<SEC-DOCUMENT>0000949377-20-000129.txt : 20200817
<SEC-HEADER>0000949377-20-000129.hdr.sgml : 20200817

<ACCEPTANCE-DATETIME>20200511163037

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000949377-20-000129

CONFORMED SUBMISSION TYPE:	DEF 14A

PUBLIC DOCUMENT COUNT:		6

CONFORMED PERIOD OF REPORT:	20200714

FILED AS OF DATE:		20200511

DATE AS OF CHANGE:		20200511

EFFECTIVENESS DATE:		20200511


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.

		CENTRAL INDEX KEY:			0000804116

		IRS NUMBER:				133356097

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-04875

		FILM NUMBER:		20865288



	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>

<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e69875c-rvt_def14a.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange
Commission on May 11, 2020</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<B>INFORMATION
REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant
to Section 14(a) of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">the Securities Exchange Act
of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Preliminary Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">&#9744;</FONT></TD><TD><B>Confidential,
                                         for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD><TD>Definitive Proxy Statement</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Soliciting Material Pursuant to &sect;240.14a-12</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ROYCE VALUE TRUST,
INC.</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.45pt 0pt 160.25pt; text-align: center">(Name of Registrant
as Specified In Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.45pt 0pt 160.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.55pt 0pt 160.25pt; text-align: center">N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.55pt 0pt 160.25pt; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.55pt 0pt 160.25pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD><TD>No fee required.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="border-top: Black 1pt solid">Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="padding-right: 18.95pt; border-top: Black 1pt solid">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule
0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="border-top: Black 1pt solid">Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="border-top: Black 1pt solid">Total fee paid:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Fee paid previously with preliminary materials.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD STYLE="padding-right: 18.95pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify
the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount Previously Paid:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="border-top: Black 1pt solid">Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="border-top: Black 1pt solid">Filing Party:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="border-top: Black 1pt solid">Date Filed:</TD></TR>                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ROYCE VALUE TRUST, INC.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>May 11, 2020</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Dear Stockholders of Royce Value Trust, Inc.: </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> A special meeting of stockholders of Royce
Value Trust, Inc., a Maryland corporation (the &#x0093;Fund&#x0094;), is scheduled to be held at the offices of the Fund at 745
Fifth Avenue, 23rd Floor, New York, New York, 10151 at 12:00 p.m. (Eastern time) on Tuesday, July 14, 2020 to vote on the proposal
listed in the enclosed Proxy Statement.&nbsp; However, as we are concerned about your health and safety during the current COVID-19
pandemic, we intend to monitor the recommendations of public health officials and governmental restrictions as the situation continues
to evolve. If we decide to hold the special meeting at a different time, in a different location, or partially or entirely by
means of remote communication (i.e., a virtual meeting), we will provide timely notice of any such change in the manner discussed
in these proxy materials.&nbsp; In the event we decide to hold a virtual meeting rather than an in-person meeting, such notice
will include important information regarding the virtual meeting, including how to access, participate in, and vote at, such virtual
meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As you know, Royce Investment Partners (&#x0093;Royce&#x0094;)<SUP>1</SUP>&nbsp;serves
as the investment adviser to the Fund. Royce&#x2019;s indirect parent company, Legg Mason, Inc. (&#x0093;Legg Mason&#x0094;), has
entered into an agreement with Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton,
pursuant to which Franklin Templeton will, subject to approval by Legg Mason&#x2019;s stockholders and satisfaction of other conditions,
acquire Legg Mason along with Legg Mason&#x2019;s ownership interest in Royce. Royce will continue to operate on a standalone basis
after the completion of the transaction. In addition, the transaction will not result in any changes to the Fund&#x2019;s portfolio
management personnel, investment objective, principal investment strategy, or investment restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The transaction will, however, result in
the termination of the Fund&#x2019;s current investment advisory agreement in accordance with its terms as required by applicable
law. In order for the Fund&#x2019;s operations to continue uninterrupted after the transaction, we are asking the Fund&#x2019;s
stockholders to approve a new investment advisory agreement. The Board of Directors of the Fund has already approved the new agreement.
It is important to note that: (i) the terms and conditions of the new investment advisory agreement for the Fund will be substantially
identical to those of its current investment advisory agreement and (ii) the Fund&#x2019;s contractual investment advisory fee
rate will remain the same under its new investment advisory agreement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> As you may be aware, Bulldog Investors,
LLC (&#x0093;Bulldog&#x0094;) has filed proxy materials soliciting proxies in opposition to the proposal to approve a new investment
advisory agreement for the Fund. You may receive solicitation materials from Bulldog, including a proxy statement and a green
proxy card. <B>We urge you to disregard such materials.</B> The Fund requests that stockholders not sign or return or vote on
any color proxy cards other than the <B><U>WHITE</U></B>&nbsp;proxy card provided with the enclosed Proxy Statement. We are not
responsible for the accuracy of any information provided by or relating to Bulldog contained in solicitation materials filed or
disseminated by or on behalf of Bulldog or any other statements made by or on behalf of Bulldog or any of its representatives. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>The Board of Directors of the Fund recommends
that you vote &#x0093;FOR&#x0094; the proposal to approve a new investment advisory agreement for the Fund on the enclosed <U>WHITE
</U>proxy card.</B> </P>

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

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

<!-- Field: Rule-Page --><div align="left" style="margin-top: 0; margin-bottom: 0"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</div></div><!-- Field: /Rule-Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>1 </SUP>Royce &amp; Associates, LP is
a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The enclosed materials explain the proposal
to approve a new investment advisory agreement for the Fund in more detail and I encourage you to review them carefully. As a
stockholder, your vote is important, and we hope that you will respond as soon as possible to ensure that your shares will be
represented and voted at the special meeting. You may authorize a proxy to vote your Fund shares by following the instructions
on the enclosed <B><U>WHITE</U></B> proxy card to use one of the methods referenced below: </P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25pt; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"> &nbsp; </TD>
    <TD STYLE="width: 2%; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="width: 93%; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Touch-tone
    telephone;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet; or</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returning the
    enclosed <B><U>WHITE</U></B> proxy card in the postage-paid envelope.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You may also vote in person at the special
meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> We urge you to use the vote authorization
methods described above even if you plan to attend the special meeting, so that if you are unable to attend the special meeting,
your shares will be represented at the special meeting.&nbsp; Voting now will not limit your right to change your vote or to attend
the special meeting. If you attend the special meeting and vote during the special meeting, this action will revoke any previously
delivered proxy as described in the enclosed Proxy Statement. If your shares are held in the name of a broker, bank or other holder
of record, follow the voting instructions you received from the holder of record in order to vote your shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Please call Shareholder Services at 1-800-841-1180
with any questions you may have about the proposal to approve a new investment advisory agreement for the Fund or the enclosed
Proxy Statement. If you need assistance voting, please contact our proxy solicitor, Innisfree M&amp;A Incorporated, by calling
(877) 825-8964 (toll-free in North America). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As always, thank you for your continued support
of our work. We look forward to serving you for many years to come.</P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25pt; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher D. Clark</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Royce Value Trust, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Questions and Answers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice of Special Meeting of Stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proxy Statement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Background of the Solicitations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposal 1 - </B></FONT></TD>
    <TD STYLE="width: 85%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approval of a New Investment Advisory Agreement with Royce Investment Partners</B></FONT></TD>
    <TD STYLE="width: 5%; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of the Transaction</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Concerning Royce, Legg Mason, and Franklin Templeton</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact of Transaction on Services Provided to the Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information About the Current Agreement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms of New Investment Advisory Agreement and Comparison of New Investment Advisory Agreement with Current Agreement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Possible Interim Investment Advisory Agreement</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board Evaluation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 36pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 15(f) of the 1940 Act</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional Information</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Ownership Information and Interest of Certain Persons in Matters to be Acted Upon</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solicitation of Proxies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspector
    of Election</FONT> </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Required Vote</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjournment or Postponement of Meeting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information about Royce, Its Affiliated Broker-Dealer, Fees Paid by the Fund to Royce and its Affiliates, and Other U.S. Registered Investment Companies Advised by Royce </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal Year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholder Proposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Householding of Proxy Materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-left: 35.2pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-Looking Statements</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Business</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix&nbsp;A</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Regarding Current Investment Advisory Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix&nbsp;B</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of New Investment Advisory Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix&nbsp;C</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security Ownership of Certain Beneficial Owners</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix&nbsp;D</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Regarding Members of Royce&#x2019;s Board of Managers, Royce&#x2019;s Principal Executive Officers, and Officers and Certain Directors of Royce</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix&nbsp;E</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Regarding Amounts and Brokerage Commissions Paid by Fund to Royce and its Affiliates</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix&nbsp;F</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Regarding Other Funds Advised or Subadvised by Royce</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IMPORTANT NEWS FOR STOCKHOLDERS OF ROYCE
VALUE TRUST, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>While we encourage you to read the full
text of the enclosed Notice of Special Meeting and Proxy Statement, for your convenience, we have provided a brief overview of
these materials.</B></P>

