><u>Fund Since</u>
</b></font></td>
</tr>

<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Charles M. Royce <br>President, Co-Chief Investment Officer and Member of Board of Managers
 of R&#038;A.</div></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="top" align="center"><font face="Times New Roman" size="2">72</font></td>
<td width="7%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%" valign="top" align="center"><font face="Times New Roman" size="2">President</font></td>
<td width="7%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="9%" valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
John D. Diederich <br>Chief Operating Officer, Managing Director and Member of the Board
 of Managers of R&#038;A; Chief Financial Officer of R&#038;A; Director of Administration
 of The Royce Funds; and President of Royce Fund Services, Inc. (&#147;RFS&#148;),
 having been employed by R&#038;A since April 1993.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">61</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President
 and Treasurer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1997</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Jack E. Fockler, Jr. <br>Managing Director and Vice President of R&#038;A; Vice President
 of RFS, having been employed by R&#038;A since October 1989.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">53</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1995</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
W. Whitney George <br>Managing Director, Vice President and Co-Chief Investment Officer
 of R&#038;A, having been employed by R&#038;A since October 1991.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">54</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1995</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Daniel A. O&#146;Byrne<br> Principal and Vice President of R&#038;A, having been employed
 by R&#038;A since October 1986.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">50</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1994</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
John E. Denneen <br>General Counsel, Principal, Chief Legal and Compliance Officer and
 Secretary of R&#038;A; Secretary and Chief Legal Officer of The Royce Funds.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">45</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2">Secretary
 and <br>Chief Legal <br>Officer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Times New Roman" size="2">1996 to 2001
 <br>and <br>since 2002</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="2" align="left"><font face="Times New Roman" size="2"><div style="margin-left:10px;text-indent:-10px;">
Lisa Curcio <br>Chief Compliance Officer of The Royce Funds (since October 2004); and
 Compliance Officer of R&#038;A (since June 2004).</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">52</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Chief Compliance
 Officer</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2004</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="3" align="left"><hr size="1" color="#000000" noshade width="18%"></td>
</tr>
<tr>
<td width="1%" valign="top" align="right"><font face="Times New Roman" size="2">*</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Times New Roman" size="2"> The address
 of each officer is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue, New York,
 New York 10151.</font></p></td>
</tr>
<tr>
<td valign="top" nowrap align="right"><font face="Times New Roman" size="2">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"> Elected by
 and serves at the pleasure of the Board of Directors.</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">14</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2"><b>Stockholder Communications</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Stockholders may send written communications to the Fund&#146;s Board of Directors
 or to an individual Director by mailing such correspondence to the Secretary of
 the Fund (addressed to 745 Fifth Avenue, New York, New York 10151). Such communications
 must be signed by the stockholder and identify the class and number of shares held
 by the stockholder. Properly submitted stockholder communications will, as appropriate,
 be forwarded to the entire Board or to the individual Director. Any stockholder
 proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934,
 as amended (the &#147;Exchange Act&#148;), must continue to meet all the requirements
 of Rule 14a-8. See &#147;Additional Information &#150; Stockholder Proposals&#148;
 herein.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Director Attendance at Stockholder Meetings</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Fund has no formal policy regarding Director attendance at stockholder meetings.
 None of the Fund&#146;s Independent Directors attended the 2011 Annual Meeting of
 Stockholders.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Compliance with Section 16(a) of the Exchange Act</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Section 16(a) of the Exchange Act requires the officers and Directors of the Fund
 and persons who own more than ten percent of a registered class of the Fund&#146;s
 equity securities, to file reports of ownership and changes in ownership on Forms
 3, 4 and 5 with the SEC and the New York Stock Exchange. Officers, Directors and
 greater than ten percent stockholders are required by SEC regulations to furnish
 the Fund with copies of all Forms 3, 4 and 5 they file.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Based solely on the Fund&#146;s review of the copies of such forms and amendments
 thereto, furnished to it during or with respect to its most recent fiscal year,
 and written representations from certain reporting persons that they were not required
 to file Form 5 with respect to the most recent fiscal year, the Fund believes that
 all of its officers, Directors, greater than ten percent beneficial owners and other
 persons subject to Section 16 of the Exchange Act due to the requirements of Section
 30(h) of the Investment Company Act (i.e., any investment adviser or affiliated
 person of the Fund&#146;s investment adviser), have complied with all filing requirements
 applicable to them with respect to transactions in the Fund&#146;s shares during
 the Fund&#146;s most recent fiscal year.</font></p>
<p align="center"><font face="times new roman" size="2">15</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2"><b>Stock Ownership</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Information relating to each Director&#146;s ownership as of July 13, 2012 in the
 Fund and in all registered Royce Funds overseen or to be overseen by each Director
 is set forth below:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate Dollar Range of</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate Dollar</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Securities in all Royce Funds</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Range of Equity</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>overseen by each Director</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b><u>Name</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>in the Fund</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>in the Royce Family of Funds</u></b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><i>Interested Director</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Charles M. Royce</font></p></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="27%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="27%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Mark R. Fetting</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><i>Non-Interested Directors</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">
Patricia W. Chadwick</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">
Richard M. Galkin</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150; $50,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">
