<SEC-DOCUMENT>0000949377-18-000019.txt : 20180620
<SEC-HEADER>0000949377-18-000019.hdr.sgml : 20180620

<ACCEPTANCE-DATETIME>20180125172123

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000949377-18-000019

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		19

FILED AS OF DATE:		20180125

DATE AS OF CHANGE:		20180517


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.

		CENTRAL INDEX KEY:			0000804116

		IRS NUMBER:				133356097

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-222703

		FILM NUMBER:		18549137



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC

		DATE OF NAME CHANGE:	19920703




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.

		CENTRAL INDEX KEY:			0000804116

		IRS NUMBER:				133356097

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-04875

		FILM NUMBER:		18549138



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC

		DATE OF NAME CHANGE:	19920703



</SEC-HEADER>

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<FILENAME>rvt-n2.htm
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on January 25, 2018</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">Securities Act File No. 333-_____</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">Investment Company Act File No. 811-04875</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">==============================================================================</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-2</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933[X]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Pre-Effective Amendment No. [ ]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Post-Effective Amendment No. [ ]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">and/or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT UNDER THE</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">INVESTMENT COMPANY ACT OF 1940[X]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Amendment No. 28 [X]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">745 Fifth Avenue, New York, New York
10151</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(800) 221-4268</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Registrant's Exact Name, Address
and Telephone Number)</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Christopher D. Clark, President</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">745 Fifth Avenue</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10151</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Name and Address of Agent for Service)</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank P. Bruno, Esq.</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Denneen, Esq.</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sidley Austin </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LLP</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Value Trust, Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">787 Seventh Avenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10019</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York 10151</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Approximate Date of Proposed Public Offering:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">As soon as practicable after the effective
date of this Registration Statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">______________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If any of the securities being registered
on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as
amended, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box.[&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER THE
SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of Securities</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Being Registered</B></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount Being Registered</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Maximum Offering Price Per Unit</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Maximum Aggregate Offering Price</B><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Arial Narrow, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of Registration Fee<SUP>(2)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Stock ($0.001 par value) per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$16.82</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$16,820,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$2,095</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Estimated solely for the purpose
of calculating the registration fee.</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) Transmitted prior to the filing hereof
to the designated lockbox of the Securities and Exchange Commission at U.S. Bank in St. Louis, MO.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">___________________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT
WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE
COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A), MAY DETERMINE.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B></B></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B>The information in this
Prospectus is not complete and may be changed.&nbsp;The Fund may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective.&nbsp;This Preliminary Prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>PROSPECTUS DATED JANUARY
25, 2018</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>ROYCE
VALUE TRUST, INC.</B></FONT><B><BR>
<FONT STYLE="font-size: 10pt">[__________] SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF</FONT><BR>
<FONT STYLE="font-size: 10pt">NON-TRANSFERABLE RIGHTS TO SUBSCRIBE FOR SUCH SHARES OF COMMON STOCK</FONT></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Royce Value Trust, Inc. (the
&ldquo;Fund&rdquo;) is issuing non-transferable rights (&ldquo;Rights&rdquo;) to its common stockholders of record (collectively,
&ldquo;Stockholders&rdquo;) as of the close of business on March __, 2018 (the &ldquo;Record Date&rdquo;). The Rights entitle Stockholders
to subscribe for new shares of the Fund&rsquo;s common stock (the &ldquo;Offer&rdquo;) as described herein. Stockholders will receive
one (1) Right for each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights evenly divisible
by ten (10). In the case of Shares held of record by a broker-dealer, bank or other financial intermediary (each, a &ldquo;Nominee&rdquo;),
the number of Rights issued to such Nominee will be adjusted to permit rounding up (to the nearest number of Rights evenly divisible
by ten) of the Rights to be received by each of the beneficial owners for whom it is the holder of record only if the Nominee provides
to the Fund, on or before the close of business on __________ __, 2018, a written representation of the number of Rights required
for such rounding. The Rights will allow Stockholders to subscribe for one (1) share of the Fund&rsquo;s common stock (each, a
&ldquo;Share&rdquo;) for each ten (10) Rights held. The right of Stockholders to acquire one (1) Share for every ten (10) Rights
is referred to in this Prospectus as the &ldquo;Primary Subscription.&rdquo; Stockholders who fully exercise their Rights also
may purchase Shares not acquired by other Stockholders as part of the Primary Subscription as more fully described in this Prospectus.
The Fund may, in its sole discretion and subject to certain anti-dilution limitations, increase the number of Shares subject to
subscription by up to 20% (collectively, the &ldquo;Over-Allotment Shares&rdquo;) through the exercise of an over-allotment option
as more fully described in this Prospectus.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Rights are non-transferable,
and may not be purchased or sold. The Rights will expire without residual value at the Expiration Date (as defined below). The
Rights will not be listed for trading on the New York Stock Exchange (the &ldquo;NYSE&rdquo;), and there will not be any market
for trading Rights. The Fund&rsquo;s currently outstanding Shares are, and the Shares offered by this Prospectus will be, subject
to notice of issuance, listed on the NYSE under the symbol &ldquo;RVT.&rdquo; The net asset value per Share at the close of business
on March __, 2018 was $_____, and the last reported sales price of a Share on the NYSE on that date was $_____.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>The
subscription price per Share (the &ldquo;Subscription Price&rdquo;) will be the lower of (i) $0.25 below the last reported
sale price per Share on the NYSE on April __, 2018, or, if the Expiration Date (as defined below) is extended, on the first
business day after the Expiration Date (the &ldquo;Pricing Date&rdquo;) or (ii) the net asset value (&ldquo;NAV&rdquo;)
per Share on that date. Rights may be exercised at any time until 5:00 p.m., Eastern Time, on April __, 2018, unless extended
as described in this Prospectus (such date, as it may be extended, is referred to herein as the &ldquo;Expiration
Date&rdquo;). Since the Offer closes prior to the Pricing Date, Stockholders who exercise their Rights will not know the
Subscription Price at the time they exercise their Rights. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Exercising your Rights
and investing in Shares involves risks. See <I>&ldquo;Prospectus Summary &mdash; Principal Risk Factors and Special Considerations
at a Glance&rdquo;</I> beginning on page __ and <I>&ldquo;Risks Factors and Special Considerations&rdquo;</I> beginning on page
__.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Stockholders who do not
fully exercise their Rights will, upon the completion of the Offer, own a smaller proportional interest in the Fund than they owned
prior to the Offer, resulting in immediate ownership and voting dilution for such Stockholders.&nbsp; In addition, because the
expenses associated with the Offer will be borne by the Fund (and indirectly by all Stockholders, including those who do not exercise
their Rights), such expenses will result in an immediate dilution of the NAV per Share for all existing Stockholders (<I>i.e</I>.,
will cause the NAV per Share of the Fund to decrease).&nbsp; Furthermore, if the Subscription Price is less than the NAV per Share
as of the Pricing Date, the completion of the Offer will result in additional dilution of the NAV per Share for all existing Stockholders,
and may have the effect of reducing the market price of the</B></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Shares.&nbsp; The Fund
cannot state precisely the extent of the dilution of the NAV per Share because the Fund does not know what the Subscription Price
or the NAV per Share will be on the Expiration Date, how many Shares will be subscribed for, the exact expenses of the Offer, or
whether the Fund will exercise its over-allotment option.&nbsp; Any such dilution will disproportionally affect Stockholders who
choose not to exercise their Rights.&nbsp; For further information on the effect of dilution, see <I>&ldquo;Prospectus Summary
&mdash; Principal Risk Factors and Special Considerations at a Glance &mdash; Dilution - Net Asset Value and Non-Participation
in the Offer&rdquo;</I> on page __ of this Prospectus.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end
management investment company. The Fund&rsquo;s investment goal is long-term capital growth. The Fund normally invests at least
65% of its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations
ranging from $100&nbsp;million to $3 billion, that Royce &amp; Associates, LP (&ldquo;Royce&rdquo;), the Fund&rsquo;s investment
adviser, believes are trading below its estimate of their current worth. The Fund also may invest up to 25% of its
assets in securities of issuers headquartered outside the United States. The Fund may invest a portion of its assets in companies
with stock market capitalizations in excess of $3 billion. Royce uses a value investing style in managing the Fund&rsquo;s assets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is authorized to borrow money
for investment purposes. As of December 31, 2017, the Fund had outstanding borrowings for investment purposes of $70,000,000 under
a revolving credit facility with BNP Paribas Prime Brokerage International, Limited (&ldquo;BNPPI&rdquo;). Such borrowing is speculative
in that it will increase the Fund&rsquo;s exposure to capital risk. In addition, borrowed funds are subject to interest costs that
may offset or exceed the return earned on the securities acquired with the borrowed funds. See <I>&ldquo;Prospectus Summary &mdash;
Principal Risk Factors and Special Considerations at a Glance &mdash; Leverage Risk&rdquo;</I> beginning on page __ and <I>&ldquo;Risk
Factors and Special Considerations &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</I>
beginning on page __.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">__________</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; border: Black 1pt solid; padding-top: 11.25pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total<SUP>(1)</SUP></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 11.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated Subscription Price<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 11.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated Sales Load<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 11.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated Proceeds, Before Expenses, to the Fund<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 11.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">_____</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Assumes that all Rights issued as
part of the Primary Subscription are exercised at the estimated Subscription Price (but excludes the effect of the Fund&rsquo;s
exercise of its over-allotment option). The Fund may, through the exercise of its over-allotment option, increase the number of
Shares subject to subscription by up to 20%, or up to an additional __________ Shares, for an aggregate total of __________ Shares.
If the Fund exercises its over-allotment option and all Over-Allotment Shares are sold, the proceeds, before expenses, to the Fund
will be $__________.</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) The actual Subscription Price
will be the lower of (i) $0.25 below the last reported sale price per Share on the NYSE on the Pricing Date (currently April
__, 2018) or (ii) the Fund&rsquo;s NAV per Share on that date<B>.</B> Because the Subscription Price will not be determined
until after the printing and distribution of this Prospectus, the &ldquo;Estimated Subscription Price&rdquo; above ($_____
per Share) is an estimate based upon the Fund&rsquo;s last reported sale price per Share on the NYSE on March __,
2018 (<I>i.e</I>., $_____ per Share) and the Fund&rsquo;s NAV per Share on that date (<I>i.e</I>., $_____ per Share).</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) The Rights are being offered by the
Fund directly to Stockholders without the services of an underwriter.</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) <FONT STYLE="background-color: white">Offering
expenses borne by the Fund are estimated to be approximately $__________ in the aggregate, or $</FONT>_____ <FONT STYLE="background-color: white">per
Share (</FONT>assuming that all Rights issued as part of the Primary Subscription are exercised at the estimated Subscription Price
but excluding the effect of the Fund&rsquo;s exercise of its over-allotment option<FONT STYLE="background-color: white">). After
deduction of such expenses, the per Share and total proceeds to the Fund are estimated at $_____ and $__________, respectively.
</FONT>If the Fund exercises its over-allotment option and all Over-Allotment Shares are sold<FONT STYLE="background-color: white">,
offering expenses are estimated to be approximately $__________ in the aggregate, or $_____ per Share, and after deduction of such
expenses, the per Share and total proceeds to the Fund are estimated at $_____ and $__________, respectively.&nbsp; Offering expenses
will be borne by the Fund and indirectly by all of its Stockholders, including those who do not exercise their Rights. Accordingly,
such expenses will immediately reduce the NAV per Share of the Fund.</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Fund (the
&ldquo;Board&rdquo;) has authorized a managed distribution policy (&ldquo;MDP&rdquo;) for the Fund pursuant to an exemptive order
obtained from the SEC (the &ldquo;MDP Order&rdquo;). Under the MDP, the Fund pays quarterly distributions on its common stock at
the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs per Share, with the fourth quarter distribution
being the greater of 1.75% of the rolling average or the distribution required by Internal Revenue Service (&ldquo;IRS&rdquo;)
regulations. You should not draw any conclusions about the Fund&rsquo;s investment performance from the amount of distributions
or from the terms of the MDP. The MDP may, under certain circumstances, have certain adverse consequences to the Fund and its Stockholders.
In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio at a time when
independent investment judgment might not dictate such action. The Board may amend or terminate the MDP at any time without prior
notice to Stockholders. See <I>&ldquo;Prospectus Summary &ndash; The Fund at a Glance &ndash; Distributions&rdquo;</I> and <I>&ldquo;Dividends,
Distributions and Reinvestment Plan.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">This Prospectus sets forth
concisely the information about the Fund you should know before investing, including information about risks. Please read it before
you invest and keep it for future reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">A Statement of Additional
Information dated March __, 2018 (the &ldquo;SAI&rdquo;) has been filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
and is incorporated by reference in this Prospectus. A copy of the SAI and copies of the Fund&rsquo;s semi-annual and annual stockholder
reports may be obtained without charge by writing to the Fund at its address at 745 Fifth Avenue, New York, New York 10021, or
by calling the Fund toll-free at (800) 221-4268. In addition, you may request other information about the Fund or make stockholder
inquiries by calling the Fund toll-free at (800) 221-4268. Copies of the SAI and the Fund&rsquo;s semi-annual and annual stockholder
reports are also available free of charge on the Fund&rsquo;s website <I>(http://www.roycefunds.com)</I>. In addition, the SEC
maintains a website <I>(http://www.sec.gov)</I> that contains the SAI, material incorporated by reference, and other information
regarding registrants that file electronically with the SEC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">The Shares issuable pursuant to the Offer will
be ready for delivery on or about __________ __, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>The date of this Prospectus is
March __, 2018.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 12pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Prospectus Summary&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">The Offer at a Glance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">Important Dates to Remember&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">The Fund at a Glance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.3in">Principal Risk Factors and Special Considerations at
a Glance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Table of Fees and Expenses&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Expense Example&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Financial Highlights&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Performance&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Statement of Assets and Liabilities&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Use of Proceeds&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">The Offer&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Goal and Policies&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Risk Factors and Special Considerations&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Management&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Advisory and Other Services Provided by Royce&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Description of Capital Stock&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Dividends, Distributions and Reinvestment Plan&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">U.S. Federal Income Tax Consequences of the Offer&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Custodian, Transfer Agent and Registrar, Plan Agent&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Experts&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Additional Information&#9;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>You should rely only on
the information contained or incorporated by reference in this Prospectus. The Fund has not, and the Subscription Agent has not,
authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information,
you should not rely on it. The Fund is not, and the Subscription Agent is not, making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. The information in this Prospectus is accurate only as of the date of this
Prospectus, and under no circumstances should the delivery of this Prospectus or the sale of any securities imply that the information
in this Prospectus is accurate as of any later date or that the affairs of the Fund have not changed since the date hereof or thereof.
Our business, financial condition, results of operations and prospects may have changed since then. We will update the information
in these documents to reflect material changes only as required by law. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><I>You should consider the
matters discussed in this summary before investing in the Fund through the Offer. This summary is qualified in its entirety by
reference to the detailed information included in this Prospectus and the SAI.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>THE OFFER AT A GLANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>The Offer and the Rights</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is issuing non-transferable
rights to its common stockholders of record as of the close of business on March __, 2018. The Rights entitle Stockholders to subscribe
for new shares of the Fund&rsquo;s common stock as described below in this section under the sub-headings <I>&ldquo;Primary Subscription&rdquo;</I>
and <I>&ldquo;Over-Subscription Privilege.&rdquo;</I> The Rights are non-transferable, and may not be purchased or sold. The Rights
will expire without residual value at 5:00 p.m., Eastern Time, on April __, 2018, unless extended by the Fund. The Rights will
not be listed for trading on the NYSE, and there will not be any market for trading Rights. The Fund&rsquo;s currently outstanding
Shares are, and the Shares offered by this Prospectus will be, subject to notice of issuance, listed on the NYSE under the symbol
&ldquo;RVT.&rdquo;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Primary Subscription</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders will receive one Right
for each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights evenly divisible by ten.
In the case of Shares held of record by a Nominee, the number of Rights issued to such Nominee will be adjusted to permit rounding
up (to the nearest number of Rights evenly divisible by ten) of the Rights to be received by each of the beneficial owners for
whom it is the holder of record only if the Nominee provides to the Fund, on or before the close of business on __________ __,
2018, a written representation of the number of Rights required for such rounding. The Rights will allow Stockholders to subscribe
for one (1) Share for each ten (10) Rights held. The right of Stockholders to acquire one (1) Share for every ten (10) Rights is
referred to in this Prospectus as the &ldquo;Primary Subscription&rdquo; and the Shares issued through the Primary Subscription
are referred to as &ldquo;Primary Subscription Shares.&rdquo; Stockholders may subscribe for __________ aggregate Primary Subscription
Shares as part of the Primary Subscription.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Subscription Price</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Subscription Price for all
Shares issued pursuant to the Offer will be the lower of (i) $0.25 below the last reported sale price per Share on the NYSE
on the Pricing Date (currently April __, 2018) or (ii) the NAV per Share on that date. See &ldquo;The Offer &mdash;
Subscription Price.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subscription Period</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Rights may be exercised at any time
from March __, 2018 through 5:00 p.m., Eastern Time, on April __, 2018, unless extended by the Fund. Since the Expiration Date
is prior to the Pricing Date, Stockholders who exercise their Rights will not know the Subscription Price at the time they exercise
their Rights.</P>

<P STYLE="font: 10pt/normal Garamond, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Over-Subscription Privilege</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some Stockholders may not fully subscribe for
all of their Primary Subscription Shares. Stockholders who fully exercise their Rights in the Primary Subscription may subscribe
for the Primary Subscription Shares not subscribed for by other Stockholders. If enough Primary Subscription Shares are available,
all such requests will be honored in full.&nbsp; If the over-subscription requests exceed the Primary Subscription Shares available,
the Fund may, in its sole discretion and subject to certain anti-dilution limitations, increase the number of Shares subject to
subscription by up to 20% of the Primary Subscription Shares through the exercise of its over-allotment option for an aggregate
total of up to __________ Over-Allotment Shares.&nbsp; Primary Subscription Shares not purchased in the Primary Subscription together
with all Over-Allotment Shares, if any, are referred to herein as &ldquo;Over-Subscription Shares.&rdquo; The entitlement to buy
Over-Subscription Shares is, from time to time, referred to as the &ldquo;Over-Subscription Privilege&rdquo;. Over-Subscription
Privilege requests are subject to certain limitations. In particular, the Fund may only sell Over-Allotment Shares to Stockholders
if and to the extent that all Shares issued through the Offer would dilute (reduce) its NAV per Share by less than 2.0%. See <I>&ldquo;The
Offer &mdash; Over-Subscription Privilege.&rdquo;</I></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We estimate the net proceeds to the
Fund from the Offer, assuming all Rights issued as part of the Primary Subscription are exercised, to be $__________ or, if pursuant
to the over-allotment option, the Fund increases the number of Shares subject to subscription in an amount equal to 20% and all
Over-Allotment Shares are sold, $__________. These figures also assume (i) a Subscription Price of $_____, and (ii) payment by
the Fund of estimated offering expenses of $__________.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce expects that it will initially
invest the net proceeds of the Offer in U.S.&nbsp;Treasury bills, domestic bank certificates of deposit, repurchase agreements
with its custodian bank covering United States Treasury and agency obligations having a term of not more than one week, high-quality
commercial paper and money market funds registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;),
or retain all or portion of such assets in cash. It may be more difficult for the Fund to achieve its investment goal during any
period in which it invests a substantial portion of such proceeds in this manner. Royce anticipates that the ultimate investment
of such proceeds in accordance with the Fund&rsquo;s investment goal and principal investment policies will be made as appropriate
investment opportunities are identified and will be completed within six months of the Fund&rsquo;s receipt of such proceeds. Changes
in market and financial conditions could, however, result in the Fund&rsquo;s anticipated investment period extending beyond six
months.&nbsp; A portion of the cash held by the Fund, including any net proceeds from the Offer, may be used to pay distributions
in accordance with the MDP.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Tax Consequences</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For U.S. Federal income
tax purposes, neither the receipt nor the exercise of the Rights will  result in taxable income to you. You also will  not
realize a taxable loss if your Rights expire without being exercised. We urge you to consult your own tax advisor with
respect to the particular tax consequences of the Offer. See <I>&ldquo;U.S. Federal Income Tax Consequences of the
Offer.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Obtaining Subscription
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you have any questions or requests for assistance,
please contact Georgeson LLC, the Information Agent (toll free), at (___) ___-____. You may also call the Fund (toll free) at (800)
221-4268, or contact the Nominee that holds your Shares of record for information with respect to the Offer. See <I>&ldquo;The
Offer &mdash; Information Agent.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>IMPORTANT DATES TO REMEMBER</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event</B></FONT></TD>
    <TD STYLE="width: 53%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Record Date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March __, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March __, 2018 through April __, 2018*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration Date</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing Date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confirmation to Offer Participants</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final Payment for Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April __, 2018*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">___</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">* Unless the Offer is extended.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>THE FUND AT A GLANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>The Fund</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is a diversified, closed-end
management investment company. The Fund was organized as a Maryland corporation on July 1, 1986.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Investment Goal and Principal Investment Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s investment goal is
long-term capital growth. The Fund normally invests at least 65% of its assets in the equity securities of small- and micro-cap
companies, generally those with stock market capitalizations ranging from $100&nbsp;million to $3 billion, that Royce believes
are trading below its estimate of their current worth. The Fund also may invest up to 25% of its assets in securities
of issuers headquartered outside the United States. The Fund may invest a portion of its assets in companies with stock market
capitalizations in excess of $3 billion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce uses various value methods
in managing the Fund&rsquo;s assets. In selecting securities for the Fund, Royce evaluates the quality of a company&rsquo;s balance
sheet, the level of its cash flows and other measures of a company&rsquo;s financial condition and profitability. Royce may also
consider other factors, such as a company&rsquo;s unrecognized asset values, its future growth prospects or its turnaround potential
following an earnings disappointment or other business difficulties. Royce then uses these factors to assess the company&rsquo;s
current worth, basing this assessment on either what they believe a knowledgeable buyer might pay to acquire the entire company
or what they think the value of the company should be in the stock market.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund is not appropriate
for all investors. No assurance can be given that the Fund&rsquo;s investment goal will be realized. See <I>&ldquo;Investment Goal
and Policies.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Capital Stock</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s shares of common stock
are listed and traded on the NYSE. As of __________ __, 2018, the Fund had __________ shares of common stock and no shares of preferred
stock issued and outstanding. See <I>&ldquo;Description of Capital Stock.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Borrowings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the Fund had
outstanding borrowings for investment purposes of $70,000,000 under a revolving credit facility.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has authorized an MDP for the Fund
pursuant to the MDP Order. Under the MDP, the Fund pays quarterly distributions on its common stock at the annual rate of 7% of
the rolling average of the prior four calendar quarter-end NAVs per Share, with the fourth quarter distribution being the greater
of 1.75% of the rolling average or the distribution required by IRS regulations. You should not draw any conclusions about the
Fund&rsquo;s investment performance from the amount of distributions or from the terms of the MDP. The MDP may, under certain circumstances,
have certain adverse consequences to the Fund and its Stockholders. . In addition, in order to make such distributions, the Fund
may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate such action.
The Board may amend or terminate the MDP at any time without prior notice to Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The actual sources of the Fund&rsquo;s quarterly
distributions may be net investment income, net realized capital gains, return of capital, or a combination of the foregoing and
may be subject to retroactive re-characterization at the end of the Fund&rsquo;s fiscal year based on applicable tax regulations.
To the extent that distributions exceed the current net earnings of the Fund, the balance of the amounts paid out will be generated
from sales of portfolio securities held by the Fund and will be distributed either as short-term or long-term capital gains or
a tax-free return-of-capital. Pursuant to the requirements of the 1940 Act, other applicable laws, and the MDP Order, a notice
will accompany each quarterly distribution with respect to the estimated amounts and corresponding sources of the applicable distribution.
The actual amounts and sources of such distributions for tax reporting purposes will depend upon the Fund&rsquo;s investment experience
during the remainder of its fiscal year along with the application of tax regulations and will be reported to Stockholders in January
of each year on Form 1099-DIV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Quarterly distributions may be reinvested in
additional full and fractional Shares through the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan (the &ldquo;Plan&rdquo;).
Computershare Trust Company, N.A. acts as plan agent for Stockholders in administering the Plan (in such capacity, the &ldquo;Plan
Agent&rdquo;). Quarterly distributions are also payable in cash by specific Stockholder election.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">See <I>&ldquo;Dividends, Distributions
and Reinvestment Plan.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce has served as the investment adviser
to the Fund since its inception in November 1986. Royce also serves as investment adviser to other registered management investment
companies, privately offered funds and institutional accounts. As of December 31, 2017, Royce managed approximately $_____ billion
in assets, including $_____ billion in open-end and closed-end fund assets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Royce provides
investment advisory services to the Fund. For its services, the Fund pays Royce a monthly fee at a rate ranging from 0.5% to
1.5% per annum of the Fund&rsquo;s average net assets for rolling 60-month periods based on the investment performance of the
Fund relative to the investment record of the S&amp;P 600 SmallCap Index (the &ldquo;S&amp;P 600 Index&rdquo;) over such
periods. Because the Fund&rsquo;s investment advisory fee is a function of its net assets rather than its total assets, Royce
does not and will not receive any fee in respect of Fund assets equaling the aggregate unpaid principal amount of any
indebtedness of the Fund but will receive a fee in respect of Fund assets equaling the liquidation preference of the
Fund&rsquo;s outstanding preferred stock, if any. See &ldquo;<I>Investment Advisory and Other Services &#8722; Advisory
Fee.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>PRINCIPAL RISK FACTORS AND SPECIAL CONSIDERATIONS
AT A GLANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Dilution </B>&mdash; <B>Net Asset Value and Non-Participation
in the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">If you do not exercise all of your Rights
in connection with the Primary Subscription, you should expect to own a smaller proportional interest in the Fund upon completion
of the Offer, resulting in immediate ownership and voting dilution.&nbsp; You will experience further immediate ownership and voting
dilution in the event the Fund issues Over-Allotment Shares and you do not submit a subscription request pursuant to the Over-Subscription
Privilege. As noted above, the Fund may only sell Over-Allotment Shares to Stockholders if and to the extent that all Shares issued
through the Offer would dilute (reduce) its NAV per Share by less than 2.0%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">You will experience a reduction in NAV
per Share as a result of the expenses incurred by the Fund (and indirectly by all Stockholders) in connection with Offer. You will
experience a further reduction in NAV per Share in the event the Subscription Price is below the NAV per Share on the Expiration
Date, because: (i) the offered Shares are being sold at less than their current NAV; and (ii) the number of Shares outstanding
after completion of the Offer will have increased proportionately more than the increase in the amount of the Fund&rsquo;s net
assets. For example, assume a Subscription Price of $_____ per Share based upon the Fund&rsquo;s last reported sale price of $_____
per Share on the NYSE on March __, 2018 and an NAV per Share of $_____ on that date. Further assume that all __________ Primary
Subscription Shares are sold at such estimated Subscription Price of $_____ per Share, that the Fund does not exercise its over-allotment
option, and that estimated expenses related to the Offer of $__________ are paid by the Fund. In such an instance, the NAV per
Share of $_____ as of March __, 2018 would be reduced by approximately $_____ or _____%. As another example, assume all of the
same factors above except that the Fund exercises its over-allotment option and all __________ Over-Allotment Shares are sold.
In that scenario, the NAV per Share of $_____ as of March __, 2018 would be reduced by approximately $_____ or _____%. Although
the Fund cannot state precisely the amount of any dilution because it is not known as of the date of this Prospectus what the Subscription
Price or NAV per Share will be on the Expiration Date, how many Shares will be subscribed for, what the exact expenses of the Offer
will be, or whether and to what extent the Fund will exercise its over-allotment option, such NAV per Share dilutions will apply
whether or not you exercise all of your Rights under the Primary Subscription or purchase any Over-Subscription Shares.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Market Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As with any closed-end fund that invests
in common stocks, the Fund is subject to market risk&mdash;the possibility that common stock prices will decline over short or
extended periods of time. As a result, the NAV per Share will fluctuate, sometimes sharply and unpredictably, and you could lose
money over short or long periods of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, the NAV per Share will
be reduced immediately following the Offer to the extent: (i) offering expenses are paid by the Fund and (ii) the Subscription
Price is below the NAV per Share on the Expiration Date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Market Price of Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of common stock of closed-end
investment companies often trade in the market at prices lower than their NAV per Share. Market price risk is a risk separate and
distinct from the risk that the Fund&rsquo;s NAV per Share will decrease. The Shares have generally traded at a discount to the
Fund&rsquo;s NAV per Share since September 2008, with a discount as high as 20.80% during such period. During the year ended December
31, 2017, the Shares traded at an average discount to the Fund&rsquo;s NAV per Share of 11.07%. As of December 31, 2017, the discount
to the Fund&rsquo;s NAV per Share was 7.60%. Common shares of closed-end investment companies may, however, trade at prices higher
than their NAV during some periods. No assurance can be given that the Shares will trade at a price higher than or equal to NAV.
See <I>&ldquo;Description of Capital Stock &mdash; Market Price and NAV Information.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to NAV, the market price
of Shares may be affected by such factors as the Fund&rsquo;s dividend and distribution levels and stability, market liquidity,
market supply and demand, unrealized gains, general market and economic conditions, and other factors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investing in Smaller Capitalization Companies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, Royce normally
invests at least 65% of the Fund&rsquo;s assets in the equity securities of micro-cap and small-cap companies, generally
those with stock market capitalizations ranging from $100&nbsp;million to $3&nbsp;billion. Royce views the large and diverse
universe of smaller companies in which the Fund primarily invests as having two investment segments or tiers &mdash;
micro-cap and small-cap. Royce refers to the segment of companies with market capitalizations from $100 million to $1 billion
as micro-cap. Royce defines the next tier, the small-cap universe, as those companies with market capitalizations between $1
billion and $3 billion. The Fund may also invest a portion of its assets in mid-cap and/or large-cap securities. Royce
defines mid-cap as those companies with market caps between $3 billion and $15 billion. Large-cap is defined by Royce as
those companies with market caps of more than $15 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The prices of equity securities of companies
with stock market capitalizations from $100 million to $3 billion are generally more volatile than those of larger-cap securities.
In addition, because these securities tend to have significantly lower trading volumes than larger-cap securities, the Fund may
have difficulty selling holdings or may only be able to sell holdings at prices substantially lower than what Royce believes they
are worth. Therefore, the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing
in larger-cap companies or other asset classes.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Selection Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Different types of stocks tend to shift
into and out of favor with stock market investors, depending on market and economic conditions. The performance of funds that invest
in value-style stocks may at times be better or worse than the performance of stock funds that focus on other types of stocks or
that have a broader investment style. In addition, Royce&rsquo;s estimate of a company&rsquo;s current worth may prove to be inaccurate,
or this estimate may not be recognized by other investors, which could lead to portfolio losses. Securities in the Fund&rsquo;s
portfolio may not increase as much as the market as a whole and some securities may continue to be undervalued for long periods
of time.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Risks Related to Foreign Securities and Developing
Countries</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 25% of its
assets in foreign securities. Royce defines &ldquo;foreign&rdquo; as those securities of companies headquartered outside of the
United States. Investment in foreign securities involves risks that may not be encountered in U.S. investments, including adverse
political, social, economic, or other developments that are unique to a particular region or country. Prices of foreign securities
in particular countries or regions may, at times, move in a different direction and/or be more volatile than those of U.S. securities.
Because the Fund does not intend to hedge its foreign currency exposure, the U.S. dollar value of the Fund&rsquo;s investments
may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. See <I>&ldquo;Risk Factors and Special
Considerations &mdash; Foreign Securities Risks.&rdquo;</I> These risks may be heightened for developing markets securities. See
<I>&ldquo;Risk Factors and Special Considerations &mdash; Developing Country Risks.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Leverage Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may issue debt or preferred
stock for investment purposes in accordance with the requirements set forth in the 1940 Act. As of December 31, 2017, the Fund
did not have any preferred stock outstanding but did have outstanding borrowings for investment purposes of $70,000,000 under a
revolving credit facility with BNPPI. The use of leverage in this way may magnify the impact on Stockholders of changes in NAV
per Share and the cost of leverage could exceed the return on the securities acquired with the proceeds of the leverage, thereby
diminishing returns to such Stockholders.&nbsp; In addition, the Fund may be required to sell investments in order to meet interest
or dividend payments on any debt or preferred shares issued for investment purposes when it may be disadvantageous to do so. Because
the Fund pays interest at a variable rate under the revolving credit facility, these risks will be heightened for the Fund in the
event of any increase in the interest rate payable thereunder. See <I>&ldquo;Risk Factors and Special Considerations &mdash; Risks
to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo; </I>Such borrowings are done on a secured basis,
which may result in certain additional risks to the Fund. See <I>&ldquo;Risk Factors and Special Considerations &mdash; Portfolio
Lending Risks.</I></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>TABLE OF FEES AND EXPENSES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table contains information
about the estimated costs and expenses that Stockholders will bear directly or indirectly, as a result of the completion of the
Offer.&nbsp; The table is based on investment advisory fees and interest payments on borrowings for investment purposes during
the Fund&rsquo;s fiscal year ended December 31, 2017 and estimated other expenses to be incurred during the fiscal year ending
December 31, 2018, in each case as adjusted to give effect to the completion of the Offer (assuming that the Primary Subscription
is fully subscribed and that the Fund exercises its over-allotment option and all Over-Allotment Shares are sold, resulting in
the receipt of net proceeds of $__________).&nbsp; If the Fund issues fewer Shares and the net proceeds to the Fund are reduced,
all other things being equal, the total annual expenses shown would increase. The following table should not be considered a representation
of the Fund&rsquo;s future expenses. Actual expenses may be greater or less than those shown below.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 56%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Stockholder Transaction Expenses</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(As a Percentage of Estimated Subscription Price)</P></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales Load<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering Expenses<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Reinvestment and Cash Purchase Plan Fees<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 56%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Annual Expenses</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(As a Percentage of Net Assets Attributable to Common Stock)</P></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment Advisory Fees<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payments on Borrowed Funds<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Operating Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 8.5pt 0 0; text-align: justify">_____</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) The Rights are being offered by the
Fund directly to Stockholders without the services of an underwriter.</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(2) <FONT STYLE="background-color: white">Offering
expenses borne by the Fund are estimated to be approximately $__________ in the aggregate, or $_____ per Share.</FONT></P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">(3) There is no fee charged to participants
for reinvesting distributions in additional shares of the Fund&rsquo;s common stock. Although the Plan permits the assessment of
a service fee of $2.50 and a per share fee of $0.15 in connection with a voluntary sale of Shares held under the Plan, Royce absorbed
all per share fees during the fiscal year ended December 31, 2017 and currently expects to continue to absorb such per share fees
during the fiscal year ending December 31, 2018. No assurance can be given that Royce will continue to absorb such per share fees
after that date.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) The Fund pays Royce a monthly investment
advisory fee at a rate ranging from 0.5% to 1.5% per annum of the Fund&rsquo;s average net assets for rolling 60-month periods
based on the investment performance of the Fund relative to the investment record of the S&amp;P 600
  Index over such periods. For more information about the computation of the Fund&rsquo;s investment advisory fee, see
<I>&ldquo;Investment Advisory and Other Services &#8722; Advisory Fee.&rdquo;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(5) Based upon the Fund&rsquo;s outstanding
borrowings for investment purposes of $70,000,000 under a revolving credit facility as of December 31, 2017 and a weighted average
borrowing cost of 2.2144% under such credit facility during the fiscal year ended December 31, 2017. The actual amount of interest
expense borne by the Fund will vary over time in accordance with the level of the Fund&rsquo;s use of leverage and variations in
market interest rates. The Fund may also use other forms of leverage, which may be subject to different expenses than those estimated
above.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(6) &ldquo;Other Expenses&rdquo; are based upon
estimated expenses for the fiscal year ending December 31, 2018.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 12pt; text-align: center"><B>EXPENSE EXAMPLE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following example illustrates the
hypothetical expenses (including estimated offering expenses related to the Offer of $__________ in Year 1) that you would pay
on a $1,000 investment in the Shares, assuming (i) total annual operating expenses of _____% in each period shown below and (ii)
a 5% annual return.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ONE YEAR</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THREE YEARS</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIVE YEARS</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEN YEARS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">$</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the above table is to help a
Stockholder understand the fees and expenses that such Stockholder would bear directly or indirectly. <B>The example should not
be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown. </B>The assumption
in the example of a 5% annual return is required by SEC regulation and is applicable to all investment companies. The assumed 5%
annual return is not a prediction of, and does not represent, the projected performance of the Fund&rsquo;s common stock. Actual
annual rates of return may be more or less than those allowed for purposes of the example.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The example also assumes the reinvestment of
all dividends and distributions at NAV. The Plan, however, contemplates payment of net investment income dividends and capital
gain distributions in shares of the Fund&rsquo;s common stock (unless a stockholder elects to receive payments in cash), based
on the lower of the market price or NAV per Share on the valuation date, except that distributions may not be reinvested for less
than 95% of the market price.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below sets forth certain specified
information for an outstanding Share throughout each period presented.&nbsp; This information is derived from the financial and
accounting records of the Fund.&nbsp; The financial highlights for each of the fiscal years ended December 31, 2015 through December
31, 2017 have been audited by _______________, an independent registered public accounting firm.&nbsp; The prior financial
highlights for each of the fiscal years ended December 31, 2008 through December 31, 2014 were audited by <FONT STYLE="background-color: white">_________________, the Fund&rsquo;s former </FONT>independent registered public accounting firm. The information below should
be read in conjunction with the Fund&rsquo;s audited financial statements and the accompanying notes thereto for the fiscal year
ended December 31, 2017, which, together with the report of the Fund&rsquo;s independent registered public accounting firm, have
been incorporated by reference in the SAI. The Fund&rsquo;s most recent annual stockholder report is available without charge by
calling the Fund toll-free at (800) 221-4268.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr bgcolor="#dfe7f7">
<td valign="bottom" align="left"><DIV STYLE="text-indent: 10px"><FONT STYLE="font: bold 11pt Times New Roman; color: rgb(0,62,178)">Financial
 Highlights</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><FONT STYLE="font: 10pt Times New Roman">This table
 is presented to show selected data for a share of Common Stock outstanding throughout
 each period, and to assist stockholders in evaluating the Fund&#146;s performance
 for the periods presented.</font></td>
</tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Note:
To be Provided by Amendment]</B></FONT></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INVESTMENT PERFORMANCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The table below presents average
annual total returns of the Fund&rsquo;s common stock on two separate bases. The NAV return is the compound average annual rate
of return, using NAVs, on an amount invested in the Fund from the beginning to the end of the stated period and assumes reinvestment
of net investment income dividends and capital gains distributions. Historically, Stockholders have been able to reinvest distributions
at prices below NAV from time to time and without commission costs. The Market Price return presents the same information, but
values the Fund at market price rather than NAV and, therefore, reflects the actual experience of a Stockholder, before commission
costs, who bought and sold Shares at the beginning and ending dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The record of the Russell 2000 Index has been
included so that the Fund&rsquo;s results may be compared with an unmanaged index reflecting the performance of the 2,000 smallest
companies in the Russell 3000 Index (which represent the 3,000 largest U.S. companies based on total market capitalization). As
of December 31, 2017, the average market capitalization of companies included in the Russell 2000 Index was approximately $1.86
billion. As of that date, the Russell 2000 Index had a total market capitalization range of approximately $3.9 million to $9.4
billion. The record of the S&amp;P 600 Index  has been included so that the
Fund&rsquo;s results may be compared with an unmanaged index reflecting 600 domestic stocks chosen by Standard &amp; Poor&rsquo;s
for market size, liquidity (bid-asked spread, ownership, share turnover and number of no trade days) and industry group representation.
The S&amp;P 600 Index is a market-value weighted index (stock price times the number of shares outstanding), with each stock&rsquo;s
weight in the index proportionate to its market value. As of December 31, 2017, the mean market capitalization of companies
included in the S&amp;P 600 Index was approximately $1.4 billion. As of that date, the S&amp;P 600 Index had a total market capitalization
range of approximately $95.5 million to $9.4 billion. The figures for the S&amp;P 600 Index and the Russell 2000 Index assume
reinvestment of dividends. It is not possible to invest directly in any index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>AVERAGE ANNUAL TOTAL RETURNS</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of December 31, 2017</B></P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>From November 26, 1986 (inception) </B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to December 31, 2017</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>1-YR (%)</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>3-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>5-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>15-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>20-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>25-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>30-YR</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(%)</B></P></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>With Rights<BR>Offering<BR>Participation (%)</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Without Rights<BR>Offering<BR>Participation (%)</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Market Price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">30.49%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.36%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.80%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">6.98%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.19%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.65%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.47%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.86%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.34%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.28%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">NAV</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">19.38%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.63%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.47%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">7.18%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.79%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.45%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.73%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.53%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.01%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.83%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Russell 2000 Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.65%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.96%`</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.12%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">8.71%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.17%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">7.89%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.54%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.46%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.66%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">S&amp;P 600 Index</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.16%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.93%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">15.95%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.41%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">12.26%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9.72%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.24%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">11.58%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">10.51%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The table above shows since
inception Market Price and NAV returns both with and without assumed primary participation in past rights offerings. Participation
in past rights offerings has had a positive impact on returns because it reflects the purchase of Shares in such offerings at a
discount to the then-current market price and NAV per Share.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">It should be noted that the
NAV Return for the period from November 26, 1986 through December 31, 2017 is based on the Fund&rsquo;s initial NAV of $9.28 per
Share, rather than the initial public offering price of $10.00 per Share. Accordingly, that figure does not reflect underwriting
commissions and discounts or expenses of the offering paid by Stockholders who purchased their Shares in the initial public offering.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>The above results represent
past performance and should not be considered an indication of future performance.</B> Such information is provided only to give
an historical perspective of the Fund. The investment return and NAVs and market prices per Share will fluctuate, so that shares
of common stock may be worth more or less than their original cost when sold.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>STATEMENT OF ASSETS AND LIABILITIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The following table sets forth,
as of December 31, 2017, (i) the audited statement of assets and liabilities of the Fund and (ii) the adjusted unaudited statement
of assets and liabilities of the Fund which gives effect to the sale of __________ Shares (which assumes that the Primary Subscription
is fully subscribed and that the Fund exercises its over-allotment option and all Over-Allotment Shares are sold) at an estimated
Subscription Price of $_____ per Share pursuant to the Offer, less the estimated offering expenses of $__________, and the application
of the estimated net proceeds from the Offer in accordance with the Fund&rsquo;s investment goal and policies.&nbsp; No assurance
can be given that the Primary Subscription will be fully subscribed or that the Fund will exercise is over-allotment option with
all Over-Allotment Shares being sold.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>As of December 31, 2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 52%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Actual</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Audited)</B></P></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adjusted</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Investments, at value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt">Cash and other assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Total Assets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Revolving Credit Agreement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net Assets Consist of:</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Paid in capital, at $0.001 par value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Accumulated net investment income</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Accumulated distributions in excess of net investment income</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Accumulated net realized gain on investments</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">and foreign currency transactions</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net unrealized appreciation on investments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Unallocated Distributions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Total Net Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Net Asset Value Per Share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We estimate the net proceeds to
the Fund from the Offer, assuming all Rights issued as part of the Primary Subscription are exercised, to be $__________ or,
if pursuant to the over-allotment option, the Fund increases the number of Shares subject to subscription by  an amount equal
to 20% and all Over-Allotment Shares are sold, $__________. These figures also assume (i) a Subscription Price of $_____, and
(ii) payment by the Fund of estimated offering expenses of $__________.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Royce expects that it will
initially invest the net proceeds of the Offer in U.S.&nbsp;Treasury bills, domestic bank certificates of deposit, repurchase agreements
with its custodian bank covering United States Treasury and agency obligations having a term of not more than one week, high-quality
commercial paper and money market funds registered under the 1940 Act, or retain all or portion of such assets in cash. It may
be more difficult for the Fund to achieve its investment goal during any period in which it invests a substantial portion of such
proceeds in this manner. Royce anticipates that the ultimate investment of such proceeds in accordance with the Fund&rsquo;s investment
goal and principal investment policies will be made as appropriate investment opportunities are identified and will be completed
within six months of the Fund&rsquo;s receipt of such proceeds. See <I>&ldquo;Investment Goal and Policies.&rdquo; </I>Changes
in market and financial conditions could, however, result in the Fund&rsquo;s anticipated investment period extending beyond six
months.&nbsp; A portion of the cash held by the Fund, including any net proceeds from the Offer, may be used to pay distributions
in accordance with the MDP.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE OFFER</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Terms of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is issuing to its common stockholders
of record as of the close of business on March __, 2018 non-transferable rights to subscribe for an aggregate of __________ shares
of common stock of the Fund. The Fund may increase the number of Shares subject to subscription by up to 20% of such amount through
the exercise of its over-allotment option, or up to __________ Over-Allotment Shares, for an aggregate total of __________ Shares.
However, the Fund may only sell Over-Allotment Shares to Stockholders if and to the extent that all Shares issued through the Offer
would dilute (reduce) its NAV per Share by less than 2.0%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Stockholder will receive one Right
for each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights evenly divisible by ten.
In the case of Shares held of record by a Nominee, the number of Rights issued to such Nominee will be adjusted to permit rounding
up (to the nearest number of Rights evenly divisible by ten) of the Rights to be received by each of the beneficial owners for
whom it is the holder of record only if the Nominee provides to the Fund, on or before the close of business on __________ __,
2018, a written representation of the number of Rights required for such rounding. The Rights will allow Stockholders to subscribe
for one (1) Share for each ten (10) Rights held. The right of Stockholders to acquire one (1) Share for every ten (10) Rights is
referred to in this Prospectus as the &ldquo;Primary Subscription&rdquo; and the Shares issued through the Primary Subscription
are referred to as &ldquo;Primary Subscription Shares.&rdquo; As noted above, Stockholders may subscribe for __________ aggregate
Primary Subscription Shares as part of the Primary Subscription. Fractional Shares will not be issued upon the exercise of Rights.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Rights may be exercised at
any time during the Subscription Period, which commences on March __, 2018 and ends as of 5:00 p.m., Eastern Time, on April __,
2018, unless extended by the Fund (such date, as it may be extended, is referred to in this Prospectus as the &ldquo;Expiration
Date&rdquo;).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Some Stockholders may not
fully subscribe for all of their Primary Subscription Shares. Stockholders who fully exercise their Rights in the Primary Subscription
may subscribe for the Primary Subscription Shares not subscribed for by other Stockholders. In addition, as noted above, the Fund
may increase the number of Shares subject to subscription by up to 20% of the Primary Subscription Shares through the exercise
of its over-allotment option. See below in this section under the sub-heading <I>&ldquo;Over-Subscription Privilege&rdquo;</I>
for more information.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Subscription Price
will be the lower of (i) $0.25 below the last reported sale price per Share on the NYSE on the Pricing Date (currently April
__, 2018) or (ii) the NAV per Share on that date. Since the Expiration Date is the business day prior to the Pricing Date,
Stockholders who exercise their Rights will not know the Subscription Price at the time they exercise their Rights.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Rights are non-transferable, and
may not be purchased or sold. The Rights are evidenced by Subscription Certificates, which will be mailed to Stockholders. The
Rights will expire without residual value on the Expiration Date. The Rights will not be listed for trading on the NYSE, and there
will not be any market for trading Rights. The Fund&rsquo;s currently outstanding Shares are, and the Shares offered by this Prospectus
will be, subject to notice of issuance, listed on the NYSE under the symbol &ldquo;RVT.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Purposes of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board has determined that it would
be in the best interests of the Fund and the Stockholders to continue to increase the assets of the Fund available for current
and future investment opportunities. In addition, the Offer seeks to reward the long-term stockholder by giving existing Stockholders
Rights to purchase additional Shares at a price below market price. Increasing the size of the Fund also might result in lowering
the Fund&rsquo;s expenses as a percentage of average net assets. Royce expects to take up to six months from the Fund&rsquo;s receipt
of the proceeds of the Offer to fully invest them in accordance with the Fund&rsquo;s investment goal and policies.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Subscription Price will
be determined the first business day subsequent to the Expiration Date in order to ensure that the Offer will attract the maximum
participation of Stockholders with the minimum dilution to non-participating Stockholders.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Board voted unanimously
to approve the terms of the Offer. Two of the Fund&rsquo;s Directors who voted to authorize the Offer are affiliated with Royce
and, therefore, could benefit indirectly from the Offer. The other seven directors are not &ldquo;interested persons&rdquo; of
the Fund within the meaning of the 1940 Act. Royce may also benefit from the Offer because its fee is partially based on the net
assets of the Fund. See <I>&ldquo;Investment Advisory and Other Services &#8722; Advisory Fee.&rdquo;</I> It is not possible to
state precisely the amount of additional compensation Royce might receive as a result of the completion of the Offer because it
is not known how many Shares will be subscribed for and because the proceeds of the Offer will be invested in additional portfolio
securities, which will fluctuate in value.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund may, in the future,
choose to make additional rights offerings from time to time to its common stockholders for a number of shares and on terms that
may or may not be similar to this Offer. Any such future rights offerings will be made in accordance with the terms and conditions
of the MDP Order and the-then applicable requirements of the 1940 Act and the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;). See below in this section under the sub-heading <I>&ldquo;Other Rights Offerings.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">No assurance can be given
that the Fund or the Stockholders will achieve any of the foregoing objectives or benefits through the completion of the Offer.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Over-Subscription Privilege</B></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If some
Stockholders do not exercise all of the Rights issued to them as part of the Primary Subscription, any Primary Subscription Shares
for which subscriptions have not been received from Stockholders will be offered by means of the Over-Subscription Privilege to
those Stockholders who have exercised all of the Rights initially issued to them and who wish to acquire additional Shares. Stockholders
who exercise all of the Rights initially issued to them should indicate on the Subscription Certificate how many Shares they are
willing to acquire through this Over-Subscription Privilege. If sufficient Shares remain after completion of the Primary Subscription,
all over-subscription requests will be honored in full. However, if sufficient Shares are not available to honor all over-subscription
requests, the Fund may issue up to an additional 20% of the initial Shares (the &ldquo;Over-Allotment Shares&rdquo;), in order
to satisfy such over-subscription requests. The Fund may only sell Over-Allotment Shares to Stockholders if and to the extent that
all Shares issued through the Offer would dilute (reduce) its NAV per Share by less than 2</FONT>.0<FONT STYLE="font-size: 10pt">%.
To the extent that there are not sufficient Shares to honor all over-subscription requests, the available Shares will be allocated
among those who over-subscribe based on the number of Rights originally issued to them by the Fund, so that the number of Shares
issued to Stockholders who subscribe through the Over-Subscription Privilege will generally be in proportion to the number of Shares
owned by them on the Record Date. The percentage of remaining Shares that each over-subscribing Stockholder may acquire may be
rounded up or down to result in delivery of whole Shares. The allocation process may involve a series of allocations in order to
ensure that the total number of Shares available for over-subscriptions is distributed, as nearly as may be practicable, on a pro
rata basis. The Fund will not offer or sell any Shares which are not subscribed for through the Primary Subscription or the Over-Subscription
Privilege. The combination of the Over-Subscription Privilege and the Fund&rsquo;s election to issue Over-Allotment Shares may
result in additional dilution of interest and voting rights to Stockholders, and additional reduction in the Fund&rsquo;s NAV per
Share.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Charles M. Royce and certain
other officers and employees of Royce may purchase shares of common stock in the Primary Subscription and the Over-Subscription
Privilege. Any such purchases will be made on the same terms applicable to other Stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Subscription Price</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Subscription Price will be
the lower of (i) $0.25 below the last reported sale price per Share on the NYSE on the Pricing Date (currently April __, 2018)
or (ii) the NAV per Share on that date. For example, if the last reported sale price per Share on the NYSE on the Pricing
Date is $16.30 and the NAV per Share on that date is $17.50, the Subscription Price will be $16.05. However, if the last
reported sale price per Share on the NYSE on the Pricing Date is $17.60 and the NAV per Share on that date is $17.25, then
the Subscription Price will be $17.25.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund announced the
Offer after the close of trading on the NYSE on January 25, 2018 through the issuance of a press release. The NAV per Share as of
December 31, 2017 and at the close of business on January __, 2018 were $17.50 and $_____, respectively, and the last
reported sales prices per Share on the NYSE on those dates were $16.17 and $_____, respectively.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Expiration of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Expiration Date is 5:00 p.m., Eastern
Time, on April __, 2018, unless extended by the Fund. The Rights will expire on the Expiration Date and may not be exercised after
that date. Since the time of the close of the Offer on the Expiration Date is prior to the Pricing Date, Stockholders who choose
to exercise their Rights will not know the Subscription Price when they decide whether to acquire Shares through the Primary Subscription
or the Over-Subscription Privilege.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Subscription Agent</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The subscription
agent for the Offer is Computershare Trust Company, N.A. (in such capacity, the &ldquo;Subscription Agent&rdquo;). Computershare
Trust Company, N.A. will receive fees and reimbursements for all out-of-pocket expenses related to its services as Subscription
Agent in connection with the Offer of approximately $_____. The Subscription Agent is also the Fund&rsquo;s transfer agent, dividend-paying
agent, and registrar for the Fund&rsquo;s shares of common stock and the plan agent under the Fund&rsquo;s Dividend Reinvestment
and Cash Purchase Plan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Information Agent</b></P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Any questions or
requests for assistance may be directed to the Information Agent at its telephone number listed below:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GEORGESON LLC</B> <BR>TOLL
FREE: ( ) ___-____</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders may also call the Fund
(toll free) at (800) 221-4268 or contact their Nominees, who hold Shares for the account of others, for information with respect
to the Offer.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Georgeson LLC will
receive fees and reimbursements for all out-of-pocket expenses related to its services as Information Agent in connection with
the Offer of approximately $_____.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Method for Exercising
Rights</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders who
are record owners may exercise their Rights by filling in and signing the accompanying Subscription Certificate and mailing it
in the envelope provided to the Subscription Agent, together with any required payment for the Shares as described below under
&ldquo;Payment for Shares.&rdquo; Stockholders whose shares of the Fund&rsquo;s common stock are held by a Nominee such as a broker,
bank or trust company, must contact that Nominee to exercise their Rights. In that case, the Nominee will complete the Subscription
Certificate on behalf of the applicable Stockholder and arrange for proper payment as set forth below under &ldquo;Payment for
Shares.&rdquo; Nominees who hold Shares for the account of others should notify the respective beneficial owners of such Shares
as soon as possible to ascertain the intentions of such beneficial owners and to obtain instructions with respect to the Rights.
If the beneficial owner so instructs, the Nominee should complete the Subscription Certificate and submit it to the Subscription
Agent, together with the proper payment described below under &ldquo;Payment for Shares.&rdquo; Fractional Shares will not be issued.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Completed Subscription
Certificates and the required payment for Shares may be sent to the Subscription Agent by the following methods at the addresses
set forth below and must be received by the Subscription Agent prior to 5:00 p.m., Eastern Time, on the Expiration Date (currently
April __, 2018).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: left"><I>By First Class Mail:</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Computershare Trust
Company, N.A. <BR>Attn: Corporate Actions <BR>PO Box 505004 <BR>Louisville, KY 40233-5004</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>By Express Mail or
Overnight Courier:</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Computershare Trust
Company, N.A. <BR>Attn: Corporate Actions <BR>462 South Fourth Street <BR>Suite 1600 <BR>Louisville, KY 40202</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">DELIVERY TO AN ADDRESS
OTHER THAN THE ABOVE <BR>DOES NOT CONSTITUTE GOOD DELIVERY.</P>