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Why did you send me this booklet?</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This booklet
    contains a Notice of Special Meeting of Stockholders of Royce Value Trust, Inc., a Maryland corporation (the &#x0093;Fund&#x0094;).&nbsp;
    The booklet also contains a Proxy Statement that describes the matters to be considered at the special stockholder meeting
    and provides related information.&nbsp; You are receiving these proxy materials because you own, directly or through a broker-dealer,
    bank, or other intermediary, shares of the Fund.&nbsp; As such a stockholder, you have the right to vote on the proposal with
    respect to all Fund shares owned by you as of the close of business on the record date, May 1, 2020.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q. </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Who is asking for my vote?</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Board of Directors of the Fund (the &#x0093;Board&#x0094;) is asking you to vote at the special meeting on the proposal to approve a new investment advisory agreement for the Fund.&nbsp; The Board oversees the business and affairs of the Fund and is required by law to act in what the Board believes to be the best interests of the Fund.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q. </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What am I being asked to consider in connection with the special meeting?</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You are being asked to consider and vote on a proposal to approve a new investment advisory agreement with Royce Investment Partners (&#x0093;Royce&#x0094;)<SUP>2</SUP>&nbsp;with respect to the Fund.&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Why am I being
    asked to vote on a new investment advisory agreement for the Fund?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As you know,
    Royce serves as the investment adviser to the Fund. Royce is a majority-owned, indirect subsidiary of Legg Mason, Inc.
    (&#x0093;Legg     Mason&#x0094;). Legg Mason has entered into an agreement with Franklin Resources, Inc., a global
    investment     management organization     operating as Franklin Templeton, pursuant to which Franklin Templeton will
    acquire     Legg Mason     along with Legg Mason&#x2019;s     ownership interest in Royce. Upon completion of the
    transaction, Royce will     become a     majority-owned, indirect subsidiary of     Franklin Templeton. The transaction will
    result in what is commonly     called a     &#x0093;change of control&#x0094; of Royce and     will cause the Fund&#x2019;s
    current investment advisory     agreement to     terminate in accordance with its terms as required by applicable law. The
    transaction     will not be completed unless     certain conditions are met.     One of these conditions is that investment
    advisory clients of Royce     and Legg     Mason&#x2019;s other investment     subsidiaries representing a specified
    percentage of Legg Mason&#x2019;s overall revenue     consent to the continuation of     their investment advisory
    relationships after completion of the transaction. This includes     approval of a new investment     advisory agreement to
    be effective upon completion of the transaction by stockholders of the     Fund. </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><div align="left" style="margin-top: 0; margin-bottom: 0"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</div></div><!-- Field: /Rule-Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>2 </SUP>&nbsp;Royce &amp; Associates,
LP is a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners.</P>

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

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How does the
    Fund&#x2019;s new investment advisory agreement differ from its current investment advisory agreement?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&#x2019;s
    new investment advisory agreement will be substantially identical to its current investment advisory agreement, except for
    the date of execution, effectiveness, and termination, and certain non-material updating changes.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will the contractual
    investment advisory fee rate for the Fund increase upon the completion of the transaction?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. The contractual
    investment advisory fee rate for the Fund will remain the same upon completion of the transaction.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will the transaction
    or the Fund&#x2019;s new investment advisory agreement result in any material changes to Royce&#x2019;s operations or to the
    Fund&#x2019;s portfolio management personnel, investment objective, principal investment strategy, or investment restrictions?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. Neither the
    transaction nor the Fund&#x2019;s new investment advisory agreement will result in any material changes to Royce&#x2019;s
    operations as Royce will continue to operate on a standalone basis upon completion of the transaction and implementation of
    the Fund&#x2019;s new investment advisory agreement. In addition, the transaction and the Fund&#x2019;s new investment advisory
    agreement will not result in any material changes to the Fund&#x2019;s portfolio management personnel, investment objective,
    principal investment strategy, or investment restrictions.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How does the
    Board recommend that the Fund&#x2019;s stockholders vote on the proposal to approve a new investment advisory agreement for
    the Fund?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After careful
    consideration, the Board unanimously recommends that the Fund&#x2019;s stockholders vote &#x0093;FOR&#x0094; the proposal
    to approve a new investment advisory agreement for the Fund. </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What is the
    required stockholder vote for approval of the Fund&#x2019;s new investment advisory agreement?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholder approval
    of the Fund&#x2019;s new investment advisory agreement requires the affirmative vote of the lesser of: </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"> &nbsp; </TD>
    <TD STYLE="width: 18pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">more than 50%
    of the Fund&#x2019;s outstanding shares; or</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67% or more of
    the Fund&#x2019;s shares present at the special meeting, if the holders of more than 50% of the Fund&#x2019;s shares are present,
    in person or by proxy, at such special meeting. </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>When is the
    Fund&#x2019;s new investment advisory agreement expected to go into effect?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming the
    Fund&#x2019;s new investment advisory agreement receives the required stockholder approval, such agreement will go into effect
    upon completion of the transaction (<I>i.e.</I>, when Royce becomes a majority-owned, indirect subsidiary of Franklin Templeton).
    Such transaction is expected to close later this year.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What happens
    if the Fund&#x2019;s new investment advisory agreement does not receive the required stockholder approval?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the
    Fund&#x2019;s     new investment advisory agreement does not receive the required stockholder approval and the sale of Legg
    Mason to Franklin     Templeton is completed, the Fund&#x2019;s new investment advisory agreement will not go into effect
    and     the Fund&#x2019;s     current investment advisory agreement will terminate in accordance with its terms as
    required by applicable     law. In such an     event, the Board would     implement an interim investment advisory agreement
    with Royce     for a period of     no more than 150     days after completion of the     transaction in order to continue to
    solicit proxies     for the approval of     a new investment     advisory agreement for the Fund.     The Board has approved
    an interim     investment advisory agreement for     the Fund to provide     for maximum flexibility for its
    future.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will there be any changes to the Fund&#x2019;s
    custodian or other service providers as a result of Franklin Templeton&#x2019;s acquisition of Legg Mason?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. There will not be any changes to the
    Fund&#x2019;s custodian or other service providers as a result of Franklin Templeton&#x2019;s acquisition of Legg Mason.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Is the Fund
    paying for these proxy materials?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. All costs
    associated with these proxy materials and the special meeting, including proxy solicitation costs, legal fees, and the costs
    of printing and mailing the proxy materials, will be borne by Legg Mason (and not by the Fund).</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will my vote
    make a difference?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes. Your affirmative
    vote is needed to ensure that the proposal to approve a new investment advisory agreement for the Fund receives the required
    stockholder approval at the special meeting. The Board encourages you to participate in the governance of the Fund.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>What is a
    &#x0093;proxy&#x0094;?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A proxy is your
    legal designation of another person to vote the shares of the Fund&#x2019;s common stock owned by you. That other person is
    called a proxy. If you designate someone as your proxy in a written document, that document is also called a proxy or a proxy
    card.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How do I vote
    or authorize a proxy to vote my shares?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For your convenience,
    there are several ways you can vote or authorize a proxy to vote on your behalf:</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt"> &nbsp; </TD>
    <TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By touch-tone
    telephone;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Internet;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark your voting
    preference, sign, and return the enclosed <B><U>WHITE</U></B> proxy card in the postage-paid envelope; or </FONT> </TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><P STYLE="margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In person </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your vote is
    very important. To assure that your shares are represented at the special meeting, we urge you, as soon as possible, to authorize
    a proxy to vote on your behalf by completing, signing and dating the enclosed <B><U>WHITE</U></B> proxy card and mailing it
    in the enclosed postage-paid envelope, or by following the instructions on the <B><U>WHITE</U></B>&nbsp;proxy card to use
    the Internet or telephone vote authorization options, whether or not you plan to attend the special meeting in person.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If your bank,
    broker or other nominee is the holder of record of your shares (i.e., your shares are held in &#x0093;street name&#x0094;),
    you will receive instructions from such holder of record about how to vote your shares. You must follow these instructions
    in order for your shares to be voted. We urge you to instruct your broker or other nominee, by following the instructions
    on the enclosed <B><U>WHITE</U></B> voting instruction form, to vote your shares in line with the Board&#x2019;s recommendation.
    Please contact your broker, bank or other holder of record to determine the applicable deadlines.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If your shares
    are held in &#x0093;street name&#x0094; (that is, held for your account by a broker, bank or other nominee), and you do not
    instruct your bank, broker or other nominee how to vote your shares, then your bank, broker or other nominee may not have
    discretionary authority to vote your shares on the matters to come before the special meeting. Therefore, we strongly encourage
    you to authorize your bank, broker or other nominee to vote your shares by following the instructions provided on the <B><U>WHITE
    </U></B>voting instruction form today.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>How will shares
    be voted by the <U>WHITE</U> proxy card?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares represented
    by any proxy card that is properly executed and timely received by the Fund will be voted in accordance with the specifications
    made thereon. Where a choice has been specified on the <B><U>WHITE</U></B> proxy card with respect to the proposal to approve
    a new investment advisory agreement for the Fund, the shares represented by the <B><U>WHITE</U></B> proxy card will be voted
    in accordance with the specification. If you return a validly executed <B><U>WHITE</U></B> proxy card without indicating how
    your shares should be voted on such matter and you do not revoke your proxy, your proxy will be voted in accordance with the
    Board&#x2019;s recommendation provided above. If any other matter should be presented at the special meeting upon which a
    vote may be properly taken, shares represented by all <B><U>WHITE</U></B> proxy cards received by the Fund will be voted with
    respect thereto at the discretion of the persons named as proxies on such <B><U>WHITE</U></B> proxy card.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>What
    should I do if I receive a green proxy card or other proxy materials?</FONT></B> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <FONT STYLE="background-color: white">Bulldog
        Investors, LLC (&#x0093;Bulldog&#x0094;) has filed proxy materials soliciting proxies in opposition to the </FONT>proposal
        to approve a new investment advisory agreement for the Fund<FONT STYLE="background-color: white">. You may receive solicitation
        materials from Bulldog, including a proxy statement and a green proxy card. <B>We urge you to disregard such materials.
        </B>The Fund requests that stockholders not sign or return or vote on any color proxy cards other than the </FONT><B><U>WHITE</U></B><FONT STYLE="background-color: white">&nbsp;proxy
        card provided with this Proxy Statement. We are not responsible for the accuracy of any information provided by or relating
        to Bulldog or contained in solicitation materials filed or disseminated by or on behalf of Bulldog or any other statements
        made by or on behalf of Bulldog or any of its representatives. </FONT> </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"> <FONT STYLE="background-color: white">The
        Board unanimously recommends that you vote on the enclosed <B><U>WHITE</U></B> proxy card &#x0093;FOR&#x0094; the </FONT>proposal
        to approve a new investment advisory agreement for the Fund<FONT STYLE="background-color: white">. If you have previously
        submitted a green proxy card sent to you by Bulldog, you can revoke that proxy over the Internet or by telephone by following
        the instructions on the enclosed <B><U>WHITE</U></B> proxy card or by completing, signing and dating the enclosed </FONT><B><U>WHITE
        </U></B><FONT STYLE="background-color: white">proxy card and mailing it in the enclosed postage-paid envelope up and until
        the special meeting. Only your latest dated proxy will count. Any proxy may be revoked at any time prior to its exercise
        at the </FONT>special meeting <FONT STYLE="background-color: white">as described in the accompanying Proxy Statement.</FONT> </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>When
    and where is the special meeting scheduled to be held?</FONT></B> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
    special meeting of</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund&#x2019;s
    stockholders is scheduled to be held at the offices of the Fund at 745 Fifth Avenue, 23rd Floor, New York, New York, 10151
    at 12:00 p.m. (Eastern time) on Tuesday, July 14, 2020. <FONT STYLE="background-color: white">However, as we are concerned
    about your health and safety during the current COVID-19 pandemic, we intend to monitor the recommendations of public health
    officials and governmental restrictions as the situation continues to evolve. If we decide to hold the special meeting at
    a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting),
    we will provide timely notice of any such change by means of a press release, which will be posted on our website (http://www.royceinvest.com).
    We encourage you to check the website prior to the special meeting if you plan to attend the special meeting in person. An
    announcement of any change will also be filed on a timely basis with the Securities and Exchange Commission via its EDGAR
    system.&nbsp; </FONT>In the event we decide to hold a virtual meeting rather than an in-person meeting, such notice will include
    important information regarding the virtual meeting, including how to access, participate in, and vote at, such virtual meeting.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q.</B></FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whom do I
    call if I have questions?</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please call Shareholder
    Services at 1-800-841-1180 with any questions you may have about the proposal to approve a new investment advisory agreement
    for the Fund or the enclosed Proxy Statement. If you need assistance voting, please contact our proxy solicitor, Innisfree
    M&amp;A Incorporated, by calling (877) 825-8964 (toll-free in North America).&nbsp; Banks and brokers may call collect at
    (212) 750-5833.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Please see your <B><U>WHITE</U></B> proxy
card for specific instructions on how to authorize a proxy to vote on your behalf via touch-tone telephone or via the Internet. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>It is important that you authorize a
proxy to vote your Fund shares promptly. This will help save the costs of further solicitation. </B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <IMG SRC="image_002.jpg" ALT=""> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Innisfree M&amp;A Incorporated<BR>
Stockholders may call toll free: (877) 825-8964<BR>
Banks and Brokers may call collect: (212) 750-5833 </P>