Stephen L. Isaacs</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$1 &#150; $10,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">
Arthur S. Mehlman</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150; $50,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">
David L. Meister</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">
G. Peter O&#146;Brien</font></p></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001 &#150; $50,000</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Information regarding ownership of the Fund&#146;s shares by the Fund&#146;s Directors
 and officers as of the Record Date is set forth below:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount of Beneficial</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Ownership of</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b><u>Name and Address* of Owner</u></b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b><u>Shares of Common Stock</u></b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><i>Interested Directors</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><DIV STYLE="margin-left:10px;">Charles M. Royce</div></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="70%" valign="bottom" align="center"><font face="Times New Roman" size="2">286,863</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Mark R. Fetting</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<i>Non-Interested Directors</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Patricia W. Chadwick</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Richard M. Galkin</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,280</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Stephen L. Isaacs</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">526</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Arthur S. Mehlman</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,272</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">David L. Meister</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">G. Peter O&#146;Brien</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">2,670</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<i>Interested Officers</i>:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">John D. Diederich</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,013</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Jack E. Fockler, Jr.</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">W. Whitney George</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Daniel A. O&#146;Byrne</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">John E. Denneen</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<DIV STYLE="margin-left:10px;">Lisa Curcio</div></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="3" align="left"><hr size="1" color="#000000" noshade width="18%"></td>
</tr>
<tr>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">The address
 of each Director and officer is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue,
 New York, New York 10151.</div></font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">As of the Record Date, all Directors and officers of the Fund as a group (14 persons)
 beneficially owned an aggregate of less than 1% of the Fund&#146;s outstanding shares of Common Stock, and no
 shares of its Preferred Stock.</font></p>
<p align="center"><font face="times new roman" size="2">16</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">As of July 13, 2012, no Independent Director or any of his immediate family members
 directly or indirectly owned any securities issued by Legg Mason or any of its affiliates
 (other than registered investment companies).</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Vote Required</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">A quorum consists of stockholders representing a majority of the outstanding shares
 of the Fund&#146;s Common Stock and/or Preferred Stock, as the case may be, entitled
 to vote, who are present in person or by proxy, and a plurality of all of the votes
 cast at a meeting at which a quorum is present is sufficient to elect a Director.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2"><b>The Board of Directors recommends that all stockholders vote FOR all Director
 nominees.</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>FEES PAID TO INDEPENDENT AUDITORS</b></font></p>
<p align="justify"><font face="times new roman" size="2"><b>Audit Fees</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The aggregate fees paid to TW&#038;B in connection with the annual audit of the Fund&#146;s financial statements and for services normally provided by TW&#038;B in connection
 with the statutory and regulatory filings of the Fund for each of the fiscal years
 ended December 31, 2010 and December 31, 2011 were $39,500 and $40,500, respectively,
 including out of pocket expenses.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Audit Related Fees</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The aggregate fees paid to TW&#038;B in connection with assurance and related services
 related to the annual audit of the Fund and for review of the Fund&#146;s financial
 statements, other than the Audit Fees described above, for each of the fiscal years
 ended December 31, 2010 and December 31, 2011 was $1,500. The audit-related services
 rendered by TW&#038;B to the Fund consisted of the preparation of reports to a rating
 agency for the Preferred Stock.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Tax Fees</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The aggregate fees paid for tax-related services, including preparation of tax returns,
 tax compliance and tax advice, rendered by TW&#038;B to the Fund for the fiscal
 years ended December 31, 2010 and December 31, 2011 were $6,800 and $6,900, respectively.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>All Other Fees</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">There were no other fees billed for non-audit services rendered by TW&#038;B to the
 Fund for the fiscal years ended December 31, 2010 and December 31, 2011. The aggregate
 non-audit fees billed by TW&#038;B for services rendered to R&#038;A and any entity
 controlling, controlled by, or under common control with R&#038;A that provides
 ongoing services to the Fund for the fiscal years ended December 31, 2010 and December
 31, 2011 were $8,300 and $8,400, respectively. The Audit Committee has determined
 that the provision of non-audit services is compatible with maintaining the independence
 of TW&#038;B.</font></p>
<p align="center"><font face="times new roman" size="2">17</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Audit Committee has determined that the preparation of the rating agency reports
 is compatible with maintaining TW&#038;B&#146;s independence. TW&#038;B did not
 provide any other professional services to the Fund or R&#038;A for the year ended
 December 31, 2011. No representatives of TW&#038;B will be present at the Meeting.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Audit Committee&#146;s Pre-Approval Policies and Procedures</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Audit Committee of the Fund has adopted policies and procedures with regard to
 the pre-approval of audit and non-audit services. On an annual basis, at the Fund&#146;s December Audit Committee meeting, the independent auditors of the Fund will
 submit a schedule of proposed audit, audit-related, tax and other non-audit services
 to be rendered to the Fund and/or R&#038;A and its affiliates for the following
 year that require pre-approval by the Audit Committee. Such schedule will include
 the maximum fees that can be paid for such services without further Audit Committee
 approval. Any subsequent revision to pre-approved services or fees will be considered
 at the next regularly scheduled Audit Committee meeting. Services not presented
 for pre-approval at the December Audit Committee meeting will be submitted to the