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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Payment for Shares</b></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders who
are record owners can send payment for the Shares acquired in the Primary Subscription and any additional shares subscribed for
pursuant to the Over-Subscription Privilege, together with the Subscription Certificate, to the Subscription Agent based on an
assumed purchase price of $_____ per Share. To be accepted, such payment, together with the Subscription Certificate, must be received
by the Subscription Agent prior to 5:00 p.m., Eastern Time, on the Expiration Date (currently April __, 2018) as set forth above.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Payment by check
must accompany any Subscription Certificate for the Subscription Certificate to be accepted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">YOU WILL HAVE NO
RIGHT TO RESCIND YOUR SUBSCRIPTION AFTER THE SUBSCRIPTION AGENT HAS RECEIVED THE SUBSCRIPTION CERTIFICATE, EXCEPT AS PROVIDED BELOW
UNDER &ldquo;NOTICE OF NET ASSET VALUE DECLINE / POSSIBLE SUSPENSION OF THE OFFER.&rdquo;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The method of delivery
of Subscription Certificates and payment of the Subscription Price to the Fund will be at the election and risk of Stockholders,
but if sent by mail it is recommended that such Subscription Certificates and payment be sent by registered mail, properly insured,
with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Fund and clearance of
payment prior to 5:00 p.m., Eastern Time, on the Expiration Date. Please note that checks may take at least five business days
to clear and may, at the discretion of the Fund, not be accepted if not cleared prior to the Expiration Date (currently April __,
2018).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Issuance and delivery
of Shares purchased pursuant to the Offer are subject to collection of funds and actual payment by the subscribing Stockholder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">A confirmation will
be sent by the Subscription Agent to each Stockholder (or, if the relevant Shares on the Record Date are held by a Nominee, to
such Nominee) by April __, 2018, showing (i) the number of Shares acquired pursuant to the Primary Subscription; (ii) the number
of Shares, if any, acquired through the Over-Subscription Privilege; and (iii) any additional amount payable by the Stockholder
to the Fund or any excess to be refunded by the Fund to the Stockholder, in each case based on the Subscription Price as determined
on the Pricing Date. Any additional payment required from a Stockholder must be received by the Subscription Agent within ten (10)
business days after the Confirmation Date. Any excess payment to be refunded by the Fund to a Stockholder will be mailed by the
Subscription Agent to such Stockholder as promptly as possible within ten (10) business days after the Confirmation Date. <b>All payments
by a Stockholder must be made in United States dollars by check drawn on a bank located in the United States of America and payable
to &ldquo;Royce Value Trust, Inc.&rdquo; Money orders and certified or bank cashier&rsquo;s checks will not be accepted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">If a Stockholder
who acquires Shares through the Primary Subscription or the Over-Subscription Privilege does not make payment of all amounts due
by the tenth (10th) business day after the Confirmation Date, the Fund reserves the right to (i) find other purchasers for such
subscribed and unpaid Shares; (ii) apply any payment actually received by it toward the purchase of the greatest number of whole
Shares which could be acquired by such Stockholder through the Primary Subscription and/or the Over-Subscription Privilege; and/or
(iii) exercise any and all other rights and/or remedies to which it may be entitled, including, without limitation, the right to
set-off against payments actually received by it with respect to such subscribed Shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</p>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All questions concerning
the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will
be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity
to be corrected within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be
deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund determines
in its sole discretion. The Fund will not be under any duty to give notification of any defect or irregularity in connection with
the submission of Subscription Certificates or incur any liability for failure to give such notification.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Notice of Net Asset Value Decline / Possible
Suspension of the Offer</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has, as required by the SEC&rsquo;s
registration form, undertaken to suspend the Offer until it amends this Prospectus if, subsequent to March __, 2018, the effective
date of the Fund&rsquo;s Registration Statement, the Fund&rsquo;s NAV per share declines more than 10% from its NAV per share as
of March __, 2018. Accordingly, the Fund will notify Stockholders of any such decline and thereby permit them to cancel any exercise
of Rights contemplated hereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Delivery of Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Participants in the Fund&rsquo;s Distribution
Reinvestment and Cash Purchase Plan will have any Shares acquired through the Primary Subscription and the Over-Subscription Privilege
credited to their Plan accounts. Stock certificates will not be issued for Shares credited to Plan accounts. Stockholders whose
Shares are held of record by a Nominee on their behalf will have any Shares acquired through the Primary Subscription and the Over-Subscription
Privilege credited to the account of such Nominee. </P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Dilution</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">If you do not exercise all of your Rights
in connection with the Primary Subscription, you should expect to own a smaller proportional interest in the Fund upon completion
of the Offer, resulting in immediate ownership and voting dilution.&nbsp; You will experience further immediate ownership and voting
dilution in the event the Fund issues Over-Allotment Shares and you do not submit a subscription request pursuant to the Over-Subscription
Privilege. As noted above, the Fund may only sell Over-Allotment Shares to Stockholders if and to the extent that all Shares issued
through the Offer would dilute (reduce) its NAV per Share by less than 2.0%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">You will experience a reduction in NAV
per Share as a result of the expenses incurred by the Fund (and indirectly by all Stockholders) in connection with Offer. You will
experience a further reduction in NAV per Share in the event the Subscription Price is below the NAV per Share on the Expiration
Date, because: (i) the offered Shares are being sold at less than their current NAV; and (ii) the number of Shares outstanding
after completion of the Offer will have increased proportionately more than the increase in the amount of the Fund&rsquo;s net
assets. For example, assume a Subscription Price of $_____ per Share based upon the Fund&rsquo;s last reported sale price of $_____
per Share on the NYSE on March __, 2018 and an NAV per Share of $_____ on that date. Further assume that all __________ Primary
Subscription Shares are sold at such estimated Subscription Price of $_____ per Share, that the Fund does not exercise its over-allotment
option, and that estimated expenses related to the Offer of $__________ are paid by the Fund. In such an instance, the NAV per
Share of $_____ as of March __, 2018 would be reduced by approximately $_____ or _____%. As another example, assume all of the
same factors above except that the Fund exercises its over-allotment option and all __________ Over-Allotment Shares are sold.
In that scenario, the NAV per Share of $_____ as of March __, 2018 would be reduced by approximately $_____ or _____%. Although
the Fund cannot state precisely the amount of any dilution because it is not known as of the date of this Prospectus what the Subscription
Price or NAV per Share will be on the Expiration Date, how many Shares will be subscribed for, what the exact expenses of the Offer
will be, or whether and to what extent the Fund will exercise its over-allotment option, such NAV per Share dilutions will apply
whether or not you exercise all of your Rights under the Primary Subscription or purchase any Over-Subscription Shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Other Rights Offerings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund had below-NAV rights offerings
during each of the seven years ended December 31, 1995 and during 2003, and may have similar rights offerings in the future. Any
such future rights offerings will be made in accordance with the terms and conditions of the MDP Order and the-then applicable
requirements of the 1940 Act and the 1933 Act and offered by means of separate prospectuses. In particular, the MDP Order provides,
among other things, that rights offerings to the Fund&rsquo;s holders of common stock are permitted at below NAV, and other offerings
are permitted if the Fund&rsquo;s annualized distribution rate for the six months ending on the last day of the month ended immediately
prior to the most recent distribution record date, expressed as a percentage of NAV as of such date, is no more than one percentage
point greater than the Fund&rsquo;s average annual total return for the five-year period ending on such date.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>INVESTMENT GOAL AND POLICIES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Investment Goal</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s investment goal is
long-term capital growth. The Fund&rsquo;s investment goal is a fundamental policy of the Fund and may not be changed without Stockholder
approval as described in more detail below in this section under the sub-heading <I>&ldquo;Changes in Investment Goal and Methods/Policies.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There are various risks inherent in
any investment. No assurance can be given that the Fund will achieve its investment goal. See <I>&ldquo;Risk Factors and Special
Considerations.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Principal Investment Methods/Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund normally invests at least 65%
of its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations ranging
from $100&nbsp;million to $3 billion, that Royce believes are trading below its estimate of their current worth.
The Fund also may invest up to 25% of its assets in securities of issuers headquartered outside the United States. The Fund may
invest a portion of its assets in companies with stock market capitalizations in excess of $3 billion.</P>


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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce uses various value methods
in managing the Fund&rsquo;s assets. In selecting securities for the Fund, Royce evaluates the quality of a company&rsquo;s balance
sheet, the level of its cash flows and other measures of a company&rsquo;s financial condition and profitability. Royce may also
consider other factors, such as a company&rsquo;s unrecognized asset values, its future growth prospects or its turnaround potential
following an earnings disappointment or other business difficulties. Royce then uses these factors to assess the company&rsquo;s
current worth, basing this assessment on either what they believe a knowledgeable buyer might pay to acquire the entire company
or what they think the value of the company should be in the stock market.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce generally will invest in
securities of companies that are trading below its estimate of the company&rsquo;s current worth in an attempt
to reduce the risk of overpaying for such companies. Seeking long-term growth of capital, they also evaluate the prospects for
the market price of the company&rsquo;s securities to increase over a two- to five-year period toward this estimate.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce&rsquo;s value approach
strives to reduce some of the other risks of investing in the securities of smaller companies (for the Fund&rsquo;s portfolio taken
as a whole) by evaluating other risk factors. For example, Royce generally attempts to lessen financial risk by buying companies
with strong balance sheets and low leverage.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Although Royce&rsquo;s approach
to security selection seeks to reduce downside risk to the Fund&rsquo;s portfolio, especially during periods of broad-smaller-company
stock market declines, it may also potentially have the effect of limiting gains in strong smaller-company up markets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Other Investment Methods/Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Non-Convertible Debt. </I>The Fund
may invest up to 35% of its assets in direct obligations of the government of the United States or its agencies and/or in non-convertible
debt securities of various issuers, including up to 5% of its net assets in below investment-grade debt securities, also known
as high-yield fixed income securities. Such below investment-grade debt securities may be in the lowest-grade categories of recognized
ratings agencies (C in the case of Moody&rsquo;s Investor Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) or D in the case of S&amp;P
Global Ratings, a Standard &amp; Poor&rsquo;s Financial Services LLC business (&ldquo;Standard &amp; Poor&rsquo;s&rdquo;)) or may
be unrated. High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal and
non-payment of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default
as to the payment of interest or repayment of principal.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Warrants, Rights or Options. </I>The
Fund may invest up to 5% of its assets in warrants, rights or options. A warrant, right or call option entitles the holder to purchase
a given security within a specified period for a specified price and does not represent an ownership interest in the underlying
security. A put option gives the holder the right to sell a particular security at a specified price during the term of the option.
These securities have no voting rights, pay no dividends and have no liquidation rights. In addition, market prices of warrants,
rights or call options do not necessarily move parallel to the market prices of the underlying securities; market prices of put
options tend to move inversely to the market prices of the underlying securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Portfolio Lending
Transactions</I>.&nbsp; The Fund&rsquo;s non-fundamental investment restrictions permit it to lend up to 25% of its assets to
brokers, dealers and other financial institutions. As noted above, the Fund&rsquo;s borrowings under the revolving credit
facility with BNPPI are done on a secured basis, which means the Fund is required to pledge portfolio securities as
collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory
standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan
balance outstanding. The revolving credit facility also permits, subject to certain conditions, BNPPI to re-hypothecate or
loan portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. Such re-hypothecation allows
the Fund to retain ownership of the re-hypothecated securities and to continue to receive payments in lieu of dividends and
interest  on such re-hypothecated securities. The Fund also has the right under the revolving credit facility to recall the
re-hypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, BNPPI
will compensate the Fund for any fees or losses related to the failed delivery or, in the event a recalled security is not
returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled
security failed to be returned.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><I>Temporary Investments.
</I>Under normal circumstances, the assets of the Fund are primarily invested in the equity securities of micro-cap and small-cap
companies. However, for temporary defensive purposes (i.e., when Royce determines that market conditions warrant) or when it has
uncommitted cash balances, the Fund may also invest in U.S.&nbsp;Treasury bills, domestic bank certificates of deposit, repurchase
agreements with its custodian bank covering United States Treasury and agency obligations having a term of not more than one week,
high-quality commercial paper and money market funds registered under the 1940 Act, or retain all or part of its assets in cash.
Accordingly, the composition of the Fund&rsquo;s portfolio may vary from time to time. If the Fund should implement a temporary
investment policy, such policy would be inconsistent with its investment goal and the Fund may not achieve its investment goal
while that policy is in effect.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Changes in Investment Goal and Methods/Policies</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s investment goal of
long-term capital growth is a fundamental policy of the Fund and may not be changed without the approval of the holders of a majority
of the Fund&rsquo;s outstanding shares of common stock and preferred stock (if any), voting together as a single class, and a majority
of the outstanding preferred stock (if any), voting as a separate class (which for this purpose and under the 1940 Act means the
lesser of (i)&nbsp;67% or more of the relevant shares of capital stock of the Fund present or represented at a meeting of stockholders,
at which the holders of more than 50% of the outstanding relevant shares of capital stock are present or represented or (ii)&nbsp;more
than 50% of the outstanding relevant shares of capital stock of the Fund). Except as indicated under <I>&ldquo;Investment Restrictions&rdquo;</I>
in the SAI, the Fund does not consider its other policies, such as investing at least 65% of its assets in the equity securities
of micro-cap and small-cap companies to be fundamental, and such policies may be changed by the Board without stockholder approval
or, except as required by law, prior notice to stockholders. Although the Fund may seek current income by investing in dividend-paying
equity securities of small- and micro-cap companies, this is not the Fund&rsquo;s primary investment goal.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund&rsquo;s investment
policies are subject to certain restrictions. See <I>&ldquo;Investment Restrictions&rdquo;</I> in the SAI.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>RISK FACTORS AND SPECIAL
CONSIDERATIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><I>The Offer and an investment
in the Fund are subject to the following principal risks.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Market Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As with any closed-end fund that invests
in common stocks, the Fund is subject to market risk&mdash;the possibility that common stock prices will decline over short or
extended periods of time. As a result, the NAV per Share will fluctuate, sometimes sharply and unpredictably, and you could lose
money over short or long periods of time. The Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed
by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation,
the Federal Reserve Board, or any governmental agency.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">As noted above under <I>&ldquo;Prospectus
Summary &#8722; Principal Risk Factors and Special Considerations at a Glance &#8722; Dilution - Net Asset Value and Non-Participation
in the Offer,&rdquo;</I> the NAV per Share will be reduced immediately following the Offer to the extent: (i) offering expenses
are paid by the Fund and (ii) the Subscription Price is below the NAV per Share on the Expiration Date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Market Price of Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares of common stock of closed-end
investment companies often trade in the market at prices lower than their NAV per Share. Market price risk is a risk separate and
distinct from the risk that the Fund&rsquo;s NAV per Share will decrease. The Shares have recently traded at a discount to NAV,
with a discount as high as 18.43% during the past five years. During the year ended December 31, 2017, the Shares traded at an
average discount to NAV of 11.07%. As of December 31, 2017, the discount to NAV was 7.60%. Common shares of closed-end investment
companies may, however, trade at prices higher than their NAV during some periods. No assurance can be given that the Shares will
trade at a price higher than or equal to NAV.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to NAV, the market price
of Shares may be affected by such factors as the Fund&rsquo;s dividend and distribution levels and stability, market liquidity,
market supply and demand, unrealized gains, general market and economic conditions, and other factors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Investing in Smaller Capitalization Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As noted above, Royce normally invests
at least 65% of the Fund&rsquo;s assets in the equity securities of micro-cap and small-cap companies, generally with stock market
capitalizations ranging from $100&nbsp;million to $3&nbsp;billion. Royce views the large and diverse universe of smaller companies
in which the Fund primarily invests as having two investment segments or tiers &mdash; micro-cap and small-cap. Royce refers to
the segment of companies with market capitalizations from $100 million to $1 billion as micro-cap. Royce defines the next tier,
the small-cap universe, as those companies with market capitalizations between $1 billion and $3 billion. The Fund may also invest
a portion of its assets in mid-cap and/or large-cap securities. Royce defines mid-cap as those companies with market caps between
$3 billion and $15 billion. Large-cap is defined by Royce as those companies with market caps of more than $15 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Small-cap companies offer investment
opportunities and additional risks. They may not be well known to the investing public, may not be significantly owned by institutional
investors, and may not have steady earnings growth. The securities of such companies may also be more volatile in price, have wider
spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization
companies. As a result, the Fund may have difficulty selling holdings or may only be able to sell holdings at prices substantially
lower than what Royce believes they are worth. In addition, the purchase or sale of more than a limited number of shares of the
securities of a small-cap company may affect its market price. Royce may need a considerable amount of time to purchase or sell
its positions in these securities, particularly when other Royce-managed accounts or other investors are also seeking to purchase
or sell them. Accordingly, Royce&rsquo;s investment focus on the securities of small-cap companies generally leads it to have a
long-term investment outlook of at least two years for a portfolio security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Within small-cap Royce further defines
companies with market caps up to $1 billion as micro-cap, a segment that consisted of more than 3,200 companies at the end of 2016.
These companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about
them. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price
movements than are small-cap securities with market caps of more than $1 billion and mid-cap securities, and Royce may be able
to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies may also have limited markets,
financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments.
These conditions, which create greater opportunities to find securities trading below Royce&rsquo;s estimate of the company&rsquo;s
current worth, also involve increased risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of December 31, 2016, there were
more than 800 additional small-cap companies with market caps between $1 billion and $3 billion. In this segment, there is a relatively
higher level of institutional investor ownership and more research coverage by securities analysts than generally exists for micro-cap
companies. This greater attention makes the market for such securities more efficient compared to micro-cap securities because
they have somewhat greater trading volumes and narrower bid/ask prices. In general, mid-caps share many of the same characteristics
as those companies with market caps between $1 billion and $3 billion. As a result, Royce may employ a more concentrated approach
when investing in these companies, holding proportionately larger positions in a relatively limited number of securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Selection Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce invests in securities of companies
that are trading  below its estimate of the company&rsquo;s &ldquo;current worth&rdquo; in an attempt to reduce the
risk of overpaying for such companies. Royce&rsquo;s value approach strives to reduce some of the other risks of investing in small-
and micro-cap companies (for the Fund&rsquo;s portfolio taken as a whole) by evaluating various other risk factors. Royce attempts
to lessen financial risk by buying companies that combine strong balance sheets with low leverage. While no assurance can be given
that this risk-averse value approach will be successful, Royce believes that it can reduce some of the risks of investing in the
securities of small- and micro-cap companies, which are inherently fragile in nature and whose securities have substantially greater
market price volatility. Although Royce&rsquo;s approach to security selection seeks to reduce downside risk to the Fund&rsquo;s
portfolio, especially during periods of broad small-cap market declines, it may also potentially have the effect of limiting gains
in strong small-cap up markets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Different types of stocks tend to shift
into and out of favor with stock market investors, depending on market and economic conditions. The performance of funds that invest
in value-style stocks may at times be better or worse than the performance of stock funds that focus on other types of stocks or
that have a broader investment style. In addition, Royce&rsquo;s estimate of a company&rsquo;s current worth may prove to be inaccurate,
or this estimate may not be recognized by other investors, which could lead to portfolio losses. Securities in the Fund&rsquo;s
portfolio may not increase as much as the market as a whole and some securities may continue to be undervalued for long periods
of time.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Foreign Securities Risks</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce defines &ldquo;foreign&rdquo;
as those securities of companies headquartered outside of the United States. Royce believes that investing in foreign securities
offers both enhanced investment opportunities and additional risks beyond those present in U.S. securities. Investing in foreign
securities may provide increased diversification by adding securities from various foreign countries (i) that offer different investment
opportunities, (ii) that generally are affected by different economic trends, and (iii) whose stock markets may not be correlated
with U.S. markets. At the same time, these opportunities and trends involve risks that may not be encountered in U.S. investments.
The Fund may invest in the securities of companies whose economic fortunes are linked to non-U.S. countries but that do not meet
the Fund&rsquo;s definition of a foreign security. To the extent the Fund invests in this manner, the percentage of the Fund&rsquo;s
portfolio that is exposed to non-U.S. country risks may be greater than the percentage of the Fund&rsquo;s assets that the Fund
defines as representing foreign securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following considerations comprise
both risks and opportunities not typically associated with investing in U.S. securities: fluctuations in exchange rates of foreign
currencies because the Fund does not intend to hedge its foreign currency exposure; possible imposition of exchange control regulations
or currency restrictions that would prevent cash from being brought back to the United States; less public information with respect
to issuers of securities; less government supervision of stock exchanges, securities brokers, and issuers of securities; lack of
uniform accounting, auditing, and financial reporting standards; lack of uniform settlement periods and trading practices; less
liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of foreign
taxes; the possibility of expropriation or confiscatory taxation, seizure, or nationalization of foreign bank deposits or other
assets, the adoption of foreign government restrictions, and other adverse political, social, or diplomatic developments that could
affect investment; sometimes less advantageous legal, operational, and financial protections applicable to foreign sub-custodial
arrangements; and the historically lower level of responsiveness of foreign management to stockholder concerns (such as dividends
and return on investment).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Developing Country Risks</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The risks described above for foreign
securities, including the risks of nationalization and expropriation of assets, are typically increased to the extent that the
Fund invests in companies headquartered in developing, or emerging market, countries. Developing (or emerging markets) countries
include every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South
Korea, Taiwan, Bermuda, and Western European countries (as defined in the Funds&rsquo; Statement of Additional Information). Investments
in securities of companies headquartered in such countries may be considered speculative and subject to certain special risks.
The political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries
may lack the social, political, and economic characteristics of more developed countries. Certain of these countries have in the
past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies.
Some countries have inhibited the conversion of their currency to another. The currencies of certain developing countries have
experienced devaluation relative to the U.S. dollar, and future devaluations may adversely affect the value of the Fund&rsquo;s
assets denominated in such currencies because the Fund does not intend to hedge its foreign currency exposure. Some developing
countries have experienced substantial rates of inflation for many years. Continued inflation may adversely affect the economies
and securities markets of such countries. In addition, unanticipated political or social developments may affect the value of the
Fund&rsquo;s investments in these countries and the availability to the Fund of additional investments in these countries. The
small size, limited trading volume, and relative inexperience of the securities markets in these countries may make a Fund&rsquo;s
investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required
to establish special custodial or other arrangements before making investments in these countries. There may be little financial
or accounting information available with respect to companies headquartered in these countries, and it may be difficult as a result
to assess the value or prospects of an investment in such companies.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Risks to Common Stockholders
of Borrowing Money and Issuing Senior Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>General</I>. The 1940 Act and
the Fund&rsquo;s fundamental investment policies (see <I>&ldquo;Investment Restrictions&rdquo;</I> in the SAI) permit the Fund
to borrow money from banks and certain other lenders and to issue and sell senior securities representing indebtedness or consisting
of preferred stock if various requirements are met. Such requirements include asset coverage tests, measured immediately after
the incurrence of debt or the issuance or sale of securities, of 300% for indebtedness and 200% for preferred stock and, except
for indebtedness to banks and certain other lenders, restrictive provisions concerning common stock dividend payments, other common
stock distributions, stock repurchases and maintenance of asset coverage and giving certain senior security holders the right to
elect directors in the event specified asset coverage tests are not met or dividends are not paid. Although the incurrence of such
leverage would allow the Fund to raise additional cash for investments, it is a speculative investment technique that may subject
the Fund to increased risk and volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Borrowings.</I> As noted above, the
Fund has entered into a revolving credit facility with BNPPI. The Fund pays interest on the amount drawn under such credit facility
at a variable rate that is equal to a reference rate plus the applicable spread as well as a commitment fee on the unused portion
of the facility. The revolving credit facility has a 360-day rolling term that resets daily; however, if the Fund exceeds certain
net asset value triggers, the facility may convert to a 60-day rolling term that resets daily.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the Fund had 84,587,724 shares of common stock issued and outstanding, with aggregate net assets of $1,480,449,029, along with outstanding borrowings for investment purposes of $70,000,000 under the revolving credit facility with BNPPI. During the fiscal year ended December 31, 2017, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 2.2144% under such revolving credit facility. Based on such information, the Fund&#146;s total portfolio of $1,550,449,029 (i.e., net assets of $1,480,449,029 plus borrowings of $70,000,000) at December 31, 2017 must experience an annual return of 0.10% to cover such borrowing expenses. The table below illustrates the potential effects of such leverage on the annual return experienced by the Fund&#146;s common stockholders assuming the indicated returns on the Fund&#146;s total portfolio of $1,550,449,029 at December 31, 2017 and the Fund&#146;s 2017 weighted average borrowing cost of 2.2144%. In general, such table shows that leverage further increases the return to the Fund&#146;s common stockholders when its total portfolio return is positive and further decreases such return when its total portfolio return is negative.</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Assumed Return on Fund&rsquo;s Portfolio</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>(Net of Expenses)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corresponding Return to Stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.58)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.34)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; background-color: white; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.37%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><B>All
figures appearing in the table immediately above are hypothetical and not actual returns and are provided solely to assist investors
in understanding the effects of leverage.&nbsp; Actual returns may be more or less than those appearing in the table.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Leverage in the form of borrowing
for investment purposes creates an opportunity for increased return but, at the same time, involves special risk considerations.&nbsp;
The following factors could increase the investment risk and the volatility of the NAV and market price per Share: (i)&nbsp;leveraging
exaggerates any increase or decrease in the value of the Fund&rsquo;s portfolio; (ii)&nbsp;the costs of borrowing may exceed the
income from the portfolio securities purchased with the borrowed money; (iii)&nbsp;a decline in NAV per Share results if the investment
performance of the additional securities purchased fails to cover their cost to the Fund (including any interest paid on the money
borrowed); (iv)&nbsp;a decline in NAV per Share could affect the ability of the Fund to make common stock dividend payments; (v)&nbsp;a
failure to pay net investment income dividends or make capital gains distributions could result in the Fund&rsquo;s ceasing to
qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), or in its
having to pay certain entity level taxes even if it maintains its status as a regulated investment company (see <I>&ldquo;Taxation&rdquo;</I>
in the SAI); and (vi)&nbsp;if the asset coverage for debt securities declines to less than 300% (as a result of market fluctuations
or otherwise), the Fund may be required to sell a portion of its investments when it may be disadvantageous to do so. Because the
Fund pays interest at a variable rate under the revolving credit facility, these risks will be heightened for the Fund in the event
of any increase in the interest rate payable thereunder. No assurance can be given that a borrowing strategy will be successful
during any period in which it is employed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s borrowings under the
revolving credit facility with BNPPI are done on a secured basis, which results in certain additional risks to the Fund. The Fund
is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise
required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of,
BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial
covenants required under the revolving credit facility, the Fund may be required to repay immediately, in whole or in part, the
loan balance</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">outstanding under the revolving credit
facility which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the revolving
credit facility upon certain ratings downgrades of its corporate parent, which would result in the Fund&rsquo;s entire loan balance
becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities
at potentially inopportune times. The rights of BNPPI to receive payments of interest and repayments of principal under the revolving
credit facility generally will be senior to the rights of the Fund&rsquo;s common stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Immediately following the completion
of the Offer (which assumes that the Primary Subscription is fully subscribed, that the Fund exercises its over-allotment option
and all Over-Allotment Shares are sold, and that the Fund pays estimated expenses of $__________ related to the Offer) at an estimated
Subscription Price of $_____, the aggregate amount of borrowings under such revolving credit facility is expected to remain the
same while the 1940 Act asset coverage for such borrowings is expected to increase to _____%. The Fund, however, reserves the right
to adjust the aggregate amount of, and asset coverage for, such borrowings at any time in whatever way it deems necessary or appropriate,
subject in all cases to compliance with the 1940 Act and the rules thereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Preferred Stock. </I> As of
December 31, 2017, the Fund had no outstanding preferred stock. The future issuance of preferred stock may result in higher volatility
of the NAV per Share and potentially more volatility in the market price of the Shares. Holders of common stock will realize a
higher current rate of return than if the Fund were not leveraged only so long as the Fund, after accounting for its costs and
operating expenses, is able to realize a higher net return on its investment portfolio than the then-current dividend rates paid
on any preferred stock. Similarly, since a pro&nbsp;rata portion of the Fund&rsquo;s net realized capital gains are generally payable
to holders of common stock, the use of leverage will increase the amount of such gains distributed to holders of common stock.
To the extent that the dividend rates on preferred stock approach the net return on the Fund&rsquo;s investment portfolio, the
benefit of leverage to holders of common stock will be decreased. (If the dividend rates on preferred stock were to exceed the
net return on the Fund&rsquo;s portfolio, holders of common stock would receive a lower rate of return than if the Fund were not
leveraged.) Similarly, since both the cost of issuing preferred stock and any decline in the value of the Fund&rsquo;s investments
(including investments purchased with the proceeds from preferred stock offerings) is borne entirely by holders of common stock,
the effect of leverage in a declining market would result in a greater decrease in NAV per Share to holders of common stock than
if the Fund were not leveraged. Such decrease in NAV per Share likely would be reflected in a greater decline in the market price
for shares of the Fund&rsquo;s common stock. If a Fund is liquidated, holders of preferred stock will be entitled to receive liquidating
distributions before any distribution is made to holders of the Fund&rsquo;s common stock. Redemption of preferred stock or insufficient
investment income to make dividend payments may reduce the NAV per Share of the common stock by requiring the Fund to liquidate
a portion of its investments at a time when it may be disadvantageous to do so.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In an extreme case, a decline
in NAV could affect the Fund&rsquo;s ability to pay dividends on its common stock. Failure to make such dividend payments could
adversely affect the Fund&rsquo;s qualification as a regulated investment company under the Code. See <I>&ldquo;Taxation&rdquo;</I>
in the SAI. However, the Fund intends to take all measures necessary to make such common stock dividend payments. If the Fund&rsquo;s
current investment income is ever insufficient to meet dividend payments on either its common stock or preferred stock, the Fund
may have to liquidate certain of its investments.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The class and other voting rights
of issued preferred stock could make it more difficult for the Fund to take certain actions that may, in the future, be proposed
by the Board and/or the holders of its common stock, such as (i)&nbsp;a merger, exchange of securities, liquidation or alteration
of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse to the preferred stock, (ii)&nbsp;converting
the Fund to an open-end investment company or changing its fundamental investment restrictions or other fundamental policies or
(iii)&nbsp;seeking to operate other than as an investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The future issuance of any preferred
stock convertible into common stock might also reduce the net income and NAV per Share of the Fund&rsquo;s common stock upon conversion.
Such income dilution would occur if the Fund could not, from the investments made with the proceeds of the preferred stock, earn
an amount per share of common stock issuable upon conversion greater than the dividend required to be paid on the amount of preferred
stock convertible into one share of common stock. Such NAV dilution would occur if preferred stock were converted at a time when
the NAV per Share of the Fund&rsquo;s common stock was greater than the conversion price.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Financial Impact of Borrowings
and Senior Securities on Common Stockholders. </I>The costs related to the issuance and sale of senior securities such as preferred
stock, including underwriting discounts, rating agency fees and offering expenses, are paid by the Fund and, therefore, borne by
holders of its common stock. Also, the interest and dividend requirements of such senior securities will reduce the amount of,
and may entirely eliminate, any net investment income dividends otherwise payable by the Fund to holders of its common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In the event the Fund had
outstanding preferred stock in the future, the fees paid to Royce for investment advisory services would be higher than if the
Fund did not have preferred stock outstanding because the Fund&rsquo;s investment advisory fees are calculated on the basis of
its net assets, which amount would include assets obtained from the sale of any outstanding preferred stock. Because the Fund&rsquo;s
investment advisory fee is a function of its net assets rather than its total assets, Royce does not and will not receive any investment
advisory fee in respect of Fund assets equaling the aggregate unpaid principal amount of any indebtedness of the Fund. See &ldquo;<I>Investment
Advisory and Other Services &#8722; Advisory Fee.&rdquo;</I></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><I>The Offer and an investment in the Fund are subject
to the following additional non-principal risks.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Non-Convertible Debt</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may invest up to 35%
of its assets in direct obligations of the government of the United States or its agencies and/or in non-convertible debt securities
of various issuers, including up to 5% of its net assets in below investment-grade debt securities, also known as high-yield fixed
income securities. There are no limits on the maturity or duration of the debt securities in which the Fund may invest.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Two of the main risks of investing
in debt securities are credit risk and interest rate risk. Below investment-grade debt securities may be in the lowest-grade categories
of recognized ratings agencies (C in the case of Moody&rsquo;s or D in the case of Standard &amp; Poor&rsquo;s) or may be unrated.
High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal and non-payment
of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default as to the
payment of interest or repayment of principal. As of the date of this Prospectus, interest rates are near historical lows which
makes it more likely that they will increase in the future which could, in turn, result in a decline in the market value of any
debt securities held by the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Warrants, Rights or Options</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may invest up to 5%
of its total assets in warrants, rights and options. A warrant, right or call option entitles the holder to purchase a given security
within a specified period for a specified price and does not represent an ownership interest. A put option gives the holder the
right to sell a particular security at a specified price during the term of the option. These securities have no voting rights,
pay no dividends and have no liquidation rights. In addition, their market prices do not necessarily move parallel to the market
prices of the underlying securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Portfolio Lending Risk</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Portfolio lending
involves the risk that BNPPI or a party to which BNPPI re-hypothecates or loans Fund assets held as collateral under the
revolving credit facility may fail to return those securities in a timely manner or at all. The Fund will be subject to the
risk of loss to the extent BNPPI is unable to pay, or the Fund is unable to offset, any fees, expenses, or losses otherwise
due to the Fund under the revolving credit facility in connection with securities that are not returned to the Fund. These
events could trigger adverse tax consequences for the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Corporate Governance Structure</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has nine (9) Directors who
are elected by the holders of its common stock. The Fund&rsquo;s Directors are divided into three classes, with each class having
a staggered term of three years. Accordingly, it likely would at least take two years to change a majority of the Board. In addition,
the Fund&rsquo;s By-laws permit Stockholders to call a special meeting of Stockholders only if certain procedural requirements
are met and the request is made by stockholders entitled to cast at least a majority of the votes entitled to be cast at such a
meeting. These provisions, which may be regarded as &ldquo;anti-takeover&rdquo; provisions, may have the effect of (i) maintaining
the continuity of management and thus may make it more difficult for stockholders to change a majority of Directors and (ii) depriving
common stockholders of an opportunity to sell their shares at a premium to the prevailing market price. See <I>&ldquo;Description
of Capital Stock &mdash; Certain Corporate Governance Provisions.&rdquo;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Directors and Officers</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Board is responsible for
the overall supervision of the operations of the Fund, including supervision of the duties performed by Royce. The Fund&rsquo;s
Directors have the various duties imposed on directors of registered investment companies by the 1940 Act and Maryland law. The
Board is comprised of nine Directors, two of whom are &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund.
The names and business addresses of the Directors and officers of the Fund and their principal occupations and other affiliations
during the past five years, as well as a description of committees of the Board, are set forth under <I>&ldquo;Management&rdquo;</I>
in the SAI.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Investment Adviser</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce &amp; Associates, LP is
the investment adviser to the Fund and is responsible for the management of its assets. Royce has been investing in smaller-company
securities with a value approach for more than 40 years. Its offices are located at 745 Fifth Avenue, New York, NY 10151. Royce
has served as the investment adviser to the Fund since its inception in November 1986. Royce also serves as investment adviser
to other registered management investment companies, privately offered funds and institutional accounts. As of December 31, 2017,
Royce managed approximately $_____ billion in assets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On October 1, 2001, Royce &amp;
Associates, Inc., the Fund&rsquo;s investment adviser, became an indirect wholly-owned subsidiary of Legg Mason, Inc. (&ldquo;Legg
Mason&rdquo;). On March 31, 2002, Royce &amp; Associates, Inc. was merged into Royce Holdings, LLC (a wholly-owned subsidiary of
Legg Mason), which then changed its name to Royce &amp; Associates, LLC. As a result of this merger, Royce &amp; Associates, LLC
became the Funds&rsquo; investment adviser and a direct wholly-owned subsidiary of Legg Mason. Effective March 1, 2016, Royce &amp;
Associates, LLC transitioned to Royce &amp; Associates, LP, a subsidiary of Legg Mason. Founded in 1899, Legg Mason is a publicly-held
financial services company primarily engaged in providing asset management and related financial services through its subsidiaries.
As of December 31, 2017, Legg Mason&rsquo;s asset management subsidiaries had aggregate assets under management of approximately
$___ billion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the Fund&rsquo;s articles
of incorporation, as amended and supplemented (the &ldquo;Charter&rdquo;), and Maryland law, the Fund&rsquo;s business and affairs
are managed under the direction of the Board. Investment decisions for the Fund are made by Royce, subject to any direction it
may receive from the Board, which periodically reviews the Fund&rsquo;s investment performance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce (i)&nbsp;determines the
composition of the Fund&rsquo;s portfolio, the nature and timing of the changes in it and the manner of implementing such changes,
subject to any directions it may receive from the Board; (ii)&nbsp;provides the Fund with investment advisory, research and related
services for the investment of its assets; and (iii)&nbsp;pays expenses incurred in performing its investment advisory duties under
the Investment Advisory Agreement (as defined below).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund pays all administrative
and other costs and expenses attributable to its operations and transactions, including, without limitation, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation, printing
and distribution of its prospectuses, proxy statements, stockholder reports and notices; supplies and postage; Federal and state
registration fees; Federal, state and local taxes; non-affiliated directors&rsquo; fees; and brokerage commissions. Please see
the SAI under <I>&ldquo;Administration Agreement&rdquo;</I> for more information.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Charles M. Royce is the Fund&rsquo;s
portfolio manager and is assisted by Portfolio Manager Chris E. Flynn and Portfolio Manager Lauren Romeo. Mr. Royce has been the
Fund&rsquo;s portfolio manager since the Fund&rsquo;s inception. Mr. Royce previously served as Chief Executive Officer (1972 &ndash;
June 2016) and President (1972 &ndash; July 2014) of Royce. Mr.&nbsp;Flynn has been an assistant portfolio manager of the Fund
since 2007 and has been employed by Royce since 1993. Ms. Romeo has been an assistant portfolio manager of the Fund since 2007
and has been employed by Royce since 2004.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The SAI provides more information
about the structure of the portfolio managers&rsquo; compensation, other accounts that they manage and their ownership of shares
in the Fund.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>INVESTMENT ADVISORY AND
OTHER SERVICES PROVIDED BY ROYCE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.3pt 0 6pt; text-align: justify"><I>Investment Advisory
Fee.</I> As compensation for its services under the Amended and Restated Investment Advisory Agreement between the Fund and
Royce dated July 1, 2016 (the &ldquo;Investment Advisory Agreement&rdquo;), Royce receives a fee comprised of a Basic Fee and
an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the
S&amp;P 600 Index.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Basic Fee is a monthly
fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets applicable to
common stockholders, plus the liquidation value of its preferred stock, for the rolling 60-month period ending with such
month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is increased or decreased at the rate of 1/12 of
0.05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change
in the investment record of the S&amp;P 600 Index for the performance period by more than two percentage points. The
performance period for each such month is a rolling 60-month period ending with such month. The maximum increase or decrease
in the Basic Fee for any month may not exceed 1/12 of 0.5%. Accordingly, for each month, the maximum monthly fee rate as
adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage
change in the investment record of the S&amp;P 600 Index by 12 or more percentage points for the performance period, and the
minimum monthly fee rate as adjusted for performance is 1/12 of 0.5% and is payable if the percentage change in the
investment record of the S&amp;P 600 Index exceeds the investment performance of the Fund by 12 or more percentage points for
the performance period. As a result, the actual investment advisory fee rate may at times be greater than the fee rate paid
by many other funds.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Notwithstanding the foregoing,
Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period
ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance period is
less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Because the Fund&rsquo;s investment
advisory fee is a function of its net assets rather than its total assets, Royce does not and will not receive any fee in respect
of Fund assets equaling the aggregate unpaid principal amount of any indebtedness of the Fund but will receive a fee in respect
of Fund assets equaling the liquidation preference of the Fund&rsquo;s outstanding preferred stock, if any.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">A discussion regarding the basis
of the Board&rsquo;s approval of the renewal of the Investment Advisory Agreement is available in the Fund&rsquo;s semi-annual
stockholder report for the six months ended June&nbsp;30, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">For more information regarding
the Fund&rsquo;s investment advisory fee, see <I>&ldquo;Investment Advisory and Other Services &mdash; Advisory Fee&rdquo;</I>
in the SAI.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The following table illustrates,
on an annualized basis, the full range of permitted increases or decreases to the Basic Fee.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 20pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Difference between Performance </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Fund and&nbsp; % Change in</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S&amp;P 600 Record</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjustment to 1% Basic Fee</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees as Adjusted</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+12 or more</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.45%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+/-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.85%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.55%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12 or less</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</FONT></TD></TR>
</TABLE>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In calculating the investment
performance of the Fund and the percentage change in the investment record of the S&amp;P 600 Index, all dividends and other distributions
during the performance period are treated as having been reinvested, and no effect is given to gain or loss resulting from capital
share transactions of the Fund. Fractions of a percentage point are rounded to the nearest whole point (to the higher whole point
if exactly one-half).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Net Asset Value. </I>The net asset
value of the Fund&rsquo;s shares of common stock is calculated at the close of regular trading on the NYSE (generally 4:00&nbsp;p.m.
Eastern Time) every day that the NYSE is open. The Fund makes this information available daily by telephone (800-221-4268), via
its website <I>(www.roycefunds.com)</I> and through electronic distribution for media publication, including major internet-based
financial services web sites and portals (<I>bloomberg.com, yahoo.com, cbsmarketwatch.com</I>, etc.). Currently, <I>The Wall Street
Journal</I>, <I>The New York Times</I> and <I>Barron&rsquo;s</I> publish NAVs for closed-end investment companies weekly.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The net asset value per share
of common stock for the Fund is calculated by dividing the current value of the Fund&rsquo;s total assets less the sum of all of
its liabilities and the aggregate liquidation preferences of any outstanding shares of preferred stock by the number of its outstanding
shares of common stock. The Fund&rsquo;s investments are valued based on market value or, if market quotations are not readily
available, at their fair value as determined in good faith under procedures established by the Board. In certain cases, market
value may be determined using information provided by a pricing service approved by the Board. Valuing securities at their fair
values involves greater reliance on judgment than valuation of securities based on readily available market quotations. When using
fair value methods to price securities, the Fund may value those securities higher or lower than another fund using not readily
available market quotations or its own fair value methods to price the same securities. No assurance can be given that the Fund
could obtain the fair value price assigned to a security if it were to sell the security at approximately the time at which the
Fund determines its net asset value. Because trading hours for certain non-U.S. securities end before the close of the NYSE&nbsp;(generally
4:00&nbsp;p.m. Eastern Time), closing market quotations may become unreliable. If between the time trading ends on a particular
security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing
price unreliable, the Fund may fair value the security. If an issuer-specific event has occurred during this time that, in Royce&rsquo;s
judgment, is likely to have affected the closing price of a security, it may fair value the security. The Fund uses an independent
pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S.&nbsp;market volatility
exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices
of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair
value of relevant non-U.S. securities. The Fund values its non-U.S. securities in U.S.&nbsp;dollars on the basis of foreign currency
exchange rates provided to the Fund by its custodian, State Street Bank and Trust Company. When fair value pricing is employed,
the price of securities used by the Fund may differ from quotes or published prices for the same security. Certain bonds and other
fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities,
using established independent pricing services. Investments in money market funds are valued at net asset value per share.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Board approved a Code
of Ethics under Rule 17j-1 of the 1940 Act that covers the Fund and Royce. The Code of Ethics establishes procedures for personal
investing and restricts certain transactions. Employees subject to the Code of Ethics may invest in securities for their personal
investment accounts, including, in certain cases, securities that may be purchased or held by the Fund. See <I>&ldquo;Code of Ethics
and Related Matters&rdquo;</I> in the SAI.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>General</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund, is authorized to issue 150,000,000
shares of common stock, par value $0.001 per share. Each share of common stock has equal dividend, distribution and liquidation
rights and is entitled to one vote per share on each matter submitted to a vote of common stockholders. The Funds&rsquo; outstanding
Shares and the Shares offered hereby, when issued and paid for pursuant to the terms of the Offer, will be fully paid and non-assessable.
Shares of the Fund&rsquo;s common stock are not redeemable and have no preemptive, exchange, conversion or cumulative voting rights.
As a NYSE-listed company, the Fund is required to hold annual meetings of its stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Under the Charter, the Board
has authority to classify and reclassify any authorized but unissued shares of stock into other classes or series of stock, including
preferred stock, and to cause the Fund to issue such shares. The Board currently has authority to cause the Fund to issue and sell
up to 50,000,000 shares of preferred stock, par value $0.001 per share, that may be convertible into shares of the Fund&rsquo;s
common stock. The terms of such preferred stock are, or would be, fixed by the Board and materially limit and/or qualify, or would
materially limit and/or qualify, the rights of the holders of the Fund&rsquo;s common stock. See <I>&ldquo;Risk Factors and Special
Considerations &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Capitalization</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following unaudited table shows,
as of December 31, 2017, the number of shares of common stock and preferred stock: (i) authorized; (ii) held by the Fund or for
the Fund&rsquo;s account; (iii) outstanding; and (iv) outstanding as adjusted to give effect to the issuance of all Primary Subscription
Shares.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TITLE OF CLASS</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT AUTHORIZED</B></FONT></TD>
    <TD STYLE="width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT HELD BY FUND OR FOR FUND&rsquo;S ACCOUNT</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT OUTSTANDING</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMOUNT OUTSTANDING AS ADJUSTED</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84,587,724</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Stock</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 11.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">_____</P>