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

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

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE
    VALUE TRUST, INC.</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>745 FIFTH AVENUE</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW YORK, NEW
    YORK 10151</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 35%"> &nbsp; </TD>
    <TD STYLE="border-top: black 1pt solid; width: 31%; vertical-align: top; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 34%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICE
    OF SPECIAL MEETING OF STOCKHOLDERS</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULED
    TO BE HELD ON JULY 14, 2020</B></FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="margin-left: 0; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 32%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; width: 100%; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>To the Stockholders of Royce Value Trust, Inc.:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>NOTICE IS HEREBY GIVEN that a
Special Meeting of Stockholders (the &#x0093;Meeting&#x0094;) of Royce Value Trust, Inc., a Maryland corporation (the
&#x0093;Fund&#x0094;), is scheduled to be held at the offices of the Fund, 745 Fifth Avenue, 23rd Floor, New York, New York
10151 at 12:00 p.m. (Eastern time) on Tuesday, July 14, 2020 for the following purpose:</B> </P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To consider and
    vote upon the approval of the proposed Investment Advisory Agreement for the Fund </FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Maryland law and the Bylaws of
the Fund, only the matters set forth in the Notice of Special Meeting, and procedural items relating to the matters set forth in
the Notice of Special Meeting, may be brought before the Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Fund has set
the close of business on May 1, 2020 as the record date for determining those stockholders entitled to vote at the Meeting (or
any postponement or adjournment thereof), and only holders of record at the close of business on that day will be entitled to vote
at the Meeting (or any postponement or adjournment thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund&#x2019;s Annual Report to Stockholders
for the year ended December 31, 2019 was previously mailed to its stockholders, and copies are available upon request, without
charge, by writing to the Fund at 745 Fifth Avenue, New York, New York 10151 or by calling 1-800-221-4268.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> As you may be aware, Bulldog Investors,
LLC (&#x0093;Bulldog&#x0094;) has filed proxy materials soliciting proxies in opposition to the proposal to approve a new investment
advisory agreement for the Fund. You may receive solicitation materials from Bulldog, including a proxy statement and a green
proxy card. <B>We urge you to disregard such materials.</B> We are not responsible for the accuracy of any information provided
by or relating to Bulldog contained in solicitation materials filed or disseminated by or on behalf of Bulldog or any other statements
made by or on behalf of Bulldog or any of its representatives. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>The Board of Directors of the Fund recommends
that you vote &#x0093;FOR&#x0094; the proposal to approve a new investment advisory agreement for the Fund on the enclosed <U>WHITE
</U>proxy card.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <FONT STYLE="background-color: white"><B>PLEASE
NOTE:</B> We are concerned about your health and safety during the current COVID-19 pandemic, and we intend to monitor the recommendations
of public health officials and governmental restrictions as the situation continues to evolve. If we decide to hold the Meeting
at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting),
we will provide timely notice of any such change by means of a press release, which will be posted on our website (http://www.royceinvest.com).
We encourage you to check the website prior to the Meeting if you plan to attend the Meeting in person. An announcement of any
change will also be filed on a timely basis with the Securities and Exchange Commission via its EDGAR system. In the event it
is decided to hold a virtual meeting rather than an in-person meeting, such notice will include important information regarding
the virtual meeting, including how to access, participate in, and vote at, such virtual meeting. </FONT> </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>To save the expense of additional proxy
solicitation, please mark your instructions on the enclosed <U>WHITE</U>&nbsp;proxy card, date and sign it, and return it in the
enclosed envelope (which requires no postage if mailed in the United States), even if you expect to be present at the Meeting.
You have been provided with the opportunity on your <U>WHITE</U> proxy card to give voting instructions via touch-tone telephone
or the Internet, and you are encouraged to take advantage of these prompt and efficient vote authorization options. The accompanying
proxy is solicited on behalf of the Board of Directors of the Fund, is revocable, and will not affect your right to vote in person
in the event that you attend the Meeting. Please note that attendance alone without voting will not be sufficient to revoke a
previously authorized proxy. </B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Please call Shareholder Services at 1-800-841-1180
with any questions you may have about the proposal to approve a new investment advisory agreement for the Fund or the enclosed
Proxy Statement. If you need assistance voting, please contact our proxy solicitor, Innisfree M&amp;A Incorporated, by calling
(877) 825-8964 (toll-free in North America).&nbsp; Banks and brokers may call collect at (212) 750-5833. </P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25pt; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Value Trust, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Denneen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.45pt"> May 11, 2020 </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF<BR>
PROXY MATERIALS FOR THE SPECIAL MEETING SCHEDULED TO BE HELD ON JULY 14, 2020:</B> </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>THE PROXY STATEMENT AND YOUR FORM OF
PROXY CARD ARE </B> </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>AVAILABLE FREE OF CHARGE AT WWW.READOURMATERIALS.COM/RVT.</B> </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <IMG SRC="image_002.jpg" ALT="">&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Innisfree M&amp;A Incorporated<BR>
Stockholders may call toll free: (877) 825-8964<BR>
Banks and Brokers may call collect: (212) 750-5833 </P>

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

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    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <B>ROYCE VALUE
        TRUST, INC.</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <B>745 FIFTH
        AVENUE</B> </P></TD></TR>
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    <TD STYLE="text-align: center"> <B>NEW YORK, NEW YORK 10151</B> </TD></TR>
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<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"> <B>SPECIAL MEETING OF STOCKHOLDERS</B> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"> <B>SCHEDULED TO BE HELD ON JULY 14, 2020</B> </TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The accompanying
proxy is solicited on behalf of the Board of Directors (the &#8220;Board&#8221;) of Royce Value Trust, Inc., a Maryland corporation
(the &#8220;Fund&#8221;), for use at a Special Meeting of Stockholders of the Fund (the &#8220;Meeting&#8221;), scheduled to be
held at the offices of the Fund, 745 Fifth Avenue, 23rd Floor, New York, New York 10151 at 12:00 p.m. (Eastern time) on Tuesday,
July 14, 2020 (or any postponement or adjournment thereof). This proxy statement (including all appendices attached hereto, this
&#8220;Proxy Statement&#8221;) is dated May 11, 2020 and the approximate mailing date of this Proxy Statement and accompanying
proxy card is May 15, 2020. </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> All properly executed
proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise
as provided therein. Unless instructions to the contrary are marked, proxies will be voted &#8220;FOR&#8221; the approval of the
new investment advisory agreement for the Fund. Pursuant to Maryland law and the Bylaws of the Fund, only the matters set forth
in the Notice of Special Meeting, and procedural items relating to the matters set forth in the Notice of Special Meeting, may
be brought before the Meeting. As of the date of this Proxy Statement, the Board knows of no business other than that set forth
above to be transacted at the Meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>The Board of Directors
of the Fund recommends that you vote &#8220;FOR&#8221; the proposal to approve a new investment advisory agreement for the Fund
on the enclosed <U>WHITE</U> proxy card.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The enclosed materials
explain the proposal to approve a new investment advisory agreement for the Fund in more detail and we encourage you to review
them carefully. As a stockholder, your vote is important, and we hope that you will respond as soon as possible to ensure that
your shares will be represented at the Meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> It is important that
your shares be represented and voted at the Meeting. Whether or not you plan to attend the Meeting, please vote as soon as possible.
We urge you to date, sign and return the <B><U>WHITE</U></B> proxy card in the postage-paid envelope provided to you, or to use
the telephone or Internet method of voting described on your <B><U>WHITE</U></B>&nbsp;proxy card even if you plan to attend the
Meeting, so that if you are unable to attend the Meeting, your shares can be voted. Voting now will not limit your right to change
your vote or to attend the Meeting. You may revoke your proxy at any time before it is exercised by sending written instructions
to the Secretary of the Fund at the Fund&#x2019;s address indicated above or by filing a new proxy with a later date. If you attend
the Meeting and vote during the Meeting, this action will revoke any previously delivered proxy as described in the enclosed Proxy
Statement. If your shares are held in the name of a broker, bank or other holder of record, follow the voting instructions you
received from the holder of record in order to vote your shares. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The Board has set
the close of business on May 1, 2020 (the &#8220;Record Date&#8221;) as the record date for determining those stockholders entitled
to vote at the Meeting (or any postponement or adjournment thereof), and only holders of record at the close of business on that
day will be entitled to vote at the Meeting (or any postponement or adjournment thereof). Stockholders of the Fund will vote as
a single class on the proposal to approve a new investment advisory agreement for the Fund. Stockholders on the Record Date will
be entitled to one vote for each share of common stock, par value $0.001 (&#8220;share&#8221;), held (proportional voting rights
for fractional shares held), with no shares having cumulative voting rights. Stockholders are not entitled to any appraisal rights
as the result of any matters to be considered at the Meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Royce &amp; Associates,
LP serves as the investment adviser and administrator to the Fund and is a limited partnership organized under the laws of Delaware.
Royce &amp; Associates, LP primarily conducts its business under the name Royce Investment Partners (&#8220;Royce&#8221;).&nbsp;
The principal business address of Royce is 745 Fifth Avenue, New York, New York 10151. </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Royce has retained
Innisfree M&amp;A Incorporated (&#8220;Innisfree&#8221;) to solicit proxies for the Meeting. </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> Innisfree M&amp;A
Incorporated<BR>
Stockholders may call toll free: (877) 825-8964<BR>
Banks and Brokers may call collect: (212) 750-5833 </P>