 Chief Financial Officer of the Fund for a determination that the proposed services
 fit within the independence guidelines and then considered for pre-approval at the
 next regularly scheduled Audit Committee meeting. A proposal to commence an engagement
 involving audit, audit-related or tax services prior to the next regularly scheduled
 Audit Committee meeting shall be made in writing by the Chief Financial Officer
 to all Audit Committee members and include a summary of the engagement, estimated
 maximum cost, the category of services and the rationale for engaging the Fund&#146;s
 independent auditor. Such proposed engagement can be pre-approved by any Audit Committee
 member who is an Independent Director. Pre-approval by the Chairman of the Audit
 Committee is required for a proposed engagement involving non-audit services other
 than audit-related or tax.</font></p>
<p align="center"><font face="times new roman" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<p align="justify"><font face="times new roman" size="2"><b>Adjournment of Meeting; Other Matters</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">In the event that sufficient votes in favor of Proposal 1 in the Notice of Annual
 Meeting of Stockholders are not received by the time scheduled for the Meeting,
 the persons named as proxies may propose one or more adjournments of the Meeting
 to permit further solicitation of proxies for such Proposal. Any such adjournment
 will require the affirmative vote of a majority of the shares present in person
 or by proxy at the session of the Meeting to be adjourned. The persons named as
 proxies will vote in favor of such adjournment those proxies which they are entitled
 to vote in favor of the Proposal. They will vote against any such adjournment those
 proxies required to be voted against the Proposal.</font></p>
<p align="center"><font face="times new roman" size="2">18</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">While the Meeting has been called to transact any business that may properly come
 before it, the Directors know of no business other than the matter stated in the
 Notice of Annual Meeting of Stockholders. However, if any additional matter properly
 comes before the Meeting and on all matters incidental to the conduct of the Meeting,
 it is the intention of the persons named in the enclosed Proxy to vote the Proxy
 in accordance with their judgment on such matters.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Fund expects that broker-dealer firms holding shares of the Fund in &#147;street
 name&#148; for the benefit of their customers and clients will request the instructions
 of such customers and clients on how to vote their shares on the Proposal before
 the Meeting. The Fund understands that, under the rules of the New York Stock Exchange,
 such broker-dealers may, without instructions from such customers and clients, grant
 authority to the proxies designated by the Fund to vote on the election of Directors
 if no instructions have been received prior to the date specified in the broker-dealer
 firm&#146;s request for voting instructions. Certain broker-dealer firms may exercise
 discretion over shares held in their name for which no instructions are received
 by voting such shares in the same proportion as they have voted shares for which
 they have received instructions.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The shares as to which the Proxies so designated are granted authority by broker-dealer
 firms to vote on the matters to be considered at the Meeting, the shares as to which
 broker-dealer firms have declined to vote (&#147;broker non-votes&#148;) and the
 shares as to which Proxies are returned by record stockholders but which are marked
 &#147;abstain&#148; on any matter will be included in the Fund&#146;s tabulation
 of the total number of votes present for purposes of determining whether the necessary
 quorum of stockholders exists. However, abstentions and broker non-votes will not
 be counted as votes cast. Therefore, abstentions and broker non-votes will not have
 an effect on the election of Directors.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Address of Investment Adviser</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">R&#038;A&#146;s principal office is located at 745 Fifth Avenue, New York, New York
 10151.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Annual Report Delivery</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2"><b>The Fund&#146;s Annual Report to Stockholders for the year ended December 31,
 2011 was previously mailed to its stockholders and the Semiannual Report to Stockholders
 for the six months ended June 30, 2012 will be mailed to stockholders in late August
 2012. Copies of the Annual Report are available, and copies of the Semiannual Report
 will be available in late August, upon request, without charge, by writing to the
 Fund at 745 Fifth Avenue, New York, New York 10151 or calling toll free at 1-800-221-4268.
 All publicly released material information is always disclosed by the Fund on its
 website at <u>www.roycefunds.com.</u></b></font></p>
<p align="center"><font face="times new roman" size="2">19</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2"><b>Stockholder Proposals</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Proposals of stockholders intended to be presented at the Fund&#146;s 2013 Annual
 Meeting of Stockholders must be received by the Fund by April 8, 2013 for inclusion
 in the Fund&#146;s Proxy Statement and form of Proxy for that meeting. The Fund&#146;s By-laws generally require advance notice be given to the Fund in the event
 a stockholder desires to nominate a person for election to the Board of Directors
 or to transact any other business from the floor at an annual meeting of stockholders.
 Notice of any such nomination or other business intended to be presented at the
 Fund&#146;s 2013 Annual Meeting of Stockholders must be in writing and received
 at the Fund&#146;s principal executive office between April 8, 2013 and May 8, 2013.
 Written proposals should be sent to the Secretary of the Fund, 745 Fifth Avenue,
 New York, New York 10151.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Proxy Delivery</b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">If you and another stockholder share the same address, the Fund may only send one
 proxy statement unless you or the other stockholder(s) request otherwise. Call or
 write the Fund if you wish to receive a separate copy of the proxy statement and
 the Fund will promptly mail a copy to you. You may also call or write to the Fund
 if you wish to receive a separate proxy in the future, or if you receive multiple
 copies now, and wish to receive a single copy in the future. For such requests,
 please call 1-800-221-4268, or write the Fund at 745 Fifth Avenue, New York, New
 York 10151.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2"><b>PLEASE FILL IN, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ACCOMPANYING
 POSTAGE-PAID ENVELOPE.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="45%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Dated: August
 6, 2012</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">20</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="times new roman" size="2"><b>E<small>XHIBIT</small> A</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>C<small>HARTER OF THE</small> A<small>UDIT</small> C<small>OMMITTEE<br> OF THE</small> B<small>OARD OF</small> D<small>IRECTORS</small>/T<small>RUSTEES</small></b><br>
<b>F<small>OR THE ROYCE</small> F<small>UNDS</small> L<small>ISTED</small> I<small>N</small> A<small>PPENDIX</small> A H<small>ERETO</small></b></font></p>
<p align="justify"><font face="times new roman" size="2"><b>I.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u>Composition of the Audit Committee</u></b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Audit Committee shall be composed of at least three Directors/Trustees, each