<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">* In the event the Fund increases the
number of Shares subject to subscription by 20% through the exercise of its over-allotment option, the amount of Shares outstanding
as adjusted would be increased by __________ Shares, to an aggregate of __________ Shares.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Market Price and NAV Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s outstanding Shares are, and
when issued, the Shares offered pursuant to the Offer will be, publicly held and listed and traded on the NYSE under the symbol
&ldquo;RVT.&rdquo;&nbsp; The following table sets forth for the calendar quarters indicated: (i)&nbsp;the high and low closing
sales prices per Share as reported by the NYSE; (ii)&nbsp;the NAV per Share on the day of the high or low closing sales price;
and (iii)&nbsp;the percentage by which the Shares traded at a premium over, or discount from, the Fund&rsquo;s NAVs per Share on
the day of such high or low closing sales prices.&nbsp; The table also sets forth the approximate number of Shares traded on the
NYSE during the respective quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 10%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Quarter Ended</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>High</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Sales Price</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>NAV on<BR>Day of High<BR>Sales Price</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Premium<BR>(Discount) to<BR>NAV on Day of<BR>High Sales Price</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Low</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Sales Price</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>NAV on<BR>Day of<BR>Low Sales<BR>Price</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Premium<BR>(Discount) to<BR>NAV on Day of<BR>Low Sales Price</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Approximate<BR>Reported NYSE<BR>Trading Volume</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(in millions)</B></P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">3/31/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.73</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.32</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-11.94%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$9.78</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.99</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-18.43%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">6/30/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$12.46</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.81</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.87%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.25</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.32</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.54%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">15.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9/30/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$12.93</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.11</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-14.43%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.73</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.91</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.67%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">12/31/16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.89</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.43</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-15.46%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$11.66</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.97</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-16.54%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">3/31/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.49</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.65</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-12.97%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.36</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.98</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-16.40%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">21.9</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">6/30/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.79</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.60</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-10.90%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$13.84</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.81</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-12.46%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">13.7</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">9/30/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.79</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.22</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-8.30%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$14.16</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.95</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-11.22%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">15.5</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">12/31/17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$16.17</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.50</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-7.60%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$15.24</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$17.22</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-11.50%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">14.5</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As evidenced by the table above,
the Shares traded at a discount from the Fund&rsquo;s NAVs per Share for the periods indicated. <B>No assurance can be given that
the Shares will trade in the future at, or above the Fund&rsquo;s NAV per Share. </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Shares have traded in the
market at both premiums to, and discounts from, the Fund&rsquo;s NAV per Share during the Fund&rsquo;s approximately 31-year history.
The largest premium was 17.61% in 2006 while the largest discount was 23.57% discount in 1987. The Shares have generally traded
at a discount to the Fund&rsquo;s NAV per Share since September 2008, with a discount as high as 20.80% during such period. During
the year ended December 31, 2017, the Shares traded at an average discount to the Fund&rsquo;s NAV per Share of 11.07%. The average
weekly trading volume of the Shares on the NYSE during the period from January&nbsp;1, 2017 through December&nbsp;31, 2017 was
approximately 1.3 million Shares. On __________ __, 2018, the last reported sales price of the Shares on the NYSE was $_____ and
the NAV per Share was $_____, representing a discount from the NAV per Share of _____%.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Repurchases of Securities</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund is a
closed-end diversified management investment company and, as such, its stockholders do not, and will not, have the right to
redeem their Fund shares. Although the Fund will not offer to repurchase its shares of common stock and/or preferred stock on
a periodic basis, it may repurchase its shares of common stock and/or preferred stock on such occasions when it is deemed
advisable by the Fund. The Board has authorized the open-market repurchase of up to 5% of the issued and outstanding shares
of its common stock during each fiscal year. Under the 1940 Act, the Fund may repurchase its securities (i)&nbsp;on a securities
exchange or such other open market designated by the SEC (provided that the Fund has, in the case of purchases of its stock,
informed holders of the class of stock involved within the preceding six months of its intention to repurchase such stock),
(ii)&nbsp;by a tender offer open to all holders of the class of securities involved or (iii)&nbsp;as otherwise permitted by
the SEC. Where a repurchase of Fund shares is to be made that is not to be effected on a securities exchange or an open
market or by the making of a tender offer, the 1940 Act provides that certain conditions must be met regarding, among other
things, distribution of net income, identity of the seller, price paid, brokerage commissions, prior notice to holders of the
class of its securities involved of an intention to purchase such securities and the purchase not being made in a manner or
on a basis which discriminates unfairly against the other holders of such class.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may incur debt, in an
amount not exceeding 10% of its total assets, to finance share repurchase transactions. Any related interest charges will be paid
by the Fund and borne pro&nbsp;rata by the stockholders indirectly through their interest in the Fund. See <I>&ldquo;Risk Factors
and Special Considerations &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund repurchases its shares
of common stock for a price below their NAV per Share, the NAV of those shares of common stock that remain outstanding would be
enhanced, but this does not necessarily mean that the market price of those outstanding shares would be affected, either positively
or negatively. Repurchases of shares of common stock by the Fund would also decrease its total assets and accordingly may increase
its expenses as a percentage of average net assets. Further, interest on any borrowings to finance any such share repurchase transactions
would reduce the Fund&rsquo;s net income.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Certain Corporate Governance Provisions</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund has nine (9) Directors
who are elected by the holders of its common stock. The Fund&rsquo;s Directors are divided into three classes, with each class
having a staggered term of three years. Accordingly, it likely would at least take two years to change a majority of the Board.
In addition, the Fund&rsquo;s By-laws permit Stockholders to call a special meeting of Stockholders only if certain procedural
requirements are met and the request is made by Stockholders entitled to cast at least a majority of the votes entitled to be cast
at such a meeting. These provisions may have the effect of maintaining the continuity of management and thus may make it more difficult
for Stockholders to change a majority of Directors. Board vacancies may be filled by a majority of the remaining Directors, even
if the remaining directors do not constitute a quorum, for the balance of the term of the class.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The class and other voting rights
of any preferred stock that may be issued could make it more difficult for a Fund to take certain actions that may, in the future,
be proposed by the Board and/or the holders of common stock, such as (i)&nbsp;a merger, exchange of securities, liquidation or
alteration of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse to the preferred stock, (ii)&nbsp;converting
the Fund to an open-end investment company or changing its fundamental investment restrictions or other fundamental policies or
(iii)&nbsp;seeking to operate other than as an investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund&rsquo;s Directors may
be removed only with cause by a vote of a majority of the votes entitled to be cast for the election of such director.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund&rsquo;s By-laws permit
stockholders to call a special meeting of stockholders only if certain procedural requirements are met and the request is made
by stockholders entitled to cast at least a majority of the votes entitled to be cast at such a meeting. The Fund&rsquo;s By-laws
also require that advance notice be given to the Fund in the event a stockholder desires to nominate a person for election to the
Board or to transact any other business at an annual meeting of stockholders. With respect to an annual meeting of stockholders,
notice of any such nomination or business must be delivered to or received at the principal executive offices of the Fund not less
than 90 calendar days nor more than 120 calendar days prior to the anniversary of the date of mailing of the notice for the preceding
year&rsquo;s annual meeting (subject to certain exceptions). Any advance notice by a stockholder must be accompanied by certain
information as provided in the By-laws.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Certain provisions of the 1940
Act and the Charter require a separate additional vote of the holders of preferred stock, if any, to approve certain transactions,
including certain mergers, asset dispositions and conversion of the Fund to open-end status.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The provisions of the Charter
and the Fund&rsquo;s By-laws (together, the &ldquo;Governing Documents&rdquo;) described above may be regarded as &ldquo;anti-takeover&rdquo;
provisions. The provisions could have the effect of depriving the owners of shares in the Fund of opportunities to sell their shares
at a premium over prevailing market prices, by discouraging a third party from seeking to obtain control of the Fund in a tender
offer or similar transaction. The overall effect of these provisions is to render more difficult the accomplishment of a merger
or the assumption of control by a principal stockholder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Reference is made to the Governing
Documents, on file with the SEC, for the full text of these provisions. See <I>&ldquo;Additional Information.&rdquo;</I></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Indemnification of Directors and
Officers</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s By-laws provide that
the Fund will indemnify its Directors and officers and may indemnify its employees or agents against liabilities and expenses incurred
in connection with litigation in which they may be involved because of their positions with the Fund, to the fullest extent permitted
by law. However, nothing in the Fund&rsquo;s By-laws protects or indemnifies a Director, officer, employee or agent of such fund
against any liability to which such person would otherwise be subject in the event of such person&rsquo;s willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>DIVIDENDS, DISTRIBUTIONS
AND REINVESTMENT PLAN</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Distribution Policy</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund currently has a policy of paying
quarterly distributions to its common stockholders. Distributions are currently being made at the annual rate of 7% of the rolling
average of the prior four calendar quarter-end NAVs of the Fund&rsquo;s common stock, with the fourth quarter distribution being
the greater of 1.75% of the rolling average or the distribution required by the Code. If, for any quarterly distribution, the Fund&rsquo;s
net investment income and net realized capital gains are less than the amount of the distribution, the difference will constitute
a return of capital. The Fund&rsquo;s final distribution for each calendar year will include any remaining net investment income
and net realized capital gains deemed, for Federal income tax purposes, undistributed during the year, and may, but need not, include
all net long-term capital gains realized during the year. If, for any calendar year, the total distributions exceed net investment
income and net realized capital gains, the excess will generally be treated as a tax-free return of capital (up to the amount of
the stockholder&rsquo;s tax basis in his or her shares). The amount treated as a tax-free return of capital will reduce the adjusted
basis in the stockholder&rsquo;s Fund shares, thereby increasing the stockholder&rsquo;s potential gain or reducing the stockholder&rsquo;s
potential loss on the sale of the shares. Pursuant to the requirements of the 1940 Act and other applicable laws, a notice will
accompany each quarterly distribution with respect to the estimated source of the distribution made. Such distribution policy may,
under certain circumstances, have certain adverse consequences to the Fund and its stockholders. In addition, in order to make
such distributions, the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment
might not dictate such action. The Fund&rsquo;s quarterly distribution policy may be terminated or changed by the Board without
stockholder approval or notice. The Fund&rsquo;s current 7% Distribution Policy began in __________ 201_. A similar 5% distribution
policy was in place from March 2011 to __________ 201_. A similar 9% distribution policy was in place from September 1997 to May
2009.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Distribution Reinvestment and Cash Purchase Plan</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has adopted a Distribution
Reinvestment and Cash Purchase Plan (the &ldquo;Plan&rdquo;), through which net investment income dividends and capital gains and
other periodic distributions are paid to its common stockholders in the form of additional shares of the Fund&rsquo;s common stock,
unless a common stockholder elects to receive cash as provided below. For these purposes, each common stockholder who has not elected
to receive distributions in cash is referred to herein as a &ldquo;Participant.&rdquo; In this way, a Participant can maintain
an undiluted investment in the Fund and still allow the Fund to pay out the required distributable income. There is no charge payable
by Participants for receiving distributions in additional Fund shares. The Plan also allows Participants to make optional cash
purchases of shares of the Fund&rsquo;s common stock directly through the Plan Agent on a monthly basis. Participants are subject
to a service fee of $0.75 for each voluntary cash purchase. Although the Plan also permits the assessment of per share fees of
$0.05 in connection with voluntary purchases of Shares under the Plan, Royce absorbed such per share fees during the fiscal year
ended December 31, 2017 and currently expects to continue to absorb such per share fees during the fiscal year ending December
31, 2018. No assurance can be given that Royce will continue to absorb such per share fees after that date. Per share fees include
any brokerage commissions the Plan Agent is required to pay. The relevant service fees and any per share fees directly payable
by Participants are deducted from amounts to be invested.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">No action is required on the part of
a registered common stockholder to receive a distribution in shares of the Fund&rsquo;s common stock. Participation in the Plan
is completely voluntary, however and a common stockholder may withdraw or resume participation in the Plan at any time without
penalty by notice if received and processed by the Plan Agent prior to the distribution record date; otherwise such withdrawal
or resumption will be effective with respect to any subsequently declared distribution. The Plan Agent will set up an account for
Shares acquired through the Plan for each Participant and holds such Shares in non-certificated form. Contact information for the
Plan Agent is set forth under <I>&ldquo;Custodian, Transfer Agent and Registrar, Plan Agent.&rdquo;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Those common stockholders whose
shares are held by a brokerage firm, bank or other financial intermediary as the stockholder of record should contact the brokerage
firm, bank or other financial institution as applicable, to be certain that it is automatically reinvesting distributions on the
stockholder&rsquo;s behalf. If the financial intermediary is unable to reinvest distributions on the Stockholder&rsquo;s behalf,
the Stockholder should have its shares registered in its name in order to participate under the Plan. Common stockholders holding
shares through a financial intermediary may receive distributions in cash by notifying their broker or other financial intermediary.
The Fund uses only newly-issued shares to implement the distribution reinvestment portion of the Plan, whether its shares are trading
at a premium or at a discount to NAV. The number of shares of the Fund&rsquo;s common stock to be issued to a Participant is determined
by dividing the total amount of the distribution payable to the Participant by the lower of (i)&nbsp;the last reported sale price
of a share of the Fund&rsquo;s common stock on the valuation date, which will normally be the fifth business day following the
record date, or (ii)&nbsp;the net asset value per share on the valuation date, provided that the Fund will not issue new shares
at a discount of more than 5% from the last reported sale price on that date.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, there is no charge to
common stockholders for receiving their distributions in the form of additional shares of the Fund&rsquo;s common stock. The Plan
Agent&rsquo;s fees for handling distributions in stock are paid by the Fund. There are no brokerage charges with respect to shares
issued directly by the Fund as a result of distributions payable in stock. If a Participant elects by written notice to have the
Plan Agent sell part or all of the shares held by the Plan Agent in the Participant&rsquo;s account and remit the proceeds to the
Participant, the Plan Agent is authorized to deduct a $2.50 service fee. Although the Plan also permits the assessment of a per
share fee of $0.15 in connection with such voluntary sales of Shares under the Plan, Royce absorbed such per share fees during
the fiscal year ended December 31, 2017 and currently expects to continue to absorb such per share fees during the fiscal year
ending December 31, 2018. No assurance can be given that Royce will continue to absorb such per share fees after that date. Per
share fees include any brokerage commissions the Plan Agent is required to pay. The relevant service fees and any per share fees
are deducted from amounts to be received.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 12pt; text-align: justify">Stockholders who receive distributions
in the form of stock are subject to the same Federal, state and local tax consequences as are stockholders who elect to receive
their distributions in cash. A common stockholder&rsquo;s basis for determining gain or loss upon the sale of stock received in
a distribution from the Fund will be equal to the total dollar amount of the distribution payable to the common stockholder.</P>

<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>U.S. FEDERAL INCOME TAX CONSEQUENCES
OF THE OFFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 13.3pt 0 0; text-align: justify">Stockholders who receive Rights pursuant
to the Offer will not recognize taxable income for U.S. Federal income tax purposes upon their receipt of the Rights. If Rights
issued to a Stockholder expire without being exercised, no basis will be allocated to such Rights, and such Stockholder will not
recognize any gain or loss for U.S. Federal income tax purposes upon such expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provided that the fair market value of the
rights distributed pursuant to the Offer is less than 15% of the fair market value of the Fund&rsquo;s common stock at the time
of distribution, and absent certain elections, the tax basis of a Stockholder&rsquo;s common stock will remain unchanged, and the
Stockholder&rsquo;s basis in the Rights will be zero. A Stockholder who exercises Rights will not recognize any gain or loss for
U.S. Federal income tax purposes upon the exercise. The basis of the newly-acquired common stock will equal the Subscription Price
paid for such common stock. Upon a sale or exchange of the common stock so acquired, the Stockholder will recognize gain or loss
measured by the difference between the proceeds of the sale or exchange and the cost basis of such common stock. Assuming the Stockholder
holds the common stock as a capital asset, any gain or loss realized upon its sale will generally be treated as a capital gain
or loss, which gain or loss will be short-term or long-term, depending on the length of the Stockholder&rsquo;s holding period
for such common stock. However, any loss recognized upon the sale of Shares with a tax holding period of six months or less will
be treated as a long-term capital loss to the extent of any capital gain distribution previously received by the Stockholder with
respect to such Shares, and a loss may be disallowed under wash sale rules to the extent that the Stockholder purchases additional
common stock (including by reinvestment of distributions) within 30 days before or after the sale date. The holding period for
Shares acquired through the exercise of Rights will begin on the date of exercise of the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foregoing is a summary of the material
U.S. Federal income tax consequences of the Offer under the Code and applicable regulations thereunder, all as currently in effect
and all subject to change at any time, perhaps with retroactive effect. It does not include any state, local or foreign tax consequences
of the Offer. This summary is generally applicable to Stockholders that are United States persons as defined in the Code and does
not apply to taxpayers that may be subject to special rules. Further, this summary is not intended to be, nor should it be, construed
as legal or tax advice, and stockholders are urged to consult their own tax advisors to determine the tax consequences to them
of the Offer and their ownership of Rights and Shares. See <I>&ldquo;Taxation&rdquo;</I> in the SAI for more information.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>CUSTODIAN, TRANSFER AGENT AND
REGISTRAR, PLAN AGENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">State Street Bank and Trust
Company, Two Heritage Drive, North Quincy, Massachusetts 02171, acts as custodian of the cash and other assets of the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Computershare Trust
Company, N.A., P.O. Box 30170, College Station, TX 77842-3170, is the transfer agent, dividend-paying agent and registrar for
the Fund&rsquo;s shares of common stock and the  plan agent under the Distribution Reinvestment and Cash Purchase
Plan. Stockholder inquiries should be directed to Royce Value Trust, Inc., c/o&nbsp;Computershare Trust Company, N.A., P.O.
Box 30170, College Station, TX 77842-3170, telephone (800)&nbsp;426-5523.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">__________________
serves as the Fund&rsquo;s independent registered public accounting firm. The audited financial statements of the Fund and the
information appearing under <I>&ldquo;Financial Highlights&rdquo;</I> included in this Prospectus have been audited by __________________ for each of the fiscal years ended December 31, 2015 through December 31, 2017, and are included in reliance upon its reports
with respect thereto and upon the authority of such firm as an expert in accounting and auditing. The audited financial statements
of the Fund and the information appearing under <I>&ldquo;Financial Highlights&rdquo;</I> included in this Prospectus have been
audited by ___________, the Fund&rsquo;s former independent registered public accounting firm for each of the fiscal
years ended December 31, 2008 through December 31, 2014, and are included in reliance upon its reports with respect thereto and
upon the authority of such firm as an expert in accounting and auditing. ____________________, whose address is ____________________________, provides audit services and tax return preparation and assistance and consultation
in connection with the review of various SEC filings for the Fund. _______________ has an office at _____________________________.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 10pt; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund is subject to the informational
requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;) and the 1940 Act and in accordance
therewith file, or will file, reports and other information with the SEC. Reports, proxy statements and other information filed
by the Fund with the SEC pursuant to the informational requirements of the 1934 Act and the 1940 Act can be inspected and copied
at the public reference facilities maintained by the SEC, 100 F Street, N.E., Washington, D.C. 20549. The SEC maintains a website
at <I>http://www.sec.gov</I> containing reports, proxy and information statements and other information regarding registrants,
including the Fund, that file electronically with the SEC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund&rsquo;s currently outstanding
Shares are, and the Shares offered by this Prospectus will be, subject to notice of issuance, listed on the NYSE under the symbol
&ldquo;RVT.&rdquo; Reports, proxy statements and other information concerning the Fund and filed with the SEC by the Fund will
be available for inspection at the NYSE, 20 Broad Street, New York, New York 10005.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s most recent annual
stockholder report, including audited financial statements for the year ended December&nbsp;31, 2017, is available upon request,
without charge, by writing to The Royce Funds at 745 Fifth Avenue, New York, NY 10151, by calling The Royce Funds at 800-221-4268,
or via its website at <I>http://www.roycefunds.com.</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Statements contained in this
Prospectus as to the contents of any contract or other document referred to are not necessarily complete, and, in each instance,
reference is made to the copy of such contract or other document filed as an exhibit to the Fund&rsquo;s Registration Statement
on Form N-2, of which this Prospectus forms a part, each such statement being qualified in all respects by such reference.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">A Statement of Additional
Information dated __________ __, 2018 has been filed with the SEC and is incorporated by reference in this Prospectus. The Table
of Contents for the SAI is as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 3pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Restrictions&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Risk Factors and Special Considerations&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Management of the Fund&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Principal Stockholders&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Advisory and Other Services&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Administration Agreement&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Portfolio Managers&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Additional Information&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Financial Statements and Independent Registered Public Accounting
Firm&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Taxation&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Code of Ethics and Related Matters&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Proxy Voting Policies and Procedures&#9;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"></P>
<br><br><br><br><br>



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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B>The information in this
Statement of Additional Information is not complete and may be changed.&nbsp;The Fund may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective.&nbsp;This Statement of Additional Information is not
an offer to sell these securities and it is not soliciting an offer to buy these securities in any state or other jurisdiction
where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>STATEMENT OF ADDITIONAL
INFORMATION DATED JANUARY 25, 2018</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ROYCE VALUE TRUST, INC.</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce Value Trust, Inc. (the &ldquo;Fund&rdquo;)
is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
&ldquo;1940 Act&rdquo;). The Fund&rsquo;s investment goal is long-term capital growth. The Fund normally invests at least 65% of
its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations ranging
from $100&nbsp;million to $3 billion, that Royce &amp; Associates, LP (&ldquo;Royce&rdquo;), the Fund&rsquo;s investment adviser,
believes are trading significantly below its estimate of their current worth. The Fund also may invest up to 25% of its assets
in securities of issuers headquartered outside the United States. The Fund may invest a portion of its assets in companies with
stock market capitalizations in excess of $3 billion. Royce uses a value investing style in managing the Fund&rsquo;s assets.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This Statement of Additional Information
(this &ldquo;SAI&rdquo;) does not constitute a prospectus, but should be read in conjunction with the Fund&rsquo;s Prospectus dated
March __, 2018 (the &ldquo;Prospectus&rdquo;), which is incorporated by reference into this SAI. This SAI relates to the issuance
of non-transferable rights (the &ldquo;Rights&rdquo;) to subscribe for shares of common stock of the Fund (the &ldquo;Offer&rdquo;)
and does not include all information that prospective investors should consider before exercising their Rights and purchasing shares
of the Fund&rsquo;s common stock. Investors should obtain and read the Prospectus prior to exercising their Rights and purchasing
such shares. A copy of the Prospectus may be obtained without charge by calling (800) 221-4268. You may also obtain a copy of the
Prospectus on the U.S. Securities and Exchange Commission&rsquo;s web site www.sec.gov. Capitalized terms used but not defined
in this SAI shall have the meanings given to them in the Prospectus.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 3pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Restrictions&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Risk Factors and Special Considerations&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Management of the Fund&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Principal Stockholders&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Investment Advisory and Other Services&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Administration Agreement&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Portfolio Managers&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Additional Information&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Financial Statements and Independent Registered Public Accounting
Firm&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Taxation&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Code of Ethics and Related Matters&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Proxy Voting Policies and Procedures&#9;</P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 10pt; text-align: center"><B>INVESTMENT RESTRICTIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The policies set forth below are fundamental
policies of the Fund and may not be changed without the affirmative vote of the holders of a majority of the Fund&rsquo;s outstanding
voting securities, as set forth under <I>&ldquo;Investment Goal and Policies &#8722; Changes in Investment Goal and Methods/Policies&rdquo;</I>
in the Prospectus. The Fund may not:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">1. Issue any class of senior security,
or sell any such security of which it is the issuer, except as permitted by the 1940 Act;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">2. Purchase on margin or write
call options on its portfolio securities;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">3. Sell securities short;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">4. Underwrite the securities of
other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended, in selling
portfolio securities and in connection with mergers, acquisitions, spin-off transactions and other reorganization transactions
involving the Fund;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">5. Invest more than 25% of its
total assets in any one industry;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">6. Purchase or sell real estate
or real estate mortgage loans, or invest in the securities of real estate companies unless such securities are publicly-traded;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">7. Purchase or sell commodities
or commodity contracts;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">8. Make loans, except for (a)&nbsp;purchases
of portions of issues of publicly-distributed bonds, debentures and other securities, whether or not such purchases are made on
the original issuance of such securities, (b)&nbsp;repurchase agreements with any bank that is the custodian of its assets covering
U.S.&nbsp;Treasury and agency obligations and having a term of not more than one week and (c)&nbsp;loans of up to 25% of its assets
to qualified brokers, dealers or institutions for their use relating to short sales or other security transactions (provided that
such loans are secured by collateral equal at all times to at least 100% of the value of the securities loaned);</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">9. Invest in companies for the
purpose of exercising control of management;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">10. Purchase portfolio securities
from or sell such securities directly to any of its officers, directors, employees or investment adviser, as principal for their
own accounts;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">11. Invest in the securities of
any one issuer (other than the United States or any agency or instrumentality of the United States) if, at the time of acquisition,
the Fund would own more than 10% of the voting securities of such issuer or, as to 75% of the Fund&rsquo;s total assets, more than
5% of such assets would be invested in the securities of such issuer; or</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">12. Invest more than 5% of its
total assets in warrants, rights or options.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a percentage restriction is
met at the time of investment, a later increase or decrease in percentage resulting from a change in the value of portfolio securities
or amount of total assets is not considered a violation of any of the above restrictions.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In addition to issuing and selling
senior securities as set forth in No. 1 above, the Fund may obtain (i)&nbsp;temporary bank borrowings (not in excess of 5% of the
value of its total assets) for emergency or extraordinary purposes and (ii)&nbsp;such short-term credits (not in excess of 5% of
the value of its total assets) as are necessary for the clearance of securities transactions. Under the 1940 Act, such temporary
bank borrowings would be treated as indebtedness in determining whether or not asset coverage was at least 200% for senior securities
of the Fund representing indebtedness.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Although there are no liquidity
restrictions on investments made by the Fund and the Fund may, therefore, invest without limit in illiquid securities, the Fund
expects to invest only in securities for which market quotations are readily available.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RISK FACTORS AND SPECIAL CONSIDERATIONS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Equity Securities</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests in equity securities
to the extent set forth in the Prospectus. For these purposes, &ldquo;equity security&rdquo; has the meaning set forth in the Securities
Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;). Common stocks, preferred stocks, convertible securities, warrants,
rights, and options are some examples of equity securities in which the Fund may invest. Generally, preferred stock has a specified
dividend and ranks after bonds and before common stocks in its claim on the company&rsquo;s income for purposes of receiving dividend
payments and on the company&rsquo;s assets in the event of liquidation. Convertible securities have characteristics of both debt
securities (which is generally the form in which they are first issued) and equity securities (which is what they can be converted
into).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Fund&rsquo;s Rights as
Stockholder</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may not invest in a company
for the purpose of exercising control of management. However, the Fund may exercise its rights as a stockholder and communicate
its views on important matters of policy to the company&rsquo;s management or its board of directors and/or other stockholders
if Royce or the Board of Directors of the Fund (the &ldquo;Board&rdquo;) determines that such matters could have a significant
effect on the value of the Fund&rsquo;s investment in the company. The activities that the Fund may engage in, either individually
or in conjunction with others, may include, among others, supporting or opposing proposed changes in a company&rsquo;s corporate
structure or business activities; seeking changes in a company&rsquo;s board of directors or management; seeking changes in a company&rsquo;s
direction or policies; seeking the sale or reorganization of a company or a portion of its assets; or supporting or opposing third
party takeover attempts. This area of corporate activity is increasingly prone to litigation, and it is possible that the Fund
could be involved in lawsuits related to such activities. Royce will monitor such activities with a view to mitigating, to the
extent possible, the risk of litigation against the Fund and the risk of actual liability if the Fund is involved in litigation.
However, no guarantee can be made that litigation against the Fund will not be undertaken or expenses or liabilities incurred.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The Fund may, at its expense
or in conjunction with others, pursue litigation or otherwise exercise its rights as a security holder to seek to protect the interests
of security holders if Royce and the Board determine this to be in the best interests of the Fund&rsquo;s stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Foreign Investments</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 25% of its
assets in the securities of companies that are headquartered in foreign countries. In addition, the Fund may invest in securities
of companies whose economic fortunes are linked to foreign countries but do not meet the Fund&rsquo;s definition of a foreign country
security. To the extent the Fund invests in this manner, the percentage of the Fund&rsquo;s portfolio that is exposed to foreign
country risks may be greater than the percentage of the Fund&rsquo;s assets that the Fund defines as representing foreign country
securities.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign investments involve certain
risks which typically are not present in securities of domestic issuers. There may be less information available about a foreign
company than a domestic company; foreign companies may not be subject to accounting, auditing and reporting standards and requirements
comparable to those applicable to domestic companies; and foreign markets, brokers and issuers are generally subject to less extensive
government regulation than their domestic counterparts. Markets for foreign securities may be less liquid and may be subject to
greater price volatility than those for domestic securities. Foreign brokerage commissions and custodial fees are generally higher
than those in the United States. Foreign markets also have different clearance and settlement procedures, and in certain markets
there have been times when settlements have been unable to keep pace with the volume of securities transactions, thereby making
it difficult to conduct such transactions. Delays or problems with settlements might affect the liquidity of the Fund&rsquo;s portfolio.
Foreign investments may also be subject to local economic and political risks, political, economic and social instability, confiscatory
taxation, foreign exchange controls, military action or unrest or adverse diplomatic developments, and possible nationalization
of issuers or expropriation of their assets, which might adversely affect the value of the Fund&rsquo;s foreign investments along
with its ability to dispose of those investments. Royce may not be able to anticipate these potential events or counter their effects.
Furthermore, some foreign securities are subject to brokerage taxes levied by foreign governments, which have the effect of increasing
the cost of such investment and reducing the realized gain or increasing the realized loss on such securities at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">Although changes
in foreign currency rates may adversely affect the value of the Fund&rsquo;s foreign investments, Royce does not expect to hedge
against declines in the U.S. dollar or to lock in the value of any foreign securities it purchases on behalf of the Fund. Consequently,
the risks associated with such investments may be greater than if the Fund was to engage in foreign currency hedging transactions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">Exchange control
regulations in such foreign markets may also adversely affect the Fund&rsquo;s foreign investments and the Fund&rsquo;s ability
to make certain distributions necessary to maintain their eligibility as regulated investment companies and avoid the imposition
of income and excise taxes may, to that extent, be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.85pt 5.6pt 0 0; text-align: justify; text-indent: 0in">The risk factors
noted above are generally heightened for investments in developing countries. Developing countries may have relatively unstable
governments, economies based on only a few industries and securities markets that trade a small number of securities. See <I>&ldquo;Developing
Countries&rdquo;</I> below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 6.9pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">The Fund may purchase
the securities of foreign companies in the form of American Depositary Receipts (&ldquo;ADRs&rdquo;). ADRs are certificates held
in trust by a bank or similar financial institution evidencing ownership of securities of a foreign-based issuer. Designed for
use in U.S. securities markets, ADRs are alternatives to the purchase of the underlying foreign securities in their national markets
and currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Depositories may
establish either unsponsored or sponsored ADR facilities. While ADRs issued under these two types of facilities are in some respects
similar, there are distinctions between them relating to the rights and obligations of ADR holders and the practices of market
participants. A depository may establish an unsponsored facility without participation by (or even necessarily the acquiescence
of) the issuer of the deposited securities, although typically the depository requests a letter of non-objection from such issuer
prior to the establishment of the facility. Holders of unsponsored ADRs generally bear all the costs of such facilities. The depository
usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S. dollars,
the disposition of non-cash distributions and the performance of other services. The depository of an unsponsored facility frequently
is under no obligation to distribute stockholder communications received from the issuer of the deposited securities or to pass
through voting rights to ADR holders in respect of the deposited securities. Depositories create sponsored ADR facilities in generally
the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with
the depository. The deposit agreement sets out the rights and responsibilities of the issuer, the depository and the ADR holders.
With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility
(such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositories agree to distribute notices
of stockholder meetings and voting instructions and to provide stockholder communications and other information to the ADR holders
at the request of the issuer of the deposited securities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Developing Countries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Fund may invest
a portion of its assets in the securities of companies headquartered in developing countries. Generally, developing countries include
every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea,
Taiwan, Bermuda, and Western European countries (which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland,
Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom). The risk factors noted above
in this section under the sub-heading <I>&ldquo;Foreign Investments&rdquo;</I> are generally heightened for investments in developing
countries. A number of developing countries restrict, to varying degrees, foreign investment in stocks. Repatriation of investment
income, capital, and the proceeds of sales by foreign investors may require governmental registration and approval in some developing
countries. A number of the currencies of developing countries have experienced significant declines against the U.S. dollar in
recent years, and devaluation may occur subsequent to investment in these countries by the Fund. Inflation and rapid fluctuations
in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain developing
countries. Many of the securities markets in developing countries are relatively small or less diverse, have low trading volumes,
suffer periods of relative illiquidity and are characterized by significant price volatility. Developing countries may have antiquated
legal systems with existing laws and regulations that are inconsistently applied. Generally, developing countries are not subject
to as extensive and frequent accounting and financial reporting requirements as in the United States. Transaction costs, including
brokerage commissions and dealer mark-ups in developing countries may be higher than in the United States or other developed countries.
Investments in developing countries also are subject to the risk that a future economic or political crisis could lead to price
controls, forced mergers of companies, expropriation or confiscatory taxation, seizure, nationalization, or creation of government
monopolies, any of which may have a detrimental effect on the value of the Fund&rsquo;s investments. In addition, the Fund may
invest in securities of companies whose economic fortunes are linked to developing countries but do not meet the Fund&rsquo;s definition
of a developing country security. To the extent a Fund invests in this manner, the percentage of the Fund&rsquo;s portfolio that
is exposed to developing country risks may be greater than the percentage of the Fund&rsquo;s assets that the Fund defines as representing
developing country securities.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Risks to Common Stockholders
of Borrowing Money and Issuing Senior Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>General</I>. The 1940 Act and
the Fund&rsquo;s fundamental investment policies (see <I>&ldquo;Investment Restrictions&rdquo;</I> in this SAI) permit the Fund
to borrow money from banks and certain other lenders and to issue and sell senior securities representing indebtedness or consisting
of preferred stock if various requirements are met. Such requirements include asset coverage tests, measured immediately after
the incurrence of debt or the issuance or sale of securities, of 300% for indebtedness and 200% for preferred stock and, except
for indebtedness to banks and certain other lenders, restrictive provisions concerning common stock dividend payments, other common
stock distributions, stock repurchases and maintenance of asset coverage and giving certain senior security holders the right to
elect directors in the event specified asset coverage tests are not met or dividends are not paid. Although the incurrence of such
leverage would allow the Fund to raise additional cash for investments, it is a speculative investment technique that may subject
the Fund to increased risk and volatility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Borrowings.</I> The Fund has entered
into a revolving credit facility with BNP Paribas Prime Brokerage International, Limited (&ldquo;BNPPI&rdquo;). The Fund pays interest
on the amount drawn under such credit facility at a variable rate that is equal to a reference rate plus the applicable spread
as well as a commitment fee on the unused portion of the facility. The revolving credit facility has a 360-day rolling term that
resets daily; however, if the Fund exceeds certain net asset value triggers, the facility may convert to a 60-day rolling term
that resets daily.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the Fund had 84,587,724 shares of common stock issued and outstanding, with aggregate net assets of $1,480,449,029, along with outstanding borrowings for investment purposes of $70,000,000 under the revolving credit facility with BNPPI. During the fiscal year ended December 31, 2017, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 2.2144% under such revolving credit facility. Based on such information, the Fund&#146;s total portfolio of $1,550,449,029 (i.e., net assets of $1,480,449,029 plus borrowings of $70,000,000) at December 31, 2017 must experience an annual return of 0.10% to cover such borrowing expenses. The table below illustrates the potential effects of such leverage on the annual return experienced by the Fund&#146;s common stockholders assuming the indicated returns on the Fund&#146;s total portfolio of $1,550,449,029 at December 31, 2017 and the Fund&#146;s 2017 weighted average borrowing cost of 2.2144%. In general, such table shows that leverage further increases the return to the Fund&#146;s common stockholders when its total portfolio return is positive and further decreases such return when its total portfolio return is negative.</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Assumed Return on Fund&rsquo;s Portfolio</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>(Net of Expenses)</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.00)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00%</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corresponding Return to Stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10.58)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5.34)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10)%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; background-color: white; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.37%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; background-color: white"><B>All
figures appearing in the table immediately above are hypothetical and not actual returns and are provided solely to assist investors
in understanding the effects of leverage.&nbsp; Actual returns may be more or less than those appearing in the table.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Leverage in the form of borrowing
for investment purposes creates an opportunity for increased return but, at the same time, involves special risk considerations.&nbsp;
The following factors could increase the investment risk and the volatility of the NAV and market price per Share: (i)&nbsp;leveraging
exaggerates any increase or decrease in the value of the Fund&rsquo;s portfolio; (ii)&nbsp;the costs of borrowing may exceed the
income from the portfolio securities purchased with the borrowed money; (iii)&nbsp;a decline in NAV per Share results if the investment
performance of the additional securities purchased fails to cover their cost to the Fund (including any interest paid on the money
borrowed); (iv)&nbsp;a decline in NAV per Share could affect the ability of the Fund to make common stock dividend payments; (v)&nbsp;a
failure to pay net investment income dividends or make capital gains distributions could result in the Fund&rsquo;s ceasing to
qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), or in its
having to pay certain entity level taxes even if it maintains its status as a regulated investment company (see <I>&ldquo;Taxation&rdquo;</I>
in the SAI); and (vi)&nbsp;if the asset coverage for debt securities declines to less than 300% (as a result of market fluctuations
or otherwise), the Fund may be required to sell a portion of its investments when it may be disadvantageous to do so. Because the
Fund pays interest at a variable rate under the revolving credit facility, these risks will be heightened for the Fund in the event
of any increase in the interest rate payable thereunder. No assurance can be given that a borrowing strategy will be successful
during any period in which it is employed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s borrowings under the
revolving credit facility with BNPPI are done on a secured basis, which results in certain additional risks to the Fund. The Fund
is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise
required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of,
BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial
covenants required under the revolving credit facility, the Fund may be required to repay immediately, in whole or in part, the
loan balance outstanding under the revolving credit facility which may necessitate the sale of portfolio securities at potentially
inopportune times. BNPPI may terminate the revolving credit facility upon certain ratings downgrades of its corporate parent, which
would result in the Fund&rsquo;s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades
may necessitate the sale of portfolio securities at potentially inopportune times. The rights of BNPPI to receive payments of interest
and repayments of principal under the revolving credit facility generally will be senior to the rights of the Fund&rsquo;s common
stockholders.</P>