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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <B>BACKGROUND
                         OF THE SOLICITATIONS</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> On February 17,
2020, Legg Mason, Inc., the indirect parent of Royce, the Fund&#x2019;s investment adviser, entered into an acquisition
agreement with Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton.
Pursuant to the agreement, Franklin Templeton will, subject to approval by Legg Mason, Inc.&#x2019;s stockholders and
satisfaction of other conditions, acquire Legg Mason, Inc., along with its ownership interest in Royce. Consummation of the
transaction will result in the automatic termination of the Fund&#x2019;s current investment advisory agreement in accordance
with its terms as required by applicable law. In order for the operations of the Fund to continue uninterrupted after
the transaction, we are asking the Fund&#x2019;s stockholders to approve a new investment advisory agreement with Royce.
The transaction and the new investment advisory agreement are described in further detail in Proposal 1 of this
Proxy Statement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> On April 22, 2020,
the Fund filed a preliminary proxy statement with the Securities and Exchange Commission (the &#8220;Commission&#8221;) for the
Meeting, at which the Fund will seek stockholder approval for a new investment advisory agreement between the Fund and Royce on
terms that are substantially identical to the terms of its current investment advisory agreement with Royce.&nbsp; On May 11,
2020, the Fund filed this definitive proxy statement with the Commission. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Bulldog Investors,
LLC (&#8220;Bulldog&#8221;) filed a preliminary proxy statement with the Commission on April 7, 2020 in which it stated that it
is soliciting proxies from the Fund&#x2019;s stockholders to vote their shares &#8220;against&#8221; the proposal to approve the
new investment advisory agreement for the Fund.&nbsp; Such filing was made prior to the Fund&#x2019;s filing of its preliminary
proxy statement, provided incorrect record and meeting dates, and incorrectly identified Legg Mason Partners Fund Advisor, LLC
as the manager of the Fund and Royce as a subadvisor to the Fund.&nbsp; Bulldog nonetheless encouraged stockholders to vote against
the Fund&#x2019;s proposal to approve the new investment advisory agreement to send a message to the Board. Bulldog has not reached
out directly to the Fund regarding this or any related concerns. We understand that Legg Mason, Inc. has engaged with Bulldog
regarding matters that are not directly related to the Fund. </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <B>PROPOSAL 1 - APPROVAL
OF A<BR>
NEW INVESTMENT ADVISORY AGREEMENT WITH ROYCE INVESTMENT PARTNERS</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">At the Meeting, the Fund&#x2019;s
stockholders will be asked to approve a new investment advisory agreement with Royce for the Fund (the &#8220;New Agreement&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Introduction</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Royce is a majority-owned,
indirect subsidiary of Legg Mason, Inc. (&#8220;Legg Mason&#8221;). You are being asked to approve a New Agreement for the Fund
because the Fund&#x2019;s current investment advisory agreement will terminate upon the sale of Legg Mason to Franklin Resources,
Inc., a global investment management organization operating as Franklin Templeton. This transaction, which will result in a &#8220;change
of control&#8221; of both Legg Mason and Royce, is described in more detail below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Investment Company
Act of 1940, as amended (the &#8220;1940 Act&#8221;), requires an investment advisory agreement of an investment company to provide
for its automatic termination in the event of its &#8220;assignment&#8221; (as defined in the 1940 Act). A sale of a controlling
block of an investment adviser&#x2019;s &#8220;voting securities&#8221; (as defined in the 1940 Act) generally is deemed to result
in an assignment of such investment adviser&#x2019;s investment advisory agreements for purposes of the 1940 Act. The consummation
of the transaction described below will constitute a sale of a controlling block of voting securities of Royce that will result
in the automatic termination of the current investment advisory agreement between the Fund and Royce (the &#8220;Current Agreement&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">If the Fund&#x2019;s
stockholders approve the New Agreement prior to the consummation of the transaction, the New Agreement will become effective upon
the consummation of the transaction. In the event that the transaction is not consummated, Royce will continue to serve as investment
adviser to the Fund pursuant to the terms of the Current Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>There will be no increase
in the contractual investment advisory fee rate for the Fund as a result of the implementation of the New Agreement. The transaction
is not expected to result in any diminution in the nature, extent, or quality of the services provided by Royce to the Fund. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Description of the Transaction</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Legg Mason, Inc.
is the indirect parent company of Royce. On February 17, 2020, Legg Mason entered into a definitive agreement (the &#8220;Transaction
Agreement&#8221;) with Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton,
pursuant to which Franklin Templeton will acquire Legg Mason. Under the terms of the Transaction Agreement, Franklin Templeton
will pay, in cash at closing, $50.00 per share of Legg Mason common stock and will assume approximately $2 billion of Legg Mason&#x2019;s
outstanding debt (the &#8220;Transaction&#8221;). The total value of the Transaction is approximately $6.5 billion. Upon completion
of the Transaction, Royce will become a majority-owned, indirect subsidiary of Franklin Templeton. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Consummation of the Transaction
is subject to certain terms and conditions, including, among others: (i) approval of the Transaction by Legg Mason stockholders;
(ii) receipt of applicable regulatory approvals; and (iii) consent by investment advisory clients of Legg Mason&#x2019;s investment
affiliates, including Royce, representing a specified percentage of the revenue attributable to the assets under management for
those clients to continue their advisory relationships with such Legg Mason investment affiliates, including Royce, following the
consummation of the Transaction. This includes approval by Fund stockholders of the New Agreement to be effective upon completion
of the Transaction, as described below. Subject to satisfaction or waiver of such terms and conditions, the Transaction is expected
to close later in 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As part of the Transaction,
Franklin Templeton will preserve the investment autonomy of Legg Mason&#x2019;s investment affiliates, including Royce. Upon consummation
of the Transaction, Franklin Templeton will be one of the world&#x2019;s largest independent, specialized global investment managers
with a combined $1.5 trillion in assets under management (based on the assets under management of Franklin Templeton and Legg Mason
as of January 31, 2020). The investment platform of the combined organization will be balanced between retail and institutional
client assets under management. The combined organization will have greater scale, broader distribution capabilities, and new opportunities
to grow. Approval of the New Agreement will assure continuity of the investment program selected by stockholders through their
investments in the Fund and allow the Fund&#x2019;s operations to continue uninterrupted after the completion of the Transaction.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Information Concerning Royce, Legg Mason,
and Franklin Templeton</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <I>Royce.</I> Royce,
whose principal executive offices are at 745 Fifth Avenue, New York, NY 10151, is responsible for the management of the Fund&#x2019;s
assets. Royce has been investing in smaller-company securities with a value approach for more than 45 years. Royce&#x2019;s assets
under management were approximately $9 billion as of March 31, 2020. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <I>Legg Mason</I>.
Legg Mason, whose principal executive offices are at 100 International Drive, Baltimore, Maryland 21202, is a financial services
holding company that provides asset management and financial services through its investment affiliates. Legg Mason&#x2019;s investment
affiliates, including Royce, operate with investment independence and have specialized expertise across equity, fixed income,
alternative and liquidity investments and markets around the globe. Legg Mason&#x2019;s assets under management were approximately
$730.8 billion as of March 31, 2020. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Franklin Templeton</I>.
Franklin Resources, Inc., whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global
investment management organization operating, together with its subsidiaries, as Franklin Templeton. Through specialized teams,
Franklin Templeton has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset
solutions. Franklin Templeton has more than 600 investment professionals, who are supported by Franklin Templeton&#x2019;s integrated,
worldwide team of risk management professionals and global trading desk network, and has employees in over 30 countries. The common
stock of Franklin Resources, Inc. is traded on The New York Stock Exchange (the &#8220;NYSE&#8221;) under the ticker symbol &#8220;BEN&#8221;
and is included in the Standard &amp; Poor&#x2019;s 500 Index.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Impact of Transaction
on Services Provided to the Fund</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Transaction is not
expected to result in any diminution in the nature, extent, or quality of the services provided by Royce to the Fund and its stockholders.
In particular, the Transaction is not expected to result in any material changes in the manner in which Royce provides services
to the Fund. The Transaction also is not expected to result in any changes in the personnel providing portfolio management services
to the Fund. Royce will be able to draw upon the resources of the combined Franklin Templeton, which will be one of the world&#x2019;s
largest independent asset managers with a broad distribution footprint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Information About
the Current Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Royce has served
as the Fund&#x2019;s investment adviser since its inception and has managed the investment policies and made investment decisions
for the Fund pursuant to the Current Agreement. <I>Appendix A</I> to this Proxy Statement contains certain information relating
to the Current Agreement for the Fund, including: </P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 2%; text-align: justify"> &#9679; </TD>
    <TD STYLE="width: 96%; text-align: justify"> the date of the Current Agreement; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> the date on which the Current Agreement was last approved by the Fund&#x2019;s stockholders; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> the date on which the Board last approved the continuation of the Current Agreement; and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> the contractual investment advisory fee rate payable by the Fund to Royce under the Current
    Agreement. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Terms of New Investment
Advisory Agreement and Comparison of New Investment Advisory Agreement with Current Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The terms of the
New Agreement for the Fund are substantially identical to the terms of the Current Agreement for the Fund, except for the date
of execution, effectiveness, and termination and certain non-material updating changes, as described in more detail below.&nbsp;
The contractual investment advisory fee rate for the Fund under its New Agreement is identical to the Fund&#x2019;s contractual
investment advisory fee rate under its Current Agreement. A form of the New Agreement for the Fund is set forth as <I>Appendix&nbsp;B
</I>to this Proxy Statement. </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Under the New Agreement
(as is the case under the Current Agreement), Royce:</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 2%; text-align: justify"> &#9679; </TD>
    <TD STYLE="width: 96%; text-align: justify"> determines the composition of the portfolio of the Fund, the nature and timing
    of the changes therein, and the manner of implementing such changes; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> provides the Fund with such investment advisory, research, and related services as the
    Fund may, from time to time, reasonably require for the investment of its assets; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> performs the duties outlined in the immediately preceding two bullet points in accordance
    with the applicable provisions of the Fund&#x2019;s charter, Bylaws, and stated investment objectives, policies and restrictions
    and any directions it may receive from the Board; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> pays all expenses which it may incur in performing the above-described duties; and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> is authorized, to the fullest extent now or subsequently permitted by law, to cause the
    Fund to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities
    transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for
    effecting that transaction, if Royce determines in good faith that such amount of commission is reasonable in relation to
    the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that
    particular transaction or its overall responsibilities with respect to the Fund and its other accounts. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">Under the New Agreement (as is the case under
the Current Agreement), the Fund:</P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 2%; text-align: justify"> &#9679; </TD>
    <TD STYLE="width: 96%; text-align: justify"> is responsible for determining the net asset value of its shares, and for all
    of the Fund&#x2019;s other operations; and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> &#9679; </TD>
    <TD STYLE="text-align: justify"> shall pay all administrative and other costs and expenses attributable to its operations
    and transactions, including, without limitation, registrar, transfer agent and custodian fees; legal, administrative and clerical
    services; rent for its office space and facilities; auditing; preparation, printing and distribution of its proxy statements,
    stockholders&#x2019; reports and notices; supplies and postage; Federal and state registration fees; FINRA and securities
    exchange listing fees and expenses; Federal, state and local taxes; Independent Directors&#x2019; fees; interest on its borrowings;
    brokerage commissions; and the cost of issue, sale and repurchase of its shares. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Under the New Agreement
(as is the case under the Current Agreement), Royce shall not be liable to the Fund for any action taken or omitted to be taken