 of whom:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">shall not
 be an &#147;interested person&#148; of the Fund, as defined in Section 2(a)(19)
 of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;);</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">shall not
 accept directly or indirectly any consulting, advisory, or other compensatory fee
 from the Fund (other than fees for serving on the Board of Directors/Trustees or
 any committee thereof); and</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">shall be financially
 literate at the time of his or her appointment to the Audit Committee, as such qualification
 is interpreted by the Board of Directors/Trustees in its business judgment, or shall
 become financially literate within a reasonable period of time after his or her
 appointment to the Audit Committee.</div></font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">In the event Fund shares are or become listed on a national securities exchange or
 are or become quoted on a national market quotation system, the additional qualification
 requirements set forth below also shall apply:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">each Director/Trustee
 who is a member of the Audit Committee shall satisfy the applicable independence
 requirements for any such national securities exchange or national market quotation
 system; and</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">at least one
 Director/Trustee who is a member of the Audit Committee shall have accounting or
 related financial management expertise as the Board of Directors/Trustees interprets
 such qualification in its business judgment.</div></font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Board of Directors/Trustees shall determine annually: (i) whether at least one
 of the members of the Audit Committee is an &#147;audit</font></p>
<p align="center"><font face="times new roman" size="2">A-1</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">committee financial expert,&#148; as defined in rules of the Securities and Exchange
 Commission and (ii) whether simultaneous service on more than three public company
 audit committees by a member of the Audit Committee would not impair the ability
 of such member to serve on the Audit Committee.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>II.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u><b>Purposes of the Audit Committee</b></u></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
The Audit Committee shall be responsible for:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(1)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
assisting Board oversight of the</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">integrity
 of the Fund&#146;s financial statements;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">independent
 accountants&#146; qualifications and independence; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">performance
 of the Fund&#146;s independent accountants; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(2)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2"><div align="justify">
preparation, or overseeing the preparation of, any audit committee report required
 by rules of the Securities and Exchange Commission to be included in the Fund&#146;s
 proxy statement for its annual meeting of stockholders.</div></font></td>
</tr>
</table>
<p align="justify"><font face="times new roman" size="2"><b>III.</b>&#160;&#160;&#160;&#160;&#160;&#160; <u><b>Responsibilities and Duties of the Audit Committee</b></u></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Fund&#146;s independent accountants shall report directly to the Audit Committee.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">As may be necessary or appropriate to carry out its purposes, or to comply with applicable
 law or the requirements of any securities exchange or market quotation system on
 which Fund shares are or may become listed or quoted, the Audit Committee shall
 have the following responsibilities and duties:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="7%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">the appointment,
 compensation, retention and oversight of the work of the Fund&#146;s independent
 accountants, including the resolution of disagreements between management and the
 independent accountants regarding financial reporting;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to (i) select
 an accounting firm to (1) serve as the Fund&#146;s independent accountants, (2)
 audit the Fund&#146;s financial statements on an annual basis, and (3) provide an
 opinion on an annual basis with respect to the Fund&#146;s financial statements,
 and (ii) recommend that the members of the</div></font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">A-2</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="7%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">Board of Directors/Trustees
 who are not &#147;interested persons&#148; of the Fund, as defined in Section 2(a)(19)
 of the 1940 Act, ratify such selection;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to pre-approve
 (i) all audit and permissible non-audit services to be provided to the Fund by the
 Fund&#146;s independent accountants and (ii) all permissible non-audit services
 to be provided by the Fund&#146;s independent accountants to the Fund&#146;s Investment
 Adviser or any entity controlling, controlled by, or under common control with the
 Investment Adviser (&#147;Adviser Affiliate&#148;) that provides ongoing services
 to the Fund, if the engagement by the Adviser Affiliate relates directly to the
 operations and financial reporting of the Fund;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">if determined
 to be advisable, to develop policies and procedures for pre-approval of the engagement
 of the Fund&#146;s independent accountants to provide any of the audit or non-audit
 services described in Section III(c) above;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to consider
 whether each non-audit service provided by the Fund&#146;s independent accountants
 to the Fund and to the Fund&#146;s Investment Adviser or any Adviser Affiliate that
 provides ongoing services to the Fund is compatible with maintaining the independence
 of such independent accountants;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(f)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to ensure
 that the Fund&#146;s independent accountants submit on a periodic basis to the Audit
 Committee a formal written statement delineating all relationships between such
 independent accountants and the Fund, consistent with Independence Standards Board
 Standard No. 1, and to actively engage in a dialogue with, and receive and consider
 specific representations from, the Fund&#146;s independent accountants with respect
 to any disclosed relationships or services that may affect the objectivity and independence
 of such independent accountants;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(g)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to review
 the arrangements for annual and special audits and the scope of such audits with
 the Fund&#146;s independent accountants;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(h)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to meet to
 review and discuss the Fund&#146;s audited financial statements and, to the extent
 required by applicable law or regulations, the Fund&#146;s semi-annual financial
 statements</div></font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">A-3</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="7%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">with Fund
 management and the Fund&#146;s independent accountants, including the Fund&#146;s
 disclosure of management&#146;s discussion of Fund performance;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to review
 with the Fund&#146;s independent accountants any audit problems or difficulties