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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Immediately following the completion
of the Offer (which assumes that the Primary Subscription is fully subscribed, that the Fund exercises its over-allotment option
and all Over-Allotment Shares are sold, and that the Fund pays estimated expenses of $__________ related to the Offer) at an estimated
Subscription Price of $_____, the aggregate amount of borrowings under such revolving credit facility is expected to remain the
same while the 1940 Act asset coverage for such borrowings is expected to increase to _____%. The Fund, however, reserves the right
to adjust the aggregate amount of, and asset coverage for, such borrowings at any time in whatever way it deems necessary or appropriate,
subject in all cases to compliance with the 1940 Act and the rules thereunder.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Preferred Stock. </I> As of
December 31, 2017, the Fund had no outstanding preferred stock. The future issuance of preferred stock may result in higher volatility
of the NAV per Share and potentially more volatility in the market price of the Shares. Holders of common stock will realize a
higher current rate of return than if the Fund were not leveraged only so long as the Fund, after accounting for its costs and
operating expenses, is able to realize a higher net return on its investment portfolio than the then-current dividend rates paid
on any preferred stock. Similarly, since a pro&nbsp;rata portion of the Fund&rsquo;s net realized capital gains are generally payable
to holders of common stock, the use of leverage will increase the amount of such gains distributed to holders of common stock.
To the extent that the dividend rates on preferred stock approach the net return on the Fund&rsquo;s investment portfolio, the
benefit of leverage to holders of common stock will be decreased. (If the dividend rates on preferred stock were to exceed the
net return on the Fund&rsquo;s portfolio, holders of common stock would receive a lower rate of return than if the Fund were not
leveraged.) Similarly, since both the cost of issuing preferred stock and any decline in the value of the Fund&rsquo;s investments
(including investments purchased with the proceeds from preferred stock offerings) is borne entirely by holders of common stock,
the effect of leverage in a declining market would result in a greater decrease in NAV per Share to holders of common stock than
if the Fund were not leveraged. Such decrease in NAV per Share likely would be reflected in a greater decline in the market price
for shares of the Fund&rsquo;s common stock. If a Fund is liquidated, holders of preferred stock will be entitled to receive liquidating
distributions before any distribution is made to holders of the Fund&rsquo;s common stock. Redemption of preferred stock or insufficient
investment income to make dividend payments may reduce the NAV per Share of the common stock by requiring the Fund to liquidate
a portion of its investments at a time when it may be disadvantageous to do so.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In an extreme case, a decline
in NAV could affect the Fund&rsquo;s ability to pay dividends on its common stock. Failure to make such dividend payments could
adversely affect the Fund&rsquo;s qualification as a regulated investment company under the Code. See <I>&ldquo;Taxation&rdquo;
</I>below. However, the Fund intends to take all measures necessary to make such common stock dividend payments. If the Fund&rsquo;s
current investment income is ever insufficient to meet dividend payments on either its common stock or preferred stock, the Fund
may have to liquidate certain of its investments.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The class and other voting rights
of issued preferred stock could make it more difficult for the Fund to take certain actions that may, in the future, be proposed
by the Board and/or the holders of its common stock, such as (i)&nbsp;a merger, exchange of securities, liquidation or alteration
of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse to the preferred stock, (ii)&nbsp;converting
the Fund to an open-end investment company or changing its fundamental investment restrictions or other fundamental policies or
(iii)&nbsp;seeking to operate other than as an investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The future issuance of any preferred
stock convertible into common stock might also reduce the net income and NAV per Share of the Fund&rsquo;s common stock upon conversion.
Such income dilution would occur if the Fund could not, from the investments made with the proceeds of the preferred stock, earn
an amount per share of common stock issuable upon conversion greater than the dividend required to be paid on the amount of preferred
stock convertible into one share of common stock. Such NAV dilution would occur if preferred stock were converted at a time when
the NAV per Share of the Fund&rsquo;s common stock was greater than the conversion price.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Financial Impact of Borrowings
and Senior Securities on Common Stockholders. </I>The costs related to the issuance and sale of senior securities such as preferred
stock, including underwriting discounts, rating agency fees and offering expenses, are paid by the Fund and, therefore, borne by
holders of its common stock. Also, the interest and dividend requirements of such senior securities will reduce the amount of,
and may entirely eliminate, any net investment income dividends otherwise payable by the Fund to holders of its common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">In the event the Fund had
outstanding preferred stock in the future, the fees paid to Royce for investment advisory services would be higher than if the
Fund did not have preferred stock outstanding because the Fund&rsquo;s investment advisory fees are calculated on the basis of
its net assets, which amount would include assets obtained from the sale of any outstanding preferred stock. Because the Fund&rsquo;s
investment advisory fee is a function of its net assets rather than its total assets, Royce does not and will not receive any investment
advisory fee in respect of Fund assets equaling the aggregate unpaid principal amount of any indebtedness of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>High-Yield and Investment
Grade Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Fund may invest
up to 35% of its assets in direct obligations of the government of the United States or its agencies and/or in non-convertible
debt securities of various issuers, including up to 5% of its net assets in below investment-grade debt securities, also known
as high-yield fixed income securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The high-yield
fixed income securities in which the Fund may invest may be rated from Ba to Ca by Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;)
or from BB to D by S&amp;P Global Ratings, a Standard &amp; Poor&rsquo;s Financial Services LLC business (&ldquo;Standard &amp;
Poor&rsquo;s&rdquo;) or may be unrated. They have poor protection with respect to the payment of interest and repayment of principal
and may be in default or about to be in default as to the payment of principal or interest. These securities are often considered
to be speculative and involve greater risk of loss or price changes due to changes in the issuer&rsquo;s capacity or perceived
capacity to make timely payment of principal and interest. The market prices of lower-rated (high-risk) debt securities may fluctuate
more than those of higher-rated debt securities and may decline significantly in periods of general economic difficulty, which
may follow periods of rising interest rates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">The market for
lower-rated (high-risk) debt securities may be thinner and less active than that for higher-rated debt securities, which can adversely
affect the prices at which the former are sold. If market quotations cease to be readily available for a lower-rated (high-risk)
debt security in which the Fund has invested, the security will then be valued in accordance with procedures established by the
Board. Judgment and other subjective factors play a greater role in the valuation of lower-rated (high-risk) debt securities than
securities for which more external sources for quotations and last sale information are available. Adverse publicity and changing
investor perceptions may adversely affect the value of the Fund&rsquo;s investment in lower-rated (high-risk) debt securities along
with its ability to dispose of that investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">Since the risk
of default is higher for lower-rated (high-risk) debt securities, Royce&rsquo;s research and credit analysis may play an important
part in managing securities of this type for the Fund. In considering such investments for the Fund, Royce will attempt to identify
those issuers of lower-rated (high-risk) debt securities whose financial condition is adequate to meet future obligations or has
improved or is expected to improve in the future. Royce&rsquo;s analysis may focus on relative values based on such factors as
interest or dividend coverage, asset coverage, earnings prospects and the experience and managerial strength of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">The Fund also
may invest in non-convertible debt securities in the lowest rated category of investment grade debt. Such securities may have speculative
characteristics, and adverse changes in economic conditions or other circumstances are more likely to lead to a weakened capacity
to make principal and interest payments than is the case with higher grade securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">The Fund also
may invest in investment grade non-convertible debt securities. Such securities include those rated Aaa by Moody&rsquo;s (which
are considered to be of the highest credit quality and where the capacity to pay interest and repay principal is extremely strong),
those rated Aa by Moody&rsquo;s (where the capacity to repay principal is considered very strong, although elements may exist that
make risks appear somewhat larger than expected with securities rated Aaa), securities rated A by Moody&rsquo;s (which are considered
to possess adequate factors giving security to principal and interest) and securities rated Baa by Moody&rsquo;s (which are considered
to have an adequate capacity to pay interest and repay principal, but may have some speculative characteristics) without regard
to gradations within those ratings categories.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Warrants, Rights and Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Fund may invest
up to 5% of its assets in warrants, rights and options. A warrant, right or call option entitles the holder to purchase a given
security within a specified period for a specified price and does not represent an ownership interest. A put option gives the holder
the right to sell a particular security at a specified price during the term of the option. These securities have no voting rights,
pay no dividends and have no liquidation rights. In addition, their market prices are not necessarily correlated with the market
prices of the underlying securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">The sale of warrants, rights
or options held for more than one year generally results in a long-term capital gain or loss to the Fund, and the sale of warrants,
rights or options held for one year or less generally results in a short term capital gain or loss. The holding period for securities
acquired upon exercise of a warrant, right or call option, however, generally begins on the day after the date of exercise, regardless
of how long the warrant, right or option was held. The securities underlying warrants, rights and options could include shares
of common stock of a single company or securities market indices representing shares of the common stocks of a group of companies,
such as the S&amp;P SmallCap 600 Index (the &ldquo;S&amp;P 600 Index&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Investing in warrants, rights
and call options on a given security allows the Fund to hold an interest in that security without having to commit assets equal
to the market price of the underlying security and, in the case of securities market indices, to participate in a market without
having to purchase all of the securities comprising the index. Put options, whether on shares of common stock of a single company
or on a securities market index, would permit the Fund to protect the value of a portfolio security against a decline in</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">its market price and/or to benefit
from an anticipated decline in the market price of a given security or of a market. Thus, investing in warrants, rights and options
permits the Fund to incur additional risk and/or to hedge against risk.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Portfolio Lending</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Under
the Fund&rsquo;s non-fundamental investment restrictions, it may  lend up to 25% of its assets to brokers, dealers and other
financial institutions. As noted in the Prospectus, the Fund&rsquo;s borrowings under the revolving credit facility with
BNPPI are done on a secured basis, which means the Fund is required to pledge portfolio securities as collateral in an amount
up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a
security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. The
revolving credit facility also permits, subject to certain conditions, BNPPI to re-hypothecate or loan portfolio securities
pledged by the Fund up to the amount of the loan balance outstanding. Such re-hypothecation allows the Fund to retain
ownership of the re-hypothecated securities and to continue to receive payments in lieu of dividends and interest
on such re-hypothecated securities. The Fund also has the right under the revolving credit facility to recall the
re-hypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, BNPPI
will compensate the Fund for any fees or losses related to the failed delivery or, in the event a recalled security is not
returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled
security failed to be returned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Portfolio lending
involves the risk that BNPPI or a party to which BNPPI re-hypothecates Fund assets held as collateral under the revolving credit
facility may fail to return those securities in a timely manner or at all. The Fund will be subject to the risk of loss to the
extent BNPPI is unable to pay, or the Fund is unable to offset, any fees, expenses, or losses otherwise due to the Fund under the
revolving credit facility in connection with securities that are not returned to the Fund. These events could trigger adverse tax
consequences for the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Repurchase Agreements</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In a repurchase agreement, the Fund
in effect makes a loan by purchasing a security and simultaneously committing to resell that security to the seller at an agreed
upon price on an agreed upon date within a number of days from the date of purchase. The resale price reflects the purchase price
plus an agreed upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security. A repurchase
agreement requires or obligates the seller to pay the agreed upon price, which obligation is in effect secured by the value (at
least equal to the amount of the agreed upon resale price and marked to market daily) of the underlying security.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The Fund may engage in repurchase
agreements which mature in seven days or less, provided that such agreements are collateralized by cash or securities issued by
the U.S. Government or its agencies. While it does not presently appear possible to eliminate all risks from these transactions
(particularly the possibility of a decline in the market value of the underlying securities, as well as delays and costs to the
Fund in connection with bankruptcy proceedings), it is the policy of the Fund to enter into repurchase agreements only with recognized
securities dealers, banks and Fixed Income Clearing Corporation, a securities clearing agency registered with the Securities and
Exchange Commission, each determined by Royce to represent acceptable credit risk.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"><B>Investments
in Other Investment Companies and Exchange-Traded Funds (&ldquo;ETFs&rdquo;)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">The
Fund may purchase, sell and invest in the securities of other investment companies, including money market funds, ETFs, registered
open-end and closed-end funds, and unregistered funds so long as the Fund does not: (i) invest more than 10% of its assets in other
investment companies, (ii) invest more than 5% of its assets in any one investment company; and (iii) purchase shares of another
investment company if the Fund and its affiliates would own more than 3% of the total outstanding stock of any one such company.
To the extent the Fund invests in another investment company, the investment performance of the Fund will be directly impacted
by the investment performance of that investment company. Likewise, the Fund will be exposed to the same risks as such investment
companies in direct proportion to the allocation of its assets among those investment companies. In addition, when the Fund invests
in another investment company, the Fund&rsquo;s stockholders must bear not only their proportionate share of the Fund&rsquo;s fees
and expenses, but they also must bear indirectly the fees and expenses of the other investment company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">ETFs are ownership interests
in registered open-end funds, unit investment trusts, and other pooled investment vehicles that are traded on an exchange and that
hold a portfolio of securities or other financial instruments (the &ldquo;Underlying Assets&rdquo;). The Underlying Assets are
typically selected to correspond to the securities that comprise a particular broad based, sector or international index, or to
provide exposure to a particular industry, sector or asset class. The Fund also may, from time to time, purchase ETFs that sell
short a portfolio of securities or other financial asset. An investment in an ETF involves risks similar to investing directly
in the Underlying Assets, including the risk that the value of the Underlying Assets may fluctuate in accordance with changes in
the financial condition of their issuers, the value of securities and other financial instruments generally, and other market factors.
The Fund also may invest in ETFs that use financial derivatives or leverage in an attempt to provide a multiple of the returns
of an underlying index or other financial asset on a daily basis or an inverse of those returns. Investment exposure to leveraged
or inverse ETFs may increase the Fund&rsquo;s volatility and magnify any losses.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The performance of an ETF will
be reduced by transaction and other expenses, including fees paid by the ETF to service providers. Investors in ETFs are eligible
to receive their portion of dividends, if any, accumulated on the securities held in the portfolio, less fees and expenses of the
ETF.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">If an ETF is an investment
company, unless an exemption has been obtained from the SEC, the limitations set forth above applicable to the Fund&rsquo;s ability
to purchase securities issued by other investment companies will apply.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce believes that the Fund
is suitable for investment only by persons who can invest without concern for current income, and that such Fund is suitable only
for those investors who are in a financial position to assume above-average risks in search for long-term capital appreciation.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify"><B>Directors</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Fund is
comprised of the nine individuals named below. <FONT STYLE="letter-spacing: -0.1pt">The nine Directors</FONT> <FONT STYLE="letter-spacing: -0.05pt">are</FONT>
<FONT STYLE="letter-spacing: -0.1pt">currently divided into three classes,</FONT> each class <FONT STYLE="letter-spacing: -0.05pt">having</FONT>
a <FONT STYLE="letter-spacing: -0.05pt">term</FONT> of <FONT STYLE="letter-spacing: -0.05pt">office of</FONT> <FONT STYLE="letter-spacing: -0.1pt">three</FONT>
<FONT STYLE="letter-spacing: -0.05pt">years. Each class is elected by the holders of the Fund&rsquo;s common stock. </FONT>The
Class I Directors, Charles M. Royce, G. Peter O&rsquo;Brien, and <FONT STYLE="letter-spacing: -0.05pt">David L.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Meister</FONT>,
have terms that expire in 2018. The Class II Directors, <FONT STYLE="letter-spacing: -0.1pt">Patricia </FONT>W. <FONT STYLE="letter-spacing: -0.1pt">Chadwick</FONT>,
<FONT STYLE="letter-spacing: -0.1pt">Arthur</FONT> <FONT STYLE="letter-spacing: -0.05pt">S.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mehlman</FONT>,
and <FONT STYLE="letter-spacing: -0.1pt">Michael </FONT><FONT STYLE="letter-spacing: -0.05pt">K.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Shields</FONT>,
have terms that expire in 2019. The Class III Directors, <FONT STYLE="letter-spacing: -0.05pt">Stephen L.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Isaacs</FONT><FONT STYLE="letter-spacing: -0.05pt">,
Christopher D. Clark</FONT><FONT STYLE="letter-spacing: -0.1pt">,</FONT> <FONT STYLE="letter-spacing: -0.05pt">and Christopher
C. Grisanti</FONT>, have terms that expire in 2020. The Directors are responsible for the overall supervision of the operations
of the Fund and have the various duties imposed on directors of registered investment companies by the 1940 Act. To the extent
permitted by the 1940 Act and Maryland law, vacancies on the Board can be filled by the remaining Directors for the remainder of
the term of the respective Board position.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">There are no family relationships
between any of the Fund&rsquo;s Directors and officers. Each Director will hold office until his term expires and his successor
has been duly elected or until his earlier resignation or removal.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><FONT STYLE="letter-spacing: -0.1pt"><I>Interested
Directors.</I> Certain biographical</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">other
information concerning Charles</FONT> <FONT STYLE="letter-spacing: -0.05pt">M.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Royce</FONT>
and Christopher D. <FONT STYLE="letter-spacing: -0.05pt">Clark, each of whom is</FONT> an <FONT STYLE="letter-spacing: -0.05pt">&ldquo;interested
person&rdquo;</FONT> as <FONT STYLE="letter-spacing: -0.1pt">defined</FONT> <FONT STYLE="letter-spacing: -0.05pt">in the 1940 Act</FONT><FONT STYLE="letter-spacing: -0.1pt">,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Fund, including their current</FONT> <FONT STYLE="letter-spacing: -0.05pt">designated
classes, is set</FONT> <FONT STYLE="letter-spacing: -0.1pt">forth below. </FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.25pt; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name, Address*</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.55pt">&nbsp;</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Age</FONT></B></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Position(s)</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">With <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></FONT></B></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Principal Occupation(s) </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>During Past 5 Years</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.1pt; padding-left: 6.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Number </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of <FONT STYLE="letter-spacing: -0.05pt">Portfolios in Fund Complex</FONT> <FONT STYLE="letter-spacing: 0pt">Overseen</FONT></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 9.3pt; padding-left: 9.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other Public <FONT STYLE="letter-spacing: -0.05pt">Company Directorships</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">Charles</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">M.</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce (78)</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        I <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2018.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 6pt 0 10.35pt; padding-bottom: 3pt">Chief <FONT STYLE="letter-spacing: -0.05pt">Executive
        Officer (until June 2016), President (until June 2014), and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Member</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Board</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Managers</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT><FONT STYLE="letter-spacing: -0.2pt">,
        investment</FONT> <FONT STYLE="letter-spacing: -0.15pt">adviser</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Fund.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Member</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Board</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Directors/Trustees</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Fund,</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT> <FONT STYLE="letter-spacing: -0.2pt">Micro-</FONT><FONT STYLE="letter-spacing: -0.1pt">Cap</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Trust, Inc.</FONT> <FONT STYLE="letter-spacing: -0.2pt">(&ldquo;RMT&rdquo;),</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Global</FONT> Value <FONT STYLE="letter-spacing: -0.15pt">Trust, Inc.</FONT> <FONT STYLE="letter-spacing: -0.2pt">(&ldquo;RGT&rdquo;),</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">The</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce Fund (&ldquo;TRF&rdquo;),</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Royce Capital</FONT> <FONT STYLE="letter-spacing: -0.1pt">Fund</FONT> <FONT STYLE="letter-spacing: -0.2pt">(&ldquo;RCF&rdquo;)</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">(the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Fund, </FONT><FONT STYLE="letter-spacing: -0.15pt">RMT,
        RGT, TRF,</FONT> <FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.15pt">RCF</FONT> <FONT STYLE="letter-spacing: -0.2pt">collectively,</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">&ldquo;The Royce</FONT> <FONT STYLE="letter-spacing: -0.2pt">Funds&rdquo;).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">TICC</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Capital
        Corp., a business development company</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: 0pt">Christopher</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">D.</FONT> <FONT STYLE="letter-spacing: -0.2pt">Clark (52)</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        III <FONT STYLE="letter-spacing: -0.05pt">Director</FONT> and <FONT STYLE="letter-spacing: -0.05pt">President**</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2020.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        and Officer since 2014.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 6pt 0 10.35pt; padding-bottom: 3pt">Chief <FONT STYLE="letter-spacing: -0.05pt">Executive
        Officer (since July 2016), President (since</FONT> July <FONT STYLE="letter-spacing: -0.05pt">2014), Co-Chief Investment Officer
        (since January 2014), Managing Director, and Member of </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Board of Managers (since
        June 2015) </FONT>of <FONT STYLE="letter-spacing: -0.05pt">Royce,</FONT> <FONT STYLE="letter-spacing: -0.3pt">having</FONT> <FONT STYLE="letter-spacing: -0.2pt">been
        </FONT><FONT STYLE="letter-spacing: -0.3pt">employed</FONT> <FONT STYLE="letter-spacing: -0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.15pt">Royce</FONT>
        since <FONT STYLE="letter-spacing: -0.15pt">May</FONT> <FONT STYLE="letter-spacing: -0.2pt">2007. President</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Member</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">Board
        of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Directors/Trustees</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">The
        Royce</FONT> <FONT STYLE="letter-spacing: -0.2pt">Funds.</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 4.05pt 29.15pt 0 0">* <FONT STYLE="letter-spacing: -0.1pt">The
address</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Messrs. Royce and</FONT> <FONT STYLE="letter-spacing: 0.15pt">Clark</FONT>
<FONT STYLE="letter-spacing: -0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.1pt">c/o Royce</FONT> &amp; <FONT STYLE="letter-spacing: -0.1pt">Associates,
LP, 745 </FONT><FONT STYLE="letter-spacing: -0.15pt">Fifth </FONT><FONT STYLE="letter-spacing: -0.1pt">Avenue,</FONT> <FONT STYLE="letter-spacing: -0.05pt">New
York,</FONT> New <FONT STYLE="letter-spacing: -0.05pt">York 10151.</FONT></P>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0.4pt 15.5pt 0 0">** <FONT STYLE="letter-spacing: 0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Clark</FONT> was elected by, and serves at the pleasure of, the Board <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
his capacity as an officer of the Fund.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">Messrs.
Royce</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">Clark</FONT> <FONT STYLE="letter-spacing: -0.05pt">are</FONT>
<FONT STYLE="letter-spacing: -0.1pt">&ldquo;interested persons&rdquo;</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Fund within</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">meaning</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Section 2(a)(19)</FONT> of <FONT STYLE="letter-spacing: -0.1pt">the
1940</FONT> <FONT STYLE="letter-spacing: -0.05pt">Act due to the</FONT> <FONT STYLE="letter-spacing: -0.1pt">positions</FONT> <FONT STYLE="letter-spacing: -0.05pt">they
hold</FONT> <FONT STYLE="letter-spacing: -0.1pt">with Royce</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">their
stock ownership</FONT> <FONT STYLE="letter-spacing: -0.05pt">in Legg</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mason, Inc. (&ldquo;Legg
Mason&rdquo;), the ultimate corporate parent</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: 0.3pt">Royce</FONT><FONT STYLE="letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.1pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>Non-Interested
Directors. </I>Certain biographical</FONT> <FONT STYLE="letter-spacing: -0.05pt">and other</FONT> <FONT STYLE="letter-spacing: -0.1pt">information
concerning</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Directors</FONT> <FONT STYLE="letter-spacing: -0.05pt">who
are not &ldquo;interested</FONT> <FONT STYLE="letter-spacing: -0.1pt">persons,&rdquo;</FONT> <FONT STYLE="letter-spacing: -0.05pt">as</FONT>
<FONT STYLE="letter-spacing: -0.1pt">defined</FONT> <FONT STYLE="letter-spacing: -0.05pt">in the</FONT> 1940 <FONT STYLE="letter-spacing: -0.05pt">Act,</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Fund, including their current designated
classes, </FONT><FONT STYLE="letter-spacing: -0.05pt">is </FONT><FONT STYLE="letter-spacing: -0.1pt">set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 6pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 6pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.25pt; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name, Address*</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.55pt">&nbsp;</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Age</FONT></B></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Position(s)</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">With <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></FONT></B></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Principal Occupation(s) </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>During Past 5 Years**</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.1pt; padding-left: 6.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Number </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of <FONT STYLE="letter-spacing: -0.05pt">Portfolios in Fund Complex Overseen</FONT></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 9.3pt; padding-left: 9.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other Public <FONT STYLE="letter-spacing: -0.05pt">Company Directorships</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt">&nbsp;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.5pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">Patricia</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">W.</FONT> <FONT STYLE="letter-spacing: -0.2pt">Chadwick (69)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        II <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2019.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 2010.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 10.35pt"><FONT STYLE="letter-spacing: -0.2pt">Consultant</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.2pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Ravengate Partners</FONT> <FONT STYLE="letter-spacing: -0.1pt">LLC</FONT> <FONT STYLE="letter-spacing: -0.15pt">(since
        2000).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.55pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">Wisconsin</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Energy Corp. and Voya</FONT> <FONT STYLE="letter-spacing: -0.2pt">Funds</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">Stephen</FONT> <FONT STYLE="letter-spacing: -0.1pt">L.</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Isaacs (78)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        III <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2020.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        since 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.2pt">Attorney</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Health
        Policy</FONT> <FONT STYLE="letter-spacing: -0.25pt">Associates,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Inc., consultants.</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">Mr. </FONT><FONT STYLE="letter-spacing: -0.2pt">Isaacs&rsquo;s</FONT> <FONT STYLE="letter-spacing: -0.1pt">prior</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">business experience includes having served as President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">The</FONT> <FONT STYLE="letter-spacing: -0.2pt">Center</FONT> <FONT STYLE="letter-spacing: -0.1pt">for</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Health</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Social</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Policy (1996 to </FONT><FONT STYLE="letter-spacing: -0.2pt">2012);</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Director of Columbia University Development</FONT> <FONT STYLE="letter-spacing: -0.1pt">Law</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">and Policy Program and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Professor</FONT> <FONT STYLE="letter-spacing: -0.05pt">at</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Columbia University (until August 1996).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0 0 11.5pt; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">None</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">Arthur</FONT> S.
        <FONT STYLE="letter-spacing: -0.05pt">Mehlman (75)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        II <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2019.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        since 2004.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 7.1pt 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.05pt">Director</FONT>
        of <FONT STYLE="letter-spacing: -0.05pt">The League</FONT> for <FONT STYLE="letter-spacing: -0.05pt">People with Disabilities,
        Inc.; Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">University </FONT>of <FONT STYLE="letter-spacing: -0.05pt">Maryland
        Foundation (non-profits). Formerly: Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Municipal Mortgage</FONT> &amp; <FONT STYLE="letter-spacing: -0.05pt">Equity,
        </FONT>LLC <FONT STYLE="letter-spacing: -0.05pt">(from October 2004</FONT> to <FONT STYLE="letter-spacing: -0.05pt">April 2011);
        Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">University</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Maryland College
        Park Foundation (non- profit)(from</FONT> 1998 to <FONT STYLE="letter-spacing: -0.05pt">2005); Partner, KPMG LLP (international</FONT>
        accounting <FONT STYLE="letter-spacing: -0.05pt">firm) </FONT>(from <FONT STYLE="letter-spacing: -0.05pt">1972 to 2002); Director</FONT>
        of <FONT STYLE="letter-spacing: -0.05pt">Maryland Business Roundtable for Education (from</FONT> July <FONT STYLE="letter-spacing: -0.05pt">1984
        to June 2002).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/6.65pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/6.65pt Times New Roman, Times, Serif; margin: 0; text-align: center">40</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.8pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="letter-spacing: -0.05pt">(Director/Trustee
        of</FONT> all <FONT STYLE="letter-spacing: -0.05pt">Royce Funds,</FONT> consisting of 22 portfolios; <FONT STYLE="letter-spacing: -0.05pt">Director/Trustee
        of the Legg Mason</FONT> Family of <FONT STYLE="letter-spacing: -0.05pt">Funds,</FONT> consisting <FONT STYLE="letter-spacing: -0.05pt">of
        18 portfolios)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">None</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">David</FONT> <FONT STYLE="letter-spacing: -0.05pt">L.</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Meister (78)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        I <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2018.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.2pt">Consultant.</FONT> <FONT STYLE="letter-spacing: -0.25pt">Chairman</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.2pt">Chief Executive Officer</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">The</FONT> <FONT STYLE="letter-spacing: -0.25pt">Tennis</FONT> <FONT STYLE="letter-spacing: -0.2pt">Channel</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">(from June</FONT> <FONT STYLE="letter-spacing: -0.2pt">2000</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">March 2005). Mr. </FONT><FONT STYLE="letter-spacing: -0.15pt">Meister&rsquo;s</FONT> <FONT STYLE="letter-spacing: -0.1pt">prior</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">business</FONT> <FONT STYLE="letter-spacing: -0.2pt">experience includes having served</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.2pt">Chief Executive Officer</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Seniorlife.com,</FONT> a <FONT STYLE="letter-spacing: -0.2pt">consultant</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">the communications industry, President</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Financial</FONT> <FONT STYLE="letter-spacing: -0.15pt">News</FONT> <FONT STYLE="letter-spacing: -0.2pt">Network,
        Senior</FONT> <FONT STYLE="letter-spacing: -0.15pt">Vice</FONT> <FONT STYLE="letter-spacing: -0.2pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">HBO, President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Time-Life</FONT>
        <FONT STYLE="letter-spacing: -0.15pt">Films</FONT> <FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.15pt">Head</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">Broadcasting</FONT> <FONT STYLE="letter-spacing: -0.1pt">for</FONT>
        <FONT STYLE="letter-spacing: -0.2pt">Major League Baseball.</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">None</FONT></P></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.25pt; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name, Address*</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: 0.55pt">&nbsp;</FONT></B><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">and Age</FONT></B></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Position(s)</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">With <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></FONT></B></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Principal Occupation(s) </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>During Past 5 Years**</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6.1pt; padding-left: 6.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Number </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">of <FONT STYLE="letter-spacing: -0.05pt">Portfolios in Fund Complex Overseen</FONT></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 9.3pt; padding-left: 9.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other Public <FONT STYLE="letter-spacing: -0.05pt">Company Directorships</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">G. Peter</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">O&rsquo;Brien (72)</FONT></P></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        I <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2018.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">Director
        since 2001.</P></TD>
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">Director, Bridges</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">School (since</FONT> <FONT STYLE="letter-spacing: -0.15pt">2006);</FONT> <FONT STYLE="letter-spacing: -0.1pt">Trustee
        Emeritus</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Colgate University</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">(since</FONT> <FONT STYLE="letter-spacing: -0.1pt">2005);</FONT> <FONT STYLE="letter-spacing: -0.05pt">Board</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">Member </FONT><FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">Hill</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">House, Inc. (since</FONT> <FONT STYLE="letter-spacing: -0.1pt">1999). Formerly: Trustee </FONT><FONT STYLE="letter-spacing: -0.05pt">of
        Colgate</FONT> <FONT STYLE="letter-spacing: -0.1pt">University </FONT><FONT STYLE="letter-spacing: -0.05pt">(from 1996 to</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">2005); President</FONT> <FONT STYLE="letter-spacing: -0.05pt">of Hill</FONT> <FONT STYLE="letter-spacing: -0.1pt">House,
        </FONT><FONT STYLE="letter-spacing: -0.05pt">Inc.</FONT> <FONT STYLE="letter-spacing: -0.1pt">(from</FONT> <FONT STYLE="letter-spacing: -0.05pt">2001
        to</FONT> <FONT STYLE="letter-spacing: -0.1pt">2005);</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">Managing
        Director/Equity Capital</FONT> <FONT STYLE="letter-spacing: -0.05pt">Markets</FONT> <FONT STYLE="letter-spacing: -0.1pt">Group</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">of Merrill</FONT> <FONT STYLE="letter-spacing: -0.1pt">Lynch</FONT> &amp; <FONT STYLE="letter-spacing: -0.05pt">Co.
        (from 1971 to </FONT><FONT STYLE="letter-spacing: -0.1pt">1999).</FONT></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.8pt; text-align: center; text-indent: -0.05pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">40</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 5.8pt; text-align: center; text-indent: -0.05pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.05pt">(Director/Trustee</FONT>
        of all <FONT STYLE="letter-spacing: -0.05pt">Royce </FONT>Funds, <FONT STYLE="letter-spacing: -0.05pt">consisting of 22 portfolios;
        Director/Trustee</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Legg Mason Family of Funds, consisting of 18 portfolios)</FONT></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">TICC</FONT></P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.1pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Capital
        Corp., a business development company</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.1pt">Michael</FONT> <FONT STYLE="letter-spacing: -0.05pt">K.
        Shields (59)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        II <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2019.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 2015</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: -0.1pt">President</FONT> <FONT STYLE="letter-spacing: -0.05pt">and
        Chief Executive Officer</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Piedmont Trust Company,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">private
        North Carolina trust</FONT> <FONT STYLE="letter-spacing: -0.1pt">company</FONT> <FONT STYLE="letter-spacing: -0.05pt">(since May
        2012).</FONT> Mr. <FONT STYLE="letter-spacing: -0.25pt">Shields's</FONT> <FONT STYLE="letter-spacing: -0.2pt">prior</FONT> <FONT STYLE="letter-spacing: -0.25pt">business
        experience includes</FONT> <FONT STYLE="letter-spacing: -0.2pt">owning</FONT> <FONT STYLE="letter-spacing: -0.1pt">Shields Advisors,</FONT>
        <FONT STYLE="letter-spacing: -0.05pt">an investment</FONT> consulting firm (from <FONT STYLE="letter-spacing: -0.05pt">April 2010
        to June 2012).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">None</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.3pt 0 6.1pt"><FONT STYLE="letter-spacing: 0pt">Christopher C.
        Grisanti</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 8pt 0 6.1pt"><FONT STYLE="letter-spacing: -0.05pt">(55)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Class</FONT>
        III <FONT STYLE="letter-spacing: -0.05pt">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Term expires in 2020.</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 5.7pt; text-align: center; text-indent: -0.15pt">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 8.2pt; text-align: center; text-indent: 2pt">Director since 2017.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 6.1pt; padding-bottom: 3pt"><FONT STYLE="letter-spacing: 0pt">Co-Founder </FONT><FONT STYLE="letter-spacing: -0.05pt">and
        Chief Executive Officer</FONT> of Grisanti Capital Management LLC<FONT STYLE="letter-spacing: -0.05pt">,</FONT> an <FONT STYLE="letter-spacing: -0.2pt">investment
        advisory firm </FONT><FONT STYLE="letter-spacing: -0.05pt">(since 1999).</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
        Grisanti<FONT STYLE="letter-spacing: -0.25pt">'s</FONT> <FONT STYLE="letter-spacing: -0.2pt">prior</FONT> <FONT STYLE="letter-spacing: -0.25pt">business
        experience includes serving as Director of Research and Portfolio Manager at Spears Benzak, Salomon &amp; Farrell </FONT>(from
        1994 to 1999<FONT STYLE="letter-spacing: -0.05pt">) and a senior associate at the law firm of Simpson, Thacher &amp; Bartlett (from
        1988 to 1994).</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: center">22</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 9pt/11pt Times New Roman, Times, Serif; margin: 0 0.15pt 0 0; text-align: center">None</P></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/normal Times New Roman, Times, Serif; margin-top: 3.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.95pt"></TD><TD STYLE="width: 8pt"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify; padding-right: 21.65pt"><FONT STYLE="font-size: 8pt">The address of each of Ms. Chadwick and <FONT STYLE="letter-spacing: -0.1pt">Messrs.</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Isaacs, Mehlman,</FONT> <FONT STYLE="letter-spacing: -0.1pt">Meister,</FONT> <FONT STYLE="letter-spacing: -0.05pt">O&rsquo;Brien,</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Shields, and Grisanti</FONT> is c/o Royce &amp; Associates, <FONT STYLE="letter-spacing: -0.05pt">LP,</FONT>
745 Fifth <FONT STYLE="letter-spacing: -0.05pt">Avenue,</FONT> New <FONT STYLE="letter-spacing: -0.05pt">York,</FONT> New <FONT STYLE="letter-spacing: -0.1pt">York</FONT>
10151.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 1.75pt 21.15pt 10pt 24.95pt; text-align: justify; text-indent: -13.05pt">**
<FONT STYLE="letter-spacing: -0.05pt">Each</FONT> of the <FONT STYLE="letter-spacing: 0.2pt">Non-Interested </FONT><FONT STYLE="letter-spacing: -0.05pt">Directors
</FONT>is a Director/Trustee of all of <FONT STYLE="letter-spacing: 0.25pt">The Royce Funds</FONT><FONT STYLE="letter-spacing: -0.05pt">.</FONT>
Each of Ms. <FONT STYLE="letter-spacing: -0.05pt">Chadwick</FONT> and <FONT STYLE="letter-spacing: -0.1pt">Messrs.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Isaacs,
Mehlman,</FONT> <FONT STYLE="letter-spacing: -0.1pt">Meister,</FONT> <FONT STYLE="letter-spacing: -0.05pt">O&rsquo;Brien,</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Shields, and Grisanti</FONT> is a <FONT STYLE="letter-spacing: -0.05pt">member</FONT> of the
Audit Committee of the Board and the <FONT STYLE="letter-spacing: -0.05pt">Nominating</FONT> Committee of the Board.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 2.95pt 5.25pt 0 5.95pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt"><I>Additional
Information</I></FONT><I><FONT STYLE="letter-spacing: 1.7pt">.</FONT></I> <FONT STYLE="letter-spacing: -0.1pt">Additional information</FONT>
<FONT STYLE="letter-spacing: -0.05pt">about each</FONT> <FONT STYLE="letter-spacing: -0.1pt">Director</FONT> <FONT STYLE="letter-spacing: -0.05pt">follows</FONT>
<FONT STYLE="letter-spacing: -0.1pt">(supplementing</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">information
provided</FONT> <FONT STYLE="letter-spacing: -0.05pt">in the</FONT> <FONT STYLE="letter-spacing: -0.1pt">tables</FONT> <FONT STYLE="letter-spacing: -0.05pt">above)</FONT>
<FONT STYLE="letter-spacing: -0.1pt">that</FONT> <FONT STYLE="letter-spacing: -0.05pt">describes</FONT> <FONT STYLE="letter-spacing: -0.1pt">some</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.1pt">specific experiences, qualifications,
attributes</FONT> <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">skills that each Director</FONT>
<FONT STYLE="letter-spacing: -0.15pt">possesses</FONT> <FONT STYLE="letter-spacing: -0.1pt">which</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Board believes </FONT><FONT STYLE="letter-spacing: -0.05pt">has</FONT> <FONT STYLE="letter-spacing: -0.1pt">prepared
them</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.1pt">effective Directors.</FONT></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0 5.25pt 0 5.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Charles</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">M.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Royce</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.25pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Royce serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.25pt">Member</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">Board</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">Managers</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Royce.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr. Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">served</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">President</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> Royce <FONT STYLE="letter-spacing: -0.15pt">from 1972</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT>
<FONT STYLE="letter-spacing: -0.15pt">June</FONT> <FONT STYLE="letter-spacing: -0.25pt">2014 and</FONT> <FONT STYLE="letter-spacing: -0.15pt">as</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Chief</FONT> Executive <FONT STYLE="letter-spacing: -0.25pt">Officer</FONT> <FONT STYLE="letter-spacing: -0.15pt">of
</FONT>Royce <FONT STYLE="letter-spacing: -0.25pt">from</FONT> 1972 to <FONT STYLE="letter-spacing: -0.25pt">June 2016.</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> Royce <FONT STYLE="letter-spacing: -0.1pt">has</FONT> <FONT STYLE="letter-spacing: -0.15pt">over
40</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT> investment <FONT STYLE="letter-spacing: -0.15pt">and</FONT> business
experience.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.4pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Christopher</I></FONT><I> <FONT STYLE="letter-spacing: -0.05pt">D.</FONT>
<FONT STYLE="letter-spacing: -0.2pt">Clark</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.1pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.05pt">Director/Trustee</FONT> of The <FONT STYLE="letter-spacing: -0.05pt">Royce
Funds, Mr. Clark serves</FONT> as Chief <FONT STYLE="letter-spacing: -0.05pt">Executive Officer,</FONT> <FONT STYLE="letter-spacing: -0.25pt">President,
Co-Chief Investment Officer, and</FONT> a <FONT STYLE="letter-spacing: -0.25pt">Member</FONT> <FONT STYLE="letter-spacing: -0.15pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">the</FONT> <FONT STYLE="letter-spacing: -0.2pt">Board</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Managers</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce,</FONT>
<FONT STYLE="letter-spacing: -0.25pt">having</FONT> <FONT STYLE="letter-spacing: -0.2pt">been</FONT> <FONT STYLE="letter-spacing: -0.3pt">employed</FONT>
<FONT STYLE="letter-spacing: -0.15pt">by Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">since 2007.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Clark</FONT> <FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">25</FONT>
<FONT STYLE="letter-spacing: -0.2pt">years</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.3pt">investment</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> <FONT STYLE="letter-spacing: -0.3pt">experience,
including extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.3pt">financial sector.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="letter-spacing: -0.3pt"><I>Patricia</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">W.</FONT>
<FONT STYLE="letter-spacing: -0.3pt">Chadwick</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">her</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.15pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds, Ms. Chadwick</FONT> <FONT STYLE="letter-spacing: -0.1pt">is</FONT>
<FONT STYLE="letter-spacing: -0.3pt">designated</FONT> <FONT STYLE="letter-spacing: -0.1pt">as an</FONT> <FONT STYLE="letter-spacing: -0.25pt">Audit</FONT>
<FONT STYLE="letter-spacing: -0.3pt">Committee Financial Expert.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Ms.</FONT> <FONT STYLE="letter-spacing: -0.3pt">Chadwick</FONT>
<FONT STYLE="letter-spacing: -0.15pt">has over 30</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.3pt">investment</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> <FONT STYLE="letter-spacing: -0.3pt">experience,
including extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.25pt">financial sector</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
a <FONT STYLE="letter-spacing: -0.3pt">consultant</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">non-profit entities.</FONT> <FONT STYLE="letter-spacing: -0.05pt">In</FONT>
<FONT STYLE="letter-spacing: -0.3pt">addition,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Ms.</FONT> <FONT STYLE="letter-spacing: -0.3pt">Chadwick</FONT>
has <FONT STYLE="letter-spacing: -0.25pt">served</FONT> <FONT STYLE="letter-spacing: -0.05pt">on</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.25pt">boards</FONT> <FONT STYLE="letter-spacing: -0.1pt">of</FONT> a <FONT STYLE="letter-spacing: -0.25pt">variety</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">public</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.3pt">private companies</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">non-profit
entities, including currently</FONT> <FONT STYLE="letter-spacing: -0.25pt">serving</FONT> <FONT STYLE="letter-spacing: -0.05pt">on</FONT>
<FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">board</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">two</FONT> <FONT STYLE="letter-spacing: -0.25pt">public</FONT> companies.</TD></TR></TABLE>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="letter-spacing: -0.3pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="letter-spacing: -0.3pt"><I>Stephen</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">L.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Isaacs</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.15pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">Isaacs serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Attorney</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">President</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> a <FONT STYLE="letter-spacing: -0.25pt">private consulting firm.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Isaacs</FONT> <FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">40</FONT>
<FONT STYLE="letter-spacing: -0.2pt">years</FONT> <FONT STYLE="letter-spacing: -0.15pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">academic experience, including extensive
experience related</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.25pt">public</FONT> <FONT STYLE="letter-spacing: -0.05pt">health
and</FONT> <FONT STYLE="letter-spacing: -0.3pt">philanthropy.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.35pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Arthur</I></FONT><I> <FONT STYLE="letter-spacing: -0.05pt">S.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Mehlman</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The</FONT> <FONT STYLE="letter-spacing: -0.2pt">Royce Funds</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">the</FONT> <FONT STYLE="letter-spacing: -0.15pt">Legg</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Mason</FONT> <FONT STYLE="letter-spacing: -0.3pt">Family</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.05pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mehlman
serves</FONT> <FONT STYLE="letter-spacing: -0.05pt">as the</FONT> <FONT STYLE="letter-spacing: -0.1pt">Chairman</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Board&rsquo;s Audit Committee,</FONT> <FONT STYLE="letter-spacing: -0.05pt">acting as liaison
between the Board and the Fund&rsquo;s independent registered</FONT> public <FONT STYLE="letter-spacing: -0.05pt">accountants,</FONT>
and is <FONT STYLE="letter-spacing: -0.05pt">designated</FONT> as <FONT STYLE="letter-spacing: -0.05pt">an Audit</FONT> <FONT STYLE="letter-spacing: -0.1pt">Committee</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Financial Expert. Mr.</FONT> <FONT STYLE="letter-spacing: -0.1pt">Mehlman</FONT> has <FONT STYLE="letter-spacing: -0.05pt">over</FONT>
35 <FONT STYLE="letter-spacing: -0.05pt">years</FONT> of <FONT STYLE="letter-spacing: -0.05pt">business</FONT> <FONT STYLE="letter-spacing: -0.1pt">experience,</FONT>
<FONT STYLE="letter-spacing: -0.05pt">including as Partner of an international</FONT> accounting <FONT STYLE="letter-spacing: -0.05pt">firm</FONT>
and a <FONT STYLE="letter-spacing: -0.05pt">Director for various private</FONT> <FONT STYLE="letter-spacing: -0.1pt">companies</FONT>
<FONT STYLE="letter-spacing: -0.05pt">and non- profit entities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 1.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.25pt"><I>David</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">L.</FONT>
<FONT STYLE="letter-spacing: -0.3pt">Meister</FONT> &ndash;</I> <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Meister</FONT> <FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.1pt">40</FONT>
years <FONT STYLE="letter-spacing: -0.1pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> <FONT STYLE="letter-spacing: -0.3pt">experience,</FONT>
<FONT STYLE="letter-spacing: -0.25pt">including</FONT> <FONT STYLE="letter-spacing: -0.3pt">extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">as
an</FONT> <FONT STYLE="letter-spacing: -0.25pt">executive officer</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.3pt">consultant</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.3pt">communications industry.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.05pt"><I>G.</I></FONT><I> <FONT STYLE="letter-spacing: -0.2pt">Peter</FONT>
<FONT STYLE="letter-spacing: -0.25pt">O'Brien</FONT></I> &ndash; <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.3pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.15pt">to his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">The</FONT>
<FONT STYLE="letter-spacing: -0.2pt">Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">Legg
Mason Family</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">O&rsquo;Brien serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.3pt">Chairman</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">Board&rsquo;s</FONT>
Nominating <FONT STYLE="letter-spacing: -0.3pt">Committee.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">O&rsquo;Brien</FONT>
<FONT STYLE="letter-spacing: -0.15pt">has</FONT> <FONT STYLE="letter-spacing: -0.2pt">over</FONT> <FONT STYLE="letter-spacing: -0.05pt">35</FONT>
<FONT STYLE="letter-spacing: -0.2pt">years</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT>
<FONT STYLE="letter-spacing: -0.3pt">experience, including extensive experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT>
<FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.25pt">financial sector.</FONT> <FONT STYLE="letter-spacing: -0.1pt">In</FONT>
<FONT STYLE="letter-spacing: -0.3pt">addition,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">O&rsquo;Brien</FONT>
<FONT STYLE="letter-spacing: -0.2pt">has</FONT> <FONT STYLE="letter-spacing: -0.25pt">served</FONT> <FONT STYLE="letter-spacing: -0.05pt">on</FONT>
<FONT STYLE="letter-spacing: -0.15pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">boards </FONT>of <FONT STYLE="letter-spacing: -0.05pt">public</FONT>
<FONT STYLE="letter-spacing: -0.3pt">companies</FONT> <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.3pt">non-profit
entities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Michael</I></FONT><I> <FONT STYLE="letter-spacing: -0.1pt">K.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Shields</FONT></I> &ndash; <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.25pt">addition</FONT>
<FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT>
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.15pt">The Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Shields serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> President <FONT STYLE="letter-spacing: -0.15pt">and</FONT>
<FONT STYLE="letter-spacing: -0.25pt">Chief</FONT> Executive <FONT STYLE="letter-spacing: -0.25pt">Officer</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
Piedmont <FONT STYLE="letter-spacing: -0.25pt">Trust Company,</FONT> a private <FONT STYLE="letter-spacing: -0.05pt">North Carolina
trust</FONT> <FONT STYLE="letter-spacing: -0.25pt">company.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> <FONT STYLE="letter-spacing: -0.25pt">Shields</FONT>
<FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">30</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
investment <FONT STYLE="letter-spacing: -0.15pt">and</FONT> <FONT STYLE="letter-spacing: -0.25pt">business</FONT> experience, <FONT STYLE="letter-spacing: -0.25pt">including</FONT>
extensive <FONT STYLE="letter-spacing: -0.25pt">experience</FONT> <FONT STYLE="letter-spacing: -0.1pt">in</FONT> <FONT STYLE="letter-spacing: -0.15pt">the</FONT>
<FONT STYLE="letter-spacing: -0.25pt">financial</FONT> sector.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="letter-spacing: -0.25pt"><I>Christopher C. Grisanti</I></FONT>
&ndash; <FONT STYLE="letter-spacing: -0.05pt">In</FONT> <FONT STYLE="letter-spacing: -0.25pt">addition</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT>
<FONT STYLE="letter-spacing: -0.15pt">his</FONT> <FONT STYLE="letter-spacing: -0.25pt">tenure</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT>
a <FONT STYLE="letter-spacing: -0.1pt">Director/Trustee</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.15pt">The
Royce</FONT> <FONT STYLE="letter-spacing: -0.25pt">Funds,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> Grisanti <FONT STYLE="letter-spacing: -0.25pt">co-founded
and serves</FONT> <FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.25pt">Chief</FONT> Executive <FONT STYLE="letter-spacing: -0.25pt">Officer</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> Grisanti Capital Management LLC<FONT STYLE="letter-spacing: -0.05pt">,</FONT> an
investment advisory firm<FONT STYLE="letter-spacing: -0.25pt">.</FONT> <FONT STYLE="letter-spacing: -0.15pt">Mr.</FONT> Grisanti
<FONT STYLE="letter-spacing: -0.15pt">has over</FONT> <FONT STYLE="letter-spacing: -0.05pt">20</FONT> years <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
investment industry <FONT STYLE="letter-spacing: -0.25pt">experience</FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 5.5pt 0 0; text-align: justify; text-indent: 0in">The Board believes
that each Director&rsquo;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&rsquo;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&rsquo;s Nominating Committee contains certain other specific
factors considered by the Nominating Committee in identifying and selecting Director candidates (as described below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.7pt 0 0; text-align: justify; text-indent: 0in">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 Royce, and also may benefit from information provided by Royce&rsquo;s internal counsel; both
Board and Royce&rsquo;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.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>Board Composition and Leadership Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">The 1940 Act requires
that at least 40% of the Fund&rsquo;s directors not be &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund
and as such are not affiliated with Royce (&ldquo;Independent Directors&rdquo;). To rely on certain exemptive rules under the 1940
Act, a majority of the Fund&rsquo;s directors must be Independent Directors, and for certain important matters, such as the approval
of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of
a majority of the Independent Directors. Currently, more than 75% of the Fund&rsquo;s Directors are Independent Directors. The
Board does not have a chairman, but the President, 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. Mehlman, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in"><B>Share Ownership
by Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">Information relating
to <FONT STYLE="letter-spacing: -0.1pt">each Director&rsquo;s ownership</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.1pt">shares</FONT> of the Fund&rsquo;s common stock <FONT STYLE="letter-spacing: -0.05pt">as of</FONT>
<FONT STYLE="letter-spacing: 0.3pt">December 31</FONT><FONT STYLE="letter-spacing: -0.1pt">, 2017 and</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.1pt">shares</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">The
Royce Funds overseen</FONT> <FONT STYLE="letter-spacing: -0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.1pt">each Director</FONT>
<FONT STYLE="letter-spacing: -0.05pt">is set</FONT> <FONT STYLE="letter-spacing: -0.1pt">forth</FONT> in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 5.95pt; text-align: center; text-indent: 0.25in"><B>[Note:
Information to be Provided by Amendment]</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 6.9pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 6.95pt; padding-right: 12.1pt; padding-left: 25.4pt; text-align: center; text-indent: -13.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate Dollar Range of Equity in the <FONT STYLE="letter-spacing: -0.05pt">Fund</FONT></B></FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 6.85pt; padding-right: 14.65pt; padding-left: 10.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Aggregate Dollar Range of Securities in all Royce Funds overseen by the <FONT STYLE="letter-spacing: -0.05pt">Director</FONT> in the Royce <FONT STYLE="letter-spacing: -0.1pt">Family</FONT> of Funds</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 5.8pt 0 6pt 11.35pt"><FONT STYLE="letter-spacing: -0.1pt"><I>Interested
Directors:</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Charles M. Royce</FONT></TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 5.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Christopher D. Clark</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 0.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 5.85pt 0 6pt 11.35pt"><I>Non-Interested Directors:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">Patricia</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">W.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">Chadwick</FONT></TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Stephen</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">L.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Isaacs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Arthur</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt">S.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Mehlman</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">David</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">L.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt">Meister</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt">G.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt">Peter</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt">O'Brien</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Michael</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">K. Shields</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">Christopher C. Grisanti</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 0.25pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 2.85pt 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 5.6pt 0 0; text-align: justify; text-indent: 0in">Mr. Royce
has sole voting power and sole investment power as to the shares of the Fund&rsquo;s shares of common stock beneficially owned
by him. As of December 31, 2017, all Directors and officers of the Fund as a group (14 persons) beneficially owned an aggregate
of less than 1% of the Fund&rsquo;s outstanding shares of common stock. [As of December 31, 2017, none of the non-interested Directors
of the Fund nor any of their immediate family members owned beneficially or of record any securities issued by Legg Mason or any
of its affiliates (other than registered investment companies).]</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 2.85pt 5.6pt 0 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0pt 5.6pt 0 0; text-align: justify; text-indent: 0in"><B>Board
Committees and Meetings</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">The Board has
an Audit Committee, comprised of Patricia W. Chadwick, Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister, G. Peter O&rsquo;Brien,
Michael K. Shields, and Christopher C. Grisanti. The Audit Committee is responsible for, among other things, recommending the selection
and nomination of the Fund&rsquo;s independent accountants and for conducting post-audit reviews of the Fund&rsquo;s financial
statements with such independent accountants. The Fund has adopted an Audit Committee charter. Mr. Mehlman serves as Chairman of
the Audit Committee. Ms. Chadwick and Mr. Mehlman are designated as Audit Committee Financial Experts, as defined under SEC regulations.
During the year ended December 31, 2017, the Audit Committee held two meetings.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">The Board has
a Nominating Committee, comprised of Patricia W. Chadwick, Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister, G. Peter O&rsquo;Brien,
Michael K. Shields, and Christopher C. Grisanti. The Nominating Committee is responsible for, among other things, identifying individuals
qualified to serve as Independent Directors of the Fund and recommending its nominees for consideration by the Fund&rsquo;s full
Board. The Fund has adopted a Nominating Committee charter. Mr. O&rsquo;Brien serves as Chairman of the Nominating Committee. While
the Committee is solely responsible for the selection and nomination of the Fund&rsquo;s Independent Directors, the Committee will
review and consider nominations for the office of Director made by management and by Fund stockholders as it deems appropriate.
Stockholders who wish to recommend a nominee should send their suggestions to the Secretary of the Fund, which should include biographical
information and set forth their proposed nominee&rsquo;s qualifications. During the year ended December 31, 2017, the Nominating
Committee held two meetings.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">The Nominating
Committee charter requires the Nominating Committee to identify individuals qualified to serve as Independent Directors of the
Fund and to recommend its nominees for consideration by the Board. In considering potential nominees, the Nominating Committee
will take into consideration; (i) the contribution which the person can make to the Board, with consideration given to the person&rsquo;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&rsquo;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 &ldquo;interested person&rdquo; 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; (iv) whether or not the person has any relationships
that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment
adviser of the Fund, Fund service providers or their affiliates; (v) whether or not the person is financially literate pursuant
to stock exchange audit committee membership standards; (vi) whether or not the person serves on boards of, or is otherwise</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify">affiliated with, competing financial
service organizations or their related investment company complexes; (vii) whether or not the person is willing to serve as, and
willing and able to commit the time necessary for the performance of the duties of, a Director of the Fund; and (viii) whether
or not the selection and nomination of the person would be in the best interest of the Fund in light of the requirements of the
Fund&rsquo;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&rsquo;s existing membership at the time such potential candidate is considered.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Board&rsquo;s Oversight Role in Management</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Board&rsquo;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 Royce 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&rsquo;s and Royce&rsquo;s Chief Compliance
Officer and portfolio management personnel. The Board&rsquo;s Audit Committee (which consists of the seven Independent Directors)
meets during its scheduled meetings, and between meetings the Chairman of the Audit Committee maintains contact with the Fund&rsquo;s
independent registered public accounting firm and the Fund&rsquo;s Treasurer. The Board also receives periodic presentations from
senior personnel of Royce or its affiliates regarding risk management generally, as well as periodic presentations regarding specific
operational, compliance or investment areas such as business continuity, anti-money laundering, personal trading, valuation, investment
research and securities lending. The Board also receives reports from counsel to Royce and the Board&rsquo;s own independent legal
counsel regarding regulatory compliance and governance matters. The Board&rsquo;s oversight role does not make the Board a guarantor
of the Fund&rsquo;s investments or activities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Compensation of Directors</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 0; text-align: justify; text-indent: 0in">For the year
<FONT STYLE="letter-spacing: -0.05pt">ended</FONT> December 31, 2017, each <FONT STYLE="letter-spacing: -0.05pt">Independent Director
received</FONT> a <FONT STYLE="letter-spacing: -0.05pt">base fee of $20,000 per year, plus $1,100 for</FONT> each in-person <FONT STYLE="letter-spacing: -0.05pt">meeting
of the Board attended. No Director</FONT> received <FONT STYLE="letter-spacing: -0.05pt">remuneration</FONT> for <FONT STYLE="letter-spacing: -0.05pt">services</FONT>
as a <FONT STYLE="letter-spacing: -0.05pt">Director for the year ended December 31, 2017 in addition to or in lieu of this standard
arrangement. Each Independent Director will continue to receive</FONT> a base fee of $20,000 <FONT STYLE="letter-spacing: -0.05pt">per
year, plus $1,100 for each in-person meeting of the Board attended for the year</FONT> ending December <FONT STYLE="letter-spacing: -0.05pt">31,
2018. </FONT></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 21.15pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 21.15pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">Set
forth below</FONT> <FONT STYLE="letter-spacing: -0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.1pt">the aggregate compensation</FONT>
<FONT STYLE="letter-spacing: -0.05pt">paid</FONT> by <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Fund
and the total</FONT> <FONT STYLE="letter-spacing: -0.1pt">compensation</FONT> <FONT STYLE="letter-spacing: -0.05pt">paid by Fund
and the Fund</FONT> <FONT STYLE="letter-spacing: -0.1pt">Complex</FONT> <FONT STYLE="letter-spacing: -0.05pt">to each</FONT> <FONT STYLE="letter-spacing: -0.1pt">Independent
Director</FONT> <FONT STYLE="letter-spacing: -0.05pt">of the Fund for the year</FONT> <FONT STYLE="letter-spacing: -0.1pt">ended
December</FONT> <FONT STYLE="letter-spacing: -0.05pt">31,</FONT> <FONT STYLE="letter-spacing: -0.1pt">2017.</FONT></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 31.2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 5.95pt; text-align: center; text-indent: 0.25in"><B>[Note:
Information to be Provided by Amendment]</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.35pt; padding-left: 6.5pt; text-align: center; text-indent: -0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate<br>Compensation<br>From the Fund</b></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Pension or <br>Retirement<br>Benefits Accrued<br>as Part of Fund Expenses</b></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.15pt; padding-left: 5.25pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Estimated Annual<br>Benefits upon<br>Retirement</B></font></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6.1pt; padding-right: 6.25pt; padding-left: 11.15pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Compensation<br>From The Royce<br>Funds Paid to<br>Directors</b></FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.45pt; padding-left: 5.25pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Compensation<br>From The Fund and<br>Fund Complex Paid<br>to Directors*</b></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.6pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">Patricia</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.2pt; line-height: 99%">W.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Chadwick,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 19.55pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">Stephen</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 99%">L.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Isaacs,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 13.1pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">Arthur</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.15pt; line-height: 99%">S.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Mehlman,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.1pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 20.55pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 99%">David</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 99%">L.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.3pt; line-height: 99%">Meister,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 99%">Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.1pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 22.45pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 100%">G.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.25pt; line-height: 100%">Peter</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.35pt; line-height: 100%">O'Brien,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 100%">Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.1pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 10.5pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 97%">Michael K. Shields, Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.8pt; padding-left: 14.1pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 21.4pt; padding-left: 6.1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt; line-height: 97%">Christopher C. Grisanti, Director**</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.55pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; letter-spacing: -0.05pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 15.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.85pt; padding-left: 14.1pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 7pt/normal Times, Serif; margin: 3.5pt 30.4pt 0 32.9pt; text-align: left; text-indent: -6.05pt">* <FONT>Represents
aggregate compensation paid to each Director during the calendar year
ended December 31, 2017 from the Fund Complex. As of the date hereof, the Fund Complex <br>includes the 22 portfolios of The
Royce Funds and the portfolios of the Legg Mason Funds.</FONT></P>