by Royce in connection with the performance of any of its duties or obligations thereunder or otherwise as an investment adviser
to the Fund, and the Fund shall indemnify Royce and hold it harmless from and against all damages, liabilities, costs and expenses
(including reasonable attorneys&#x2019; fees and amounts reasonably paid in settlement) incurred by Royce in or by reason of any
pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right
of the Fund or its security holders) arising out of or otherwise based upon any action actually or allegedly taken or omitted to
be taken by Royce in connection with the performance of any of its duties or obligations thereunder or otherwise as an investment
adviser to the Fund. Notwithstanding the immediately preceding sentence to the contrary, nothing contained in the New Agreement
(or the Current Agreement) shall protect or be deemed to protect Royce against or entitle or be deemed to entitle Royce to indemnification
in respect of, any liability to the Fund or its security holders to which Royce would otherwise be subject by reason of willful
misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its duties
and obligations under the New Agreement (or the Current Agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Determinations of whether
and the extent to which Royce is entitled to indemnification under the New Agreement (or the Current Agreement) shall be made by
reasonable and fair means, including (i) a final decision on the merits by a court or other body before whom the action, suit or
other proceeding was brought that Royce was not liable by reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of its duties, or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts,
that Royce was not liable by reason of such misconduct by (a) the vote of a majority of a quorum of the Independent Directors who
are not parties to the action, suit or other proceeding, or (b) an independent legal counsel in a written opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Unless sooner terminated
as provided therein, the New Agreement will continue in effect until June 30, 2022. Thereafter, if not terminated, the New Agreement
shall continue in effect so long as such continuance is specifically approved at least annually in the manner required by the
1940 Act.&nbsp; The original termination date for the Current Agreement has passed but its continuance has been approved annually
by the Board in accordance with the terms of the Current Agreement.&nbsp; The Current Agreement provides that it shall continue
in effect so long as such continuance is specifically approved at least annually (i) by the Board or (ii) by a vote of a majority
of the outstanding voting securities of the Fund, provided that in either event the continuance is also approved by a majority
of the Board members who are not interested persons of any party to the Current Agreement, by vote cast in person at a meeting
called for the purpose of voting on such approval.&nbsp; Because the requirements for continuance of the Current Agreement are
derived from the 1940 Act, those provisions are substantially identical to the requirements for continuance of the New Agreement. </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> As is the case with
the Current Agreement, the New Agreement may be terminated at any time, without the payment of any penalty, on 60 days&#x2019;
written notice by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of a majority of the
Fund&#x2019;s directors or by Royce, and will automatically terminate in the event of its &#8220;assignment&#8221; (as such term
is defined for purposes of Section 15(a)(4) of the 1940 Act); <I>provided, however,</I> that the limitation of liability and indemnification
provisions of the New Agreement (and the Current Agreement) shall remain in full force and effect, and Royce shall remain entitled
to the benefits thereof, notwithstanding any such termination.&nbsp; &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Possible Interim Investment
Advisory Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">If the Fund&#x2019;s
stockholders do not approve the New Agreement and the Transaction is completed, an interim investment advisory agreement between
Royce and the Fund (the &#8220;Interim Agreement&#8221;) will take effect upon the closing of the Transaction. The Interim Agreement,
which has been approved by the Board, will allow Royce to continue providing services to the Fund while stockholder approval of
the New Agreement continues to be sought.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The terms of the
Interim Agreement are substantially identical to those of the Current Agreement, except for the term and escrow provisions described
below. The Interim Agreement will continue in effect for a term ending on the earlier of 150 days from the closing of the Transaction
(the &#8220;150-day period&#8221;) or when the Fund&#x2019;s stockholders approve the New Agreement. Pursuant to Rule 15a-4 under
the 1940 Act, compensation earned by Royce under the Interim Agreement will be held in an interest-bearing escrow account. If
the Fund&#x2019;s stockholders approve the New Agreement prior to the end of the 150-day period, the amount held in the escrow
account under the Interim Agreement will be paid to Royce. If the Fund&#x2019;s stockholders do not approve the New Agreement
prior to the end of the 150-day period, the Board will consider what further action to take consistent with its duties under applicable
law, and Royce will be paid the lesser of its costs incurred in performing its services under the Interim Agreement or the total
amount of the escrow account, plus interest earned. Thereafter, the Board would either negotiate a new investment advisory agreement
with an advisory organization selected by the Board or make other appropriate arrangements. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Board Evaluation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">At
a Board meeting held on April 21, 2020 (the &#8220;April Board Meeting&#8221;), representatives of Royce, Legg Mason, and Franklin
Templeton made presentations to, and responded to questions from, the Board regarding the Transaction and Franklin Templeton&#x2019;s
plans and intentions regarding Legg Mason&#x2019;s asset management business, including the preservation and continued investment
autonomy of Royce and the combination of the distribution resources of Royce, Legg Mason, and Franklin Templeton. The Board was
advised that the Transaction, if completed, would constitute a &#8220;change of control&#8221; under the 1940 Act that would result
in the termination of the Current Agreement. At the April Board Meeting, which included meetings of the full Board and separate
meetings of the Independent Directors, the Board considered, among other things, whether it would be in the best interests of the
Fund and its stockholders to approve the New Agreement, and the anticipated impacts of the Transaction on the Fund and its stockholders.
The Board, including a majority of the Independent Directors, approved the New Agreement for the Fund at the April Board Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">To
assist the Board in its consideration of the New Agreement, Franklin Templeton provided materials and information about Franklin
Templeton, including its financial condition and asset management capabilities and organization. Franklin Templeton and Legg Mason
also provided materials and information about the Transaction. The Independent Directors, through their independent legal counsel,
also requested and received additional information from Franklin Templeton and Legg Mason in connection with the Independent Directors&#x2019;
consideration of the New Agreement. The additional information was provided in advance of the April Board Meeting. After the presentations
and after reviewing the written materials provided, the Independent Directors met in executive session with their counsel to consider
the New Agreement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">The
Board&#x2019;s evaluation of the New Agreement reflected the information provided specifically in connection with their review
of the New Agreement, as well as, where relevant, information that was previously furnished to the Board in connection with the
most recent renewal of the Current Agreement at in-person meetings held on June 5, 2019 and at other Board meetings held thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">Among
other things, the Directors considered:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(i)
the reputation, experience, financial strength, and resources of Franklin Templeton and its investment advisory subsidiaries;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(ii)
that Franklin Templeton has informed the Board that it intends to maintain the investment autonomy of the Legg Mason investment
advisory subsidiaries, including Royce;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(iii)
that Franklin Templeton and Legg Mason have informed the Board that, following the Transaction, there is not expected to be any
diminution in the nature, extent, and quality of services provided to the Fund and its stockholders by Royce, including compliance
and non-advisory services, and has represented that there are not expected to be any changes in the portfolio management personnel
managing the Fund as a result of the Transaction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(iv)
that there will not be any changes to the Fund&#x2019;s custodian or other service providers as a result of the Transaction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(v)
that Franklin Templeton has informed the Board that it has no present intention to alter any currently effective fee waiver and
expense reimbursement arrangements for the U.S. registered investment companies advised by Royce, and, while it reserves the right
to do so in the future, it would consult with the Board before making any future changes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(vi)
that Franklin Templeton does not expect to propose any changes to the investment objective or principal investment strategies of
the Fund as a result of the Transaction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(vii)
the potential benefits to Fund stockholders from being part of a combined fund family with Franklin Templeton-sponsored funds and
access to a broader array of investment and distribution opportunities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(viii)
that Franklin Templeton&#x2019;s distribution capabilities, particularly with respect to retail investors, and significant network
of intermediary relationships may provide additional opportunities for the Fund to grow assets and lower fees and expenses by spreading
expenses over a larger asset base;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(ix)
that each of Franklin Templeton and Legg Mason will derive benefits from the Transaction and that, as a result, they have a financial
interest in the matters that were being considered;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.5pt; background-color: white">(x)
the fact that the Fund&#x2019;s contractual investment advisory fee rate and administrative fee arrangements will remain the same
and will not increase by virtue of the New Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.5pt; background-color: white"> (xi)
the terms and conditions of the New Agreement, including that the New Agreement is substantially identical to the Current Agreement
except for the date of execution, effectiveness, and termination and certain non-material updating changes; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(xii)
the support expressed by the current senior management team at Legg Mason for the Transaction and Legg Mason&#x2019;s recommendation
that the Board approve the New Agreement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(xiii)
that the Current Agreement is the product of multiple years of review and negotiation and information received and considered by
the Board in the exercise of its business judgment during those years, and that on June 5, 2019 the Board had performed a full
review of and approved the Current Agreement as required by the 1940 Act and had determined in the exercise of its business judgment
that Royce has the capabilities, resources, and personnel necessary to provide the services provided to the Fund, and that the
investment advisory fees paid by or in respect of the Fund represent reasonable compensation to Royce in light of the services
provided, the costs to Royce of providing those services, the fees and other expenses paid by similar funds, and such other matters
as the Board considered relevant in the exercise of its business judgment, and represented an appropriate sharing between Fund
stockholders and Royce of any economies of scale in the management of the Fund at current and anticipated asset levels;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(xiv)
that the Current Agreement was considered and approved on June 5, 2019;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white">(xv)
that the Fund will not bear the costs of obtaining stockholder approval of the New Agreement, including the legal costs associated
with the proxy solicitation, regardless of whether the Transaction is consummated; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 24.5pt; margin-top: 0; margin-bottom: 0; margin-left: 29.85pt; background-color: white"> (xvi)
that under the Transaction Agreement, Franklin Templeton acknowledged that Legg Mason had entered into such Transaction Agreement
in reliance upon the benefits and protections provided by Section 15(f) of the 1940 Act, and that, in furtherance of the foregoing,
Franklin Templeton agreed to use reasonable best efforts to conduct its business so that (a) for a period of not less than three
years after the closing of the Transaction, no more than 25% of the Directors shall be &#8220;interested persons&#8221; (as defined
in the 1940 Act) of Royce, and (b) for a period of not less than two years after the closing of the Transaction, neither Franklin
Templeton nor any of its affiliates shall impose an &#8220;unfair burden&#8221; (within the meaning of the 1940 Act, including
any interpretations or no-action letters of the Commission) on the Fund as a result of the transactions contemplated by the Transaction
Agreement or any express or implied terms, conditions, or understandings applicable thereto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 29.85pt; margin-top: 0; margin-bottom: 0; background-color: white">Certain
of these considerations are discussed in more detail below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">In
their deliberations, the Directors considered information received in connection with the most recent approval or continuation
of the Current Agreement in addition to information provided by Franklin Templeton and Legg Mason in connection with their evaluation
of the terms and conditions of the New Agreement. The Board also took into account information furnished throughout the year at
regular Board meetings, including reports on investment performance, stockholder services, regulatory compliance, cybersecurity
risk, allocation of brokerage commissions, &#8220;soft dollar&#8221; research services received by Royce, and other direct and
indirect benefits to Royce and its affiliates from their relationship with the Fund. The Directors did not identify any particular
information that was all-important or controlling, and each Director may have attributed different weights to the various factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">The