 the accountants may have encountered during or relating to the conduct of the audit,
 including any matters required to be discussed pursuant to rules of The Public Company
 Accounting Oversight Board and other relevant regulatory and professional organizations,
 and management&#146;s response;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(j)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to establish
 and administer policies and procedures relating to the hiring by the Fund, its Investment
 Adviser, or any administrator that is an Adviser Affiliate of employees or former
 employees of the Fund&#146;s independent accountants;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(k)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to consider
 information and comments from the Fund&#146;s independent accountants with respect
 to the Fund&#146;s accounting and financial reporting policies, procedures and internal
 control over financial reporting (including the Fund&#146;s critical accounting
 policies and practices) and management&#146;s responses to any such comments;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(l)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to request,
 receive and/or review from the Fund&#146;s independent accountants such other materials
 as may be deemed necessary or advisable in the discretion of the Committee in the
 exercise of its duties under this Charter; such materials may (but are not required
 to) include, without limitation, any other material written communications relating
 to the Fund&#146;s financial statements, or internal or disclosure controls, between
 the independent accountants and the Fund, the Investment Adviser, the Fund&#146;s
 sub-adviser(s), if any, or other Fund service providers, such as any management
 letter or schedule of unadjusted differences;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(m)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">at least annually,
 to obtain and review a report by the Fund&#146;s independent accountants describing:
 (i) such independent accountants&#146; internal quality-control procedures; (ii)
 any material issues raised by the most recent internal quality-control review,
 or peer review, of such independent accountants, or by any inquiry or investigation
 by governmental or professional authorities, within the</div></font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">A-4</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="7%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">preceding
 five years, respecting one or more independent audits carried out by such firm,
 and any steps taken to deal with any such issues; and (iii) all relationships between
 the Fund&#146;s independent accountants and the Fund, the Investment Adviser, Adviser
 Affiliates and members of the management of such entities (to assess the independence
 of the Fund&#146;s independent accountants);</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(n)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to establish
 procedures for: (i) the receipt, retention, and treatment of complaints received
 by the Fund regarding accounting, internal accounting controls, or auditing matters;
 and (ii) the confidential, anonymous submission of concerns by employees of the
 Fund&#146;s Investment Adviser, manager, administrator, principal underwriter, or
 any other provider of accounting related services for the Fund regarding questionable
 accounting or auditing matters;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(o)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to address
 reports received from attorneys in accordance with procedures adopted by the Fund&#146;s Investment Adviser relating to the possible violation of federal or state
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(p)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><div align="justify">to discuss
 with Fund management and the Fund&#146;s independent accountants policies with respect
 to risk assessment and risk management; and</div></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(q)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><div align="justify">to perform
 such other functions and to have such other powers consistent with this Charter,
 the Fund&#146;s Articles of Incorporation or Declaration of Trust, as amended and
 supplemented, the Fund&#146;s By-laws, as amended, and applicable law, as the Audit
 Committee or the Board deems necessary or appropriate.</div></font></td>
</tr>
</table>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Audit Committee may delegate any portion of its authority, including the authority
 to grant preapprovals of audit related services and permitted non-audit services,
 to a subcommittee of one or more members of the Audit Committee pursuant to preapproval
 policies and procedures established by the Audit Committee; provided, however, that
 the Audit Committee may not delegate preapproval of the audit required by the Securities
 Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to
 grant preapprovals shall be presented to the full Audit Committee at its next regularly
 scheduled meeting.</font></p>
<p align="center"><font face="times new roman" size="2">A-5</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The function of the Audit Committee is oversight; it is the responsibility of Fund
 management to maintain appropriate systems for accounting and internal control over
 financial reporting, and the responsibility of the Fund&#146;s independent accountants
 to plan and carry out a proper audit. Specifically, Fund management is responsible
 for: (1) the preparation, presentation and integrity of the Fund&#146;s financial
 statements; (2) the maintenance of appropriate accounting and financial reporting
 principles and policies; and (3) the maintenance of internal control over financial
 reporting and other procedures designed to assure compliance with accounting standards
 and related laws and regulations. The Fund&#146;s independent accountants are responsible
 for planning and carrying out an audit consistent with applicable legal and professional
 standards and the terms of their engagement letter. Nothing in this Charter shall
 be construed to reduce the responsibilities or liabilities of the Fund&#146;s service
 providers, including the Fund&#146;s independent accountants.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">Although the Audit Committee is expected to review appropriately the matters that
 come before it, such review of a Fund&#146;s financial statements by the Audit Committee
 is not an audit, nor does the Committee&#146;s review substitute for the responsibilities
 of the Fund&#146;s management for preparing, or the Fund&#146;s independent accountants
 for auditing, the financial statements. Members of the Audit Committee are not employees
 of the Fund and, in serving on the Audit Committee, are not, and do not hold themselves
 out to be, acting as accountants or auditors. As such, it is not the duty or responsibility
 of the Audit Committee or its members to conduct &#147;field work&#148; or other
 types of auditing or accounting reviews or procedures.</font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">In discharging their duties, the members of the Audit Committee are entitled to rely
 on information, opinions, reports, or statements, including financial statements
 and other financial data, if prepared or presented by: (1) one or more officers
 of the Fund whom the Board reasonably believes to be reliable and competent in the
 matters presented; (2) legal counsel, public accountants, or other persons as to
 matters the Board reasonably believes are within the person&#146;s professional
 or expert competence; or (3) a committee of the Board.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>IV.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Meetings</b></u></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Audit Committee shall meet on a regular basis but no less frequently than annually.