<P STYLE="font: 7pt/normal Times, Serif; margin: 0 0 10pt; text-indent: 24pt"><FONT STYLE="letter-spacing: -0.05pt">**
Mr. Grisanti became a Director of the Fund effective August 14, 2017.</FONT></P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Officers</B></P>

<P STYLE="font: 10pt/10.9pt Times New Roman, Times, Serif; margin: 2.95pt 10.4pt 0 0; text-indent: 0in">Certain biographical and
other information concerning the officers of the Fund, other than Christopher D. Clark, is set forth below. Information regarding
Mr. Clark is set forth in the tables above regarding Directors of the Fund. Officers are elected by and serve at the pleasure of
the Board. Each officer will hold office until his respective successor is duly elected and qualified.</P>

<P STYLE="font: 10pt/10.9pt Times New Roman, Times, Serif; margin: 2.95pt 10.4pt 0 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, Age and Address</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s) with Fund</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term of Office and Length of Time Served</B></FONT></TD>
    <TD STYLE="width: 28%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupations During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Public Directorships</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Francis D.</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt">Gannon</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2014</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Co-Chief Investment</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer <FONT STYLE="letter-spacing: -0.05pt">(since January</FONT> 2014) and <FONT STYLE="letter-spacing: -0.05pt">Managing Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Royce, having been employed</FONT> by <FONT STYLE="letter-spacing: -0.05pt">Royce since September 2006.</FONT></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter K. Hoglund (51)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief <FONT STYLE="letter-spacing: -0.05pt">Financial Officer,</FONT> Chief <FONT STYLE="letter-spacing: -0.05pt">Administrative Officer, and Managing Director</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Royce, having been employed</FONT> by <FONT STYLE="letter-spacing: -0.05pt">Royce since</FONT> <FONT STYLE="letter-spacing: -0.1pt">December</FONT> <FONT STYLE="letter-spacing: -0.05pt">2014. Prior</FONT> to <FONT STYLE="letter-spacing: -0.05pt">joining Royce, Mr. Hoglund spent more than</FONT> 20 <FONT STYLE="letter-spacing: -0.05pt">years with Munder Capital Management</FONT> in <FONT STYLE="letter-spacing: -0.05pt">Birmingham,</FONT> MI, <FONT STYLE="letter-spacing: -0.05pt">serving as Managing Director and Chief Financial Officer</FONT> and <FONT STYLE="letter-spacing: -0.05pt">overseeing</FONT> all <FONT STYLE="letter-spacing: -0.05pt">financial aspects</FONT> of the <FONT STYLE="letter-spacing: -0.1pt">firm.</FONT></FONT></TD>    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel A. O&rsquo;Byrne (55)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 1994</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal and Vice President of Royce, having been employed by Royce since October&nbsp;1986.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Denneen (50)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary and Chief Legal Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1996-2001 and since April 2002</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel, Managing Director, and, since June 2015, member of the Board of Managers of Royce; Chief Legal and Compliance Officer and Secretary of Royce.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lisa Curcio (58)</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since October&nbsp;2004</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 2.25pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce (since June 2004).</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/10.9pt Times New Roman, Times, Serif; margin: 2.95pt 10.4pt 0 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PRINCIPAL STOCKHOLDERS</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt">As of the Record Date, <FONT STYLE="letter-spacing: -0.1pt">there</FONT>
<FONT STYLE="letter-spacing: -0.05pt">were __________ shares of</FONT> <FONT STYLE="letter-spacing: 0.85pt">Fund&rsquo;s </FONT><FONT STYLE="letter-spacing: -0.1pt">common</FONT>
<FONT STYLE="letter-spacing: 0.85pt">s</FONT><FONT STYLE="letter-spacing: -0.1pt">tock outstanding. The following persons</FONT>
<FONT STYLE="letter-spacing: -0.05pt">were known to the Fund to</FONT> be <FONT STYLE="letter-spacing: -0.1pt">beneficial owners</FONT>
<FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">owners</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.1pt">record</FONT> of 5% <FONT STYLE="letter-spacing: -0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.1pt">more</FONT>
<FONT STYLE="letter-spacing: -0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.1pt">its outstanding shares</FONT> <FONT STYLE="letter-spacing: -0.05pt">of</FONT>
<FONT STYLE="letter-spacing: 1pt">c</FONT><FONT STYLE="letter-spacing: -0.1pt">ommon s</FONT><FONT STYLE="letter-spacing: -0.05pt">tock
as of the Record</FONT> <FONT STYLE="letter-spacing: -0.1pt">Date:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.1pt"><B>Name</B></FONT><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <FONT STYLE="letter-spacing: -0.1pt">Address</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Owner</FONT></FONT></B></TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount and Nature of Ownership</B></FONT></TD>
    <TD STYLE="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 3pt">
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt">Cede</FONT> &amp; <FONT STYLE="letter-spacing: -0.1pt">Co.*</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt">Depository Trust</FONT>
        <FONT STYLE="letter-spacing: -0.1pt">Company</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.05pt">P.O.</FONT> Box #20</P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0">Bowling Green Station <FONT STYLE="letter-spacing: -0.1pt">New
        York,</FONT> <FONT STYLE="letter-spacing: -0.05pt">NY</FONT> <FONT STYLE="letter-spacing: -0.1pt">10028</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[__________] shares &#8722; Record</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.45pt; padding-right: 15.2pt; line-height: 115%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/9.1pt Times New Roman, Times, Serif; margin: 3.45pt 15.2pt 0 24.95pt; text-indent: -13.05pt">&nbsp;</P>

<P STYLE="font: 8pt/9.1pt Times New Roman, Times, Serif; margin: 0 15.2pt 10pt 24.95pt; text-indent: -13.05pt">* Shares held by
brokerage firms, banks and other financial intermediaries on behalf of beneficial owners are registered in the name of Cede &amp;
Co.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>INVESTMENT ADVISORY AND OTHER
SERVICES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Investment Advisory Services</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Royce serves as the investment
adviser to the Fund pursuant to an Investment Advisory Agreement with the Fund (as defined below in this section under the sub-heading
<I>&ldquo;Investment Advisory Agreement&rdquo;</I>). Royce (which term as used in this SAI includes its corporate predecessors),
a Delaware limited partnership, is an investment advisory firm whose ultimate predecessor was organized in February&nbsp;1967.
Royce is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Royce has served as the investment
adviser to the Fund since its inception in November 1986. Royce also serves as investment adviser to other registered management
investment companies, privately offered funds and institutional accounts. As of December 31, 2017, Royce managed approximately
$_____ billion in assets. Royce&rsquo;s principal business address is 745 Fifth Avenue, New York, NY 10151.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On October&nbsp;1, 2001, Royce
became an indirect wholly-owned subsidiary of Legg Mason. On March&nbsp;31, 2002, a corporate predecessor of Royce was merged into
Royce Holdings, LLC (a wholly-owned subsidiary of Legg Mason), which then changed its name to Royce &amp; Associates, LLC. As a
result of this merger, Royce &amp; Associates, LLC became the Fund&rsquo;s investment adviser and a direct wholly-owned subsidiary
of Legg Mason. Effective March 1, 2016, Royce &amp; Associates, LLC transitioned to Royce &amp; Associates, LP, a subsidiary of
Legg Mason. Founded in 1899, Legg Mason is a publicly-held financial services company primarily engaged in providing asset management,
securities brokerage, investment banking and related financial services through its subsidiaries. As of December 31, 2017, Legg
Mason&rsquo;s asset management subsidiaries had aggregate assets under management of approximately $_____&nbsp;billion.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the Charter and Maryland
law, the Fund&rsquo;s business and affairs are managed under the direction of its Board of Directors. Investment decisions for
the Fund are made by Royce, subject to any direction it may receive from the Board, which periodically reviews the Fund&rsquo;s
investment performance.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Investment Advisory Agreement</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the Amended and Restated
Investment Advisory Agreement between the Fund and Royce, dated July 1, 2016 (the &ldquo;Investment Advisory Agreement&rdquo;),
Royce (i)&nbsp;determines the composition of the Fund&rsquo;s portfolio, the nature and timing of the changes in it and the manner
of implementing such changes, subject to any directions it may receive from the Board; (ii)&nbsp;provides the Fund with investment
advisory, research and related services for the investment of its assets; and (iii)&nbsp;pays expenses incurred in performing its
investment advisory duties under the Investment Advisory Agreement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund pays all administrative
and other costs and expenses attributable to its operations and transactions, including, without limitation, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation, printing
and distribution of its prospectuses, proxy statements, stockholder reports and notices; supplies and postage; Federal and state
registration fees; Federal, state and local taxes; non-affiliated directors&rsquo; fees; and brokerage commissions. See <I>&ldquo;Administration
Agreement&rdquo; </I>below.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Pursuant to its terms, the Investment
Advisory Agreement had a term of one year upon its execution, and continues from year to year thereafter if approved annually (i)&nbsp;by
the Board or by the holders of a majority of its outstanding voting securities and (ii)&nbsp;by a majority of the Directors who
are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of any party to the Investment Advisory Agreement, by vote
cast in person at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement may be terminated
by the Fund at any time, without penalty, on 60&nbsp;days&rsquo; written notice, and will automatically terminate in the event
of its &ldquo;assignment&rdquo; (as defined in the 1940 Act).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Advisory Fee</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As compensation for its
services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (&ldquo;Basic Fee&rdquo;) and
an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the
S&amp;P 600 Index.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Basic Fee is a
monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets
applicable to common stockholders, plus the liquidation value of any preferred stock, for the rolling 60-month period ending
with such month (the &ldquo;performance period&rdquo;). The Basic Fee for each month is increased or decreased at the rate of
1/12 of 0.05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the
percentage change in the investment record of the S&amp;P 600 Index for the performance period by more than two percentage
points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum increase
or decrease in the Basic Fee for any month may not exceed 1/12 of 0.5%. Accordingly, for each month, the maximum monthly fee
rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the
percentage change in the investment record of the S&amp;P 600 Index by 12 or more percentage points for the performance
period, and the minimum monthly fee rate as adjusted for performance is 1/12 of 0.5%</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">and is payable if the
percentage change in the investment record of the S&amp;P 600 Index exceeds the investment performance of the Fund by 12 or
more percentage points for the performance period. As a result, the actual investment advisory fee rate may at times be
greater than the fee rate paid by many other funds.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Notwithstanding the foregoing,
Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period
ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance period is
less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the six rolling 60-month
periods ended June 30, 2017, the Fund&rsquo;s investment performance ranged from 22% to 39% below the investment performance
of the S&amp;P 600 Index. Accordingly, the net investment advisory fee consisted of a Basic Fee of $5,918,045 and a net downward
adjustment of $2,959,021 for the performance of the Fund relative to that of the S&amp;P 600 Index. For the six months ended June
30, 2017, the Fund expensed Royce investment advisory fees totaling $2,959,024. [Note: To be updated with information as of
December 31, 2017 when N-2 Amendment is filed.]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table illustrates,
on an annualized basis, the full range of permitted increases or decreases to the Basic Fee.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 20pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Difference between Performance </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Fund and&nbsp; % Change in</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S&amp;P 600 Record</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjustment to 1% Basic Fee</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees as Adjusted</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+12 or more</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.45%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+/-2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.05%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.10%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.90%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.15%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.85%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.20%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.80%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.25%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.30%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.35%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.40%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.60%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-11</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.45%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.55%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12 or less</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.50%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In calculating the
investment performance of the Fund and the percentage change in the investment record of the S&amp;P 600 Index, all dividends paid
from investment income and other distributions of realized capital gains during the performance period are treated as having
been reinvested at net asset value on the record date for the payment of such dividends and distributions, and no effect is
given to gain or loss resulting from capital share transactions of the Fund. Fractions of a percentage point are rounded to
the nearest whole point (to the higher whole point if exactly one-half).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Because Royce&rsquo;s fee is
partially based on the average net assets of the Fund (including assets obtained from the future sale of any preferred stock),
Royce has generally benefited from the Fund&rsquo;s issuance of preferred stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">For each of the three years ended
December&nbsp;31, 2017, 2016 and 2015, as applicable, Royce received the following investment advisory fees from the Fund (net
of any amounts waived by Royce): $__________, $5,849,115, and $5,891,150, respectively.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">______________, ______________________, provides audit services and tax return preparation and assistance and consultation in connection
with the review of various SEC filings for the Fund</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Custodian</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">State Street Bank and Trust Company
(&ldquo;State Street&rdquo;) is the custodian for the securities, cash, and other assets of the Fund. The Fund has authorized State
Street to deposit certain domestic and foreign portfolio securities in several central depository systems and to use foreign sub-custodians
for certain foreign portfolio securities, as allowed by Federal law. State Street&rsquo;s main office is at John Adams Building,
2 North, 1776 Heritage Drive, North Quincy, MA 02171.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">State Street is responsible for
calculating the daily net asset value per share of the Fund&rsquo;s common stock and for maintaining its portfolio and general
accounting records and also provides certain stockholder services.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Transfer Agent, Registrar, Dividend-Paying Agent and Plan
Agent</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Computershare Trust Company,
N.A., P.O. Box 30170, College Station, TX 77842-3170, is the transfer agent, dividend-paying agent and registrar for the Fund&rsquo;s
shares of common stock and the plan agent under the Fund&rsquo;s Distribution Reinvestment and Cash Purchase Plan.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>ADMINISTRATION AGREEMENT</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Effective January&nbsp;1, 2008,
the Fund and Royce entered into an administration arrangement, which is currently governed by the terms of the amended and restated
administration agreement, dated as of July 1, 2016 (the &ldquo;Administration Agreement&rdquo;). Under the terms of the Administration
Agreement, Royce provides the Fund with, among other things, administrative, professional, compliance and clerical services; necessary
personnel, office space and facilities and equipment; preparation of its prospectuses, statements of additional information and
proxy statements, stockholders&rsquo; reports and notices and other reports and filings made to and with the SEC and/or other regulators;
administering stockholder accounts, handling stockholder relations and such other services as Royce, subject to the Board, shall
from time to time determine to be necessary or useful to perform its obligations under the terms of the Administration Agreement.
Royce also, on behalf of the Fund, conducts relations with custodians, depositories, transfer agents, dividend disbursing agents,
other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers,
banks and other such persons in any such other capacity deemed to be necessary or desirable. Royce does not receive a fee under
the terms of the Administration Agreement but rather is reimbursed by the Fund on a monthly, or more frequent basis, for any and
all costs and expenses that it may incur in providing services under the Administration Agreement, including, without limitation,
the costs and expenses relating to necessary personnel, rent, telephone, technology and supplies. In accordance with the Administration
Agreement, for the fiscal years ended December&nbsp;31, 2017, December&nbsp;31, 2016, and December&nbsp;31, 2015, Royce received
$__________, $276,617, and $190,523, respectively, in reimbursements from the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Charles M. Royce is the Fund&rsquo;s portfolio
manager and is assisted by Portfolio Manager Chris E. Flynn and Portfolio Manager Lauren Romeo. Mr. Royce has been the portfolio
manager since the Fund&rsquo;s inception. Mr. Royce previously served as Chief Executive Officer (1972 &ndash; June 2016) and President
(1972 &ndash; July 2014) of Royce. Mr.&nbsp;Flynn has been an assistant portfolio manager of the Fund since 2007 and has been employed
by Royce since 1993. Ms. Romeo has been an assistant portfolio manager of the Fund since 2007 and has been employed by Royce since
2004.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Portfolio Manager Investments in the
Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 0; text-align: justify; text-indent: 0in">The following
table shows the dollar range of the Fund&rsquo;s shares owned beneficially and of record by the Fund&rsquo;s Portfolio Managers,
including investments by their immediate family members sharing the same household and amounts invested through retirement and
deferred compensation plans. Ownership information in the table is provided as of December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.35pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt outset; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Portfolio Manager</U></B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; line-height: 115%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Dollar Range of Fund Shares Beneficially Owned</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles M. Royce</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris E. Flynn</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lauren A. Romeo</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Description of Portfolio Manager
Compensation Structure</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Royce seeks to maintain a compensation
program that is competitively positioned to attract and retain high-caliber investment professionals. All Portfolio Managers, receive
from Royce a base salary, Portfolio-Related Variable Compensation (generally the largest element of each Portfolio Manager&rsquo;s
compensation with the exception of Charles M. Royce), Firm-Related Variable Compensation based primarily on registered investment
company and other client account revenues generated by Royce and a benefits package. Portfolio Manager compensation is reviewed
and may be modified from time to time as appropriate to reflect changes in the market, as well as to adjust the factors used to
determine variable compensation. Except as described below, each Portfolio Manager&rsquo;s compensation consists of the following
elements:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BASE SALARY. Each Portfolio Manager is paid a base salary. In setting the base salary, Royce seeks to be competitive in light of the particular Portfolio Manager&rsquo;s experience and responsibilities.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO-RELATED VARIABLE COMPENSATION. Each Portfolio Manager receives quarterly Portfolio-Related Variable Compensation that is either asset-based, or revenue-based and therefore in part based on the value of the net assets of the account for which he or she is being compensated, determined with reference to each of the registered investment company and other client accounts they are managing. The revenue used to determine the quarterly Portfolio-Related Variable Compensation received by Charles M. Royce that relates to each of the Fund and Royce Micro-Cap Trust, Inc. (&ldquo;RMT&rdquo;) is performance-based fee revenue.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; padding-top: 12pt">Payment of the Portfolio-Related
Variable Compensation may be deferred, and any amounts deferred are forfeitable, if the Portfolio Manager is terminated by Royce
with or without cause or resigns. The amount of the deferred Portfolio-Related Variable Compensation will appreciate or depreciate
during the deferral period, based on the total return performance of one or more Royce-managed registered investment company accounts
selected by the Portfolio Manager at the beginning of the deferral period. The amount deferred will depend on the Portfolio Manager&rsquo;s
total direct, indirect beneficial and deferred unvested investments in the Royce registered investment company accounts for which
he or she is receiving portfolio management compensation.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRM-RELATED VARIABLE COMPENSATION. Portfolio Managers receive quarterly variable compensation based on Royce&rsquo;s net revenues.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BENEFIT PACKAGE. Portfolio Managers also receive benefits standard for all Royce employees, including health care and other insurance benefits, and participation in Royce&rsquo;s 401(k) Plan and Money Purchase Pension Plan. From time to time, on a purely discretionary basis, Portfolio Managers may also receive options to acquire stock in Royce&rsquo;s parent company, Legg Mason, Inc. Those options typically represent a relatively small portion of a Portfolio Manager&rsquo;s overall compensation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Portfolio Manager Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.45pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">The
following chart contains information regarding all Royce client accounts for which the Portfolio Managers listed above have day-to-day
management responsibilities.&nbsp; Information in the chart is provided as of December 31, 2017 for Charles M. Royce, Chris E.
Flynn, and Lauren Romeo. Accounts are grouped into three categories:&nbsp; (i) registered investment companies; (ii) private pooled</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.45pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">investment
vehicles; and (iii) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance
(&ldquo;performance-based fees&rdquo;), information on those accounts is specifically broken out.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt outset; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Account</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of Accounts</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assets</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed</B></FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Accounts</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed for which</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Advisory Fee is</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performance-Based</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Value of Accounts</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Managed for which</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Advisory Fee is</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Performance Based</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles M. Royce</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private pooled investment vehicles</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts*</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris E. Flynn</FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private pooled investment vehicles</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts*</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lauren A. Romeo</FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: left; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private pooled investment vehicles</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts*</FONT></TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: black 1pt inset; padding-top: 2.25pt; padding-right: 2.25pt; padding-left: 2.25pt; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
    </table>
<P STYLE="font: 9pt/120% Times New Roman, Times, Serif">*Other accounts include all other accounts managed by the Portfolio Manager in either a professional or personal capacity except for personal accounts subject to pre-approval and reporting requirements under the Fund&rsquo;s Rule 17j-1 Code of Ethics.</p>


<br>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Potential Conflicts of Interest</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The fact that a Portfolio Manager has
day-to-day management responsibility for more than one client account may create actual, potential or only apparent conflicts of
interest. For example, the Portfolio Manager may have an opportunity to purchase securities of limited availability. In this circumstance,
the Portfolio Manager is expected to review each account&rsquo;s investment guidelines, restrictions, tax considerations, cash
balances, liquidity needs and other factors to determine the suitability of the investment for each account and to ensure that
his or her managed accounts are treated equitably. The Portfolio Manager may also decide to purchase or sell the same security
for multiple managed accounts at approximately the same time. To address any conflicts that this situation may create, the Portfolio
Manager will generally combine managed account orders (i.e., enter a &ldquo;bunched&rdquo; order) in an effort to obtain best execution
or a more favorable commission rate. In addition, if orders to buy or sell a security for multiple accounts managed by common Portfolio
Managers on the same day are executed at different prices or commission rates, the transactions will generally be allocated by
Royce to each of such managed accounts at the weighted average execution price and commission. In circumstances where a pre-allocated
bunched order is not completely filled, each account will normally receive a pro-rated portion of the securities based upon the
account&rsquo;s level of participation in the order. Royce may under certain circumstances allocate securities in a manner other
than pro-rata if it determines that the allocation is fair and equitable under the circumstances and does not discriminate against
any account.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">As described above, there is
a revenue-based component of each Portfolio Manager&rsquo;s Performance-Related Variable Compensation and the Portfolio Managers
also receive Firm-Related Variable Compensation based on revenues (adjusted for certain imputed expenses) generated by Royce. In
addition, Charles M. Royce receives variable compensation based on Royce&rsquo;s retained pre-tax profits from operations. As a
result, the Portfolio Managers may receive a greater relative benefit from activities that increase the value to Royce of The Royce
Funds and/or other Royce client accounts, including, but not limited to, increases in sales of the Fund&rsquo;s shares and assets
under management.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Also, as described above, the
Portfolio Managers generally manage more than one client account, including, among others, registered investment company accounts,
separate accounts and private pooled accounts managed on behalf of institutions (e.g., pension funds, endowments and foundations)
and for high-net-worth individuals. The appearance of a conflict of interest may arise where Royce has an incentive, such as a
performance-based management fee (or any other variation in the level of fees payable by the Fund or other Royce client accounts
to Royce), which relates to the management of one or more of The Royce Funds or accounts with respect to which the same Portfolio
Manager has day-to-day management responsibilities. Except as described below, no Royce Portfolio Manager&rsquo;s compensation
is tied to performance fees earned by Royce for the management of any one client account. Although variable and other compensation
derived from Royce revenues or profits is impacted to some extent, the impact is relatively minor given the small percentage of
Royce firm assets under management for which Royce receives performance-measured revenue. Notwithstanding the above, the Performance-Related
Variable Compensation paid to Charles M. Royce as Portfolio Manager of two registered investment company accounts (the Fund and
RMT) is based, in part, on performance-based fee revenues. The Fund and RMT pay Royce a fulcrum fee that is adjusted up or down
depending on the performance of the Fund relative to its benchmark index.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Finally, conflicts of interest
may arise when a Portfolio Manager personally buys, holds or sells securities held or to be purchased or sold for the Fund or other
Royce client account or personally buys, holds or sells the shares of one or more of The Royce Funds. To address this, Royce has
adopted a written Code of Ethics designed to prevent and detect personal trading activities that may interfere or conflict with
client interests (including the Fund&rsquo;s stockholders&rsquo; interests). Royce generally does not permit its Portfolio Managers
to purchase small- or micro-cap securities for their personal investment portfolios.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">Royce and The Royce Funds have
adopted certain compliance procedures which are designed to address the above-described types of conflicts. However, there is no
guarantee that such procedures will detect each and every situation in which a conflict arises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Portfolio Transactions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">Royce is responsible
for selecting the brokers who effect the purchases and sales of the Fund&rsquo;s portfolio securities. Royce does not select a
broker to effect a securities transaction for the Fund unless Royce believes such broker is capable of obtaining the best execution
for the security involved in the transaction. Best execution is comprised of several factors, including the liquidity of the market
for the security, the commission charged, the promptness and reliability of execution, priority accorded the order and other factors
affecting the overall benefit obtained.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">In addition
to considering a broker&rsquo;s execution capability, Royce generally considers the research and brokerage services which the broker
has provided to it, including any research relating to the security involved in the transaction and/or to other securities. Royce
may use commission dollars generated by agency transactions for the Fund and its other client accounts to pay for such services.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify">Research services that may be
paid for in this way assist Royce in carrying out its investment decision-making responsibilities. They may include general economic
research, market and statistical information, industry and technical research, strategy and company research, advice as to the
availability of securities or purchasers or sellers of a particular security, research related to performance measurement, and
may be written or oral. Brokerage services that may be paid for in this way include effecting securities transactions and incidental
functions such as clearance, settlement and custody.</P>

<P STYLE="font: 10pt/98% Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 0in">Royce is authorized,
in accordance with Section 28(e) of the 1934 Act and under the Investment Advisory Agreement, to cause the Fund to pay brokerage
commissions in excess of those which another broker might have charged for effecting the same transaction, in recognition of the
value of research and brokerage services provided to Royce by the broker. Thus, the Fund generally pays higher commissions to those
brokers who provide both such research and brokerage services than those who provide only execution services. Royce determines
the overall reasonableness of brokerage commissions paid based on prevailing commission rates for similar transactions and the
value it places on the research and/or brokerage services provided to it by the broker, viewed in terms of either the particular
transaction or Royce&rsquo;s overall responsibilities with respect to its accounts. Liquidity rebates and payments for order flow
are not considered by Royce to be significant factors when selecting brokers and setting broker commission rates.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">Research and brokerage
services furnished by brokers through which the Fund effects securities transactions may be used by Royce in servicing all of its
accounts, and Royce may not use all of such services in connection with the Fund. Moreover, Royce&rsquo;s receipt of these services
does not reduce the investment advisory fees payable to Royce, even though Royce might otherwise be required to purchase some of
them for cash. Royce may, therefore, be viewed as having a conflict of interest relating to its obtaining such research services
with Fund and other client account commission dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.6pt 0 0; text-align: justify; text-indent: 0in">In some cases Royce
may receive a service from a broker that has both a &ldquo;research/brokerage&rdquo; and a &ldquo;non-research/non-brokerage&rdquo;
use. When this occurs, Royce makes a good faith allocation between the research/brokerage and non-research/non-brokerage use of
the service. Only the portion of the service that is used for research/brokerage purposes may be paid for with commission dollars.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Firms that provide
such research and brokerage services to Royce may also promote the sale of the Fund&rsquo;s shares, and Royce and/or its affiliate,
Royce Fund Services, LLC (&ldquo;RFS&rdquo;), may separately compensate them for doing so. Such brokerage business is placed on
the basis of brokerage and research services provided by the firm and is not based on any sales of the shares of the Fund. RFS
does not effect portfolio security transactions for the Fund or others.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">Even though Royce
makes investment decisions for the Fund independently from those for the other funds and the other accounts managed by Royce, Royce
frequently purchases, holds or sells securities of the same issuer for more than one Royce account because the same security may
be suitable for more than one of them. When Royce is purchasing or selling the same security for more than one Royce account managed
by the same primary portfolio manager on the same trading day, Royce generally seeks to average the transactions as to price and
allocate them as to amount in a manner believed by Royce to be equitable to each. Royce generally effects such purchases and sales
of the same security pursuant to Royce&rsquo;s Trade Allocation Guidelines and Procedures. Although Royce&rsquo;s portfolio managers
generally pre-allocate the majority of Royce&rsquo;s purchase or sale orders to one or more of its client accounts, under such
Guidelines and Procedures, Royce may place and execute unallocated orders with broker-dealers during the trading day and then allocate
the securities purchased or sold in such transactions to one or more of Royce&rsquo;s accounts at or shortly following the close
of trading, generally using the average net price obtained by accounts with the same primary portfolio manager. Royce does such
allocations based on a number of judgmental factors that it believes should result in fair and equitable treatment to those of
its accounts for which the securities may be deemed suitable. In some cases, this procedure may adversely affect the price paid
or received by the Fund or the size of the position obtained for the Fund. In addition, on a limited, infrequent basis, and in
accordance with its written procedures, Royce may change initial allocations from one Royce client account to another when: (i)
it is determined that a security is unsuitable or inappropriate for a particular Royce client account in the original allocation;
(ii) there is a lack of cash in a Royce client account to whom a security is initially allocated; (iii) there is a client-imposed
restriction on the purchase of the security being allocated; or (iv) the portfolio manager has decided to change his initial allocation
for some other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.45pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">From time to time,
one or more of Royce&rsquo;s portfolio managers may sell short or purchase long a security for the client accounts that he manages
even though one or more other portfolio managers may have or acquire an opposite position in this same security for the client
accounts that they manage. In addition, from time to time, two portfolio managers with independent investment discretion over separate
portions of the Fund&rsquo;s portfolio may place opposite direction trades for the Fund in the same security on the same day or
within a short period of time of one another. Although Royce has taken certain steps designed to minimize the circumstances under
which this will occur, it nevertheless could result in adverse tax consequences to the Fund&rsquo;s taxable stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">During the three
years ended December&nbsp;31, 2015, 2016, and 2017, the Fund paid brokerage commissions as follows: $__________, $__________, and
$__________, respectively.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">[Note: Only one
the bracketed sentences immediately below to be inserted.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">[For the year
ended December 31, 2017, the aggregate amount of brokerage transactions of the Fund having a research component was $__________
and the amount of commissions paid by the Fund for such transactions was $__________.] [OR] [For the year ended December 31, 2017,
the Fund did not engage in any brokerage transactions having a research component.]</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">[During the year ended December 31, 2017, the Fund
did not acquire any securities of any of its regular brokers (as defined in Rule 10b-1 under the 1940 Act) or of any of their parents.]
[Note: To be confirmed.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Portfolio Turnover</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Although Royce Fund generally
does not engage in the trading of securities for the purpose of realizing short-term profits for the Fund, Royce adjusts the Fund&rsquo;s
portfolio as it deems advisable in view of prevailing or anticipated market conditions to accomplish the Fund&rsquo;s investment
goal. A high rate of portfolio turnover involves correspondingly greater brokerage commission expenses than a lower rate, which
expenses must be borne by the Fund and its stockholders. High portfolio turnover may also result in the realization of substantial
net short-term capital gains and any distributions resulting from such gains will be taxable at ordinary income rates for U.S.&nbsp;federal
income tax purposes. The Fund&rsquo;s portfolio turnover rates for the years ended December&nbsp;31, 2016 and December&nbsp;31,
2017 were 28% and _____%, respectively. The portfolio turnover rate is calculated by dividing the lesser of sales or purchases
of portfolio securities by the average monthly value of the Fund&rsquo;s portfolio securities. For purposes of this calculation,
portfolio securities exclude purchases and sales of debt securities having a maturity at the date of purchase of one year or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FINANCIAL STATEMENTS AND INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</B></P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&rsquo;s audited financial statements
appearing in the Fund&rsquo;s annual stockholder report for the period ended December&nbsp;31,&nbsp;2017 are incorporated by reference
into this SAI and have been so incorporated in reliance upon the report of _____________________, independent registered public
accounting firm for the Fund. The Fund&rsquo;s annual and semi-annual stockholder reports may be obtained without charge by writing
to the Fund at its address at 745 Fifth Avenue, New York, New York 10021, or by calling the Fund toll-free at (800) 221-4268 and
viewed on the Fund&rsquo;s Web site (http://www.roycefunds.com).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TAXATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following discussion summarizes
certain U.S. federal income tax considerations affecting the Fund and its stockholders. The discussion is based on the tax laws
of the United States and the interpretations thereof, in effect on the date of this SAI. Such tax laws are subject to change and
to new interpretations by the courts and the Internal Revenue Service (the &ldquo;IRS&rdquo;) and such changes and new interpretations
can apply retroactively. No attempt is made to present a detailed explanation of all U.S. federal, state, local and foreign tax
concerns affecting the Fund and its stockholders and this discussion does not constitute tax advice. Investors are urged to consult
their tax advisers to determine the tax consequences to them of investing in the Fund in their particular circumstances.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Taxation of the Fund</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund has qualified and intends to
continue to qualify, as a regulated investment company (a &ldquo;RIC&rdquo;) under Subchapter M of the Internal Revenue Code of
1986, as amended (the &ldquo;Code&rdquo;). To qualify and remain qualified as a RIC, the Fund must, among other conditions, (i)
derive in each taxable year at least 90% of its gross income from (a) dividends, interest (including tax-exempt interest), payments
with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other
income (including but not limited to gain from options, futures and forward contracts) derived with respect to its business of
investing in such stock, securities or currencies and (b) net income derived from interests in certain &ldquo;publicly traded partnerships&rdquo;
(as defined under the Code) that derive less than 90% of their gross income from the items described in (a) above (each a &ldquo;Qualified
Publicly Traded Partnership&rdquo;); and (ii) diversify its assets so that, at the end of each quarter of each taxable year (a)
at least 50% of the value of its total assets consists of cash and cash items, U.S. government securities, the securities of other
RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of
the value of a fund&rsquo;s total assets and not more than 10% of the outstanding voting securities of such issuer and (b) not
more than 25% of the value of a fund&rsquo;s total assets is invested in the securities of (I) any one issuer (other than U.S.
government securities and the securities of other RICs), (II) any two or more issuers in which a fund owns more than 20% or more
of the voting securities and that are determined to be engaged in the same business or similar or related trades or businesses
or (III) any one or more Qualified Publicly Traded Partnerships.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 9pt 0 12pt; text-align: justify">If a RIC fails a gross income
test for any taxable year, it nevertheless may qualify as a RIC for the year if it is entitled to relief under certain savings
provisions of the Code and pays a penalty tax. The savings provisions generally will be available if (i) after the RIC identifies
such failure, it files a schedule describing each item of gross income for such taxable year that fails the gross income tests,
and (ii) the RIC&rsquo;s failure to meet the test was due to reasonable cause and not due to willful neglect. The penalty tax equals
the amount (if any) by which the gross income that fails the RIC gross income test exceeds 1/9 of the RIC gross income that satisfies
the RIC gross income test.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Similarly, if a RIC fails to
meet an asset test, the RIC will not lose its RIC status if (i) once the RIC identifies the failure, the RIC describes each asset
that caused the failure in a schedule filed with the IRS; (ii) the failure is due to reasonable cause and not willful neglect;
(iii) within six months of the close of the quarter in which the RIC identifies the failure, the RIC either disposes of the asset
or otherwise passes the asset test; and (iv) unless the failure is a &ldquo;<I>de minimis</I>&rdquo; failure, the RIC pays a tax
in an amount equal to the greater of (a) $50,000, or (b) the amount equal to the product of (I) the net income generated by the
non-qualifying assets, and (II) the highest rate of corporate income tax. A failure of the assets tests is &ldquo;de minimis&rdquo;
if the total value of the non-qualifying assets does not exceed the lesser of (i) 1% of the total value of the RIC&rsquo;s assets,
and (ii) $10,000,000.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund invests in any partnership,
including a Qualified Publicly Traded Partnership, it may subject itself to state, local, or foreign income, franchise or withholding
tax liabilities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As a RIC, the Fund generally
will not be subject to U.S. federal income tax on its income and gains that it distributes to its shareholders during the taxable
year, provided that for each taxable year it distributes to stockholders an amount equal to at least 90% of the sum of its (i)
investment company taxable income (which includes dividends, interest and the excess of any net short-term capital gain over net
long-term capital loss and other taxable income, other than any net long-term capital gain, reduced by deductible expenses) determined
without regard to the deduction for dividends paid and (ii) its net tax-exempt interest (the excess of its gross tax-exempt interest
over certain disallowed deductions). The Fund intends to distribute at least annually substantially all of such income.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Amounts not distributed on a
timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the Fund
level. To avoid the tax, the Fund must or will, as the case may be, distribute during each calendar year an amount at least equal
to the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year, (ii) 98.2%
of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending
on October 31 of the calendar year (unless an election is made to use the Fund&rsquo;s fiscal year), and (iii) certain undistributed
amounts from previous years. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize
imposition of the 4% excise tax, no assurance can be given that sufficient amounts of the Fund&rsquo;s taxable income and capital
gain will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on
the amount by which it fails to meet these distribution requirements.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A distribution will be treated
as paid by the Fund during the calendar year if it is (i) paid during the calendar year or (ii) declared by the Fund in October,
November or December of the year, payable to its stockholders of record on a date during such a month and paid by the Fund during
January of the following year. Any such distributions paid during January of the following year will be deemed to be received no
later than December 31 of the year the distributions are declared, rather than when the distributions are paid, for purposes of
determining the timing of both the Fund&rsquo;s dividends-paid deduction and shareholder inclusion of the dividend.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund were unable to satisfy
the 90% distribution requirement or, notwithstanding the savings provisions of the Code, otherwise were to fail to qualify as a
RIC in any year, it would be taxed in the same manner as an ordinary corporation and distributions to the Fund&rsquo;s stockholders
would not be deductible by the Fund in computing its taxable income. To re-qualify to be taxed as a RIC in a subsequent year, the
Fund would be required to distribute to its stockholders its earnings and profits attributable to its non-RIC years. In addition,
if the Fund failed to qualify as a RIC for a period greater than two taxable years, it would be required to elect to recognize
and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have
been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a
period of ten years, in order to qualify as a RIC in a subsequent year.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Gain or loss on the sales of
securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than
one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Foreign currency gain or loss
on non-U.S. dollar-denominated securities and on any non-U.S. dollar-denominated futures contracts, options and forward contracts
that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Investments by the Fund in certain
&ldquo;passive foreign investment companies&rdquo; (&ldquo;PFICs&rdquo;) could subject the Fund to federal income tax (including
interest charges) on certain distributions or dispositions with respect to those investments that cannot be eliminated by making
distributions to stockholders. Elections may be available to the Fund to mitigate the effect of this tax provided that the PFIC
complies with certain reporting requirements, but such elections generally accelerate the recognition of income without the receipt
of cash. Dividends paid by PFICs will not qualify for the reduced tax rates discussed below under &ldquo;Taxation of Stockholders.&rdquo;</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may invest in debt obligations
purchased at a discount with the result that the Fund may be required to accrue income for U.S. federal income tax purposes before
amounts due under the obligations are paid. The Fund may also invest in securities rated in the medium to lower rating categories
of nationally recognized rating organizations, and in unrated securities (&ldquo;high yield securities&rdquo;). A portion of the
interest payments on such high yield securities may be treated as dividends for certain U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As a result of investing in stock
of PFICs or securities purchased at a discount or any other investment that produces income that is not matched by a contemporaneous
cash distribution, the Fund could be required to include in taxable income amounts it has not yet received. Any such income would
be treated as income earned by the Fund and therefore would be subject to the distribution requirements of the Code. This might
prevent the Fund from satisfying the 90% distribution requirement or from making distributions necessary to avoid fund-level federal
income taxation on all of its income or to avoid the imposition of the excise tax. To avoid this result, the Fund may be required
to borrow money, or dispose of securities it would rather retain, in order to be able to make distributions to its stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the Fund does not
meet the senior security asset coverage requirements of the 1940 Act, if applicable, the Fund will be required to suspend
distributions to its common stockholders until the asset coverage is restored. Such a suspension of distributions might
prevent the Fund from satisfying the 90% distribution requirement or from making distributions necessary to avoid fund-level
federal income taxation on all of its income or to avoid the imposition of the excise tax.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Certain of the Fund&rsquo;s investment
practices are subject to special and complex U.S. federal income tax provisions that may, among other effects, (i) disallow, suspend
or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains into higher
taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility
of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely
change the date on which a purchase or sale of stock or securities is deemed to occur, (vi) adversely change the characterization
of certain complex financial transactions and (vii) produce income that will not qualify as good income for purposes of the 90%
annual gross income test described above. The Fund will monitor its transactions and may make certain tax elections to mitigate
the effect of these rules and prevent disqualification of the Fund as a RIC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Foreign Taxes</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Since the Fund may invest in
foreign securities, income from such securities may be subject to non-U.S. taxes. The Fund expects to invest less than 50% of its
total assets in foreign securities. As long as the Fund continues to invest less than 50% of its assets in foreign securities,
its stockholders will be unable to claim the foreign tax deduction or foreign tax credit with respect to certain foreign taxes
paid by the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Taxation of Stockholders</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund will determine either
to distribute or to retain for reinvestment all or part of its net capital gain. Any such gain retained by the Fund will be subject
to corporate level tax. In that event, the Fund expects to designate the retained amount as undistributed capital gain in a notice
to its stockholders, each of whom (i) will be required to include in income for tax purposes as long-term capital gain its share
of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Fund against its
federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii) will increase
its basis in its shares of the Fund by the excess of the amount included in income over the amount of the tax the stockholder
is deemed to have paid with respect to those shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Distributions paid by the Fund
from its investment company taxable income, which includes net short-term capital gain, generally are taxable as ordinary income
to the extent of the Fund&rsquo;s earnings and profits. Such distributions, if reported by the Fund in a written statement furnished
to its stockholders, may, however, qualify (provided holding period and other requirements are met by the Fund and its stockholders)
(i) for the dividends received deduction available to corporations, but only to the extent that the Fund&rsquo;s income consists
of dividend income from U.S. corporations and (ii) as qualified dividend income eligible for the reduced maximum federal tax rate
available to individuals , but only to the extent that the Fund receives qualified dividend income. Qualified dividend income is,
in general, dividend income from taxable domestic corporations and certain qualified foreign corporations, which include foreign
corporations incorporated in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty
with the United States and a foreign corporation if the shares with respect to which such dividend is paid is readily tradable
on an established securities market in the United States. A qualified foreign corporation does not include a foreign corporation
which for the</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">taxable year of the corporation
in which the dividend was paid, or the preceding taxable year, is a &ldquo;passive foreign investment company,&rdquo; as defined
in the Code. If the Fund engages in certain securities lending transactions, the amount received by the Fund that is the equivalent
of the dividends paid by the issuer on the securities loaned will not be eligible for qualified dividend income treatment.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Distributions of net capital
gain (if any) reported as capital gain distributions in written statements furnished to a stockholder are taxable at rates applicable
to long-term capital gain, whether paid in cash or in shares, and regardless of how long the stockholder has held its Fund shares.
Capital gain distributions are not eligible for the dividends received deduction. Net long-term capital gain of individuals is
subject to special reduced rates. Distributions in excess of a distributing Fund&rsquo;s earnings and profits will first reduce
the adjusted tax basis of a holder&rsquo;s shares and, after such adjusted tax basis is reduced to zero, will constitute capital
gain to such holder (assuming the shares are held as a capital asset).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If an individual receives a dividend
that is eligible for qualified dividend income treatment, and such dividend constitutes an &ldquo;extraordinary dividend,&rdquo;
then any loss on the sale or exchange of the Fund shares in respect of which the extraordinary dividend was paid, will be long-term
capital loss to the extent of such extraordinary dividend. An &ldquo;extraordinary dividend&rdquo; for this purpose is generally
a dividend (i) in an amount greater than or equal to 10% or 5% of the taxpayer&rsquo;s tax basis (or trading value) in a share
of common stock or preferred stock, respectively, aggregating dividends with ex-dividend dates within an 85-day period or (ii)
in an amount greater than 20% of the taxpayer&rsquo;s tax basis (or trading value) in a share of common or preferred stock, aggregating
dividends with ex-dividend dates within a 365-day period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The IRS requires a RIC
that has two or more classes of stock to allocate to each such class proportionate amounts of each type of the RIC&rsquo;s
income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction (&ldquo;DRD&rdquo;)
and qualified dividend income) based upon the percentage of total dividends paid out of current or accumulated earnings
and profits to each class for the taxable year. Accordingly, if the Fund has preferred stock outstanding, the Fund intends
for each taxable year to allocate each type of its income between its common stock and preferred stock, if any, in proportion
to the total dividends paid out of current or accumulated earnings and profits to each class with respect to such taxable
year. Distributions in excess of the Fund&rsquo;s current and accumulated earnings and profits, if any, however, will not
be allocated proportionately between the common stock and preferred stock. Since the Fund&rsquo;s current and
accumulated earnings and profits will first be used to pay dividends on its preferred stock, if any, distributions in excess
of such earnings and profits (if any) will be made disproportionately to holders of such Fund&rsquo;s common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Stockholders may be entitled
to offset their capital gain distributions (but not distributions eligible for qualified dividend income treatment) with capital
loss. There are a number of statutory provisions affecting whether capital loss may be offset against capital gain, and limiting
the use of loss from certain investments and activities. Stockholders with capital loss are urged to consult their tax advisers
on such limitations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Unless your investment is in
a tax-deferred account, you may want to avoid buying shares shortly before the Fund pays a dividend. The price of stock purchased
at any time may reflect the amount of a forthcoming distribution. Those purchasing stock just prior to the record date for the
distribution will pay full price for the shares and then receive a distribution which will be taxable to them even though it may
represent in part a return of invested capital.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Certain types of income received
by the Fund from real estate investment trusts (&ldquo;REITs&rdquo;), real estate mortgage investment conduits (&ldquo;REMICs&rdquo;),
taxable mortgage pools or other investments may cause the Fund to report some or all of its distributions as &ldquo;excess inclusion
income.&rdquo; To Fund stockholders, such excess inclusion income may (1) constitute taxable income, as &ldquo;unrelated business
taxable income&rdquo; (&ldquo;UBTI&rdquo;) for those stockholders who would otherwise be tax-exempt such as individual retirement
accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (2) not be offset against net operating
losses for tax purposes; (3) not be eligible for reduced U.S. withholding for non-U.S. stockholders even from tax treaty countries;
and (4) cause a Fund to be subject to tax if certain &ldquo;disqualified organizations&rdquo; as defined by the Code are Fund stockholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon a sale, exchange, redemption
or other disposition of Fund shares, a stockholder will generally realize a taxable gain or loss equal to the difference between
the amount of cash and the fair market value of other property received and the stockholder&rsquo;s adjusted tax basis in the shares.
Such gain or loss will be treated as long-term capital gain or loss if the Fund shares have been held for more than one year. Any
loss realized on a sale or exchange of the shares of the Fund will be disallowed to the extent the shares disposed of are replaced
by substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date that the shares
are disposed of. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any loss realized by a stockholder
on the sale of Fund shares held by the stockholder for six months or less will be treated for tax purposes as a long-term capital
loss to the extent of any capital gain distributions received by the stockholder (or amounts credited to the stockholder as an
undistributed capital gain) with respect to such shares.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Stockholders will be furnished,
if appropriate, various written statements after the close of each of the Fund&rsquo;s taxable years reporting the U.S. federal
income tax status of certain dividends, distributions and deemed distributions that were paid (or that are treated as having been
paid) by the Fund to its stockholders during the preceding taxable year.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If a stockholder recognizes a
loss with respect to Fund shares of $2 million or more for an individual stockholder or $10 million or more for a corporate stockholder,
the stockholder must file with the IRS a disclosure statement on Form 8886. Direct stockholders of portfolio securities are in
many cases exempted from this reporting requirement, but under current guidance, stockholders of a regulated investment company
are not exempted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether
the taxpayer&rsquo;s treatment of the loss is proper. Stockholders are encouraged to consult their tax advisers to determine the
applicability of these regulations in light of their individual circumstances.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dividends paid or distributions
made by the Fund to stockholders who are non-resident aliens or foreign entities (&ldquo;foreign investors&rdquo;) are generally
subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from
investment income and short-term capital gains. In order to obtain a reduced rate of withholding, a foreign investor will be required
to provide an IRS Form W-8BEN or W-8BEN-E certifying its entitlement to benefits under a treaty. The withholding tax does not apply
to regular dividends paid or distributions made to a foreign investor who provides a Form W-8ECI, certifying that the dividends
or distributions are effectively connected with the foreign investor&rsquo;s conduct of a trade or business within the United States.
Instead, the effectively connected dividends or distributions will be subject to regular U.S. income tax as if the foreign investor
were a U.S. stockholder. A non-U.S. corporation receiving effectively connected dividends or distributions may also be subject
to additional &ldquo;branch profits tax&rdquo; imposed at a rate of 30% (or lower treaty rate). A foreign investor who fails to
provide an applicable IRS Form W-8 or other applicable form may be subject to backup withholding at the appropriate rate.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In general, United States federal
withholding tax will not apply to any gain or income realized by a foreign investor in respect of any distributions of net long-term
capital gains over net short-term capital losses, exempt-interest dividends, or upon the sale or other disposition of shares of
the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Properly-reported dividends or
distributions are generally exempt from United States federal withholding tax if they (i) are paid in respect of the Fund&rsquo;s
&ldquo;qualified net interest income&rdquo; (generally, the Fund&rsquo;s U.S. source interest income other than certain contingent
interest and interest from obligations of a corporation or partnership in which the Fund is a 10% or greater stockholder, reduced
by expenses that are allocable to such income) or (ii) are paid in respect of the Fund&rsquo;s &ldquo;qualified short-term capital
gains&rdquo; (generally, the excess of a Fund&rsquo;s net short-term capital gain over its long-term capital loss for such taxable
year). Depending on its circumstances, however, the Fund may report its potentially eligible dividends or distributions as a combination
of qualified net interest income, qualified short-term capital gains, and income not qualifying for this withholding exemption.
In order to qualify for this exemption from withholding, a foreign investor will need to comply with applicable certification requirements
relating to its non-U.S. status (including, in general, furnishing an applicable IRS Form W-8 or substitute Form to the Fund).
In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified
net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to
the application of these rules to their accounts.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Backup Withholding</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Fund may be required to withhold
U.S. federal income tax on all taxable distributions and redemption proceeds payable to non-corporate stockholders who fail to
provide the Fund with their correct taxpayer identification number or to make required certifications, or who have been notified
by the IRS that they are subject to backup withholding.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Backup withholding is not an
additional tax. Any amounts withheld may be refunded or credited against such stockholder&rsquo;s U.S. federal income tax liability,
if any, provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Tax on Net Investment Income</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A 3.8% tax (in addition to other
federal income taxes) is imposed on the net investment income of U.S. stockholders that are individuals, estates or trusts with
incomes exceeding certain thresholds. This tax applies to dividends on and gain from the disposition of the Fund&rsquo;s shares.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Foreign Account Tax Compliance Act</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A 30% withholding tax may be
imposed on U.S.-source dividends at any time as well as proceeds from sales occurring after December 31, 2018 to (i) certain foreign
financial institutions and investment funds, and (ii) certain other foreign entities. To avoid withholding, foreign financial institutions
and investment funds will generally need to either (a) collect and report to the IRS detailed information identifying their U.S.
accounts and U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold tax on certain
payments made to noncomplying foreign entities and account holders or (b) if an intergovernmental agreement is entered into and
implementing legislation is adopted, comply with the agreement and legislation.</P>