information provided and presentations made to the Board encompassed the Fund. The discussion below for the Fund covers both the
investment advisory functions rendered by Royce for the Fund pursuant to the New Agreement and the administrative functions rendered
by Royce for the Fund pursuant to the Administration Agreement, by and between Royce and the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white">The
Independent Directors were advised by separate independent legal counsel throughout the process. Prior to voting, the Independent
Directors received a memorandum from their independent legal counsel discussing the legal standards for their consideration of
the New Agreement. The Independent Directors also reviewed and discussed the proposed approval of the New Agreement with their
independent legal counsel in a private session at which no representatives of Royce, Legg Mason, or Franklin Templeton were present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Nature, extent, and
quality of the services under the New Agreement. </I>The Board received and considered information regarding the nature, extent,
and quality of services provided to the Fund by Royce under the Current Agreement. The Board considered the following factors to
be of fundamental importance to its consideration of the Current Agreement: (i) Royce&#x2019;s more than 45 years of value investing
experience and track record; (ii) the history of long-tenured Royce portfolio managers managing many of its other open-end mutual
funds, and closed-end funds; (iii) Royce&#x2019;s focus on mid-cap, small-cap and micro-cap value investing; (iv) the consistency
of Royce&#x2019;s approach to managing the Fund, other closed-end funds, and open-end mutual funds over more than 45 years; (v)
the integrity and high ethical standards adhered to at Royce; (vi) Royce&#x2019;s specialized experience in the area of trading
small- and micro-cap securities; (vii) Royce&#x2019;s historical ability to attract and retain portfolio management talent; and
(viii) Royce&#x2019;s focus on stockholder interests as exemplified by expansive stockholder reporting and communications. The
Board also noted that Royce&#x2019;s compensation policy arrangements strongly encourage portfolio manager investment in any fund
that they manage. The Board also reviewed the services that Royce provides to the Fund, including, but not limited to, managing
the Fund&#x2019;s investments in accordance with the stated policies of the Fund. The Board considered the fact that Royce provided
certain administrative services to the Fund at cost pursuant to the Administration Agreement between Royce and the Fund. The Board
also took into consideration the histories, reputations and backgrounds of Royce&#x2019;s portfolio managers for the Fund, finding
that these would likely have an impact on the continued success of such Fund. The Board also noted Royce&#x2019;s ability to attract
and retain qualified and experienced personnel.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In evaluating the nature,
extent, and quality of the services to be provided to the Fund by Royce under the New Agreement, the Directors considered, among
other things, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of Royce,
and that Franklin Templeton and Legg Mason have advised the Board that, following the completion of the Transaction, there is not
expected to be any diminution in the nature, extent, and quality of the services provided to the Fund and its stockholders by Royce,
including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management
personnel for the Fund as a result of the Transaction. The Board also considered information provided by Franklin Templeton regarding
its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition.
The Board recognized the importance of the Fund having an investment adviser with access to significant organizational and financial
resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The Board received
and considered information prepared internally by Royce and independently by Broadridge Financial Solutions, Inc. (&#8220;Broadridge&#8221;)
using the database and methodology of Morningstar Associates, LLC (&#8220;Morningstar&#8221;) containing detailed investment advisory
fee, expense ratio, and investment performance comparisons for the Fund with other funds in its &#8220;peer group&#8221; and &#8220;category&#8221;
in connection with its consideration of the Current Agreement. The Board was provided with a description of the methodology used
to determine the similarity of the Fund with the funds included in its peer group. It was noted that while the Directors found
the Broadridge data generally useful, they recognized its limitations, including that the data may vary depending on the end date
selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition
over time. The Directors believe that risk-adjusted performance continues to be the most appropriate measure of the Fund&#x2019;s
investment performance and attach primary importance to risk-adjusted performance over relatively long periods of time, typically
3 to 10 years. It was also noted that the Board received and discussed with management information throughout the year at periodic
intervals comparing the Fund&#x2019;s performance against its benchmark and against its peers. In addition, the Board considered
the Fund&#x2019;s performance in light of overall financial market conditions. Where the Fund&#x2019;s performance was below the
median during one or more specified periods, the Board noted the explanations from Royce concerning the Fund&#x2019;s relative
performance versus the peer group for the various periods. The Board also reviewed and considered the Fund&#x2019;s absolute total
returns, monthly rolling average returns, down-market performance, and long-term performance record beyond 10 years. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Based on their review
of the materials provided and the assurances they had received from Franklin Templeton, Legg Mason, and Royce, the Directors determined
that the Transaction was not expected to affect adversely the nature, extent, and quality of services provided by Royce and that
the Transaction was not expected to have a material adverse effect on Royce&#x2019;s ability to provide those services, and the
Board concluded that, overall, the nature, extent, and quality of services expected to be provided, including performance, under
the New Agreement were sufficient for approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Investment advisory
fees and expense ratios. </I>The Board reviewed and considered the Fund&#x2019;s contractual investment advisory fee rate, the
actual investment advisory fee rate paid by the Fund, and the Fund&#x2019;s total and net operating expense ratio in light of the
nature, extent, and quality of the investment advisory services provided to the Fund by Royce in connection with its consideration
of the Current Agreement. In addition, the Board has also received and considered information provided by Broadridge comparing
the Fund&#x2019;s contractual investment advisory fee rate, the actual investment advisory fee rate paid by the Fund, and the Fund&#x2019;s
total and net expense ratios with those of funds in both the relevant expense group and a broader group of funds, each selected
by Broadridge based on classifications provided by Morningstar. It was noted that while the Board found the Broadridge data generally
useful they recognized its limitations, including that the data may vary depending on the selection of the peer group. The Board
has also noted in the past that Royce manages the Fund in an active fashion and that the Fund has historically had a high active
share score. The Directors also considered fees charged by Royce to institutional and other clients and noted that, given the greater
levels of services that Royce provides to registered investment companies such as the Fund as compared to other accounts, the Fund&#x2019;s
investment advisory fees compared favorably to these other accounts.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In evaluating the costs
of the services to be provided by Royce under the New Agreement, the Directors considered, among other things, whether investment
advisory fees or other expenses would change as a result of the Transaction. Based on their review of the materials provided and
the assurances they had received from Franklin Templeton, Legg Mason, and Royce, the Directors determined that the Transaction
would not increase the total fees payable by the Fund for investment advisory services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Taking all of the above
into consideration, as well as the factors identified below, the Board determined that the investment advisory fee for the Fund
was reasonable in light of the nature, extent, and quality of the services to be provided under the New Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Profitability and
economies of scale. </I>The Board considered the cost of the services provided by Royce and the profits realized by Royce from
its relationship with the Fund in connection with its consideration of the Current Agreement. As part of the analysis, the Board
discussed with Royce its methodology in allocating its costs to the Fund and concluded that Royce&#x2019;s allocations were reasonable.
The Board concluded that Royce&#x2019;s profits with respect to the Fund were reasonable in relation to the nature and quality
of services provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Board also considered
whether there have been economies of scale in respect of the management of the Fund, whether the Fund has appropriately benefited
from any economies of scale and whether there is potential for realization of any further economies of scale in connection with
its consideration of the Current Agreement. The Board noted the time and effort involved in managing portfolios of small- and micro-cap
stocks and that they did not involve the same efficiencies as do portfolios of large-cap stocks. The Directors further noted that,
as a closed-end fund, the Fund generally would not be expected to have significant inflows of capital that might produce increasing
economies of scale. The Directors concluded that the current fee structure for the Fund was reasonable and that its stockholders
sufficiently participated in economies of scale and that no changes were necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Directors noted that
Franklin Templeton and Legg Mason expected to realize cost savings from the Transaction based on synergies of operations. However,
they noted that other factors could also affect profitability and potential economies of scale, and that it was not possible to
predict with any degree of certainty how the Transaction would affect Royce&#x2019;s profitability from its relationship with the
Fund, nor to quantify at this time any possible future economies of scale, but the Directors noted they would continue to evaluate
these matters going forward.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Other benefits to
Royce.</I> The Board considered other benefits received by Royce as a result of its relationship with the Fund, including the opportunity
to offer additional products and services to Fund stockholders. In light of the costs of providing investment advisory and other
services to the Fund and the ongoing commitment of Royce to the Fund, the Board considered that the ancillary benefits that Royce
received were reasonable. In evaluating the fall-out benefits to be received by Royce under the New Agreement, the Directors considered
whether the Transaction would have an impact on the fall-out benefits received by virtue of the Current Agreement. Based on their
review of the materials provided, and their discussions with Franklin Templeton and Legg Mason, the Directors determined that those
benefits could include increased ability for Franklin Templeton, Legg Mason, and Royce to distribute shares of their funds and
other investment products. The Directors noted that any such benefits were difficult to quantify with certainty at this time, and
indicated that they would continue to evaluate them going forward.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Board also considered
that Franklin Templeton may derive reputational and other benefits from its ability to use the Royce name in connection with operating
and marketing of its funds. The Board also considered that the Transaction, if completed, would significantly increase Franklin
Templeton&#x2019;s assets under management and expand Franklin Templeton&#x2019;s investment capabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Conclusion.</I> After
consideration of the factors described above as well as other factors, and in the exercise of their business judgment, the Directors,
including the Independent Directors, unanimously concluded that the New Agreement, including the fees payable thereunder, was fair
and reasonable and that entering into the New Agreement was in the best interests of the Fund&#x2019;s stockholders, and they voted
to approve the New Agreement and to recommend that the Fund&#x2019;s stockholders approve the New Agreement.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>Section 15(f) of the 1940 Act</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Section 15(f) of the
1940 Act permits, in the context of a change in control of an investment adviser to a registered investment company, the receipt
by such investment adviser (or any of its affiliated persons) of any amount or benefit in connection with such sale, as long as
two conditions are satisfied. First, during the three-year period immediately following the sale of such interest, at least 75%
of the investment company&#x2019;s board of directors/trustees must not be &#8220;interested persons&#8221; of the investment adviser
within the meaning of the 1940 Act. Second, there may not be imposed an &#8220;unfair burden&#8221; on the investment company as
a result of the sale of such interest, or any express or implied terms, conditions or understandings applicable thereto. The term
&#8220;unfair burden,&#8221; as defined in the 1940 Act, includes any arrangement during the two-year period after the transaction
whereby the investment adviser (or predecessor or successor adviser), or any interested person of any such adviser, receives or
is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than
fees for bona fide investment advisory or other services), or from any person in connection with the purchase or sale of securities
or other property to, from or on behalf of the investment company (other than ordinary fees for bona fide principal underwriting
services).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Board has not been
advised by Royce, Legg Mason, or Franklin Templeton of any circumstances arising from the Transaction that might result in the
imposition of an &#8220;unfair burden&#8221; being imposed on the Fund. Moreover, Franklin Templeton has advised the Board that
it will not take, nor cause its affiliates to take, any action that would have the effect of causing the conditions of Section
15(f) not to be satisfied with respect to the Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <B>THE BOARD UNANIMOUSLY
RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; </B> </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> <B>THE PROPOSAL TO
APPROVE THE NEW INVESTMENT ADVISORY AGREEMENT</B> </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Under the rules of