 The Audit Committee periodically shall meet separately with the Fund&#146;s independent
 accountants, Fund management, and representatives of Fund management responsible
 for the financial and accounting operations of the Fund. The Audit Committee may
 hold special meetings at such times as the Audit Committee believes necessary or
 appropriate. Members of the Audit Committee may participate in a meeting</font></p>
<p align="center"><font face="times new roman" size="2">A-6</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">of the Audit Committee by means of conference call or similar communications equipment
 by means of which all persons participating in such meeting can hear each other.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>V.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u><b>Assistance from Fund Management; Authority to Engage Advisers; Funding
</b></u></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The appropriate officers of the Fund shall provide or arrange to provide such information,
 data and services as the Audit Committee may request. The Audit Committee shall
 have the power and authority to take all action it believes necessary or appropriate
 to discharge its responsibilities, including the power and authority to retain independent
 counsel and other advisers. The Fund shall provide for appropriate funding, as determined
 by the Audit Committee as a committee of the Board, for payment of: (i) compensation
 to the Fund&#146;s independent accountants or any other accounting firm engaged
 for the purpose of preparing or issuing an audit report or performing other audit,
 review, or attest services for the Fund, (ii) compensation to any advisers employed
 by the Audit Committee under this Section V, and (iii) ordinary administrative expenses
 of the Audit Committee that are necessary or appropriate in carrying out its responsibilities.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>VI.</b>&#160;&#160;&#160;&#160;&#160;&#160;	<u><b>Reporting</b></u></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">The Chairman of the Audit Committee shall report to the Board on the results of its
 deliberations and make such recommendations as deemed necessary or appropriate.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>VII.&#160;&#160;&#160;&#160;&#160;<u>Amendments</u></b></font></p>
<p align="justify" style="text-indent:35px;"><font face="times new roman" size="2">This Charter may be amended or modified from time to time by vote of the Board.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Dated: April 11, 2000, as revised through February 16, 2011</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>Appendix A<br></b>Royce Capital Fund<br>Royce Focus Trust, Inc.<br>Royce Global
 Value Trust, Inc.<br>Royce Micro-Cap Trust, Inc.<br>Royce Value Trust, Inc.<br>
The Royce Fund</font></p>
<p align="center"><font face="times new roman" size="2">A-7</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="times new roman" size="2"><b>E<small>XHIBIT</small> B</b></font></p>
<p align="center"><font face="times new roman" size="2"><b>C<small>HARTER OF THE</small> N<small>OMINATING</small> C<small>OMMITTEE<br>OF THE</small> B<small>OARD OF</small> D<small>IRECTORS</small>/T<small>RUSTEES FOR</small>
<br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> L<small>ISTED IN</small> A<small>PPENDIX</small> A H<small>ERETO</small></b></font></p>
<p align="justify"><font face="times new roman" size="2"><b>O<small>RGANIZATION</small></b></font></p>
<p align="justify"><font face="times new roman" size="2">The Nominating Committee (the &#147;Committee&#148;) of the Board of Directors/Trustees
 for the registered investment companies (each, a &#147;Fund&#148;) listed on Exhibit
 A attached hereto shall be composed solely of Directors/Trustees who are not &#147;interested
 persons&#148; of the Fund as defined in Section 2(a)(19) of the Investment Company
 Act of 1940, as amended (the &#147;1940 Act&#148;), and who are &#147;independent&#148; as defined in the applicable listing standards of the national securities
 exchange or national market quotation system (each, an &#147;Exchange&#148;) on
 which a Fund is listed or quoted (the &#147;Independent Directors&#148;). The Board
 of Directors/Trustees of the Fund (the &#147;Board&#148;) shall appoint the members
 of the Committee (which may or may not be all of the Independent Directors) and
 shall designate the Chairman of the Committee. The Committee shall have authority
 to retain its own counsel and other advisers the Committee deems appropriate and
 shall have the sole authority to approve the compensation and other terms of their
 retention.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>R<small>ESPONSIBILITIES</small></b></font></p>
<p align="justify"><font face="times new roman" size="2">The Committee shall identify individuals qualified to serve as Independent Directors
 of the Fund and shall recommend its nominees for consideration by the full Board.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>I<small>DENTIFICATION AND</small> E<small>VALUATION OF</small> P<small>OTENTIAL</small> N<small>OMINEES</small></b></font></p>
<p align="justify"><font face="times new roman" size="2">In identifying and evaluating a person as a potential nominee to serve as an Independent
 Director of the Fund, the Committee should consider among other factors it may deem
 relevant:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom" align="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">the contribution
 which the person can make to the Board, with consideration being 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;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">the character
 and integrity of the person;</font></td>
</tr>
</table>
<p align="center"><font face="times new roman" size="2">B-1</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">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 Independent Director of the Fund;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">whether or
 not the person has any relationships that might impair his independence, such as
 any business, financial or family relationships with Fund management, the investment
 adviser of the Fund, Fund service providers or their affiliates;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">whether or
 not the person is financially literate pursuant to the applicable Exchange&#146;s
 audit committee membership standards;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">whether or
 not the person serves on boards of, or is otherwise affiliated with, competing financial
 service organizations or their related investment company complexes;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">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;</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="Times New Roman" size="2">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.</font></p></td>
</tr>
</table>
<p align="justify"><font face="times new roman" size="2">While the Committee is solely responsible for the selection and nomination of the
 Fund&#146;s Independent Directors, the Committee shall 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 nominations
 to the Secretary of the Fund which include biographical information and set forth
 the qualifications of the proposed nominee.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>Q<small>UORUM</small></b></font></p>
<p align="justify"><font face="times new roman" size="2">A majority of the members of the Committee shall constitute a quorum for the transaction
 of business, and the act of a majority of the members of the Committee present at
 any meeting at which there is quorum shall be the act of the Committee.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>N<small>OMINATION OF</small> D<small>IRECTORS</small></b></font></p>
<p align="justify"><font face="times new roman" size="2">After a determination by the Committee that a person should be selected and nominated
 as an Independent Director of the Fund, the Committee shall</font></p>
<p align="center"><font face="times new roman" size="2">B-2</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="times new roman" size="2">present its recommendation to the full Board for its consideration and, if necessary,
 to the Independent Directors.</font></p>
<p align="justify"><font face="times new roman" size="2"><b>M<small>EETINGS</small></b></font></p>
<p align="justify"><font face="times new roman" size="2">The Committee may meet either on its own or in conjunction with meetings of the Board.