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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Other foreign entities will generally
need to either provide detailed information identifying each substantial U.S. owner or certify there are no such owners.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Stockholders and prospective
investors are encouraged to consult their tax advisers regarding the possible implications of this recently enacted legislation
on their investment in the Fund&rsquo;s common stock.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ordinary income distributions
and capital gain distributions also may be subject to state and local taxes. Stockholders are urged to consult their tax advisers
regarding specific questions about federal (including the application of the alternative minimum tax rules), state, local or foreign
tax consequences to them of investing in the Fund.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>The foregoing is a general
summary of the provisions of the Code and Treasury regulations presently in effect. For the complete provisions, reference should
be made to the pertinent Code sections and the Treasury regulations promulgated thereunder. The Code and the Treasury regulations
are subject to change by legislative, judicial or administrative action, and any change can apply retroactively. Stockholders and
prospective investors are encouraged to consult their tax advisers regarding the purchase, ownership and disposition of shares
of common stock of the Fund.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 10pt; text-align: center"><B>CODE OF ETHICS AND RELATED
MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">Royce, RFS,
distributor of the various series of TRF and RCF, and The Royce Funds have adopted a Code of Ethics under which
directors (other than non-management directors), officers and employees of Royce and RFS (&ldquo;Royce-related
persons&rdquo;) and interested trustees/directors, officers and employees of The Royce Funds are generally prohibited from
personal trading in any security which is then being purchased or sold or considered for purchase or sale by a Royce Fund or
any other Royce account. The Code of Ethics permits such persons to engage in other personal securities transactions if: (i)
the securities involved are certain debt securities, money market instruments/funds, shares of non-affiliated registered
open-end investment companies or shares acquired from an issuer in a rights offering or under an automatic investment plan,
including among other things, dividend reinvestment plans or employee-approved automatic payroll-deduction cash purchase
plans; (ii) the transactions are either non-volitional or are effected in an account over which such person has no direct or
indirect influence or control; or (iii) they first obtain permission to trade from a Royce Compliance Officer and either an
executive officer or Senior Portfolio Manager of Royce. The Code of Ethics contains standards for the granting of such
permission, and permission to trade will usually be granted only in accordance with such standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.5pt 0 0; text-align: justify; text-indent: 0in">The Code of Ethics
can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public
Reference Room may be obtained by calling the SEC at (202) 551-8090. The Code of Ethics is also available on the EDGAR Database
on the SEC's internet site at http://www.sec.gov, and copies of them may be obtained, after paying a duplicating fee, by electronic
request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, Washington, D.C.
20549-0102.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.65pt 0 0; text-align: justify; text-indent: 0in">Royce&rsquo;s
clients include several private investment companies in which Royce, Royce-related persons and/or other Legg Mason affiliates have
(and, therefore, may be deemed to beneficially own) a share of up to 15% of the company&rsquo;s realized and unrealized net capital
gains from securities transactions, but less than 25% of the company&rsquo;s equity interests. The Code of Ethics does not restrict
transactions effected by Royce for such private investment company accounts, and transactions for such accounts are subject to
Royce&rsquo;s allocation policies and procedures. See <I>&ldquo;Portfolio Transactions&rdquo;</I> below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">As of February
16, 2018, Royce-related persons, interested trustees/directors, officers and employees of The Royce Funds and members of their
immediate families beneficially owned shares of The Royce Funds having a total value of over $___ million, and such persons beneficially
owned equity interests in Royce-related private investment companies totaling approximately $__ million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">Royce has adopted
written proxy voting policies and procedures (the &ldquo;Proxy Voting Procedures&rdquo;) for itself and client accounts for which
Royce is responsible for voting proxies. Royce is generally granted proxy voting authority at the inception of its management of
each client account. Proxy voting authority is generally either (i) specifically authorized in the applicable investment management
agreement or other instrument; or (ii) where not specifically authorized, is granted to Royce where general investment discretion
is given to Royce in the applicable investment management agreement. In voting proxies, Royce is guided by general fiduciary principles.
Royce&rsquo;s goal is to act prudently, solely in the best interest of the beneficial owners of the accounts it manages. Royce
attempts to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner
it believes will be consistent with efforts to enhance and/or protect stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">Royce&rsquo;s
personnel are responsible for monitoring receipt of all proxies and seeking to ensure that proxies are received for all securities
for which Royce has proxy voting authority. Royce is not responsible for voting proxies it does not receive. Royce divides proxies
into &ldquo;regularly recurring&rdquo; and &ldquo;non-regularly recurring&rdquo; matters. Examples of regularly recurring matters
include non-contested elections of directors and non-contested approvals of independent auditors. Royce&rsquo;s personnel are responsible
for developing and maintaining a list of matters Royce treats as &ldquo;regularly recurring&rdquo; and for ensuring that instructions
from a Royce Co-Chief Investment Officer are followed when voting those matters on behalf of Royce clients. Non-regularly recurring
matters are all other proxy matters and are brought to the attention of the relevant portfolio manager(s) for the applicable account(s).
After giving consideration to advisories provided by an independent third party research firm with respect to such non-regularly
recurring matters, the portfolio manager(s) directs that such matters be voted in a way that he or she believes should better protect
or enhance the value of the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">Certain Royce
portfolio managers may provide instructions that they do not want regularly recurring matters to be voted in accordance with the
standing instructions for their accounts and individual voting instructions on all matters, both regularly recurring and non-regularly
recurring, will be obtained from such portfolio managers. Under certain circumstances, Royce may also vote against a proposal from
the issuer&rsquo;s board of directors or management. Royce&rsquo;s portfolio managers decide these issues on a case-by-case basis.
A portfolio manager of Royce may, on occasion, decide to abstain from voting a proxy or a specific proxy item when such person
concludes that the potential benefit of voting is outweighed by the cost or when it is not in the client's best interest to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">There may be circumstances
where Royce may not be able to vote proxies in a timely manner, including, but not limited to, (i) when certain securities are
out on loan at the time of a record date; (ii) when administrative or operational constraints impede Royce&rsquo;s ability to cast
a timely vote, such as late receipt of proxy voting information; and/or (iii) when systems, administrative or processing errors
occur (including errors by Royce or third party vendors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">To further Royce&rsquo;s
goal to vote proxies in the best interests of its client, Royce follows specific procedures outlined in the Proxy Voting Procedures
to identify, assess and address material conflicts that may arise between Royce&rsquo;s interests and those of its clients before
voting proxies on behalf of such clients. In the event such a material conflict of interest is identified, the proxy will be voted
by Royce in accordance with the recommendation given by an independent third party research firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: justify; text-indent: 0in">You may obtain
a copy of the Proxy Voting Procedures at www.roycefunds.com or by calling 212-508-4500. Additionally, information regarding how
the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without
charge upon request, by calling the Fund toll-free at (800) 221-4268 and on the SEC&rsquo;s Web site at http://www.sec.gov.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 25. Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">1. <B>Financial Statements</B>.
The financial statements of Royce Value Trust, Inc. (the &ldquo;Fund&rdquo; or the &ldquo;Registrant&rdquo;) to be included in
Parts A and B of the Registrant&rsquo;s Registration Statement on Form N-2 (the &quot;Registration Statement&quot;) are as follows:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Part A: </B>Financial Highlights
for each of the ten fiscal years ended December 31, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Part B: </B>The audited
financial statements for the fiscal year ended December 31, 2017 are incorporated by reference to Registrant&rsquo;s annual stockholder
report for the year ended December 31, 2017.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>2. Exhibits</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 15%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit Item Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 85%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Incorporation dated July 1, 1986.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated May 6, 1988.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated April 28, 1989.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated March 2, 1998.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles of Amendment dated March 19, 1998.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Certificate of Correction dated May 11, 1998.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary creating the 7.80% Cumulative Preferred Stock (the &ldquo;7.80% Preferred&rdquo;).(2)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary creating the 7.30% Tax-Advantaged Cumulative Preferred Stock (the &ldquo;7.30% Preferred&rdquo;).(3)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(9)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary dated February 5, 2003.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(10)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Articles Supplementary creating the 5.90% Cumulative Preferred Stock (the &ldquo;5.90% Preferred&rdquo;).(4)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(a)(11)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Articles Supplementary classifying and re-designating previously issued and redeemed classes of Preferred Stock dated December 30, 2003.(5)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amended and Restated By-laws.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions of instruments defining the rights of holders of securities.(6)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of specimen share certificate for Common Stock.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of share certificate for 7.80% Preferred.(7)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(d)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of share certificate for 7.30% Preferred.(3)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution Reinvestment And Cash Purchase Plan for Registrant&rsquo;s common stockholders.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(f)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(g)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amended and Restated Investment Advisory Agreement, dated July 1, 2016, by and between the Fund and Royce &amp; Associates, LP (&ldquo;Royce&rdquo;).(8)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(h)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Custodian Contract with State Street Bank and Trust Company (&ldquo;State Street&rdquo;) dated October 20, 1986. (1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated December 11, 1987.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated May 13, 1988.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated April 2, 1992.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated November 3, 1997.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated September 14, 2000.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Amendment to Custodian Contract dated April 16, 2003.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated June 12, 2009.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(9)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated January 1, 2013.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(10)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated December 13, 2016.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Registrar, Transfer Agency and Service Agreement with State Street (Common Stock) dated October 20, 1986.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Registrar, Transfer Agency and Service Agreement with State Street (7.80% Preferred Stock) dated August 21, 1996.(1)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">First Amendment to Registrar, Transfer Agency and Paying Agency Agreement (7.80% Preferred and 7.30% Preferred) dated May 18, 1998.(9)</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(4)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Second Amendment to Registrar, Transfer Agency and Paying Agency Agreement (5.90% Preferred).(4)</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Subscription Certificate.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Subscription Agent Agreement.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Information Agent Agreement.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(l)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form
    of legal opinion and consent of Venable LLP.*</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(m)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(n)(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Consent of___________________, current independent auditors for the Fund.**</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(n)(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Consent of ___________________, former independent auditors for the Fund.**</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(o)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(p)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(q)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Not applicable.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(r)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Code of Ethics for Registrant and Royce.(10)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Footnotes to List of Exhibits</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="width: 97%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on January 3, 2003 (File No. 333-102349).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to Pre-Effective Amendment No. 1 to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on August 9, 1996 (File No. 333-8039).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on April 29, 1998 (File No. 333-51295).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on October 2, 2003 (File No. 333-107578)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Form NSAR-A, filed with the SEC on August 26, 2004.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Contained in Registrant&rsquo;s Articles of Incorporation, as amended and supplemented, and Registrant&rsquo;s Amended and Restated By-laws</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on July 12, 1996 (File No. 333-8039).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to the Fund&rsquo;s Form NSAR-B, filed with the SEC on February 28, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to Pre-Effective Amendment No. 1 to the Fund&rsquo;s Registration Statement on Form N-2, filed with the SEC on May 14, 1998 (File No. 333-51295).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Incorporated by reference to Post-Effective Amendment No. 135 to The Royce Fund&rsquo;s Registration Statement on Form N-1A, filed with the SEC on December 29, 2017 (File No. 333-51295).</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*<br>**</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Filed herewith.<br>To be filed by Amendment.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 26. Marketing Arrangements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">Please see Exhibits (k)(5) and (k)(6) to this Registration Statement.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 27. Other Expenses of Issuance and Distribution</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The following table sets forth the estimated
fees and expenses to be incurred in connection with the offering of securities described in this Registration Statement:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">[Note: To be provided by Amendment.]</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 11pt; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Category</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated Expenses</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC Registration Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE Listing Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Agent Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription Agent Fees and Expenses</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Item 28. Persons Controlled
By or Under Common Control with Registrant.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">None.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Item 29. Number of Record Holders
of Common Stock.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">As of March __, 2018, there were
_____ record holders of the Registrant&rsquo;s common stock.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 30. Indemnification</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to Section
2-418 of the Maryland General Corporation Law, Article VI and VII of the Fund&rsquo;s Articles of Incorporation, as amended and
supplemented, Article V of the Fund&rsquo;s Amended and Restated By-laws, and the Investment Advisory Agreement, each of which
provide for indemnification.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Investment Advisory Agreement
between the Fund and Royce obligates the Fund to indemnify Royce and hold it harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys&rsquo; fees) incurred by Royce in or by reason of any action, suit, investigation
or other proceeding arising out of or otherwise based upon any action actually or allegedly taken or omitted to be taken by Royce
in connection with the performance of any of its duties or obligations under the Agreement or otherwise as an investment adviser
of the Fund. Royce is not entitled to indemnification in respect of any liability to the Fund or its security holders to which
it would otherwise be subject by reason of its willful misfeasance, bad faith or gross negligence.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;) may be permitted to directors, officers and controlling persons of the Fund pursuant to the foregoing provisions or
otherwise, the Fund has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Fund of expenses incurred or paid by a director, officer or controlling person
of the Fund in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</p>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">The Fund, its officers and
directors, Royce and certain others are presently insured under a Directors and Officers/Errors and Omissions Liability Insurance
Policy issued by ICI Mutual Insurance Company, which generally covers claims by the Fund&rsquo;s stockholders and third persons
based on or alleging negligent acts, misstatements or omissions by the insureds and the costs and expenses of defending those claims,
up to a limit of $20,000,000, with a deductible amount of $500,000.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 31. Business and Other Connections of Investment
Adviser</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Reference is made to the filings
on Schedule D to the Form ADV, as amended, of Royce &amp; Associates, LP for Registration as an investment adviser under the Investment
Advisers Act of 1940.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 32. Location of Accounts and Records</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">Records are located at:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">1. Royce Value Trust, Inc.,
23rd Floor, 745 Fifth Avenue, New York, New York 10151.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: justify">(Corporate records and records
relating to the function of Royce as investment adviser to the Fund)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">2. State Street Bank and
Trust Company, 1776 Heritage Drive, John Adams Building, 2 North, North Quincy, Massachusetts 02171.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">(Records relating to its functions as Custodian
for the Fund)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">3. Computershare Trust Company, N.A., P.O. Box
30170, College Station, TX 77842-3170 (Attention: Royce Value Trust, Inc.)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">(Records relating to its functions as Registrar
and Transfer Agent and Dividend Paying Agent for the Fund)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 33. Management Services</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">Not applicable.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</b></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0"><B>Item 34. Undertakings</B></P>

<P STYLE="font: 10pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. The Fund undertakes to suspend the offering
of the securities covered by its Registration Statement shares until it amends its Prospectus if (a) subsequent to the effective
date of its Registration Statement, the net asset value of its shares declines more than 10% from its net asset value as of the
effective date of the Registration Statement or (b) the net asset value increases to an amount greater than its net proceeds as
stated in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. The Fund undertakes to send by first class
mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request,
any Statement of Additional Information.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York
on the 25th  day of January, 2018.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 4in">ROYCE VALUE TRUST, INC.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 4in">(Registrant)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4in">&#9;By: <U>/s/ Christopher D. Clark&#9;</U><BR>
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher D. Clark, President</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Each person whose
signature appears below hereby authorizes Christopher D. Clark or John E. Denneen, or any of them, as attorney-in-fact, to sign
on his behalf, individually and in each capacity stated below, any amendments to this Registration Statement (including post-effective
amendments) and to file the same, with all exhibits thereto, with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SIGNATURE</U></FONT></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>TITLE</U></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>DATE</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Charles M. Royce&#9;</U><BR>
        Charles M. Royce</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT><BR>
<BR></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher D. Clark&#9;</U><BR>
        Christopher D. Clark</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Peter K. Hoglund&#9;</U><BR>
        Peter K. Hoglund</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Patricia W. Chadwick&#9;</U><BR>
        Patricia W. Chadwick</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher C. Grisanti&#9;</U><BR>
        Christopher C. Grisanti</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Stephen L. Isaacs&#9;</U><BR>
        Stephen L. Isaacs</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Arthur S. Mehlman&#9;</U><BR>
        Arthur S. Mehlman</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ David L. Meister&#9;</U><BR>
        David L. Meister</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ G. Peter O'Brien&#9;</U><BR>
        G. Peter O'Brien</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><U>/s/ Michael K. Shields&#9;</U><BR>
        Michael K. Shields</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 25, 2018</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 11pt; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT INDEX</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 87%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution Reinvestment And Cash Purchase Plan for Registrant&rsquo;s common stockholders.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(8)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated June 12, 2009.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(9)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated January 1, 2013.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(j)(10)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amendment to Custodian Contract dated December 13, 2016.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(5)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Subscription Certificate.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Subscription Agent Agreement.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(k)(7)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form of Information Agent Agreement.</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(l)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Form
    of legal opinion and consent of Venable LLP.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 11.25pt 0 0">&nbsp;</P>