the NYSE that govern brokers who have record ownership of Fund shares that are held in &#8220;street name&#8221; for their customers
(i.e., the beneficial owners of Fund shares), brokers who have not received voting instructions from beneficial owners have the
discretion to vote such shares on routine matters, but do not have the discretion to vote such shares on non-routine matters.
With respect to the proposal to approve the New Agreement, it is not expected that brokers will be permitted to vote Fund shares
in their discretion. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>Share Ownership
Information and Interest of Certain Persons in Matters to be Acted Upon</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Except as set forth
in <I>Appendix C</I> to this Proxy Statement, to the Fund&#x2019;s knowledge, as of the Record Date, no person is the beneficial
or record owner of five percent or more of the Fund&#x2019;s outstanding shares. As of the Record Date, all of the directors and
officers of the Fund (12 persons) owned, in the aggregate, less than 1% of the Fund&#x2019;s outstanding shares. Each member of
the Board who is not an &#8220;interested person&#8221; (as defined in the 1940 Act) of the Fund or Royce (each, an &#8220;Independent
Director&#8221; and collectively, the &#8220;Independent Directors&#8221;) does not, as of the Record Date, own any securities
of, or have any other material direct or indirect interest in, Legg Mason, Franklin Templeton or any of their respective affiliates. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>Solicitation of
Proxies</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> The Fund&#x2019;s
proxy solicitor, Innisfree, is responsible for printing proxy cards, mailing proxy materials to Fund stockholders, soliciting
broker-dealer firms, custodians, nominees, and fiduciaries, tabulating the returned proxies, and performing other proxy solicitation
services. Some officers of the Fund, employees of Royce Fund Services, LLC (&#8220;RFS&#8221;), and Innisfree may solicit proxies
personally and by telephone, if deemed desirable. Innisfree expects that approximately 30&nbsp;of its employees will assist in
the proxy solicitation. Innisfree will be paid a fee of up to $15,000, plus reasonable out-of-pocket expenses. Such costs will
be paid by Legg Mason (and not by the Fund). Royce will also cause Legg Mason (not the Fund) to reimburse brokerage firms, custodians,
nominees, and fiduciaries for their expenses in forwarding proxy materials to the beneficial owners of Fund shares. If you need
assistance voting, please call Innisfree toll-free at (877) 825-8964. Except as set forth in this Proxy Statement, neither the
Fund nor any person acting on its behalf has employed, retained or agreed to compensate any person to make solicitations or recommendations
to stockholders of the Fund concerning the proxy solicitation. </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>Inspector of Election</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Stockholders vote
at the Meeting by casting ballots (in person or by proxy), which votes will be tabulated by an independent Inspector of Election
appointed by the chairman of the Meeting. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> A quorum of Fund
stockholders is necessary to hold a valid meeting of stockholders. Under the Fund&#x2019;s Bylaws, a quorum will exist at the
Meeting if stockholders entitled to cast at least a majority of the votes entitled to be cast at the Meeting are present at the
Meeting in person or by proxy. In determining whether a quorum is present at the Meeting, the Inspector of Election will
count shares of the Fund represented by proxies that reflect abstentions, &#8220;uninstructed shares,&#8221; and the withholding
of authority to vote as shares that are present and entitled to vote at the Meeting. &#8220;Uninstructed shares&#8221; are, with
respect to the proposal to approve the New Agreement, Fund shares held by brokers or nominees as to which the broker or nominee
does not have discretionary voting power and for which the broker or nominee has not received instructions from the beneficial
owner or other person who is entitled to instruct how such shares will be voted, but for which a broker or nominee returns a proxy
card without actually voting on the proposal to approve the New Agreement. The Fund may request that selected brokers or nominees
return proxies in respect of shares of the Fund for which the broker or nominee does not have discretionary voting power or for
which voting instructions have not been received to the extent necessary to obtain a quorum at the Meeting. Thus, shares of the
Fund represented by proxies that reflect abstentions, &#8220;uninstructed shares,&#8221; and the withholding of authority to vote
will be counted in determining (i)&nbsp;whether a quorum is present at the Meeting and (ii) the total number of shares present
at the Meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Required Vote</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Approval of the New
Agreement requires the affirmative vote of a majority of the outstanding voting securities of the Fund, which is defined in the
1940 Act as the lesser of: (i) 67% or more of the shares of the Fund present at the Meeting, if the holders of more than 50% of
the outstanding shares of the Fund are present or represented by proxy at the Meeting; or (ii) more than 50% of the outstanding
shares of the Fund. Shares of the Fund represented by proxies that reflect abstentions, &#8220;uninstructed shares,&#8221; and
the withholding of authority to vote will have the same effect as a vote against the proposal to approve the New Agreement. As
of the Record Date, the Fund had 99,579,559 outstanding shares of common stock, par value $0.001 per share. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Adjournment or Postponement
of Meeting</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> If a quorum is not
present at the Meeting, or if a quorum is present at the Meeting but sufficient votes to approve the New Agreement are not received,
the chairman of the Meeting may, without notice other than by announcement at the Meeting, adjourn the Meeting to a later date
and time and place as permitted by the Fund&#x2019;s Bylaws until a quorum shall attend or sufficient votes to approve the New
Agreement shall be received, as applicable.&nbsp; In the event a quorum is not present at the Meeting, any such adjournment date
may not be more than 120 days after the original record date (i.e., May 1, 2020). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <FONT STYLE="background-color: white">The
Meeting may be postponed prior to the Meeting. If it is decided to hold the Meeting at a different time or in a different location,
or partially or entirely by means of remote communication (i.e., a virtual meeting), we will provide timely notice of any such
change by means of a press release, which will be posted on the following website: http://www.royceinvest.com. An announcement
of any change will also be filed on a timely basis with the Commission via its EDGAR system. In the event it is decided to hold
a virtual meeting rather than an in-person meeting, such notice will include important information regarding the virtual meeting,
including how to access, participate in, and vote at, such virtual meeting.</FONT> <FONT STYLE="background-color: white"> </FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> If the Meeting is
adjourned or postponed to a date more than 120 days after the record date originally fixed for the Meeting (i.e., May 1, 2020),
the Board will set a new record date for the Meeting. In that case, any proxy received by the Fund from a stockholder who was
a stockholder of record on both the record date originally set for the Meeting and the new record date for such Meeting shall
remain in full force and effect unless explicitly revoked, or a later dated proxy is submitted, by the applicable stockholder. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Information about
Royce, Its Affiliated Broker-Dealer, Fees Paid by the Fund to Royce and its Affiliates, and Other U.S. Registered Investment Companies
Advised by Royce</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <I>Royce. </I>Royce,
whose principal executive offices are at 745 Fifth Avenue, New York, NY 10151, is responsible for the management of the Fund&#x2019;s
assets. Royce has been investing in smaller-company securities with a value approach for more than 45 years. Royce&#x2019;s assets
under management were approximately $9 billion as of March 31, 2020. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Royce is a Delaware limited
partnership. Royce&#x2019;s general partner is Royce &amp; Associates GP, LLC (&#8220;Royce GP&#8221;). Royce&#x2019;s limited
partners are Legg Mason Royce Holdings, LLC (&#8220;Legg Mason Royce Holdings&#8221;) and certain employees of Royce GP. Royce
is more than 75% owned and controlled by Legg Mason Royce Holdings. Legg Mason Royce Holdings is 100% owned and controlled by Legg
Mason. The principal executive offices of Legg Mason and Legg Mason Royce Holdings are at 100 International Drive, Baltimore, Maryland
21202.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <I>Appendix&nbsp;D
</I>to this Proxy Statement sets forth the names and principal occupations of the members of Royce&#x2019;s Board of Managers
and Royce&#x2019;s principal executive officers along with the names and titles of each <FONT STYLE="background-color: white">Director
and officer of the Fund who is an officer, employee, or director of Royce. The principal address of each individual as it relates
to such duties is the same as that set forth above for Royce.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Affiliated Broker-Dealer.
</I>Royce Fund Services, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Royce, is the distributor for
the various series of The Royce Fund and Royce Capital Fund, registered open-end investment companies advised by Royce. RFS&#x2019;s
principal office is located at 745 Fifth Avenue, New York, New York 10151.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Information Relating
to Amounts and Brokerage Commissions Paid by Fund to Royce and its Affiliates. Appendix&nbsp;E</I> to this Proxy Statement sets
forth, for the fiscal year ended December 31, 2019, information relating to: (i) amounts paid by the Fund to Royce and its affiliates
and related waivers and (ii) brokerage commissions paid by the Fund to affiliated brokers. There were no other material payments
by the Fund to Royce or its affiliates during that period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><I>Information Relating
to Other U.S. Registered Investment Companies Advised by Royce. Appendix&nbsp;F</I> to this Proxy Statement sets forth information
relating to other U.S. registered investment companies for which Royce serves as investment adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><B>Fiscal Year</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white">The fiscal year end
of the Fund is December 31.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><B>Stockholder Proposals</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; background-color: white"> Proposals
of stockholders intended to be presented at the Fund&#x2019;s 2020 Annual Meeting of Stockholders must have been received by the
Fund by April 14, 2020 for inclusion in the Fund&#x2019;s proxy statement and form of proxy for such annual meeting. The Fund&#x2019;s
Bylaws generally require 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 from the floor at an annual meeting of stockholders. Notice of any such nomination
or other business intended to be presented at the Fund&#x2019;s 2020 Annual Meeting of Stockholders must be in writing and have
been received at the Fund&#x2019;s principal executive office between April 14, 2020 and May 14, 2020. Written proposals should
be sent to the Secretary of the Fund at 745 Fifth Avenue, New York, New York 10151. </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>Householding of
Proxy Materials</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Under the Commission&#x2019;s
rules, companies and intermediaries (such as brokers) may satisfy the delivery requirements for proxy statements with respect
to two or more stockholders sharing the same address by delivering a single proxy statement addressed to those stockholders. This
practice, known as &#8220;householding,&#8221; is intended to improve the convenience of stockholders and to reduce the Fund&#x2019;s
printing and postage costs. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> A number of brokers
with accountholders who are stockholders of the Fund will be householding the Fund&#x2019;s proxy materials and, accordingly,
a single proxy statement will be delivered to multiple stockholders sharing an address unless contrary instructions have been
received from an affected stockholder. Stockholders who participate in householding will continue to receive separate proxy cards.
Once you have received notice from your broker that they will be householding communications to your address, householding will
continue until you are notified otherwise or you revoke your consent. If at any time you no longer wish to participate in householding
and would prefer to receive a separate proxy statement, please notify your broker or call the Fund at 1-800-221-4268 or write
the Fund at 745 Fifth Avenue, New York, New York 10151. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Stockholders who
currently receive multiple copies of the proxy statement at their address and would like to request householding of their communications
should contact their brokers. The Fund will provide, upon availability, without charge to each person being solicited by this
Proxy Statement a copy of its 2019 Annual Report to Stockholders on Form&nbsp;N-CSR for the year ended December 31, 2019. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>Forward-Looking
Statements</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> This Proxy
Statement contains &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as
&#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221;
&#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;guidance,&#8221;
&#8220;possible,&#8221; &#8220;continue&#8221; and other similar terms and phrases, including references to assumptions and
forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and
unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated
at the time the forward-looking statements are made. These risks include, but are not limited to, the Fund&#x2019;s future
operating results, the prospects of the Fund&#x2019;s portfolio companies, the impact of investments that the Fund has made
or may make, the dependence of the Fund&#x2019;s future success on the general economy and its impact on the companies and
industries in which the Fund invests, the ability of the Fund&#x2019;s portfolio companies to achieve their objectives and
those described under the heading &#8220;Important Performance, Expense, and Risk Information&#8221; and elsewhere in the
Fund&#x2019;s Annual Report to Stockholders on Form N-CSR, for the year ended December 31, 2019, and subsequent filings with
the Commission. These factors should be considered carefully and readers are cautioned not to place undue reliance on such
forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will
be achieved. Except as required by applicable law, all information contained herein is as of the date of this Proxy
Statement, and the Fund does not intend to update this information. </P>