 Meetings of the Committee may be held in person, by video conference or by conference
 telephone. The Committee may take action by unanimous written consent in lieu of
 a meeting.</font></p>
<p align="justify"><font face="times new roman" size="2">Adopted: February 10, 2004<br> Revised through February 16, 2011</font></p>
<p align="center"><font face="times new roman" size="2"><b>A<small>PPENDIX</small> A<br></b>Royce Capital Fund<br>Royce Focus Trust, Inc.<br>Royce Global
 Value Trust, Inc.<br>Royce Micro-Cap Trust, Inc.<br>Royce Value Trust, Inc.<br>
 The Royce Fund</font></p>
<p align="center"><font face="times new roman" size="2">B-3</font></p>
<div><hr size="3" noshade color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="30%" valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>PROXY TABULATOR</b></i></b></i></font></td>
<td width="20%"><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
<td><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>P.O. BOX 9112</b></i></b></i></font></td>
<td><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Internet</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>FARMINGDALE, NY 11735</b></i></b></i></font></td>
<td><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
<td><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
<td align="left"><font face="TIMES NEW ROMAN" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1)</font><font face="Arial" size="2">&#160;&#160;&#160;Read the
 Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2)</font><font face="Arial" size="2">&#160;&#160;&#160;Go to website
<b><u>www.proxyvote.com</u></b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3)</font><font face="Arial" size="2">&#160;&#160;&#160;Follow
 the instructions provided on the website.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Telephone</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1)</font><font face="Arial" size="2">&#160;&#160;&#160;Read the
 Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2)</font><font face="Arial" size="2">&#160;&#160;&#160;Call</font><b>
<font face="Arial" size="2">1-800-690-6903</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3)</font><font face="Arial" size="2">&#160;&#160;&#160;Follow
 the instructions.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Mail</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1)</font><font face="Arial" size="2">&#160;&#160;&#160;Read the
 Proxy Statement.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2)</font><font face="Arial" size="2">&#160;&#160;&#160;Check the
 appropriate boxes on the proxy card below.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3)</font><font face="Arial" size="2">&#160;&#160;&#160;Sign and
 date the proxy card.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">4)</font><font face="Arial" size="2">&#160;&#160;&#160;Return
 the proxy card in the envelope provided.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><i><b><i>
<b>If you vote by Telephone or Internet</b></i></b></i><b>,</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><i>
<b><u>you do not need </u></b><b><u>to mail</u> your proxy</i>.</b></font></td>
</tr>
</table>
<br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="1">
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
</tr>
<tr>
<td width="50%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Arial" size="1">M48280-P28946</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="26%" valign="bottom" align="right"><font face="Arial" size="1">KEEP THIS
 PORTION FOR YOUR RECORDS</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr style="border:2px #000 dashed;" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">
<b>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="right"><font face="Arial" size="1">DETACH AND
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td style="border-right:2px #000 solid;"><font face="Arial" size="1">&#160;</font></td>
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<td width="2%" rowspan="33"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="30%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" nowrap align="center"><font face="Arial" size="2"><b>&#160; Withhold &#160;</b></font></td>
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" rowspan="5"><p align="justify"><font face="Arial" size="1">To withhold
 authority to vote for any individual  nominee(s), mark &#147;For All Except&#148; and write
 the name(s) of the nominee(s) on the line below.</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
<b>Vote on Directors</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>All</b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">1.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Election of
 Directors</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2"><b>Nominees:
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">01)</font><font face="Arial" size="2">&#160;&#160;&#160;Charles M. Royce</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">02)</font><font face="Arial" size="2">&#160;&#160;&#160;G. Peter O&#146;Brien</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">2.&#160;&#160;</font></td>
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To transact such other business as may properly come before the meeting</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" colspan="13" align="left"><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 </b></font></td>
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<td valign="bottom" colspan="13" align="justify"><font face="Arial" size="2">
<b>specifications are made, such shares will be voted FOR the election of all the nominees for Director.</b></font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" colspan="13" align="left"><font face="Arial" size="2">
<b>Please Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13" align="left"><font face="Arial" size="2">
<b>Note: Please be sure to sign and date this proxy</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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</tr>
</table>
<table  border="0" cellpadding="0" cellspacing="0" width="96%">
<tr>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><div style="border-top:1px #000 solid; border-bottom:1px #000 solid; border-left:1px #000 solid; border-right:1px #000 solid;"><font face="Arial" size="2"><br><br>&#160;</font></div></td>
<td valign="bottom" align="left"><div style="border-top:1px #000 solid; border-bottom:1px #000 solid; border-right:1px #000 solid;"><font face="Arial" size="2"><br><br>&#160;</font></div></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div style="border-top:1px #000 solid; border-bottom:1px #000 solid; border-right:1px #000 solid;"><font face="Arial" size="2"><br><br>&#160;</font></div></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="35%" nowrap valign="bottom" align="left"><font face="Arial" size="2">Signature [PLEASE SIGN WITHIN BOX]</font></td>
<td width="8%" valign="bottom" align="left"><font face="Arial" size="2">Date</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="35%" nowrap valign="bottom" align="left"><font face="Arial" size="2">Signature [PLEASE SIGN WITHIN BOX]</font></td>
<td width="8%" valign="bottom" align="left"><font face="Arial" size="2">Date</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="7"><font face="Arial" size="1">&#160;</font></td>
</tr>
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</div>
<br>
<div><hr noshade size="3" color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Arial" size="2"><b>
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:
</b><br>The Proxy Statement is available at www.proxyvote.com. </font></p>
<br>
<br>
<br>
<br>
<br>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><hr style="border:2px #000 dashed;" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Arial" size="1">M48281-P28946</font></td>
</tr>
</table>
<br>
<table bordercolor="#000000" rules="groups" border="1" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="5"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="5"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"  rowspan="15"><font face="Arial" size="1">&#160;</font></td>
<td width="22%" valign="bottom" align="left"><font face="Arial" size="2"><b>COMMON PROXY</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td width="22%" valign="bottom" align="right"><font face="Arial" size="2"><b>COMMON PROXY</b></font></td>
<td width="2%"  rowspan="15"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>COMMON STOCK</b></font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>745 FIFTH AVENUE<br>NEW YORK, NEW YORK 10151</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>This Proxy is solicited on behalf of the
Board of Directors.</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><div align="justify"><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 July 13, 2012 at the Annual Meeting of Stockholders
of Royce Value Trust, Inc. to be held on September 20, 2012, and at any adjournment thereof.