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<TYPE>EX-99.E
<SEQUENCE>2
<FILENAME>e52372_exe.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b>DISTRIBUTION
 REINVESTMENT AND CASH PURCHASE PLAN<br>FOR COMMON STOCKHOLDERS OF ROYCE VALUE TRUST,
 INC.</b></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>What is
 the Distribution Reinvestment and Cash Purchase Plan?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">The Distribution
 Reinvestment and Cash Purchase Plan (the &#147;Plan&#148;) offers common stockholders
 of Royce Value Trust, Inc. a prompt and simple way to reinvest net investment income
 dividends and capital gains and other periodic distributions in shares of the Fund&#146;s common stock. Such payments to stockholders from time to time are referred
 to in this outline as &#147;distributions.&#148; It is the Fund&#146;s present policy,
 which may be changed by the Board of Directors, to distribute substantially all
 of its net investment income and net realized capital gains, if any, to its stockholders
 at least annually. The Plan also allows you to make optional cash investments in
 shares of the Fund&#146;s common stock through the Plan Agent and to deposit certificates
 representing your Fund shares with the Plan Agent for safekeeping.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">Computershare
 Trust Company, N.A. (&#147;Computershare&#148; or the &#147;Plan Agent&#148;), acts
 as Plan Agent for stockholders in administering the Plan. You may contact the Plan
 Agent directly by calling 1 (800) 426-5523 between 9:00 a.m. and 5:00 p.m., Monday
 through Friday, via the Internet at <u><b>www.computershare.com/investor</b></u> or via written instructions to the following address:</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">Computershare
<br>c/o Royce Value Trust, Inc.<br>P.O. Box 30170<br>College Station, TX 77842-3170</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">The contents
 of this outline are qualified in all respects by the complete terms and conditions
 of the Plan that accompany this outline.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>What does
 the Plan offer?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">The Plan
 has two components: (i) the reinvestment of distributions in shares of the Fund&#146;s common stock, and (ii)
 a voluntary cash purchase feature.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>&#149;&#160;&#160;&#160;&#160;&#160;Reinvestment
 of distributions</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">By participating
 in the Plan, your distributions will be promptly paid to you in additional shares
 of common stock of the Fund, thereby increasing your holdings in the Fund. If the
 Fund declares a distribution, you will automatically receive shares of the Fund&#146;s common stock. The number of shares to be issued to you will be determined
 by dividing the total amount of the distribution
 payable to you by the lower of (i) the last reported sale price of a share of the
 Fund&#146;s common stock on the valuation date, which will normally be the fifth
 business day following the record date, or (ii) the net asset value per share on
 the valuation date, provided that in all cases the Fund will not issue new shares
 at a discount of more than 5% from the last reported sale price on that date.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><b>&#149;&#160;&#160;&#160;&#160;&#160;Voluntary
 cash purchase</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">Plan participants
 have the option of making voluntary investments in shares of the Fund&#146;s common
 stock through the Plan Agent. You may invest $100 or more monthly. The Plan Agent
 will purchase shares for you on the New York Stock Exchange or otherwise in the
 open market on or about the 15th day of each month. If you hold shares that are
 registered in your own name, you should contact the Plan Agent directly to make
 cash purchases. Please send your check (in U.S. dollars drawn against a U.S. bank),
 made payable to &#147;Computershare-Royce Value Trust, Inc.&#148;, to the following
 address:</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Computershare</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">c/o Royce
 Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">P.O. Box
 30170</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">College
 Station, TX 77842-3170</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">Your cash
 investment will be held by the Plan Agent until the following month&#146;s investment
 date and will not earn interest. The Plan Agent will not accept cash, traveler&#146;s checks, money
 orders or third-party checks. You may cancel a voluntary cash payment if you provide
 written, telephone or Internet notice that is received by the Plan Agent not less
 than two business days before the purchase date.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><b>Who
 can participate in the Plan?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">If your
 shares of common stock of the Fund are registered in your own name, you will automatically
 participate in the distribution reinvestment component of the Plan, unless
 you have indicated that you do not wish to participate and instead wish to receive
 dividends and capital gains distributions in cash. The cash purchase component of
 the Plan is optional, as described below.</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><b>How
 does the custody of shares work?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">All shares
 that are issued to you in payment of distributions or that are purchased by you
 through voluntary cash purchases are held in the name of the Plan Agent or its nominee
 and the shares are added to your balance in the Plan. You also have the option of
 depositing your common stock certificates with the Plan Agent for safekeeping, as
 described in Paragraph 9 of the Plan, and the shares will be included in your share
 balance in the Plan and held in the same manner as noted above. The Plan Agent will
 send a confirmation statement to you shortly after any activity in your account.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><b>Is there
 a cost to participate?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">There is
 no charge payable by participants for receiving distributions in additional Fund
 shares, since the Plan Agent&#146;s fees and expenses are paid by the Fund.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">For purchases
 from voluntary cash payments, participants must pay a service fee of $0.75 for each
 monthly investment and a per share fee of $0.05 on all open-market purchases. Per
 share fees include any brokerage commissions the Plan Agent is required to pay.
 These charges will be deducted from amounts to be invested.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">Each sale
 of Fund shares held under the Plan is subject to a $2.50 service fee and a per share
 fee of $0.15. Per share fees include any brokerage commissions the Plan Agent is
 required to pay. These charges will be deducted from any sale proceeds to be paid.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><b>May
 I withdraw from the Plan and/or sell shares?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">You may
 withdraw from the Plan and/or sell shares held under the Plan, each as described
 in more detail below.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">You may
 withdraw from the Plan without penalty at any time by written, telephone or Internet
 notice to the Plan Agent. Your withdrawal will be effective as specified in Paragraph
 13 of the Plan. The Plan Agent will convert any fractional shares you hold at the
 time of your withdrawal to cash at the then-current market price and send you a
 check for the proceeds less any applicable fees. Upon the effectiveness of your
 withdrawal, you will receive subsequent distributions in cash instead of shares.
 If at any time you wish to re-enroll in the Plan, simply send written, telephone
 or Internet instructions to the Plan Agent.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">If you
 withdraw from the Plan, at your option you will either
 receive without charge a certificate issued in your name for all full shares or,
 if you request, the Plan Agent will sell all of the shares in your Plan account
 (including any other Fund shares deposited by you) through a broker selected by
 it and send you the proceeds, less a service fee of $2.50 and a per share fee of $0.15.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">You may
 also opt at any time to sell some or all of your shares by written, telephone or
 Internet notice to the Plan Agent. In that case, the Plan Agent will sell all requested
 full and fractional shares and send the proceeds via check to your address of record
 after deduction of a service fee of $2.50 and a per share fee of $0.15.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">Also, you
 may sell your shares through your financial advisor through the Direct Registration
 System (&#147;DRS&#148;). DRS is a service within the securities industry that allows
 Fund shares to be held in your name in electronic format. You retain full ownership
 of your shares, without having to hold a share certificate. You should contact your
 financial advisor to learn more about any restrictions or fees that may apply to
 sales effected through DRS.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">If at any
 time you elect to sell shares where the net proceeds will exceed $10,000, your written
 instructions signed by all registered owners must have <b>signatures guaranteed</b>. A signature guarantee verifies the authenticity of your signature and may be obtained
 from banks, brokerage firms and any other guarantor that the Plan Agent deems acceptable.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><b>How
 do participating stockholders benefit?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">&#149;&#160;&#160;&#160;You
 will build holdings in the Fund easily and automatically, at no brokerage cost for
 the reinvestment of distributions in Fund shares and at reduced cost in the case
 of voluntary cash purchases.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">&#149;&#160;&#160;&#160;You
 will receive a detailed account statement from the Plan Agent, showing total dividends
 and distributions, additional cash payments, date of investment, shares acquired
 and price per share, and total shares of record held by you and by the Plan Agent
 for you. You will be able to vote all shares held for you by the Plan Agent at stockholder
 meetings.</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">&#149;&#160;&#160;&#160;As
 long as you participate in the Plan, the Plan Agent will hold the shares it has
 acquired for you and from other participants in safekeeping, in non-certificated
 form. This convenience provides added protection against loss, theft, or inadvertent
 destruction of certificates.</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Can the
 Plan be amended or terminated?</b></font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">Either
 Royce Value Trust, Inc. or Computershare may amend or terminate the Plan. Participants
 will be sent written notice at least 30 days before the effective date of any amendment.
 In case of termination, participants will be sent written notice of the termination
 at least 30 days before the record date of any distribution by the Fund. Please
 see Paragraphs 16 and 17 of the Plan for more information.</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>DISTRIBUTION
 REINVESTMENT AND CASH PURCHASE PLAN OF<br>ROYCE VALUE TRUST, INC.</b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="3" align="left"><div align="justify" style="text-indent:40px;"><font face="Times New Roman" size="2">Royce Value Trust, Inc., a Maryland corporation (the &#147;Fund&#148;), hereby adopts
 the following plan the &#147;Plan&#148;) with respect to net investment income dividends
 and capital gains and other periodic distributions declared by its Board of Directors
 on shares of its Common Stock and to voluntary cash purchases of shares of its Common
 Stock:</font></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 width="2%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Unless
 a stockholder specifically elects to receive cash as set forth below, all net investment
 income dividends and all capital gains and other periodic distributions hereafter
 declared by the Board of Directors shall be payable in shares of the Common Stock
 of the Fund.</font></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">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Such dividends
 and distributions shall be payable on such date or dates as may be fixed from time
 to time by the Board of Directors to stockholders of record at the close of business
 on the record date(s) established by the Board of Directors for the dividend and/or
 distribution involved. Unless a stockholder specifically elects otherwise, such
 stockholder will receive all dividends and/or distributions in full and fractional
 shares of the Fund&#146;s Common Stock, and no action shall be required on such
 stockholder&#146;s part to receive a distribution in stock.</font></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">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">The number
 of shares to be issued to a stockholder shall be determined by dividing the total
 dollar amount of the distribution payable to such stockholder by the lower of (i)
 the last reported sale price at the close of regular trading on the New York Stock
 Exchange on the valuation date fixed by the Board of Directors for such distribution,
 which will normally be the fifth business day following the record date, or (ii)
 the net asset value per share on the valuation date (but not less than 95% of the
 last reported sale price on that date).</font></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">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">A stockholder
 may, however, elect to receive dividends and distributions in cash. To exercise
 this option, such stockholder shall notify the Plan Agent in writing, by telephone
 or through the Internet so that such notice is received by Computershare prior to
 the record date fixed by the Board of Directors for the dividend and/or distribution
 involved.</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">5.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Computershare
 will set up an account for shares acquired pursuant to the Plan for each stockholder
 who has not so elected to receive dividends and distributions in cash (each, a &#147;Participant&#148;). Computershare will hold each Participant&#146;s shares,
 together with the shares of other Participants, in non-certificated form in Computershare&#146;s name or that of its nominee. Upon notice
 in writing, by telephone or through the Internet by a Participant to the Plan Agent
 that is received by the Plan Agent prior to the record date, Computershare will,
 instead of crediting shares to and/or carrying shares in a Participant&#146;s account,
 issue, without charge to the Participant, a certificate registered in the Participant&#146;s name for the number of whole shares payable to the Participant and a check
 for any fractional share less any applicable fees.</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">6.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">A Participant
 has the option of sending additional funds to Computershare, in any amount of at
 least $100, for the purchase in the open market of shares of the Fund&#146;s Common
 Stock for his or its account. Such voluntary payments will be so invested by Computershare
 on or about the 15th day of each month, and in no event more than 35 days after
 such date, except where necessary to comply with applicable Federal securities laws,
 rules, or regulations. Participants may initiate voluntary cash payments by sending
 a check (in U.S. dollars drawn against a U.S. bank) payable to &#147;Computershare-Royce
 Value Trust, Inc.&#148;. Computershare will not accept cash, traveler&#146;s checks, money orders or third-party checks. Funds
 received less than 2 business days prior to a purchase date will be held by Computershare
 until the next purchase date. A Participant may cancel his entire voluntary cash
 payment by written, telephone or Internet notice so long as such notice is received
 by Computershare not less than two business days before such payment is to be invested
 in Fund shares. If a Participant&#146;s check for a voluntary cash purchase is returned unpaid for any reason, Computershare
 will consider the request for investment of such funds null and void. Computershare
 will immediately remove from the Participant&#146;s Plan account those shares, if any, purchased upon the prior credit of such funds and
 will immediately sell such shares. Computershare also will sell any additional shares
 from the Participant&#146;s Plan account as necessary to cover any losses or fees.</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">7.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">The investment
 of funds provided in connection with voluntary cash purchases may be made by Computershare
 on any securities exchange where shares of the Fund&#146;s Common Stock are traded,
 in the over-the-counter market or in negotiated transactions and may be on such
 terms as to price, delivery and otherwise as Computershare shall determine. Participant
 funds held by Computershare uninvested will not bear interest, and Computershare
 shall have no liability in connection with any inability to purchase shares within
 35 days after its receipt of funds or with the timing of any purchases</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<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 valign="top"><div align="justify"><font face="Times New Roman" size="2">effected.
 Computershare shall have no responsibility as to the value of the shares of the
 Fund&#146;s Common Stock acquired for any Participant&#146;s Plan account and may
 commingle funds of Participants for the purpose of cash investments. The weighted
 average price (including per share fees) per share of all shares purchased by Computershare
 shall be the price per share allocable to each Participant in connection with the
 relevant cash investment.</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">8.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Computershare
 will confirm to each Participant each acquisition of shares made pursuant to the
 Plan as soon as practicable. Although each Participant may from time to time have
 an undivided fractional interest (computed to six decimal places) in a share of
 Common Stock of the Fund, no certificates for a fractional share will be issued.
 However, dividends and distributions on fractional shares will be credited to each
 Participant&#146;s account. In the event of a Participant&#146;s withdrawal from
 the Plan as described in Paragraph 13 or any termination of the Plan as described
 in Paragraph 16, Computershare will adjust for any such undivided fractional interest
 in cash at the market value of the Fund&#146;s shares less any applicable fees,
 at the time of such withdrawal or termination.</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">9.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">A Participant
 may deposit certificates for shares of the Fund&#146;s Common Stock with Computershare for safekeeping. The deposited
 shares will be credited to the Participant&#146;s account and will be treated in
 all respects in the same manner as shares issued to, or purchased for, the Participant&#146;s account. All certificates should be sent with written instructions to deposit
 the certificates in the Participant&#146;s Plan account. Such certificates are not
 required to be endorsed and should be sent by registered or certified mail, return
 receipt requested, to:</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">Computershare</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">c/o Royce
 Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">P.O. Box
 30170</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">College
 Station, TX 77842-3170</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">10.</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Computershare
 will forward to each Participant any Fund-related proxy solicitation materials and
 each Fund report or other communication to stockholders, and will vote any shares
 held by it under the Plan in accordance with the instructions set forth on proxies
 returned by Participants to the Fund.</font></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">11.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">In the
 event that the Fund makes available to its Common Stockholders rights to purchase
 additional shares or other securities, the shares held by Computershare for each
 Participant under the Plan will be will be added to any other shares held by the
 Participant in certificated form in determining the number
 of rights to be issued to the Participant.</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">12.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Computershare&#146;s service fee, if any, for administering the Plan will be paid for by the Fund.
 Participants will be charged a $0.75 service fee for each voluntary cash purchase
 and a per share fee of $0.05 on all open market purchases. These charges will be
 deducted from amounts to be invested. Each sale of Fund shares held under the Plan
 is subject to a $2.50 service fee and a per share fee of $0.15. These charges will
 be deducted from any sale proceeds to be paid. All per share fees include any brokerage
 commissions Computershare is required to pay.</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">13.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Each Participant
 may withdraw from the Plan without penalty at any time by written, telephone or
 Internet notice to the Plan Agent. Such withdrawal will take effect when such notice
 is received by Computershare except as otherwise provided in this Paragraph 13.
 In the event a Participant&#146;s notice of withdrawal is received near a record date for an account whose dividends and distributions
 are to be reinvested in Fund shares, Computershare, in its sole discretion, may
 either distribute such dividends and distributions in cash or reinvest them in Fund
 shares on behalf of the withdrawing Participant. In the event such distribution
 is reinvested in Fund shares, Computershare will process the withdrawal as soon
 as practicable, but no later than five business
 days after the reinvestment is completed. The Plan Agent will convert any fractional
 shares held by the Participant at the time of such withdrawal to cash at the then-current
 market price and send a check for the proceeds to such Participant less any applicable
 fees. Upon the processing of such withdrawal, subsequent dividends and distributions
 will be received by the withdrawing Participant in cash instead of shares.</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">14.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">A Participant
 may elect by telephone, Internet or written notice to Computershare at any time,
 including in connection with a withdrawal from the Plan, to sell some or all of
 the Participant&#146;s shares held under the Plan. Computershare will process all sale instructions received no later than
 five business days after the date on which such notice is received, assuming the
 relevant markets are open and sufficient market liquidity exists (and except where
 deferral is required under applicable federal or state laws, rules, or regulations).
 Such sale will be made through Computershare&#146;s broker on the relevant market and the sale price will not be determined
 until such time as the broker completes the sale. In each case the price to each
 Participant shall be the weighted average sale price obtained by Computershare&#146;s broker net of fees for
 each aggregate order placed by Computershare and executed by the broker. To maximize
 cost savings, Computershare will seek to sell shares in round lot transactions.
 For this purpose</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<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 valign="top"><div align="justify"><font face="Times New Roman" size="2">Computershare
 may combine your shares with those of other selling Participants. Any proceeds from
 the sale of a Participant&#146;s shares will be sent via check to the
Participant&#146;s address of record after deduction of the above-described service and per share fees.<br><br>If
 a Participant elects to sell shares where the net proceeds will exceed $10,000, written
 instructions signed by all registered owners must have <b>signatures guaranteed</b>. A signature guarantee verifies the authenticity of your signature and may be obtained
 from banks, brokerage firms and any other guarantor that the Plan Agent deems acceptable.</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">15.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Also, a
 Participant may sell his or her shares through his or her financial advisor through
 the Direct Registration System (&#147;DRS&#148;). DRS is a service within the securities
 industry that allows Fund shares to be held in the Participant&#146;s name in electronic format. The Participant retains full
 ownership of his or her shares, without having to hold a share certificate. A Participant
 should contact his or her financial advisor to learn more about any restrictions
 or fees that may apply to sales effected through DRS.</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">16.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">The Plan
 may be terminated by the Fund or by Computershare upon notice in writing mailed
 to each Participant at least 30 days prior to any record date for the payment of
 any dividend or distribution by the Fund. Upon any such termination, Computershare
 will cause a certificate or certificates to be issued for the full shares held for
 each Participant under the Plan and a cash adjustment for any fractional share to
 be delivered to the Participant without charge to the Participant. If a Participant
 elects by his or its written notice to Computershare in advance of such termination
 to have Computershare sell part or all of his or its shares and remit the proceeds
 to the Participant, Computershare is authorized to deduct a $2.50 service fee and
 a per share fee of $0.15 from the sale proceeds.</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">17.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">These terms
 and conditions may be amended or supplemented by Computershare or by the Fund at
 any time but, except when necessary or appropriate to comply with applicable federal
 or state laws, rules, or regulations or the rules or policies of any other regulatory
 authority or agency, only by mailing to each Participant appropriate written notice
 at least 30 days prior to the effective date thereof. The amendment or supplement
 shall be deemed to be accepted by each Participant unless, prior to the effective
 date thereof, Computershare receives written notice of the Participant&#146;s withdrawal from the Plan. Any such amendment
 may include an appointment by Computershare in its place and stead of a successor
 agent under these terms and conditions, with full power and authority
 to perform all or any of the acts to be performed by Computershare under these terms
 and conditions. Upon any such appointment of any agent for the purpose of receiving dividends and distributions, the Fund will be authorized to pay to such successor agent,
 for each Participant&#146;s account, all dividends and distributions payable on
 shares of the Fund held in the Participant&#146;s name or under the Plan for retention
 or application by such successor agent as provided in these terms and conditions.</font></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">18.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">Computershare
 will at all times act in good faith and use commercially reasonable efforts to ensure
 its full and timely performance of all services to be performed by it under this
 Plan and to comply with all applicable federal and state laws, rules, and regulations,
 but assumes no responsibility and shall not be liable for loss or damage due to
 errors unless such error is caused by Computershare&#146;s negligence, lack of good
 faith or willful misconduct or that of
 its employees or agents.</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">19.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Times New Roman" size="2">These terms
 and conditions shall be governed by the laws of the State of New York.</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">April 2014</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="right"><font face="Times New Roman" size="2">003SSN0632</font></p>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J
<SEQUENCE>3
<FILENAME>e52372_exj8.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b>AMENDMENT
 TO CUSTODIAN CONTRACT</b></font></p>
<p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">This
 Amendment to Custodian Contract (the &#147;<u>Amendment</u>&#148;) is made as of June 12,
 2009, by and between Royce Value Trust, Inc. (&#147;<u>Customer</u>&#148;) and State Street
 Bank and Trust Company, a Massachusetts trust company (&#147;<u>Custodian</u>&#148;).</font></p>
<p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">WHEREAS,
 Customer and Custodian entered into a Custodian Contract dated as of October 20, 1986 (as amended, supplemented, restated or otherwise modified, the &#147;<u>Agreement</u>&#148;); and</font></p>
<p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">WHEREAS,
 Customer and Custodian desire to amend a provision of the Agreement, as more particularly
 set forth below.</font></p>
<p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">NOW
 THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
 hereinafter contained, the parties hereby agree as follows:</font></p>
<p align="justify"><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment to Agreement</u>.</font></p>
<p align="justify"><font face="Times New Roman" size="2">The
 first paragraph of Section 9 of the Agreement (Effective Period, Termination and
 Amendment) is hereby deleted in its entirety and replaced with the following:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">This Agreement
 shall be effective on the date set forth on the signature page hereto and shall
 continue in full force and effect through and including December 31, 2012. Notwithstanding
 the preceding sentence, the Fund may terminate the services of the Custodian under
 this Agreement by providing thirty (30) days written notice in the event that the
 Custodian (i) shall fail in any material respect to perform its duties and obligations
 hereunder pursuant to the applicable standard of care set forth herein, the Fund
 shall have given written notice thereof, and such material failure shall not have
 been remedied to the reasonable satisfaction of the Fund within thirty (30) days
 after such written notice is received, or (ii) shall have ceased to be qualified
 as a custodian under the 1940 Act, shall be indicted for a crime, shall commence
 any bankruptcy or insolvency proceeding or have such a proceeding initiated against
 it which shall not be dismissed within 60 days, or shall suffer any other material
 adverse change in its condition, operations or professional reputation that is determined
 by the Fund in its reasonable discretion to threaten the continuing performance
 of services hereunder or the reputation of the Fund. This Agreement, or any term
 hereof, may be changed or waived only by written amendment, signed by the party
 against whom enforcement of such change or waiver is sought.</font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as expressly amended by this Amendment, all provisions of the Agreement shall
 remain in full force and effect. Capitalized terms used herein without definition
 shall have the meanings ascribed thereto in the Agreement.</font></p>
<p><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Amendment may be executed in one
 or more counterparts, each of which shall be deemed an original, but all of which
 together shall constitute one and the same instrument.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">IN WITNESS WHEREOF, each of
 the parties hereto has caused this Amendment to be executed in its name and behalf
 by its duly authorized representative(s) as of the date first written above.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td style="width: 30%; text-align: left"><font face="Times New Roman" size="1">&#160;</font></td>
<td style="width: 1%; text-align: left"><font face="Times New Roman" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">ROYCE VALUE
 TRUST, INC.</font></td>
    <td>&nbsp;</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"></font></td>
    <td>&nbsp;</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="2">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ John D. Diederich</u><br>Name: &nbsp;&nbsp;John D. Diederich<br>Title: &nbsp;&nbsp;&nbsp;&nbsp;Vice President</font></td>
    <td>&nbsp;</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>
    <td>&nbsp;</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>
    <td>&nbsp;</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">STATE STREET
 BANK AND TRUST COMPANY</font></td>
    <td>&nbsp;</td>
</tr>
<tr>
<td style="text-align: left">&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td style="vertical-align: bottom; text-align: left">&nbsp;</td>
    <td>&nbsp;</td></tr>
<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="2">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Joseph C. Antonellis</u><br>Name:
&nbsp;&nbsp;Joseph C. Antonellis<br>Title: &nbsp;&nbsp;&nbsp;&nbsp;Vice Chairman</font></td>
    <td>&nbsp;</td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J
<SEQUENCE>4
<FILENAME>e52372_exj9.htm
<TEXT>
 <p align="center"><font face="Times New Roman" size="2"><b>AMENDMENT TO CUSTODIAN CONTRACT</b></font></p>
 <p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">This
 Amendment to Custodian Contract (the &#147;<u>Amendment</u>&#148;) is made as of January 1,
 2013, by and between Royce Value Trust, Inc. (&#147;<u>Fund</u>&#148;) and State Street Bank
 and Trust Company, a Massachusetts trust company (&#147;<u>Custodian</u>&#148;).</font></p>
 <p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">WHEREAS,
 Fund and Custodian entered into a Custodian Contract dated as of October 20, 1986
 (as amended, supplemented, restated or otherwise modified, the &#147;<u>Agreement</u>&#148;); and</font></p>
 <p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">WHEREAS,
 Fund and Custodian desire to amend a provision of the Agreement, as more particularly
 set forth below.</font></p>
 <p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">NOW
 THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
 hereinafter contained, the parties hereby agree .as follows:</font></p>
 <p align="justify"><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment to Agreement</u>.</font></p>
 <p align="justify"><font face="Times New Roman" size="2">The
 first paragraph of Section 14 of the Agreement (Effective Period, Termination and
 Amendment) is hereby deleted in its entirety and replaced with the following:</font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Term</u>. This Agreement shall be effective on the date first written above and shall
 continue in full force and effect through and including December 31, 2016 (the &#147;<u>Term</u>&#148;).</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination
 for Cause</u>. Notwithstanding the preceding clause (a) of this Section 14, the
 Fund may terminate the services of the Custodian under this Agreement (A) by providing
 thirty (30) days&#146; written notice in the event that the Custodian (i) shall
 fail in any material respect to perform its duties and obligations hereunder pursuant
 to the applicable standard of care set forth herein, the Fund shall have given written
 notice thereof, and such material failure shall not have been remedied to the reasonable
 satisfaction of the Fund within thirty (30) days after such written notice is received,
 or (ii) shall have ceased to be qualified as a custodian under the 1940 Act, shall
 be indicted for a crime, shall commence any bankruptcy or insolvency proceeding
 or have such a proceeding initiated against it which shall not be dismissed within
 60 days, or shall suffer any other material adverse change in its condition, operations
 or professional reputation that is determined by the Fund in its reasonable discretion
 to threaten the continuing performance of services hereunder or the reputation of
 the Fund, or (B) immediately in the event of an appointment of a conservator or
 receiver for the Custodian or any parent of the Custodian by a regulatory agency
 or court of competent jurisdiction. Upon termination of this Agreement pursuant
 to this clause (b) with respect to the Fund or any Portfolio, the Fund shall pay
 Custodian its compensation due through the effective date of such termination (the
 &#147;<u>Termination Date</u>&#148;) and shall reimburse Custodian for its reasonable costs, expenses
 and disbursements incurred through the Termination Date.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Change
 of Control of Custodian</u>. The Custodian shall notify the Fund promptly following
 the execution of any agreement that would result in, or would be expected to result
 in, a change of control of the Custodian or any parent of the Custodian. Notwithstanding
 clause (a) of this Section 14, this Agreement may be terminated by the Fund upon
 at least sixty (60) days&#146; written notice following notice of execution of any
 such agreement.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination
 for Non-Ordinary Course Transaction</u>. Notwithstanding the preceding clause (a)
 of this Section 14, this Agreement may be terminated by the Fund, with respect to
 the Fund or any Portfolio, upon written notice to the Custodian, in the event that
 the Board approves (i) the liquidation or dissolution of the Fund or a Portfolio,
 (ii) the merger of the Fund or</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="6%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Portfolio
 into, or the consolidation of the Fund or Portfolio with, another entity, or (iii)
 the sale by the Fund or Portfolio of all, or substantially all, of its assets to
 another entity. Upon termination of this Agreement pursuant to this clause (d),
 the Fund shall pay the Custodian its compensation due through the Termination Date
 and shall reimburse Custodian for its reasonable costs, expenses and disbursements
 incurred through the Termination Date.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund
 may terminate this Agreement with respect to the Fund or its Portfolio(s) for any
 reason other than as set forth in clauses (b), (c) or (d) of this Section 14 provided
 that (i) the Fund shall be required to provide the Custodian at least six (6) months&#146; notice of the Termination Date; (ii) on the Termination Date, the Fund shall
 pay the Custodian its compensation due through the Termination Date and shall reimburse
 Custodian for its reasonable costs, expenses and disbursements incurred through
 the Termination Date; provided, however, that if the Fund provides less than six (6) months&#146; notice of the Termination Date, then on the Termination Date the
 Fund shall pay the Custodian its compensation due through the date occurring six
 (6) months after the date of delivery of such lesser notice (based upon the average
 compensation previously earned by Custodian with respect to the Fund or Portfolio
 for the three (3) calendar months most recently preceding the delivery date of such
 notice) and shall reimburse the Custodian for its reasonable costs, expenses and
 disbursements incurred through the Termination Date; and (iii) notwithstanding the
 foregoing, if the end of the Term (as defined in clause (a) of this Section 14)
 is to occur less than six (6) months from the date of notice of termination, the
 Fund shall provide such lesser notice as may be reasonably practicable, and on the
 Termination Date the Fund shall pay the Custodian its compensation due through the
 Termination Date and shall reimburse Custodian for its reasonable costs, expenses
 and disbursements incurred through the Termination Date. Upon receipt of such payment
 and reimbursement as is due to the Custodian pursuant to this Section14(e), the
 Custodian will deliver the Fund&#146;s or Portfolio&#146;s securities and cash as
 set forth hereinbelow.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Termination
 of this Agreement with respect to the coverage of any Portfolio shall in no way
 affect the rights and duties under this Agreement with respect to any other Portfolio.
 This Agreement, or any term hereof, may be changed or waived only by written amendment,
 signed by the party against whom enforcement of such change or waiver is sought.
</font></td>
</tr>
</table>
 <p align="justify"><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.</font></p>
 <p align="justify"><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as expressly amended by this Amendment, all provisions of the Agreement shall
 remain in full force and effect. Capitalized terms used herein without definition
 shall have the meanings ascribed thereto in the Agreement.</font></p>
<p><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Amendment may be executed in one
 or more counterparts, each of which shall be deemed an original, but all of which
 together shall constitute one and the same instrument.</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent:60px;"><font face="Times New Roman" size="2">IN WITNESS WHEREOF, each of
 the parties hereto has caused this Amendment to be executed in its name and behalf
 by its duly authorized representative(s) as of the date first written above.</font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="30%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE VALUE
 TRUST, INC.</font></td>
</tr>
<tr>
<td width="30%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><br>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Daniel A. O'Byrne</u><br>Name:&nbsp;&nbsp;&nbsp;Daniel A. O'Byrne<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President<br><br><br>STATE STREET BANK AND
 TRUST COMPANY<br><br>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael F. Rogers</u><br>Name:&nbsp;&nbsp;&nbsp;&nbsp;Michael F. Rogers<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J
<SEQUENCE>5
<FILENAME>e52372_exj10.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b>AMENDMENT TO CUSTODIAN CONTRACT</b></font></p>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">This Amendment to Custodian Contract (the &#147;<u>Amendment</u>&#148;) is made as of December 13, 2016, by and between Royce Value Trust, Inc. (&#147;<u>Fund</u>&#148;) and State Street Bank and Trust Company, a Massachusetts trust company (&#147;<u>Custodian</u>&#148;).</font></p>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">WHEREAS, Fund and Custodian entered into a Custodian Contract dated as of October 20, 1986 (as amended, supplemented, restated or otherwise modified, the &#147;<u>Agreement</u>&#148;); and</font></p>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">WHEREAS, Fund and Custodian desire to amend a provision of the Agreement, as more particularly set forth below.</font></p>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:</font></p>
<p align="justify"><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendment to Agreement</u>.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Section 14(a) of the Agreement (Effective Period, Termination and Amendment) is hereby deleted in its entirety and replaced with the following:</font></p>
<p style="margin-left: 38px;" align="justify"><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Term</u>. This Agreement shall be effective on the date first written above and shall continue in full force and effect through and including December 31, 2017 (the &#147;Term&#148;).</font></p>
<p align="justify"><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u>.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as expressly amended by this Amendment, all provisions of the Agreement shall remain in full force and effect. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Agreement.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent:38px;" align="justify"><font face="Times New Roman" size="2">IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed in its name and behalf by its duly authorized representative(s) as of the date first written above.</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="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">ROYCE VALUE TRUST, INC.</font></td>
</tr>
<tr>
<td width="30%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" 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><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 width="1%" 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="bottom" align="left"><font face="Times New Roman" size="2">By:</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"><u>/s/ Christopher D. Clark</u></font></td>
</tr>
<tr>
<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">Name:</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">Christopher D. Clark</font></td>
</tr>
<tr>
<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">Title:</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">President</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 align="left"><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="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">STATE STREET BANK AND TRUST COMPANY</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 align="left"><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="bottom" align="left"><font face="Times New Roman" size="2">By:</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"><u>/s/ Andrew Erickson</u></font></td>
</tr>
<tr>
<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">Name:</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">Andrew Erickson</font></td>
</tr>
<tr>
<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">Title:</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">Executive Vice President</font></td>
</tr>
</table>
<p align="left"><font face="Arial" size="2">State Street: Limited Access</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K
<SEQUENCE>6
<FILENAME>e52372_exk5.htm
<TEXT>
<p valign="top"><img src="e52372_exk5.jpg"></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" style="border-bottom: 2px solid #000000;">&#160;</td>
</tr>
<tr bgcolor="#DCDDDE">
<td valign="bottom" align="left"><font face="Arial" size="3"><b>&lt;THE SAMPLE COMPANY&gt; SUBSCRIPTION RIGHTS OFFERING</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
</table>
<div align="justify"><font face="Arial" size="2"><b>THIS SUBSCRIPTION RIGHTS OFFERING EXPIRES
 AT &lt;TIME&gt;, &lt;TIME ZONE&gt;, ON &lt;DATE&gt;, UNLESS THE EXERCISE PERIOD IS EXTENDED (SUCH
 DATE AND TIME, AS IT MAY BE EXTENDED, THE &#147;EXPIRATION DATE&#148;).</b></font></div>
<p align="justify"><font face="Arial" size="2">The Sample Company has distributed to each
 holder of its common stock owned as of record (each an &#147;Eligible Holder&#148;)
 at &lt;TIME&gt; on &lt;DATE&gt; (the &#147;Record Date&#148;), at no charge, one non-transferable
 right, for each share of common stock held as of the Record Date, to purchase &lt;NUMBER&gt; of a share of common stock of The Sample Company at &lt;$AMOUNT&gt; per full share (the
 &#147;Subscription Rights&#148;). Each Subscription Right entitles an Eligible Holder
 who fully exercises its basic subscription privilege to subscribe, prior to the
 Expiration Date, for additional shares of common stock of The Sample Company at
 an exercise price of &lt;$AMOUNT&gt; per full share to the extent that any shares are
 not purchased by other Eligible Holders under their basic subscription privilege
 as of the Expiration Date or to the extent The Sample Company decides to increase
 the size of the offering (the &#147;Oversubscription Privilege&#148;). The terms
 and conditions of the Subscription Rights offering are set forth in The Sample Company&#146;s Prospectus dated &lt;DATE&gt; (as it may be amended or supplemented, the &#147;Prospectus&#148;), which is incorporated into this Rights Certificate by reference. Capitalized
 terms used but not defined herein have the meanings set forth in the Prospectus.
 The owner of this certificate is entitled to the number of basic Subscription Rights,
 and is entitled to exercise the basic Subscription Rights for the number of shares,
 shown on this Rights Certificate.</font></p>
<p align="center"><font face="Arial" size="2"><b>THE SUBSCRIPTION RIGHTS ARE NON-TRANSFERABLE
</b></font></p>
<p align="justify"><font face="Arial" size="2">The Subscription Rights are non-transferable.
 The Subscription Rights will not be listed on any securities exchange or quoted
 on any automated quotation system. The Sample Company cannot assure you that the
 shares of common stock of The Sample Company issued in respect of exercised Subscription
 Rights will ever be listed on the New York Stock Exchange, the Nasdaq Global Select
 Market or any other securities exchange or quotation system.</font></p>
<p align="center"><font face="Arial" size="2"><b>EXERCISE PRICE</b></font></p>
<p align="justify"><font face="Arial" size="2">The exercise price for the Subscription
 Rights and the Oversubscription Privilege is &lt;$AMOUNT&gt; per full share. A fractional
 Subscription Right will not be exercisable unless it is aggregated with other fractional
 Subscription Rights so that when exercised, in the aggregate, such fractional Subscription
 Rights result in the purchase of a whole share of common stock of The Sample Company.
 In other words, fractional Subscription Rights cannot be exercised for fractional
 shares of common stock of The Sample Company.</font></p>
<p align="center"><font face="Arial" size="2"><b>METHOD OF EXERCISE OF RIGHTS</b></font></p>
<p align="justify"><font face="Arial" size="2"><b>IN ORDER TO EXERCISE YOUR SUBSCRIPTION
 RIGHTS, YOU MUST PROPERLY COMPLETE AND SIGN THIS RIGHTS CERTIFICATE ON THE BACK
 AND RETURN IT IN THE ENVELOPE PROVIDED TO COMPUTERSHARE TRUST COMPANY, N.A., TOGETHER
 WITH PAYMENT IN FULL FOR AN AMOUNT EQUAL TO THE APPLICABLE EXERCISE PRICE MULTIPLIED
 BY THE TOTAL NUMBER OF SHARES OF COMMON STOCK THAT YOU ARE REQUESTING TO PURCHASE
 TO THE RIGHTS AGENT, COMPUTERSHARE TRUST COMPANY, N.A., BEFORE &lt;TIME&gt;, ON &lt;DATE&gt;.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="5%" valign="bottom" align="left"><font face="Arial" size="2"><b>Holder
 ID</b></font></td>
<td width="12%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="left"><font face="Arial" size="2"><b>COY</b></font></td>
<td width="12%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Arial" size="2"><b>Class</b></font></td>
<td width="12%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="6%" valign="bottom" align="right"><font face="Arial" size="2"><b>Rights
 Qty Issued</b></font></td>
<td width="12%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="5%" valign="bottom" align="right"><font face="Arial" size="2"><b>Rights
 Cert #</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">123456789</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">XXXX</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="right"><font face="Arial" size="2">Subscription
 Rights</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="right"><font face="Arial" size="2">XXX.XXXXXX</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12345678</font></td>
<td  colspan="3"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td nowrap width="30%" valign="bottom" align="left"><font face="Arial" size="2">Signature
 of Owner and U.S. Person for Tax Certification</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="30%" valign="bottom" align="left"><font face="Arial" size="2">Signature
 of Co-Owner (if more than one registered holder listed)</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="30%" valign="bottom" align="left"><font face="Arial" size="2">Date (mm/dd/yyyy)</font></td>
<td width="3%" align="left"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<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>
</tr>
<tr>
<td align="left" style="border-top: 2px solid #000000;" style="border-right: 2px solid #000000;" style="border-left: 2px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td  align="left" style="border-top: 2px solid #000000;" style="border-right: 2px solid #000000;" style="border-left: 2px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left" style="border-top: 2px solid #000000;" style="border-right: 2px solid #000000;" style="border-left: 2px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td style="border-bottom: 2px solid #000000;" style="border-left: 2px solid #000000;" style="border-right: 2px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td style="border-bottom: 2px solid #000000;" style="border-left: 2px solid #000000;" style="border-right: 2px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td style="border-bottom: 2px solid #000000;" style="border-left: 2px solid #000000;" style="border-right: 2px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<td valign="top" align="left"><font face="Arial" size="1"><img src="e52372_exk5logo-1.jpg"></font></td>
<td valign="top" align="left"><font face="Arial" size="1"><img src="e52372_exk5logo-2.jpg"></font></td>
<td valign="top" align="left"><font face="Arial" size="1"><img src="e52372_exk5logo-3.jpg"></font></td>
<td valign="top" align="left"><font face="Arial" size="1"><img src="e52372_exk5logo-4.jpg"></font></td>
<td width="40%" valign="top" align="right"><font face="Arial" size="1"><img src="e52372_exk5logo-5.jpg"></font></td>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Arial" size="2">Full
 payment of the exercise price for each share of common stock you wish to purchase
 be must be made in U.S. dollars by (1) certified check drawn upon a U.S. bank payable
 to the Rights Agent, or (2) cashier&#146;s check drawn upon a U.S. bank or express money order payable to the Rights Agent, in each case in accordance with the &#147;Instructions As To Use of The Sample
 Company Subscription Rights Certificates&#148; that accompanied the mailing of the
 Prospectus. Notwithstanding the foregoing, Eligible Holders who hold shares as a
 depository or nominee must make all payments by wire transfer of immediately available
 funds to the account maintained by the Rights Agent.</font></p>
<p align="justify"><font face="Arial" size="2">Payments of the exercise price for the common
 stock will be held in an escrow account until five business days following the Expiration
 Date, unless The Sample Company withdraws or terminates the Subscription Rights
 offering. No interest will be paid to you on the funds you deposit with the Rights
 Agent. You will not receive any interest on the payments held by the Rights Agent
 before your shares have been issued to you or your payment is returned to you, without
 interest, because your exercise has not been satisfied for any reason.</font></p>
<table border="1" cellpadding="0" cellspacing="0" width="100%" bordercolor="#000000" rules="groups">
<tr style="font-size:1px;">
<td valign="top" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="top" align="center" colspan="12"><font face="Arial" size="2"><b>PLEASE
 PRINT ALL INFORMATION CLEARLY AND LEGIBLY</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="top" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="top" colspan="12" align="left"><font face="Arial" size="2">&#160;&#160;SECTION 1:&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>OFFERING INSTRUCTIONS</b> (check the appropriate boxes)</font></td>
</tr>
<tr>
<td valign="top" colspan="12" align="left"><font face="Arial" size="2">&#160;&#160;<b>IF YOU WISH TO SUBSCRIBE FOR YOUR FULL ENTITLEMENT OF SUBSCRIPTION RIGHTS:</b></font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" 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="8%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="middle" align="center"><font face="Arial"><img src="e52372_exk5imgbox.jpg" width="50%"></font></td>
<td nowrap valign="top" align="left"><font face="Arial" size="2">I apply for
 ALL of my entitlement of new shares</font></td>
<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2">x &lt;XXX&gt; =</font></td>
<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><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>
<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><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 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>
</tr>
<tr>
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EXAMPLE: If you own 1,000 shares of common stock, your basic subscription right permits
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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[1,000 purchase rights / XXX = XXX with fractional shares rounded down to the nearest
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</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 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 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>
</tr>
<tr style="font-size:1px;">
<td valign="middle" align="center"><font face="Arial"><img src="e52372_exk5imgbox.jpg" width="50%"></font></td>
<td nowrap valign="top" align="left"><font face="Arial" size="2">In addition,
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</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 valign="top" align="left"><font face="Arial" size="2">$</font></td>
<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Oversubscription
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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>
</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 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 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>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="5" valign="top" align="left"><font face="Arial" size="2"><b>IF YOU
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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>
</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 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 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>
</tr>
<tr style="font-size:1px;">
<td valign="middle" align="center"><font face="Arial"><img src="e52372_exk5imgbox.jpg" width="50%"></font></td>
<td valign="top" align="left"><font face="Arial" size="2">I apply for</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</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 valign="top" align="left"><font face="Arial" size="2">$</font></td>
<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</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 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>
<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>
<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 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 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>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
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<td><font face="Arial">&#160;</font></td>
<td><font face="Arial">&#160;</font></td>
<td><font face="Arial">&#160;</font></td>
<td><font face="Arial">&#160;</font></td>
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<td valign="top" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 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 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>
</tr>
<tr>
<td valign="top" colspan="12" align="left"><font face="Arial" size="2">&#160;&#160;<b>IF YOU DO NOT WISH TO EXERCISE YOUR RIGHT TO SUBSCRIBE:</b></font></td>
</tr>
<tr>
<td valign="top" colspan="12" align="left"><font face="Arial" size="2">&#160;&#160;Please disregard this mailing.</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="top" colspan="12" style="border-bottom: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="top" colspan="12" align="left"><font face="Arial" size="2">&#160;&#160;SECTION 2:&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>SUBSCRIPTION AUTHORIZATION:</b></font></td>
</tr>
<tr>
<td valign="top" colspan="11"><div style="margin-left:10px; text-indent:30px;" align="justify"><font face="Arial" size="2">I acknowledge that I have received the Prospectus for this offering of Subscription
 Rights and I hereby subscribe for the number of shares indicated above on the terms
 and conditions specified in the Prospectus relating to the basic subscription and
 the Oversubscription Privilege in the Subscription Rights offering.</font></td>
<td align="left"><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 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 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>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Signature
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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>
<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>
</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 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 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>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="9" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="10" align="center"><font face="Arial" size="2">
(and address if different than that listed on this Subscription Certificate)</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 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 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>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="9" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
<td><font face="Arial">&#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 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 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>
</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 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 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>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="9" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
<td><font face="Arial">&#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 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 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>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td colspan="11" valign="top" align="left"><font face="Arial" size="2">Telephone
 number (including area code) <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></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 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 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>
</tr>
</table>
<p align="justify"><font face="Arial" size="2">&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;You
 can only participate in the Oversubscription Privilege if you have subscribed for
 your full entitlement of new shares pursuant to the basic subscription.</font></p>
<br><br><br><br><br><br><br>
<p align="center"><font face="Arial" size="2"><i>Please
 complete all applicable information and return to:</i> <b>COMPUTERSHARE TRUST COMPANY,
 N.A.<br><br>By First Class Mail:</b> Computershare Trust Company, N.A., Corporate Actions
 Voluntary Offer, P.O. Box 43011, Providence, RI 02940-3011<br><b>By Express Mail
 or Overnight Delivery:</b> Computershare Trust Company, N.A., Corporate Actions
 Voluntary Offer, 250 Royall Street, Suite V, Canton, MA 02021</font></p>
<p align="center"><font face="Arial" size="2"><b>DELIVERY OF THIS SUBSCRIPTION CERTIFICATE
 TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.
<br>Any questions regarding this Subscription Certificate and Subscription Rights
 Offering may be directed to Computershare Trust Company, N.A.,<br> toll free at
 (XXX) XXX-XXXX or (XXX) XXX-XXXX.</b></font></p>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K
<SEQUENCE>7
<FILENAME>e52372_exk6.htm
<TEXT>
<p align="left"><font face="Arial" size="2"><img src="e52372_comp.jpg"></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Revised
</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Subscription
 Agent Agreement</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Between
</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Royce
 Value Trust, Inc.</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>and</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Computershare
 Trust Company, N.A.</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>and</b></font></td>
</tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Computershare
 Inc.</b></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 1</font></td>
</tr>
</table>
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<p><font face="Arial" size="2"><b>THIS SUBSCRIPTION AGENT AGREEMENT</b>
 (the <b>&#147;Agreement&#148;</b>) is entered into as of this _____day of ______________
 20__ (the <b>&#147;Effective Date&#148;</b>) by and among Royce Value Trust, Inc.,
 a company organized and existing under the laws of the State of _______________
 (the <b>&#147;Company&#148;</b>), and Computershare Trust Company, N.A., a national banking
 association (<b>&#147;Trust Company&#148;</b>), and Computershare Inc., a Delaware
 corporation (<b>&#147;Computershare&#148;</b> and, collectively with Trust Company,
 the <b>&#147;Agent&#148;</b>).</font></p>
<p><font face="Arial" size="2"><b>1.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b><u>Appointment</u>.</b></font></p>
<p><font face="Arial" size="2">1.1 &#160;&#160;&#160;&#160;The Company is making an offer (the
 <b>&#147;Subscription Offer&#148;</b>) to issue to the holders of record of its
 outstanding shares of Common Stock, par value $____ per share (the <b>&#147;Common
 Stock&#148;</b>), at the close of business on ___________ (the <b>&#147;Record Date&#148;</b>), the right to subscribe for and purchase (each a <b>&#147;Right&#148;</b>)
 shares of Common Stock (the <b>&#147;Additional Common Stock&#148;</b>) at a purchase
 price of $______ per share of Additional Common Stock (the <b>&#147;Subscription Price&#148;</b>), payable as described on the Subscription Form sent to eligible
 shareholders, upon the terms and conditions set forth herein. The term <b>&#147;Subscribed&#148;</b> shall mean submitted for purchase from the Company by a stockholder
 in accordance with the terms of the Subscription Offer, and the term <b>&#147;Subscription&#148;</b> shall mean any such submission. The Company hereby appoints Agent to act
 as subscription agent in connection with the Subscription Offer and Agent hereby
 accepts such appointment in accordance with and subject to the terms and conditions
 of this Agreement.</font></p>
<p><font face="Arial" size="2">1.2 &#160;&#160;&#160;&#160;The Subscription Offer will expire at
 _________, Eastern Time, on _______________ (the <b>&#147;Expiration Time&#148;</b>),
 unless the Company shall have extended the period of time for which the Subscription
 Offer is open, in which event the term <b>&#147;Expiration Time&#148;</b> shall
 mean the latest time and date at which the Subscription Offer, as so extended by
 the Company from time to time, shall expire.</font></p>
<p><font face="Arial" size="2">1.3 &#160;&#160;&#160;&#160;The Company filed a Registration Statement
 relating to the Additional Common Stock with the Securities and Exchange Commission
 under the Securities Act of 1933 (the <b>&#147;1933 Act&#148;</b>), as amended,
 on _____________, and such Registration Statement was declared effective on ____________.
 The terms of the Additional Common Stock are more fully described in the Prospectus
 forming part of the Registration Statement as it was declared effective. All terms
 used and not defined herein shall have the same meaning as in the Prospectus.</font></p>
<p><font face="Arial" size="2">1.4 &#160;&#160;&#160;&#160;Promptly after the Record Date, the
 Company will furnish Agent, or instruct Agent in its capacity as transfer agent
 for the Company, to prepare a certified list in a format acceptable to Agent of
 holders of record of Shares at the Record Date, including each such holder&#146;s
 name, address, taxpayer identification number (<b>&#147;TIN&#148;</b>), Share amount
 with applicable tax lot detail, any certificate detail and information regarding
 any applicable account stops or blocks (the <b>&#147;Record Stockholders List&#148;</b>).</font></p>
<p><font face="Arial" size="2">1.5 &#160;&#160;&#160;&#160;No later than the earlier of (i) forty-five
 (45) days after the Record Date or (ii) January 15 of the year following the year
 in which the Record Date occurs, the Company shall deliver to Agent written direction
 on the adjustment of cost basis for covered securities that arise from or are affected
 by the Subscription Offer in accordance with current Internal Revenue Service regulations. (see Exhibit <b>&#147;B&#148;</b> for additional information)</font></p>
<p><font face="Arial" size="2"><b>2.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Subscription of Rights</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">2.1 &#160;&#160;&#160;&#160;The Rights entitle the holders to subscribe,
 upon payment of the Subscription Price, for shares of Additional Common Stock at
 the rate of ____ share(s) for each Right (the <b>&#147;Basic Subscription Privilege&#148;</b>). No fractional Rights will be issued, but the Subscription Offer includes
 a step-up privilege </font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 2</font></td>
</tr>
</table>
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<p><font face="Arial" size="2">entitling the holder of fewer than ____ Rights to subscribe
 and pay the Subscription Price for one full share of Common Stock.</font></p>
<p><font face="Arial" size="2">2.2 &#160;&#160;&#160;&#160;If subscribing shareholders who exercise
 their Rights in full are entitled to exercise an oversubscription right, then the
 Company shall provide Agent with instructions regarding the allocation to such shareholders
 of Additional Common Stock after the initial allocation thereof.</font></p>
<p><font face="Arial" size="2">2.3 &#160;&#160;&#160;&#160;Except as otherwise indicated to the
 Agent by the Company in writing, all Common Stock delivered hereunder upon exercise
 of Rights will be delivered free of restrictive legends. Company shall, if applicable,
 inform Agent as soon as possible in advance as to whether any Common Stock issued
 hereunder is to be issued with restrictive legend(s) and, if so, the Company shall
 provide the appropriate legend(s) and a list identifying the affected shareholders,
 certificate numbers (if applicable) and share amounts for such affected shareholders.</font></p>
<p><font face="Arial" size="2"><b>3.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Duties of Subscription Agent</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">3.1&#160;&#160;&#160;&#160;&#160;Agent shall issue the Rights in accordance
 with this Agreement in the names of the holders of the Common Stock of record on
 the Record Date, keep such records as are necessary for the purpose of recording
 such issuance, and furnish a copy of such records to the Company.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">3.2</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left" colspan=3><font face="Arial" size="2">Promptly after
 Agent receives the Record Stockholders List, Agent shall:</font></td>
</tr>
<tr>
<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="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" 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="top" align="right"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">mail or cause
 to be mailed, by first class mail, to each holder of Common Stock of record on the
 Record Date whose address of record is within the United States and Canada, (i)
 a subscription form with respect to the Rights to which such stockholder is entitled
 under the Subscription Offer (the <b>&#147;Subscription Form&#148;</b>), a form
 of which is attached hereto as Exhibit A, (ii) a copy of the Prospectus and (iii)
 a return envelope addressed to the Agent; and</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 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="top" align="right"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">At the direction
 of the Company, mail or cause to be mailed, by courier, to each holder of Common
 Stock of record on the Record Date whose address of record is outside the United
 States and Canada, or is an A.P.O. or F.P.O. address, a copy of the Prospectus.
 Agent shall refrain from mailing Subscription Forms to any holder of Common Stock
 of record on the Record Date whose address of record is outside the United States
 and Canada, or is an A.P.O. or F.P.O. address, and hold such Subscription Forms
 for the account of such stockholder subject to such stockholder making satisfactory
 arrangements with the Agent for the exercise or other disposition of the Rights
 described therein, and effect the exercise, sale or delivery of such Rights in accordance
 with the terms of this Agreement if notice of such arrangements are received at
 or before 11:00 a.m., Eastern Time, on __________. In the event a request to exercise
 subscription rights is received from such a holder, Agent will consult with the
 Company for instructions as to the number of shares of Additional Common Stock,
 if any, Agent is authorized to issue.</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 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c) Upon request
 by the Company, Agent shall mail or deliver a copy of the Prospectus (i) to each
 assignee or transferee of Rights upon receiving appropriate documents satisfactory
 to the Agent to register the assignment or transfer thereof and (ii) with shares
 of Additional Common Stock when such are issued to persons other than the registered
 holder of the Rights.</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 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>
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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="top" align="left"><font face="Arial" size="2">(d) Agent
 shall accept Subscriptions upon the due exercise of Rights (including payment of
 the Subscription Price) on or prior to the Expiration Time in accordance with the
 Subscription Form.</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 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>
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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="top" align="left"><font face="Arial" size="2">(e) Agent
 shall accept Subscriptions, without further authorization or direction from the
 Company, without procuring supporting legal papers or other proof of authority to
 sign</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 3</font></td>
</tr>
</table>
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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 valign="top" colspan="7" align="left"><font face="Arial" size="2">
(including without limitation proof of appointment of a fiduciary or other person
 acting in a representative capacity), and without signatures of co-fiduciaries,
 co-representatives or any other person:</font></td>
</tr>
<tr>
<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="1%" 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="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="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><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 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 colspan="3" valign="top" align="left"><font face="Arial" size="2">(i) &#160;&#160;&#160;&#160;if the
 Right is registered in the name of a fiduciary and the Subscription Form is executed
 by such fiduciary, provided the Additional Common Stock is to be issued in the name
 of such fiduciary;</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 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 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 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 colspan="3" valign="top" align="left"><font face="Arial" size="2">(ii)&#160;&#160;&#160;&#160;if the
 Right is registered in the name of joint tenants and the Subscription Form is executed
 by one of the joint tenants, provided the Additional Common Stock is to be issued
 in the names of such joint tenants; or</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 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 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 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 colspan="3" valign="top" align="left"><font face="Arial" size="2">(iii)&#160;&#160;&#160;if the
 Right is registered in the name of a corporation and the Subscription Form is executed
 by a person in a manner which appears or purports to be done in the capacity of
 an officer or agent thereof, provided the Additional Common Stock is to be issued
 in the name of such corporation.</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 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 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>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">(f)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="7" align="left"><font face="Arial" size="2">
Each document received by Agent relating to its duties hereunder shall be dated and
 time stamped when received at the applicable address(es) as outlined on the offering
 documents.</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 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 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>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">(g)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="7" align="left"><font face="Arial" size="2">
Agent shall, absent of specific and mutually agreed instructions from the Company,
 follow its normal and customary procedures with respect to the acceptance or rejection
 of all Subscriptions received after the Expiration Time. Subscriptions not authorized
 to be accepted pursuant to this Section 3 and Subscriptions otherwise failing to
 comply with the terms and conditions of the Subscription Form will be rejected and
 returned to the shareholder.</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 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 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 valign="top" align="left"><font face="Arial" size="2">(h)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="7" align="left"><font face="Arial" size="2">
Company shall provide an opinion of counsel prior to the Expiration Time to set up
 reserve of shares. The opinion shall state that all New Shares, or the transactions
 in which they are being issued, as applicable, are:</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 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 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 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="top" align="left"><font face="Arial" size="2">(i)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2">
Registered, or subject to a valid exemption from registration, under the 1933 Act,
 as amended, and all appropriate state securities law filings have been made with
 respect to the shares, <i>or alternatively</i>, that the shares are &#147;covered
 securities&#148; under Section 18 of the 1933 Act; and</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 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 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 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="top" align="left"><font face="Arial" size="2">(ii)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2">
Validly issued, fully paid and non-assessable.</font></td>
</tr>
</table>
<p><font face="Arial" size="2"><b>4.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Acceptance of Subscriptions</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">4.1 &#160;&#160;&#160;&#160;Following Agent&#146;s first receipt
 of Subscriptions, on each business day, or more frequently if reasonably requested
 as to major tally figures, forward a report by email to [________________] (the
 <b>&#147;Company Representative&#148;</b>) as to the following information, based
 upon a preliminary review (and at all times subject to final determination by the
 Company) as of the close of business on the preceding business day or the most recent
 practicable time prior to such request, as the case may be: (i) the total number
 of shares of Additional Common Stock Subscribed for; (ii) the total number of Rights
 sold; (iii) the total number of Rights partially Subscribed for; (iv) the amount
 of funds received; and (v) the cumulative totals in categories (i) through (iv)
 above.</font></p>
<p><font face="Arial" size="2">4.2 &#160;&#160;&#160;&#160;As promptly as possible following the
 Expiration Time, advise the Company Representative by email of (i) the number of
 shares of Additional Common Stock Subscribed for and (ii) the number of shares of
 Additional Common Stock unsubscribed for.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 4</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
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<p><font face="Arial" size="2">4.3 &#160;&#160;&#160;&#160;Upon acceptance of a Subscription, all
 funds received by Computershare under this Agreement that are to be distributed
 or applied by Computershare in the performance of services hereunder (the <b>&#147;Funds&#148;</b>) shall be held by Computershare as agent for Company and deposited
 in one or more bank accounts to be maintained by Computershare in its name as agent
 for Company. Computershare may hold or invest the Funds through such accounts in:
 (i) bank accounts, short term certificates of deposit, bank repurchase agreements,
 and disbursement accounts with commercial banks with Tier 1 capital exceeding $1
 billion or with an average rating above investment grade by S&#038;P (LT Local Issuer
 Credit Rating), Moody&#146;s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer
 Default Rating) (each as reported by Bloomberg Finance L.P.). (ii) AAA Fixed NAV
 money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940,
 a AAA rated 3C-7 fund, or similar, (iii) funds backed by obligations of, or guaranteed
 by, the United States of America, municipal securities, or (iv) debt or commercial
 paper obligations rated A-1 or P-1 or better by Standard &#038; Poor&#146;s Corporation
 (&#147;S&#038;P&#148;) or Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;), respectively. Computershare shall have no responsibility or liability for
 any diminution of the Funds that may result from any deposit or investment made
 by Computershare in accordance with this paragraph, including any losses resulting
 from a default by any bank, financial institution or other third party. Computershare
 may from time to time receive interest, dividends or other earnings in connection
 with such deposits or investments. Computershare shall not be obligated to pay such
 interest, dividends or earnings to the Company, any holder or any other party.</font></p>
<p><font face="Arial" size="2"><b>5.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Completion of Subscription
 Offer</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">5.1 &#160;&#160;&#160;&#160;Upon completion of the Subscription
 Offer, Agent shall request the transfer agent for the Common Stock to issue the
 appropriate number of shares of Additional Common Stock as required in order to
 effectuate the Subscriptions.</font></p>
<p><font face="Arial" size="2">5.2 &#160;&#160;&#160;&#160;The Rights shall be issued in registered,
 book-entry form only. Agent shall keep books and records of the registration, transfer
 and exchange of Rights (the <b>&#147;Rights Register&#148;</b>).</font></p>
<p><font face="Arial" size="2">5.3 &#160;&#160;&#160;&#160; All Rights issued upon any registration
 of transfer or exchange of Rights shall be the valid obligations of the Company,
 evidencing the same obligations and entitled to the same benefits under this Agreement
 as the Rights surrendered for such registration of transfer or exchange; provided
 that, until such transfer or exchange is registered in the Rights Register, the
 Company and Agent may treat the registered holder thereof as the owner for all purposes.</font></p>
<p><font face="Arial" size="2">5.4 &#160;&#160;&#160;&#160;For so long as this Agreement shall
 be in effect, the Company will reserve for issuance and keep available free from
 preemptive rights a sufficient number of shares of Additional Common Stock to permit
 the exercise in full of all Rights issued pursuant to the Subscription Offer.</font></p>
<p><font face="Arial" size="2">5.5 &#160;&#160;&#160;&#160;The Company shall take any and all
 action, including without limitation obtaining the authorization, consent, lack
 of objection, registration or approval of any governmental authority, or the taking
 of any other action under the laws of the United States of America or any political
 subdivision thereof, to insure that all shares of Additional Common Stock issuable
 upon the exercise of the Rights (subject to payment of the Subscription Price) will
 be duly and validly issued and fully paid and non-assessable shares of Common Stock,
 free from all preemptive rights and taxes, liens, charges and security interests
 created by or imposed upon the Company with respect thereto.</font></p>
<p><font face="Arial" size="2">5.6 &#160;&#160;&#160;&#160;The Company shall from time to time
 take all action necessary or appropriate to obtain and keep effective all registrations,
 permits, consents and approvals of the Securities and Exchange Commission and any
 other governmental agency or authority and make such filings under Federal and state
 laws which may be necessary or appropriate in connection with the issuance, sale,
 transfer and delivery of Rights or Additional Common Stock issued upon exercise
 of Rights.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 5</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
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<p><font face="Arial" size="2"><b>6.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Procedure for Discrepancies</u>.<u></b></u> Agent shall follow its regular procedures to attempt to reconcile
 any discrepancies between the number of shares of Additional Common Stock that any
 Subscription Form may indicate are to be issued to a stockholder upon exercise of
 its Rights and the number that the Record Stockholders List indicates may be issued
 to such stockholder. In any instance where Agent cannot reconcile such discrepancies
 by following such procedures, Agent will consult with the Company for instructions
 as to the number of shares of Additional Common Stock, if any, Agent is authorized
 to issue. In the absence of such instructions, Agent is authorized not to issue
 any shares of Additional Common Stock to such stockholder and will return to the
 subscribing stockholder (at Agent&#146;s option by either first class mail under
 a blanket surety bond or insurance protecting Agent and the Company from losses
 or liabilities arising out of the non-receipt or non-delivery of the Subscription
 Form or by registered mail insured separately for the value of the applicable Rights)
 to such stockholder&#146;s address as set forth in the Subscription Form, any Subscription
 Form delivered to Agent, any other documents delivered therewith and a letter explaining
 the reason for the return of such documents.</font></p>
<p><font face="Arial" size="2"><b>7.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Procedure for Deficient
 Items</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">7.1 &#160;&#160;&#160;&#160;Agent shall examine the Subscription
 Forms received by it as agent to ascertain whether they appear to have been completed
 and executed in accordance with the Subscription Offer. In the event Agent determines
 that any Subscription Form does not appear to have been properly completed or executed,
 or to be in proper form, or any other deficiency in connection with the Subscription
 Form appears to exist, Agent shall follow, where possible, its regular procedures
 to attempt to cause such irregularity to be corrected. Agent is not authorized to
 waive any deficiency in connection with the Subscription, unless the Company provides
 written authorization to waive such deficiency.</font></p>
<p><font face="Arial" size="2">7.2 &#160;&#160;&#160;&#160;If a Subscription Form specifies that
 shares of Additional Common Stock are to be issued to a person other than the person
 in whose name a surrendered Right is registered, Agent will not issue such shares
 until such Subscription Form has been properly endorsed with the signature guaranteed
 in a manner acceptable to Agent (or otherwise put in proper form for transfer).</font></p>
<p><font face="Arial" size="2">7.3 &#160;&#160;&#160;&#160;If any such deficiency is neither corrected
 nor waived, Agent will return to the subscribing stockholder (at Agent&#146;s option
 by either first class mail under a blanket surety bond or insurance protecting Agent
 and the Company from losses or liabilities arising out of the non-receipt or non-delivery
 of the Subscription Form or by registered mail insured separately for the value
 of the applicable Rights) to such stockholder&#146;s address as set forth in the
 Subscription Form, any Subscription Form delivered to Agent, any other documents
 delivered therewith and a letter explaining the reason for the return of such documents.</font></p>
<p><font face="Arial" size="2"><b>8.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Tax Reporting</b></u>.</font></p>
<p><font face="Arial" size="2">8.1 &#160;&#160;&#160;&#160;Agent shall prepare and file with the
 appropriate governmental agency and mail to each stockholder, as applicable, all
 appropriate tax information forms, including but not limited to Forms 1099-B, covering
 payments or any other distributions made by Agent pursuant to this Agreement during
 each calendar year, or any portion thereof, during which Agent performs services
 hereunder, as described in the Tax Instruction/Cost Basis Information Letter attached
 hereto as Exhibit B. Any Cost basis or tax adjustments required after the Effective
 Time will incur additional fees.</font></p>
<p><font face="Arial" size="2">8.2 &#160;&#160;&#160;&#160;With respect to any surrendering stockholder
 whose TIN has not been certified as correct, Agent shall deduct and withhold the
 appropriate backup withholding tax from any payment made to such stockholder pursuant
 to the Internal Revenue Code.</font></p>
<p><font face="Arial" size="2">8.3 &#160;&#160;&#160;&#160;Should any issue arise regarding federal
 income tax reporting or withholding, Agent shall take such reasonable action as
 the Company may reasonably request in writing. Such action may be subject to additional
 fees.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 6</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
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<p><font face="Arial" size="2"><b>9.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Authorizations and Protections</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">As agent for the Company hereunder, Agent:</font></p>
<p><font face="Arial" size="2">9.1 &#160;&#160;&#160;&#160;Shall have no duties or obligations
 other than those specifically set forth herein or as may subsequently be agreed
 to in writing by Agent and the Company;</font></p>
<p><font face="Arial" size="2">9.2 &#160;&#160;&#160;&#160;Shall have no obligation to deliver
 Additional Common Stock unless the Company shall have provided a sufficient number
 of shares of Additional Common Stock to satisfy the exercise of Rights by holders
 as set forth hereunder;</font></p>
<p><font face="Arial" size="2">9.3 &#160;&#160;&#160;&#160;Shall be regarded as making no representations
 and having no responsibilities as to the validity, sufficiency, value, or genuineness
 of any certificates, if applicable, or the Rights represented thereby surrendered
 hereunder or Additional Common Stock issued in exchange therefor, and will not be
 required to or be responsible for and will make no representations as to, the validity,
 sufficiency, value or genuineness of the Subscription Offer;</font></p>
<p><font face="Arial" size="2">9.4 &#160;&#160;&#160;&#160;Shall not be obligated to take any legal
 action hereunder; if, however, Agent determines to take any legal action hereunder,
 and where the taking of such action might, in Agent&#146;s judgment, subject or
 expose it to any expense or liability, Agent shall not be required to act unless
 it shall have been furnished with an indemnity satisfactory to it;</font></p>
<p><font face="Arial" size="2">9.5 &#160;&#160;&#160;&#160;May rely on and shall be fully authorized
 and protected in acting or failing to act upon any certificate, instrument, opinion,
 notice, letter, telegram, telex, facsimile transmission or other document or security
 delivered to Agent and believed by Agent to be genuine and to have been signed by
 the proper party or parties;</font></p>
<p><font face="Arial" size="2">9.6 &#160;&#160;&#160;&#160;Shall not be liable or responsible for
 any recital or statement contained in the Subscription Offer or any other documents
 relating thereto;</font></p>
<p><font face="Arial" size="2">9.7 &#160;&#160;&#160;&#160;Shall not be liable or responsible
 for any failure of the Company or any other party to comply with any of its covenants
 and obligations relating to the Subscription Offer, including without limitation
 obligations under applicable securities laws;</font></p>
<p><font face="Arial" size="2">9.8 &#160;&#160;&#160;&#160;Shall not be liable to any holder of
 Rights for any Additional Common Stock or dividends thereon or, if applicable, and
 any related unclaimed property, that has been delivered to a public official pursuant
 to applicable abandoned property law;</font></p>
<p><font face="Arial" size="2">9.9 &#160;&#160;&#160;&#160;May, from time to time, rely on instructions
 provided by the Company concerning the services provided hereunder. Further, Agent
 may apply to any officer or other authorized person of Company for instruction,
 and may consult with legal counsel for Agent or Company with respect to any matter
 arising in connection with the services provided hereunder. Agent and its agents
 and subcontractors shall not be liable and shall be indemnified by Company under
 Section 11.2 of this Agreement for any action taken or omitted by Agent in reliance
 upon any Company instructions or upon the advice or opinion of such counsel. Agent
 shall not be held to have notice of any change of authority of any person, until
 receipt of written notice thereof from Company;</font></p>
<p><font face="Arial" size="2">9.10&#160;&#160;&#160;May rely on and be fully authorized
 and protected in acting or failing to act upon (a) any guaranty of signature by
 an &#147;eligible guarantor institution&#148; that is a member or participant in
 the Securities Transfer Agents Medallion Program or other comparable &#147;signature
 guarantee program&#148; or insurance program in addition to, or in substitution
 for, the foregoing; or (b) any law, act, regulation or </font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 7</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">any interpretation of the
 same even though such law, act, or regulation may thereafter have been altered,
 changed, amended or repealed;</font></p>
<p><font face="Arial" size="2">9.11&#160;&#160;&#160;Either in connection with, or independent
 of the instruction term in Section 9.9 above, Agent may consult counsel satisfactory
 to Agent (including internal counsel), and the advice of such counsel shall be full
 and complete authorization and protection in respect of any action taken, suffered
 or omitted by Agent hereunder in good faith and in reliance upon the advice of such
 counsel;</font></p>
<p><font face="Arial" size="2">9.12&#160;&#160;&#160;May perform any of its duties hereunder
 either directly or by or through agents or attorneys and Agent shall not be liable
 or responsible for any misconduct or negligence on the part of any agent or attorney
 appointed with reasonable care hereunder; and</font></p>
<p><font face="Arial" size="2">9.13&#160;&#160;&#160;Is not authorized, and shall have no
 obligation, to pay any brokers, dealers, or soliciting fees to any person.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>10.</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="489" align="left"><font face="Arial" size="2"><b><u>Representations, Warranties and Covenants</u>.</b></font></td>
</tr>
<tr>
<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="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5" align="left"><font face="Arial" size="2">
10.1 <u>Agent</u>. Agent represents and warrants to Company that:</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="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><u>Governance</u>. Trust Company is a federally chartered trust company duly organized, validly
 existing, and in good standing under the laws of the United States and Computershare
 is a corporation duly organized, validly existing, and in good standing under the
 laws of the State of Delaware and each has full power, authority and legal right
 to execute, deliver and perform this Agreement; and</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 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="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><u>Compliance
 with Laws</u>. The execution, delivery and performance of this Agreement by Agent
 has been duly authorized by all necessary action, constitutes the legal, valid and
 binding obligation of Agent enforceable against Agent in accordance with its terms,
 will not require the consent of any third party that has not been given, and will
 not violate, conflict with or result in the breach of any material term, condition
 or provision of (A) any existing law, ordinance, or governmental rule or regulation
 to which Agent is subject, (B) any judgment, order, writ, injunction, decree or
 award of any court, arbitrator or governmental or regulatory official, body or authority
 applicable to Agent, (C) Agent&#146;s incorporation documents or by-laws, or (D)
 any material agreement to which Agent is a party.</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 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 valign="top" colspan="5" align="left"><font face="Arial" size="2">
10.2 <u>Company</u>. Company represents and warrants to Agent that:</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="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><u>Governance</u>. It is a corporation duly organized, validly existing and in good standing under
 the laws of the State of ______________, and it has full power, authority and legal
 right to enter into and perform this Agreement;</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 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="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><u>Compliance
 with Laws</u>. The execution, delivery and performance of this Agreement by Company
 has been duly authorized by all necessary action, constitutes the legal, valid and
 binding obligation of Company enforceable against Company in accordance with its
 terms, will not require the consent of any third party that has not been given,
 and will not violate, conflict with or result in the breach of any material term,
 condition or provision of (A) any existing law, ordinance, or governmental rule
 or regulation to which Company is subject, (B) any judgment, order, writ, injunction,
 decree or award of any court, arbitrator or governmental or regulatory official,
 body or authority applicable to Company, (C) Company&#146;s incorporation documents
 or by-laws, (D) any material agreement to which Company is a party, or (E) any applicable
 stock exchange rules; and</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 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="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><u>Securities
 Laws</u>. Registration statements under the 1933 Act and the 1934 Act, have been
 filed and are currently effective, or will be effective prior to the sale of any
 Additional Common Stock, and will remain so effective, and all appropriate state
 securities law filings </font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 8</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<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="top" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">have been made with respect to all Shares being offered for
 sale except for any shares of Additional Common Stock which are offered in a transaction
 or series of transactions which are exempt from the registration requirements of
 the 1933 Act, 1934 Act and state securities laws; Company will immediately notify
 Agent of any information to the contrary.</font></td>
</tr>
<tr>
<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="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" 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="top" align="left"><font face="Arial" size="2">(d)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><u>Shares</u>. The Additional Common Stock issued and outstanding on the date hereof have been
 duly authorized, validly issued and are fully paid and are non-assessable; and any
 Additional Common Stock to be issued hereafter, when issued, shall have been duly
 authorized, validly issued and fully paid and will be non-assessable.</font></td>
</tr>
</table>
<p><font face="Arial" size="2"><b>11.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Indemnification and Limitation
 of Liability</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">11.1&#160;&#160;&#160;&#160;<u>Liability</u>. Agent shall only
 be liable for any loss or damage determined by a court of competent jurisdiction
 to be a result of Agent&#146;s gross negligence or willful misconduct; provided
 that any liability of Agent will be limited in the aggregate to the amounts paid
 hereunder by Company to Agent as fees and charges, but not including reimbursable
 expenses.</font></p>
<p><font face="Arial" size="2">11.2&#160;&#160;&#160;&#160;<u>Indemnity</u>. Company shall indemnify
 and hold Agent harmless from and against, and Agent shall not be responsible for,
 any and all losses, claims, damages, costs, charges, counsel fees and expenses,
 payments, expenses and liability (collectively, <b>&#147;Losses&#148;</b>) arising
 out of or attributable to Agent&#146;s duties under this Agreement or this appointment,
 including the reasonable costs and expenses of defending itself against any Loss
 or enforcing this Agreement, except for any liability of Agent as set forth in Section
 11.1 above.</font></p>
<p><font face="Arial" size="2"><b>12</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Damages</b></u>. Notwithstanding
 anything in this Agreement to the contrary, neither party shall be liable to the
 other for any incidental, indirect, special or consequential damages of any nature
 whatsoever, including, but not limited to, loss of anticipated profits, occasioned
 by a breach of any provision of this Agreement even if apprised of the possibility
 of such damages.</font></p>
<p><font face="Arial" size="2"><b>13.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Confidentiality</u>.</b></font></p>
<p><font face="Arial" size="2">13.1 <u>Definition</u>. <b>&#147;Confidential
 Information&#148;</b> shall mean any and all technical or business information relating
 to a party, including, without limitation, financial, marketing and product development
 information, shareholder data (including any non-public information of such Shareholder),
 proprietary information, and the terms and conditions (but not the existence) of
 this Agreement, that is disclosed or otherwise becomes known to the other party
 or its affiliates, agents or representatives before or during the term of this Agreement.
 Confidential Information constitutes trade secrets and is of great value to the
 owner (or its affiliates). Confidential Information shall not include any information
 that is: (a) already known to the other party or its affiliates at the time of the
 disclosure; (b) publicly known at the time of the disclosure or becomes publicly
 known through no wrongful act or failure of the other party; (c) subsequently disclosed
 to the other party or its affiliates on a non-confidential basis by a third party
 not having a confidential relationship with the owner and which rightfully acquired
 such information; or (d) independently developed by one party without access to
 the Confidential Information of the other.</font></p>
<p><font face="Arial" size="2"><u>13.2 Use and Disclosure</u>. All Confidential
 Information of a party will be held in confidence by the other party with at least
 the same degree of care as such party protects its own confidential or proprietary
 information of like kind and import, but not less than a reasonable degree of care.
 Neither party will disclose in any manner Confidential Information of the other
 party in any form to any person or entity without the other party&#146;s prior consent.
 However, each party may disclose relevant aspects of the other party&#146;s Confidential
 Information to its officers, affiliates, agents, subcontractors and employees to
 the extent reasonably necessary to perform its duties and obligations under this
 Agreement and such</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 9</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">disclosure is not prohibited by applicable law. Without limiting
 the foregoing, each party will implement physical and other security measures and
 controls designed to protect (a) the security and confidentiality of Confidential
 Information; (b) against any threats or hazards to the security and integrity of
 Confidential Information; and (c) against any unauthorized access to or use of Confidential
 Information. To the extent that a party delegates any duties and responsibilities
 under this Agreement to an agent or other subcontractor, the party ensures that
 such agent and subcontractor are contractually bound to confidentiality terms consistent
 with the terms of this Section 13.</font></p>
<p><font face="Arial" size="2">13.3 <u>Required or Permitted Disclosure</u>. In the event that any requests or demands are made for the disclosure of Confidential
 Information, other than requests to Agent for Shareholder records pursuant to standard
 subpoenas from state or federal government authorities (<i>e.g</i>., divorce and
 criminal actions), the party receiving such request will promptly notify the other
 party to secure instructions from an authorized officer of such party as to such
 request and to enable the other party the opportunity to obtain a protective order
 or other confidential treatment, unless such notification is otherwise prohibited
 by law or court order. Each party expressly reserves the right, however, to disclose
 Confidential Information to any person whenever it is advised by counsel that it
 may be held liable for the failure to disclose such Confidential Information or
 if required by law or court order.<br></font></p>
<div><font face="Arial" size="2">13.4 <u>Unauthorized Disclosure</u>. As
 may be required by law and without limiting any party&#146;s rights in respect of
 a breach of this Section 13, each party will promptly:</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">notify the
 other party in writing of any unauthorized possession, use or disclosure of the
 other party&#146;s Confidential Information by any person or entity that may become
 known to such party;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">furnish to
 the other party full details of the unauthorized possession, use or disclosure;
 and</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">use commercially
 reasonable efforts to prevent a recurrence of any such unauthorized possession,
 use or disclosure of Confidential Information.</font></td>
</tr>
</table>