</font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
<b>
PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><div align="justify"><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></div></td>
</tr>
<tr>
<td colspan="3"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<div><hr noshade size="3" color="gray"></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<br>
<br>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="30%" valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>PROXY TABULATOR</b></i></b></i></font></td>
<td width="20%"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>P.O. BOX 9112</b></i></b></i></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Internet</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i><b>FARMINGDALE, NY 11735</b></i></b></i></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1)</font><font face="Arial" size="2">&#160;&#160;&#160;Read the
 Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2)</font><font face="Arial" size="2">&#160;&#160;&#160;Go to website
<b><u>www.proxyvote.com</u></b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3)</font><font face="Arial" size="2">&#160;&#160;&#160;Follow
 the instructions provided on the website.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Telephone</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1)</font><font face="Arial" size="2">&#160;&#160;&#160;Read the
 Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2)</font><font face="Arial" size="2">&#160;&#160;&#160;Call<b>
1-800-690-6903</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3)</font><font face="Arial" size="2">&#160;&#160;&#160;Follow
 the instructions.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Mail</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1)</font><font face="Arial" size="2">&#160;&#160;&#160;Read the
 Proxy Statement.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2)</font><font face="Arial" size="2">&#160;&#160;&#160;Check the
 appropriate boxes on the proxy card below.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3)</font><font face="Arial" size="2">&#160;&#160;&#160;Sign and
 date the proxy card.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">4)</font><font face="Arial" size="2">&#160;&#160;&#160;Return
 the proxy card in the envelope provided.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><i><b><i>
<b>If you vote by Telephone or Internet</b></i></b></i><b>,</b></font></td>
</tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><i>
<b><u>you do not need</u></b><u><b> to mail</b></u> <b>your proxy</i>.</b></font></td>
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</table>
<br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Arial" size="1">
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
</tr>
<tr>
<td width="50%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Arial" size="1">M48282-P28946</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="26%" valign="bottom" align="right"><font face="Arial" size="1">KEEP THIS PORTION FOR YOUR RECORDS</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr style="border:2px #000 dashed;" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">
<b>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="right"><font face="Arial" size="1">DETACH AND
 RETURN THIS PORTION ONLY</font></td>
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</table>
<br>
<div style="border:2px #000 solid;">
<table  border="0" cellpadding="0" cellspacing="0" width="96%" align="center">
<tr>
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<td colspan="4" align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td style="border-right:2px #000 solid;"><font face="Arial" size="1">&#160;</font></td>
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<td width="2%" rowspan="33"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="30%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Arial" size="2"><b>&#160;For&#160;</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%" nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>&#160; Withhold &#160;</b></font></td>
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<td width="4%" valign="bottom" align="center" NOWRAP><font face="Arial" size="2"><b>For All</b></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" rowspan="5" align="left"><div align="justify"><font face="Arial" size="1">To withhold
 authority to vote for any individual  nominee(s), mark &#147;For All Except&#148; and write
 the name(s) of the nominee(s) on the line below.</font></td>
<td width="2%" rowspan="33"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
<b>Vote on Directors</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>All</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>All</b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Election of Directors</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Nominees:
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">01)</font><font face="Arial" size="2">&#160;&#160;&#160;Charles M. Royce</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><hr size="1" color="#000000" noshade></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">02)</font><font face="Arial" size="2">&#160;&#160;&#160;G. Peter O&#146;Brien</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">03)</font><font face="Arial" size="2">&#160;&#160;&#160;Patricia W. Chadwick</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">04)</font><font face="Arial" size="2">&#160;&#160;&#160;David L. Meister</font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">2.&#160;&#160;</font></td>
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<td width="35%" nowrap valign="bottom" align="left"><font face="Arial" size="2">Signature [PLEASE SIGN WITHIN BOX]</font></td>
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<td width="35%" nowrap valign="bottom" align="left"><font face="Arial" size="2">Signature [PLEASE SIGN WITHIN BOX]</font></td>
<td width="8%" valign="bottom" align="left"><font face="Arial" size="2">Date</font></td>
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<!--page-->
<p align="center"><font face="Arial" size="2"><b>
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:
</b><br>The Proxy Statement is available at www.proxyvote.com. </font></p>
<br>
<br>
<br>
<br>
<br>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom"><hr style="border:2px #000 dashed;" color="#000000" noshade></td>
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<tr>
<td valign="bottom" align="right"><font face="Arial" size="1">M48283-P28946</font></td>
</tr>
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<br>
<table border="1" cellpadding="0" cellspacing="0" bordercolor="#000000" rules="groups" width="100%">
<tr>
<td colspan="5"><font face="Arial" size="1">&#160;</font></td>
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<td width="2%"  rowspan="15"><font face="Arial" size="1">&#160;</font></td>
<td width="22%" valign="bottom" align="left"><font face="Arial" size="2"><b>PREFERRED PROXY</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td width="22%" valign="bottom" align="right"><font face="Arial" size="2"><b>PREFERRED PROXY</b></font></td>
<td width="2%"  rowspan="15"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>
5.90% CUMULATIVE PREFERRED STOCK</b></font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2">
<b>745 FIFTH AVENUE<br>NEW YORK, NEW YORK 10151</b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td colspan="3" valign="bottom" align="center"><font face="Arial" size="2"><b>This Proxy is solicited on behalf of the
Board of Directors.</b></font></td>
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<td valign="bottom" colspan="3"><div align="justify"><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 July 13, 2012 at the Annual Meeting of Stockholders
of Royce Value Trust, Inc. to be held on September 20, 2012, and at any adjournment thereof.

</font></div></td>
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<td valign="bottom" colspan="3" align="left"><font face="Arial" size="2">
<b>
PLEASE VOTE, DATE AND SIGN ON REVERSE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</b></font></td>
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<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><div align="justify"><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></div></td>
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