<p><font face="Arial" size="2">13.5 <u>Costs</u>. Each party will bear
 the costs it incurs as a result of compliance with this Section 13.</font></p>
<p><font face="Arial" size="2"><b>14.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Compensation and Expenses</u>.<u></b></u></font></p>
<p><font face="Arial" size="2">14.1&#160;&#160;&#160;&#160;The Company shall pay to Agent compensation
 in accordance with the fee schedule attached as Exhibit B hereto, together with
 reimbursement for reasonable fees and disbursements of counsel, regardless of whether
 any Rights are surrendered to Agent, for Agent&#146;s services hereunder.</font></p>
<p><font face="Arial" size="2">14.2&#160;&#160;&#160;&#160;The Company shall be charged for certain
 expenses advanced or incurred by Agent in connection with Agent&#146;s performance
 of its duties hereunder. Such charges include, but are not limited to, stationery
 and supplies, such as checks, envelopes and paper stock, as well as any disbursements
 for telephone and document creation and delivery. While Agent endeavors to maintain
 such charges (both internal and external) at competitive rates, these charges may
 not reflect actual out-of-pocket costs, and may include handling charges to cover
 internal processing and use of Agent&#146;s billing systems.</font></p>
<p><font face="Arial" size="2">14.3&#160;&#160;&#160;&#160;If any out-of-proof condition caused
 by Company or any of its prior agents arises during any terms of this agreement,
 Company will, promptly upon Agent&#146;s request, provide Agent with funds or shares
 sufficient to resolve the out-of-proof condition.</font></p>
<p><font face="Arial" size="2">14.4&#160;&#160;&#160;&#160;All amounts owed to Agent hereunder
 are due within thirty (30) days of the invoice date. Delinquent payments are subject
 to a late payment charge of one and one half percent (1.5%) per month commencing
 forty-five (45) days from the invoice date. The Company agrees to reimburse Agent
 for any attorney&#146;s fees and any other costs associated with collecting delinquent
 payments.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 10</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">14.5&#160;&#160;&#160;&#160;No provision of this Agreement shall
 require Agent to expend or risk its own funds or otherwise incur any financial liability
 in the performance of any of its duties hereunder or in the exercise of its rights.</font></p>
<p><font face="Arial" size="2">14.6&#160;&#160;&#160;&#160;Company is responsible for all taxes,
 levies, duties, and assessments levied on services purchased under this Agreement
 (collectively, <b>&#147;Transaction Taxes&#148;</b>). Computershare is responsible
 for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare
 is registered to collect such Transaction Taxes. Computershare shall invoice Company
 for such Transaction Taxes that Computershare is obligated to collect upon the furnishing
 of services provided hereunder. Company shall pay such Transaction Taxes according
 to the terms in Section 14.1, above. Computershare shall timely remit to the appropriate
 governmental authorities all such Transaction Taxes that Computershare collects
 from Company. To the extent that Company provides Computershare with valid exemption
 certificates, direct pay permits, or other documentation that exempts Computershare
 from collecting Transaction Taxes from Company, invoices issued for services hereunder
 provided after Computershare&#146;s receipt of such certificates, permits, or other
 documentation will not reflect exempted Transaction Taxes. Computershare is solely
 responsible for the payment of all personal property taxes, franchise taxes, corporate
 excise or privilege taxes, property or license taxes, taxes relating to Computershare&#146;s personnel, and taxes based on Computershare&#146;s net income or gross revenues
 relating to services provided hereunder.</font></p>
<p><font face="Arial" size="2"><b>15.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Termination</u>.</b> Either party may terminate this Agreement upon thirty (30) days prior written
 notice to the other party. Unless so terminated, this Agreement shall continue in
 effect until ninety (90) days following the Expiration Time. In the event of such
 early termination, the Company will appoint a successor agent and inform Agent of
 the name and address of any successor agent so appointed, provided that no failure
 by the Company to appoint such a successor agent shall affect the termination of
 this Agreement or the discharge of Agent as agent hereunder. Upon any such termination,
 Agent shall be relieved and discharged of any further responsibilities with respect
 to its duties hereunder. Upon payment of all outstanding fees and expenses hereunder,
 Agent shall promptly forward to the Company or its designee any Subscription Forms
 or other documents relating to the Subscription Offer that Agent may receive after
 its appointment has so terminated.</font></p>
<p><font face="Arial" size="2"><b>16.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Assignment</u>.</b> Neither this Agreement nor any rights or obligations hereunder may be assigned
 by Company or Agent without the written consent of the other; provided, however,
 that Agent may, without further consent of Company, assign any of its rights and
 obligations hereunder to any affiliated agent registered under Rule 17Ac2-1 promulgated
 under the 1934 Act.</font></p>
<p><font face="Arial" size="2"><b>17.</b>&#160;&#160;&#160;&#160;&#160;&#160;<u><b>Subcontractors and Unaffiliated
 Third Parties</u>.</b></font></p>
<p><font face="Arial" size="2">17.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subcontractors</u>. Agent may, without
 further consent of Company, subcontract with (a) any affiliates, or (b) unaffiliated
 subcontractors for such services as may be required from time to time (e.g. lost
 shareholder searches, escheatment, telephone and mailing services); provided, however,
 that Agent shall be as fully responsible to Company for the acts and omissions of
 any subcontractor as it is for its own acts and omissions.</font></p>
<p><font face="Arial" size="2">17.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Unaffiliated Third Parties</u>.
 Nothing herein shall impose any duty upon Agent in connection with or make Agent
 liable for the actions or omissions to act of unaffiliated third parties (other
 than subcontractors referenced in Section 17.1 of this Agreement) such as, by way
 of example and not limitation, airborne services, delivery services, the U.S. mails,
 and telecommunication companies, provided, if Agent selected such company, Agent
 exercised due care in selecting the same.</font></p>
<p><font face="Arial" size="2"><b>18.&#160;&#160;&#160;&#160;&#160;&#160;<u>Miscellaneous</u></b>.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 11</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">18.1&#160;&#160;&#160;&#160;&#160;<u>Notices</u>. All notices, demands
 and other communications given pursuant to the terms and provisions hereof shall
 be in writing, shall be deemed effective on the date of receipt, and may be sent
 by overnight delivery services, or by certified or registered mail, return receipt
 requested to:</font></p>
<p><font face="Arial" size="2">If
 to the Company:	 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;with an additional copy to:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="top" align="left"><font face="Arial" size="2">Royce Value
 Trust, Inc.<br>[Address]<br>[e-mail address]<br>Attn:</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">[additional
 notice name e-mail and address]</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="top" align="left"><font face="Arial" size="2">Invoice for
 Fees and Services (if different than above):</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Royce Value
 Trust, Inc.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">[Address]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">[e-mail address]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Attn.:</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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">If to Agent:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">with an additional
 copy to:</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" valign="top" align="left"><font face="Arial" size="2">Computershare
 Inc.<br>480 Washington Blvd, 29th Floor<br>Jersey City, NJ 07310<br>Attn: Corp
 Actions Relationship Manager</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Computershare
 Inc.<br>250 Royall Street<br>Canton, MA 02021<br>Attn: Legal Department</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Or</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Computershare
 Inc.</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">250 Royall
 Street</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Canton, MA
 02021</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Attn: Corp
 Actions Relationship Manager</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<p><font face="Arial" size="2">18.2&#160;&#160;&#160;&#160;&#160;<u>No Expenditure of Funds</u>. No
 provision of this Agreement shall require Agent to expend or risk its own funds
 or otherwise incur any financial liability in the performance of any of its duties
 hereunder or in the exercise of its rights if it shall believe in good faith that
 repayment of such funds or adequate indemnification against such risk or liability
 is not reasonably assured to it.</font></p>
<p><font face="Arial" size="2">18.3&#160;&#160;&#160;&#160;&#160;<u>Publicity</u>. Neither party shall
 issue a news release, public announcement, advertisement, or other form of publicity
 concerning the existence of this Agreement or the Services to be provided hereunder
 without obtaining the prior written approval of the other party, which may be withheld
 in the other party&#146;s sole discretion; provided that Agent may use Company&#146;s
 name in its customer lists or otherwise as required by law or regulation.</font></p>
<p><font face="Arial" size="2">18.4&#160;&#160;&#160;&#160;&#160;<u>Successors</u>. All the covenants
 and provisions of this Agreement by or for the benefit of Company or Agent shall
 bind and inure to the benefit of their respective successors and assigns hereunder.</font></p>
<p><font face="Arial" size="2">18.5&#160;&#160;&#160;&#160;&#160;<u>Amendments</u>. This Agreement may
 be amended or modified by a written amendment executed by the parties hereto and,
 to the extent required, authorized by a resolution of the Board of Directors of
 Company.</font></p>
<p><font face="Arial" size="2">18.6&#160;&#160;&#160;&#160;&#160;<u>Severability</u>. If any term, provision,
 covenant or restriction of this Agreement is held by a court of competent jurisdiction
 or other authority to be invalid, void or unenforceable, the remainder of the</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 12</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">terms,
 provision, covenants and restrictions of this Agreement shall remain in full force
 and effect and shall in no way be affected, impaired or invalidated.</font></p>
<p><font face="Arial" size="2">18.7&#160;&#160;&#160;&#160;&#160;<u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by the laws of the State of New York, without
 regard to principles of conflicts of law. The parties irrevocably (a) submit to
 the non-exclusive jurisdiction of any New York State court sitting in New York City
 or the United States District Court for the Southern District of New York in any
 action or proceeding arising out of or relating to this Agreement, (b) waive, to
 the fullest extent they may effectively do so, any defense based on inconvenient
 forum, improper venue or lack of jurisdiction to the maintenance of any such action
 or proceeding, and (c) waive all right to trial by jury in any action, proceeding
 or counterclaim arising out of this Agreement or the transactions contemplated hereby.
 Agent shall not be required hereunder to comply with the laws or regulations of
 any country other than the United States of America or any political subdivision
 thereof. Agent may consult with foreign counsel, at Company&#146;s expense, to resolve
 any foreign law issues that may arise as a result of Company or any other party
 being subject to the laws or regulations of any foreign jurisdiction.</font></p>
<p><font face="Arial" size="2">18.8&#160;&#160;&#160;&#160;&#160;<u>Force Majeure</u>. Notwithstanding
 anything to the contrary contained herein, Agent shall not be liable for any delays
 or failures in performance resulting from acts beyond its reasonable control including,
 without limitation, acts of God, terrorist acts, shortage of supply, breakdowns
 or malfunctions, interruptions or malfunction of computer facilities, or loss of
 data due to power failures or mechanical difficulties with information storage or
 retrieval systems, labor difficulties, war, or civil unrest.</font></p>
<p><font face="Arial" size="2">18.9&#160;&#160;&#160;&#160;&#160;<u>Third Party Beneficiaries</u>. The
 provisions of this Agreement are intended to benefit only Agent, Company and their
 respective permitted successors and assigns. No rights shall be granted to any other
 person by virtue of this Agreement, and there are no third party beneficiaries hereof.</font></p>
<p><font face="Arial" size="2">18.10&#160;&#160;&#160;<u>Survival</u>. All provisions regarding
 indemnification, warranty, liability and limits thereon, compensation and expenses
 and confidentiality and protection of proprietary rights and trade secrets shall
 survive the termination or expiration of this Agreement.<br></font></p>
<p><font face="Arial" size="2">18.11&#160;&#160;&#160;<u>Priorities</u>. In the event of
 any conflict, discrepancy, or ambiguity between the terms and conditions contained
 in (a) this Agreement, (b) any schedules or attachments hereto, and (c) the Subscription
 Offer, the terms and conditions contained in this Agreement shall take precedence.</font></p>
<p><font face="Arial" size="2">18.12&#160;&#160;&#160;<u>Merger of Agreement</u>. This Agreement
 constitutes the entire agreement between the parties hereto and supersedes any prior
 agreement with respect to the subject matter hereof, whether oral or written.</font></p>
<p><font face="Arial" size="2">18.13&#160;&#160;&#160;<u>No Strict Construction</u>. The
 parties hereto have participated jointly in the negotiation and drafting of this
 Agreement. In the event any ambiguity or question of intent or interpretation arises,
 this Agreement shall be construed as if drafted jointly by all parties hereto, and
 no presumption or burden of proof shall arise favoring or disfavoring any party
 by virtue of the authorship of any provision of this Agreement.</font></p>
<p><font face="Arial" size="2">18.14&#160;&#160;&#160;<u>Descriptive Headings</u>. Descriptive
 headings contained in this Agreement are inserted for convenience only and shall
 not control or affect the meaning or construction of any of the provisions hereof.</font></p>
<p><font face="Arial" size="2">18.15&#160;&#160;&#160;<u>Counterparts</u>. This Agreement
 may be executed in any number of counterparts and each of such counterparts shall
 for all purposes be deemed to be an original, and all such counterparts shall together
 constitute but one and the same instrument. A signature to this Agreement transmitted
 electronically shall have the same authority, effect, and enforceability as an original
 signature.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 13</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="center"><font face="Arial" size="2">[The remainder of this page
 has been intentionally left blank. Signature page follows.]</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 14</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2"><b>IN WITNESS WHEREOF,</b> the parties hereto
 have executed this Agreement by their duly authorized officers as of the Effective
 Date hereof.</font></p>
<p><font face="Arial" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">By:</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">_________________________________</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Name:</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>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Title:</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>
</tr>
</table>
<p><font face="Arial" size="2"><b>COMPUTERSHARE INC. and<br>COMPUTERSHARE TRUST COMPANY, N.A.<br><i>For both entities</i></b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">By:</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">_________________________________</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Name:</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>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Title:</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>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="10%" valign="top" align="left"><font face="Arial" size="2">Exhibit A</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Form of Subscription
 Form</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Exhibit B</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Tax Instruction
 and Cost Basis Information Letter</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Exhibit C</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Schedule of
 Fees</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 15</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="center"><font face="Arial" size="2">EXHIBIT A</font></p>
<p align="center"><font face="Arial" size="2">FORM OF SUBSCRIPTION FORM</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 16</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="center"><font face="Arial" size="2"><b>Exhibit B<br></b>Tax Reporting
 Instructions</font></p>
<p><font face="Arial" size="2"><i>Pursuant to the Emergency Economic Stabilization
 Act of 2008, financial intermediaries such as Computershare must report cost basis
 for certain types of securities acquired after January 1, 2011 to both security
 holders and the IRS. In preparation for the year-end tax reporting to be performed
 by Computershare under our service agreement for the corporate actions event described
 in Section 1 of this agreement, please (a) complete the below Tax and Cost Basis
 package and (b) provide us with the pertinent issuer statement (i.e., hard copy
 or website link requested in Section 3 below) as required of issuers under Internal
 Revenue Code Section 6045B and the underlying Treasury regulations</i>.</font></p>
<p><font face="Arial" size="2"><i>In the event that you have not yet produced
 the issuer statement, kindly provide us with the requisite information at your earliest
 convenience when completed. You may find it helpful to refer to the below link on
 the IRS website for some background information regarding the issuer&#146;s obligation
 to produce the issuer statement.</i></font></p>
<p><font face="Arial" size="2"><u>http://www.irs.gov/uac/Form-8937,-Report-of-Organizational-Actions-Affecting-Basis-of-Securities
</u></font></p>
<p><font face="Arial" size="2"><i>Please review, complete, execute and
 return the below Tax Letter and either the Cost Basis word document or the Form
 8937, attached documents via e-mail. By requesting cost basis information, Computershare
 has fulfilled its regulatory obligation. Failure to provide correct basis information
 may result in a liability to you as an issuer, but if we can provide additional
 details, please feel free to call upon us.</i></font></p>
<p><font face="Arial" size="2"><i>Additional information may be required
 based on the completion of the information provided below.</i></font></p>
<p align="center"><font face="Arial" size="2"><b>Year End Tax Reporting
 Package</b></font></p>
<p align="center"><font face="Arial" size="2"><b>Section 1 &#150; Client
 Information</b></font></p>
<p><font face="Arial" size="2">Computershare cannot provide tax advice
 for purposes of completing this worksheet. Please consult your tax counsel to determine
 your respective tax reporting requirements. <i>Please note residents or holders
 that are uncertified, and reside in the state of CA will be withheld an additional
 7% which will be remitted to the state of CA</i>.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Client Name:
 ______________________________________________________________________________________________________________________________</font></td>

</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Tax ID/EIN:
 _______________________________________________________________________________________________________________________________</font></td>

</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="top" align="left" nowrap><font face="Arial" size="2">Issue Description/Type:______________________________________________________________________________________________________________________</font></td>

</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="top" align="left" nowrap><font face="Arial" size="2">CUSIP Number(s):__________________________________________________________________________________________________________________________</font></td>

</tr>
</table>
<br>
<div><font face="Arial" size="2">Will you require Computershare to perform
 tax reporting services for this transaction?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="8%"valign="top" align="left"><font face="wingdings" size="2">o</font> <font face="Arial" size="2">Yes</font> </td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="wingdings" size="2">o</font> <font face="Arial" size="2">No***</font></td>
</tr>
</table>
<p><font face="Arial" size="2"><u>***If you mark the above box &#147;No&#148;, an explanation of how the proceeds will be tax reported is required. Please
 provide this explanation in Section 4 where it indicates &#147;Is any additional
 reporting/non reporting required (specify below)?&#148;</u></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 17</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p align="center"><font face="Arial" size="2"><b>Section 2 &#150; Type(s)
 of Reporting</b></font></p>
<p align="center"><font face="Arial" size="2"><u><b>2.A &#150; Fair Market
 Value reporting</b></u></font></p>
<p><font face="Arial" size="2">If 2.A is not applicable, please check here and move to 2.B</font> <font face="wingdings" size="2">o</font></p>
<div><font face="Arial" size="2">Will you require Computershare to perform
 Fair Market Value tax reporting for any shares issuable pursuant to our services
 for this transaction?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="bottom" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p><font face="Arial" size="2">If yes, at what rate per share $_____________</font></p>
<div><font face="Arial" size="2">Will proceeds be reported on Form 1099-B?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table><p><font face="Arial" size="2">If not, please indicate on what form(s)
 it should be reported: ______________</font></p>
<p><font face="Arial" size="2">Fair market value reporting is performed
 on a constructive receipt basis. Cash proceeds received in addition to share consideration
 (such as principal payment and/or cash in lieu of fractional share) would also be
 reported on a constructive receipt basis.</font></p>
<p><font face="Arial" size="2">Are the shares subject to backup withholding?
 (Uncertified accounts would be subject to a lowered share amount upon exchange due
 to withholding of shares to satisfy remittance to the IRS):</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p><font face="Arial" size="2">=If yes, Computershare is hereby authorized
 by the issuer to sell the appropriate number of shares from each shareholder&#146;s
 share entitlement to cover all applicable tax withholding obligation. Withholding
 obligation is due on effective date.</font></p>
<p><font face="Arial" size="2">Will all newly issued shares have the FMV
 rate as their Cost Basis OR will we maintain the original Cost Basis of the shares?</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Arial" size="2">Effective Date Cost Basis</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Original Basis</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2"><u><b>2.B &#150; Principal
 payment / cash in lieu of fractional shares</b></u></font></p>
<p><font face="Arial" size="2">If 2.B is not applicable, please check here
 and move to 2.C</font> <font face="wingdings" size="2">o</font></p>
<div><font face="Arial" size="2">Will you require Computershare to perform
 1099-B tax reporting services for cash issued pursuant to this transaction?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<br>
<div><font face="Arial" size="2">If yes, please indicate further instructions
 below:</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Arial" size="2">Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Non Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<br>
<div><font face="Arial" size="2">Was there a cash in lieu payment for fractional
 shares made to holders?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 18</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<div><font face="Arial" size="2">If yes, will it be reported on Form 1099-B?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p><font face="Arial" size="2">If not, please indicate on what form(s)
 it should be reported: ______________</font></p>
<div><font face="Arial" size="2">If reporting is required, please indicate
 further instructions below:</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Arial" size="2">Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Non Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<div><font face="Arial" size="2">Shareholder accounts without certified TIN,
 EIN or foreign status will be subject to tax backup withholding at applicable tax
 withholding in accordance with IRS rules and regulations.</font></div>
<p align="center"><font face="Arial" size="2"><u><b>2.C &#150; Dividend
 Reporting (including accrued dividends for unexchanged accounts)</b></u></font></p>
<p><font face="Arial" size="2">If 2.C is not applicable, please check here
 and move to 2.D</font> <font face="wingdings" size="2">o</font></p>
<div><font face="Arial" size="2">Will you require Computershare to perform
 1099-DIV/1042-S tax reporting services for this transaction?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="8%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<br>
<div><font face="Arial" size="2">If yes, when are they taxable to the holder?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Arial" size="2">Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Non Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p><font face="Arial" size="2">If you require 1099-DIV/1042-S reporting
 (other than accrued and unpaid dividends as outlined below), please provide specific
 details below so additional instructions can be requested as necessary.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
</table>
<br>
<div><font face="Arial" size="2">Are dividends to accrue on the shares issuable
 to unexchanged holders?</font></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="20%" valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="20%" valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Not Applicable</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p><font face="Arial" size="2">If you require 1099-DIV/1042-S reporting
 on any future accrued dividend that may be paid after the effective date of the
 transaction, then please indicate if the accrued dividend payment will be Constructive
 Receipt or Non-Constructive Receipt below. (Please note, unless otherwise indicated,
 accrued dividends will be reported on a Non-Constructive Receipt basis.):</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Arial" size="2">Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Non Constructive
 Receipt reporting</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Withholding
 Tax:</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Is IRS backup
 withholding required?</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Yes</font> <font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Is IRS Non-Resident
 withholding required?</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"> Yes</font> <font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2"><u><b>2.D &#150; Additional
 reporting</b></u></font></p>
<p><font face="Arial" size="2">If 2.D is not applicable, please check here
 and move to Section 3</font> <font face="wingdings" size="2">o</font></p>
<p><font face="Arial" size="2">Does any of the following reporting need
 to be performed by Computershare?</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="80%">
<tr>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="13%" valign="top" align="left"><font face="Arial" size="2">1099-INT</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="13%" valign="top" align="left"><font face="Arial" size="2"> 1099-OID</font> <font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"> 1099-MISC</font> <font face="wingdings" size="2">o</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 19</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">If you selected 1099-INT, 1099-OID or 1099-MISC
 above, please complete the below. Specify which box on the Form should be used for
 reportable amounts:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Reporting
 Box for 1099-INT: _____________________________________________________________________________________</font></td>

</tr>
<tr>

<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Reporting
 Box for 1099-OID: ____________________________________________________________________________________</font></td>

</tr>
<tr>

<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Reporting
 Box for 1099-MISC: ___________________________________________________________________________________</font></td>

</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>

</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Arial" size="2">Constructive
 Receipt reporting</font> &#160;&#160;&#160;&#160;<font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Non Constructive
 Receipt reporting</font> &#160;&#160;&#160;&#160;<font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2"><b>Section 3 &#150; Cost Basis</b></font></p>
<p><font face="Arial" size="2">Please provide a copy of the Issuer Statement
 (IRS Form 8937) or link to where the Tax &#038; Cost Basis information can be found.
 If you are unable to provide the link or information pertaining to the Issuer Statement,
 you must answer the questions below.<br><br>What are the Tax &#038; Cost Basis implications
 due to this Corporate Action? Please include the details of any calculation that
 needs to be applied to existing cost basis.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
</table>

<p align="center"><font face="Arial" size="2"><b>Section 4 &#150; Additional
 Information</b></font></p>
<p><font face="Arial" size="2">Did any of the following corporate changes
 occur during the same year in which this corporate action took place?</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="80%">
<tr>
<td width="15%" valign="top" align="center" style="text-indent:90px;"><font face="Arial" size="2">a)</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Name Change?</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">Yes</font> &#160;<font face="wingdings" size="2">o</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="top" align="left"><font face="Arial" size="2">No</font> &#160;<font face="wingdings" size="2">o</font></td>
</tr>
<tr>
<td valign="top" align="center" style="text-indent:90px;"><font face="Arial" size="2">b)</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Tax Id
 Number Change?</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Yes</font> &#160;<font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> &#160;<font face="wingdings" size="2">o</font></td>
</tr>
<tr>
<td valign="top" align="center" style="text-indent:90px;"><font face="Arial" size="2">c)</font></td>
<td valign="top" align="left"><font face="Arial" size="2">CUSIP Number
 Change?</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Yes</font> &#160;<font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> &#160;<font face="wingdings" size="2">o</font></td>
</tr>
<tr>
<td valign="top" align="center" style="text-indent:90px;"><font face="Arial" size="2">d)</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Cash Liquidating
 Distribution</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Yes</font> &#160;<font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> &#160;<font face="wingdings" size="2">o</font></td>
</tr>
<tr>
<td valign="top" align="center" style="text-indent:90px;"><font face="Arial" size="2">e)</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Non-Cash
 Liquidating Distribution</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Yes</font> &#160;<font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> &#160;<font face="wingdings" size="2">o</font></td>
</tr>
<tr>
<td valign="top" align="center" style="text-indent:90px;"><font face="Arial" size="2">f)</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Sale of
 Rights payment</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Yes</font> &#160;<font face="wingdings" size="2">o</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">No</font> &#160;<font face="wingdings" size="2">o</font></td>
</tr>
</table>
<p><font face="Arial" size="2">Is any additional reporting/non reporting
 required (specify below)?</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 20</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Arial" size="2">Is any additional withholding required (specify
 below)?</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">_____________________________________________________________________________________________________________________________</font></td>
</tr>
</table>

<p><font face="Arial" size="2">If Computershare does not receive the completed
 tax letter by the expiration of the offer /effective date of the exchange, we will
 report taxes on our system using our standard, default tax terms &#150; which would
 be for the year the holder exchanges and is paid (Non-Constructive Receipt) for
 principal, cash-in-lieu and dividends with no Fair Market Value (FMV) reporting
 on shares. In the event that the tax letter is provided after the job calculation
 has been run on our system with tax reporting requirements other than our standard,
 default tax terms, Computershare will charge applicable fees to cover any programming
 charges to update the tax parameters.</font></p>
<p><font face="Arial" size="2"><u><i>Computershare will perform form suppression
 on de minimis reporting for the following: on 1099-B tax forms less than $20 in
 principal income if no withholding; 1099-DIV tax forms less than $10 in dividend
 income if no withholding</i>.</u></font></p>
<p><font face="Arial" size="2"><u><i>Computershare will not be liable for
 any IRS penalties resulting from any changes to the instructions that will alter
 our initial tax reporting instructions</i>.</u></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 21</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="left"><font face="Arial" size="2"><img src="e52372_comp.jpg"></font></p>
<p align="center"><font face="Arial" size="2"><u>EXHIBIT C</u></font></p>
<p align="center"><font face="Arial" size="2">SCHEDULE OF FEES</font></p>
<p align="center"><font face="Arial" size="2"><b>COMPUTERSHARE TRUST COMPANY,
 N.A.</b><br><b>SUBSCRIPTION AGENT FEE SCHEDULE FOR</b><br><b>ROYCE VALUE TRUST,
 INC. RIGHTS OFFERING</b></font></p>
<br>
<br>
<br>
<br>
<br>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 4pt double black;">&#160;</td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><font face="Arial" size="2">Exhibit (k)(6)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">Page 22</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K
<SEQUENCE>8
<FILENAME>e52372_exk7.htm
<TEXT>
<div align="right"><img src="e52372_geor.jpg"></div>
<div align="right"><font face="Arial" size="2"><b>Georgeson LLC</b><br>1290 Avenue of the Americas, 9th Floor<br>New York, NY
 10104<br>www.georgeson.com</font></div>
<p align="center"><font face="Arial" size="2">February __, 2018</font></p>
<p><font face="Arial" size="2">Royce Value Trust, Inc.<br>745 Fifth Avenue
<br>New York, NY 10151</font></p>
<p align="left" style="text-indent: 80px;"><font face="Arial" size="2">Re: <u>Information Agent</u></font></p>
<p align="justify"><font face="Arial" size="2">This Letter of Agreement, including the
 Appendix attached hereto (collectively, this &#147;Agreement&#148;), sets forth
 the terms and conditions of the engagement of Georgeson LLC (&#147;Georgeson&#148;)
 by Royce Value Trust, Inc. (the &#147;Company&#148;) to act as Information Agent
 in connection with the Company&#146;s Rights offer (the &#147;Offer&#148;). The
 term of this Agreement shall be the term of the Offer, including any extensions
 thereof.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(a)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Services</i>. Georgeson shall perform the services described in the Fees &#038;
 Services Schedule attached hereto as Appendix I (such services, collectively, the
 &#147;Services&#148;).</div></font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><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 valign="top" align="left"><font face="Arial" size="2">(b)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Fees</i>. In consideration of Georgeson&#146;s performance of the Services, the
 Company shall pay Georgeson the amounts, and pursuant to the terms, set forth on
 the Fees &#038; Services Schedule attached hereto as Appendix I, together with the
 Expenses (as defined below). The Company acknowledges and agrees that the Fees
&#038; Services Schedule shall be subject to adjustment if the Company requests Georgeson
 to provide services with respect to additional matters or a revised scope of work.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(c)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Expenses</i>. In addition to the fees and charges described in paragraphs (b)
 and (d) hereof, Georgeson shall charge the Company, and the Company shall be solely
 responsible, for the following costs and expenses (collectively, the &#147;Expenses&#148;):</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="right" valign="top"><font face="Arial" size="2">&#149;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><div align="justify">costs and expenses incidental to the Offer, including without limitation the
 mailing or delivery of Offer materials;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="right" valign="top"><font face="Arial" size="2">&#149;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><div align="justify">costs and expenses relating to Georgeson&#146;s work with its agents or other
 parties involved in the Offer, including without limitation charges for bank threshold
 lists, data processing, market information, institutional advisory reports, telephone
 directory assistance, facsimile transmissions or other forms of electronic communication;</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="right" valign="top"><font face="Arial" size="2">&#149;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><div align="justify">costs
 and expenses incurred by Georgeson at the Company&#146;s request or for the Company&#146;s convenience, including without limitation for copying, printing of additional
 and/or supplemental material and travel by Georgeson&#146;s personnel; and</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="right" valign="top"><font face="Arial" size="2">&#149;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2"><div align="justify"></div>any
 other costs and expenses authorized by the Company during the course of the Offer,
 including without limitation those relating to advertising (including production
 and posting), media relations and analytical services.</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left" colspan=3><font face="Arial" size="2"><div align="justify">The Company
 shall pay all applicable taxes incurred in connection with the delivery of the Services
 or Expenses.</div></font></td>
</tr>
<tr>
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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>
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<tr>
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 Financial Solutions, Inc.</div></font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="right"><img src="e52372_geor.jpg"></p>

<p><font face="Arial" size="2">Royce Value Trust, Inc.<br>January 25, 2018
<br>Page 2</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">(which will bill the Company directly), for forwarding
 the Company&#146;s offering material to beneficial owners. The Company shall reimburse
 Georgeson for such broker and bank charges in the manner described in the Fees
&#038; Services Schedule.</div></font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<i>Compliance with Applicable Laws</i>. The Company and Georgeson hereby represent
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 including, without limitation, the Securities Exchange Act of 1934, as amended,
 and the rules and regulations promulgated thereunder.</div></font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<i>Indemnification; Limitation of Liability</i>.</div></font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<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 valign="top" align="left"><font face="Arial" size="2"><div align="justify">The Company
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 stockholders, officers, directors, employees and agents from and against any and
 all losses, claims, damages, costs, charges, counsel fees and expenses, payments,
 expenses and liability (collectively, &#147;Losses&#148;) arising out of or relating
 to the performance of the Services, including the reasonable costs and expenses
 of defending against any Loss or enforcing this Agreement, except to the extent
 such Losses shall have been determined by a court of competent jurisdiction to be
 a result of Georgeson&#146;s gross negligence or willful misconduct.</div></font></td>
</tr>

<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Arial" size="2"><div align="justify">Notwithstanding
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 obligations set forth in clause (i) above, neither party shall be liable for any
 incidental, indirect, special or consequential damages of any nature whatsoever,
 including, but not limited to, loss of anticipated profits, occasioned by a breach
 of any provision of this Agreement, even if apprised of the possibility of such
 damages.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<tr>
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<td valign="top" align="left"><font face="Arial" size="2"><div align="justify">Any liability
 whatsoever of Georgeson, its affiliates or any of their respective stockholders,
 officers, directors, employees or agents hereunder or otherwise relating to or arising
 out of performance of the Services will be limited in the aggregate to the fees
 and charges paid hereunder by the Company to Georgeson (but not including Expenses).</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#160;</font></td>
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<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 valign="top" align="left"><font face="Arial" size="2"><div align="justify">This paragraph
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</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<tr>
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<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Governing Law</i>. This Agreement shall be governed by the substantive laws of
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 shall not be modified in any way, unless pursuant to a written agreement which has
 been executed by each of the parties hereto. The parties agree that any and all
 disputes, controversies or claims arising out of or relating to this Agreement (including
 any breach hereof) shall be subject to the jurisdiction of the federal and state
 courts in New York County, New York and the parties hereby waive any defenses on
 the grounds of lack of personal jurisdiction of such courts, improper venue or
<i>forum non conveniens</i>. The parties waive all right to trial by jury in any
 action, proceeding or counterclaim arising out of this Agreement.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<tr>
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<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Relationship</i>. The Company agrees and acknowledges that Georgeson shall be
 the primary information agent retained by the Company in connection with the Offer.</div></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<i>Confidentiality</i>. Georgeson agrees to preserve the confidentiality of (i) all
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</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="right"><img src="e52372_geor.jpg"></p>

<p><font face="Arial" size="2">Royce Value Trust, Inc.<br>January 25, 2018
<br>Page 3</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<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>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">obligations hereunder and (ii) any information developed
 by Georgeson based upon such material non-public information (collectively, &#147;Confidential
 Information&#148;); provided that Georgeson may disclose such Confidential Information
 as required by law and otherwise to its officers, directors, employees, agents or
 affiliates to the extent reasonably necessary to perform the Services hereunder.
 For purposes of this Agreement, Confidential Information shall not be deemed to
 include any information which (w) is or becomes generally available to the public
 other than as a result of a disclosure by Georgeson or any of its officers, directors,
 employees, agents or affiliates; (x) was available to Georgeson on a nonconfidential
 basis and in accordance with law prior to its disclosure to Georgeson by the Company;
 (y) becomes available to Georgeson on a nonconfidential basis and in accordance
 with law from a person other than the Company or any of its officers, directors,
 employees, agents or affiliates who is not otherwise bound by a confidentiality
 agreement with the Company or is not otherwise prohibited from transmitting such
 information to a third party; or (z) was independently and lawfully developed by
 Georgeson without access to the Confidential Information. The Company agrees that
 all reports, documents and other work product provided to the Company by Georgeson
 pursuant to the terms of this Agreement are for the exclusive use of the Company
 and may not be disclosed to any other person or entity without the prior written
 consent of Georgeson. The confidentiality obligations set forth in this paragraph
 shall survive the termination of this Agreement.</div></font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr><tr>
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<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Invoices</i>. Invoices for amounts due hereunder shall be delivered to Company
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</tr>

<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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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<tr>
<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="top" colspan="3" align="left"><font face="Arial" size="2">
ADDRESS: ______________________________________________________________________</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2">
ATTENTION:</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><font face="Arial" size="2">
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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>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="center"><font face="Arial" size="2">
<i>(Contact Name, Email, Phone)</i></font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">&#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>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">(k)</font></td>
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<td valign="top" colspan="3" align="left"><font face="Arial" size="2"><div align="justify">
<i>Entire Agreement; Appendix</i>. This Agreement constitutes the entire agreement
 and supersedes all prior agreements and understandings, both written and oral, between
 the parties hereto with respect to the subject matter hereof. The Appendix to this
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 forth herein. This Agreement shall be binding upon all successors to the Company
 (by operation of law or otherwise).</div></font></td>
</tr>
</table>
<p align="center"><font face="Arial" size="2">[Remainder
 of page intentionally left blank. Signature page follows.]</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="right"><img src="e52372_geor.jpg"></p>
<p><font face="Arial" size="2">Royce Value Trust, Inc.<br>January 25, 2018
<br>Page 4</font></p>
<p align="justify"><font face="Arial" size="2"><b>If the above is acceptable, please execute
 and return the enclosed duplicate of this Agreement to Georgeson LLC, 1290 Avenue
 of the Americas, 9<sup>th</sup> floor, New York, NY 10104, Attention: Christopher
 M. Hayden.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
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<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="40%" valign="top" align="left"><font face="Arial" size="2">Sincerely,</font></td>
<td width="28%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<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>
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</tr>
<tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">GEORGESON
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<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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="top" align="left"><font face="Arial" size="2">By:&#160;&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
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</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="top" align="left" style="text-indent: 65px;"><font face="Arial" size="2">Christopher
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</tr>
<tr>
<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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Arial" size="2">Title:&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Senior
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<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><font face="Arial" size="1">&#160;</font></td>
</tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">the date first
 set forth above:</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>
</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 align="left"><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>
</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 align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Arial" size="2">By:&#160;&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
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<td valign="top" align="left"><font face="Arial" size="2">Title:&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
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<br clear="all" style="page-break-before:always;">
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<p align="right"><img src="e52372_geor.jpg"></p>
<p><font face="Arial" size="2">Royce Value Trust, Inc.<br>January 25, 2018
<br>Page 5</font></p>
<p align="right"><font face="Arial" size="2"><b><u>APPENDIX I</u></b></font></p>
<p align="center"><font face="Arial" size="2"><b>ROYCE VALUE TRUST, INC.
<br><u>FEES &#038; SERVICES SCHEDULE</u></b></font></p>
<br>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit l</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>[LETTERHEAD OF VENABLE LLP]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">[FORM OF LEGAL OPINION AND CONSENT]</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">March __, 2018</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">745 Fifth Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, New York 10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement on Form N-2</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">We have served as Maryland counsel to Royce
Value Trust, Inc., a Maryland corporation registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;),
as a closed-end management investment company (the &#8220;Company&#8221;), in connection with certain matters of Maryland law arising
out of the offering and sale of up to ________ shares (the &#8220;Shares&#8221;) of common stock, $.001 par value per share (the
&#8220;Common Stock&#8221;). The Shares are issuable upon the exercise of non-transferable subscription rights (the &#8220;Rights&#8221;)
and the offering and sale of the Shares are covered by the above-referenced Registration Statement, and all amendments thereto
(the &#8220;Registration Statement&#8221;), filed by the Company with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), and the 1940 Act on or about the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In connection with our representation of
the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement, substantially in the form filed with the Commission under the 1933 Act and the 1940 Act;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
charter of the Company, certified by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bylaws of the Company (the &#8220;Bylaws&#8221;), certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
(the &#8220;Resolutions&#8221;) adopted by the Board of Directors of the Company relating to the filing of the Registration Statement
and the issuance of the Rights and the Shares, certified as of the date hereof by an officer of the Company;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
certificate executed by an officer of the Company, dated as of the date hereof; and</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">19311438v1</P>



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    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Royce Value Trust, Inc. <br>January 18, 2018 <br>Page 2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">In expressing the opinion set forth below,
we have assumed the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do
so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid and binding
and are enforceable in accordance with all stated terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All
Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all such Documents
are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties,
statements and information contained in the Documents are true and complete. There has been no oral or written modification of
or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the issuance of any of the Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total
number of shares of Common Stock that the Company is then authorized to issue under the Charter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Based upon the foregoing, and subject to
the assumptions, limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good
standing with the SDAT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale and issuance of the Shares have been duly authorized and, when and if issued and paid for upon exercise of the Rights pursuant
to the Resolutions and the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">19311438v1</P>


<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Royce Value Trust, Inc. <br>January 18, 2018 <br>Page 3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The foregoing opinion is limited to the
laws of the State of Maryland and we do not express any opinion herein concerning any other law. We express no opinion as to compliance
with the 1940 Act or other federal securities laws, or state securities laws, including the securities laws of the State of Maryland.
To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other
than the State of Maryland, we do not express any opinion on such matter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The opinion expressed herein is limited
to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume
no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact
that might change the opinion expressed herein after the date hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">This opinion is being furnished to you
for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as
an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">24882/425027</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left">19311438v1</P>



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<SEQUENCE>19
<FILENAME>filename19.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>ROYCE VALUE TRUST, INC.<BR>
745 FIFTH AVENUE<BR>
NEW YORK, NEW YORK 10151</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.15pt">January
25, 2018</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission<BR>
100 F. Street, N.E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549<BR>
Attention: Division of Investment Management</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font: 12pt Courier New, Courier, Monospace; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.15pt">Re:</FONT></TD>
    <TD STYLE="width: 95%; font: 12pt Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.15pt">&nbsp;&nbsp;Royce Value Trust, Inc. (the &#8220;Fund&#8221;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Courier New, Courier, Monospace; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.15pt">&nbsp;&nbsp;<U>File No. 811-04875</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Enclosed
herewith for filing with the Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933,
as amended, and the Investment Company Act of 1940, as amended, is the Trust&#8217;s Registration Statement on Form N-2 (the &#8220;Registration
Statement&#8221;). As described in more detail therein, the Fund is filing the Registration Statement in order to register shares
of its common stock to be issued pursuant to a non-transferable rights offering. Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to them in the Preliminary Prospectus contained in the Registration Statement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stockholders will receive one (1) Right for
each whole Share held of record as of the Record Date, rounded up to the nearest number of Rights evenly divisible by ten (10).
The Rights will allow Stockholders to subscribe for one (1) Share for each ten (10) Rights held. Stockholders who fully exercise
their Rights also may purchase Shares not acquired by other Stockholders as part of the Primary Subscription. The Fund also may,
in its sole discretion and subject to certain anti-dilution limitations, increase the number of Shares subject to subscription
by up to 20% through the exercise of an over-allotment option. The Subscription Price will be the lower of (i) $0.25 below the
last reported sale price per Share on the NYSE on the Pricing Date or (ii) the NAV per Share on that date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The Fund
notes that certain information for the twelve month period ended December 31, 2017 that is required to be included in the Registration
Statement by Form N-2 was omitted therefrom because such information is not yet available in final form. The Fund hereby undertakes
that such information, along with Financial Highlights for the periods required by Form N-2 and consents of its current and former
independent registered public accounting firms, will be included as part of a subsequent post-effective amendment to the Registration
Statement to be filed with the Commission.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Please
contact me at (212) 508-4578 if you have any related questions or comments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.15pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.15pt">/s/ John E. Denneen </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; letter-spacing: -0.15pt">John E. Denneen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 6pt Garamond, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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