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

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>OTHER BUSINESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Pursuant to Maryland
law and the Bylaws of the Fund, only the matters set forth in the Notice of Special Meeting, and procedural items relating to
the matters set forth in the Notice of Special Meeting, may be brought before the Meeting. If any procedural matter is presented
for a vote at the Meeting, it is the intention of the persons named in the enclosed proxy to vote on such matter in accordance
with their discretion. </P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By order of the Board of Directors of <BR>Royce Value Trust, Inc.</TD></TR>
<TR>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">John E. Denneen,</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><I>Secretary</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> <B>Please fill in,
date, and sign the <U>WHITE</U> proxy card and return it in the accompanying postage-paid envelope. You may also provide your
voting instructions via telephone or the Internet by following the instructions on the <U>WHITE</U> proxy card. Please take advantage
of these prompt and efficient vote authorization options.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> Dated: May 11, 2020 </P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APPENDIX
A</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
    REGARDING CURRENT INVESTMENT ADVISORY AGREEMENT</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 20%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    of Current Agreement</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    Last Submitted for Stockholder Approval*</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    Last Approved </B><BR>
    <B>by Directors**</B></FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contractual
    Investment </B><BR>
    <B>Advisory Fee </B><BR>
    <B>(as a percentage of average daily net assets) </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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Royce
    Value Trust, Inc.</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-family: Times New Roman, Times, Serif; font-size: 10pt">July
    1, 2016</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-family: Times New Roman, Times, Serif; font-size: 10pt">September
    14, 2001</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-family: Times New Roman, Times, Serif; font-size: 10pt">June
    5, 2019</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-family: Times New Roman, Times, Serif; font-size: 10pt">Ranges
    from 0.50% to 1.50% of average net assets depending on performance compared to Standard &amp; Poor&rsquo;s SmallCap 600 Index</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
    The Current Agreement was approved by the Fund&rsquo;s stockholders in connection with Legg Mason&rsquo;s acquisition of Royce
    in 2001.</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
    The only action taken by the Board with respect to the Current Agreement since the fiscal year ended December 31, 2018 was
    the approval of the continuation of such Current Agreement as described in this Proxy Statement.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APPENDIX
B</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
OF NEW INVESTMENT ADVISORY AGREEMENT</B></FONT></P>


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT
ADVISORY AGREEMENT</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE
VALUE TRUST, INC.</B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE
&amp; ASSOCIATES, LP</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Advisory Agreement made this _____ day of __________, 202_, by and between ROYCE VALUE TRUST, INC., a Maryland corporation (the
&ldquo;Fund&rdquo;), and ROYCE &amp; ASSOCIATES, LP, a Delaware limited partnership (formerly Royce &amp; Associates, Inc. and
Royce &amp; Associates, LLC) (the &ldquo;Adviser&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and the Adviser hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Duties of the Adviser</U>. The Adviser shall, during the term and subject to the provisions of this Agreement, (a) determine
the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such
changes, and (b) provide the Fund with such investment advisory, research and related services as the Fund may, from time to time,
reasonably require for the investment of its assets. The Adviser shall perform such duties in accordance with the applicable provisions
of the Fund&rsquo;s Articles of Incorporation, By-Laws and stated investment objectives, policies and restrictions and any directions
it may receive from the Fund&rsquo;s Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Expenses Payable by the Fund</U>. Except as otherwise provided in Paragraphs 1 and 3 hereof, the Fund shall be responsible
for determining the net asset value of its shares and for all of its other operations and shall pay all administrative and other
costs and expenses attributable to its operations and transactions, including, without limitation, registrar, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation,
printing and distribution of its proxy statements, stockholders&rsquo; reports and notices; supplies and postage; Federal and
state registration fees; FINRA and securities exchange listing fees and expenses; Federal, state and local taxes; non-affiliated
directors&rsquo; fees; interest on its borrowings; brokerage commissions; and the cost of issue, sale and repurchase of its shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Expenses Payable by the Adviser</U>. The Adviser shall pay all expenses which it may incur in performing its duties under Paragraph
1 hereof and shall reimburse the Fund for any space leased by the Fund and occupied by the Adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Compensation of the Adviser</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund agrees to pay to the Adviser, and the Adviser agrees to accept, as compensation for the services provided by the Adviser
hereunder, a fee comprised of a basic fee (the &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 Standard &amp; Poor&rsquo;s SmallCap 600 Stock Price Index
(as the same may be constituted from time to time, the &ldquo;Index&rdquo;). Such fee shall be calculated and payable as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each month, the Basic Fee shall be a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the net assets
of the Fund at the end of each month included in the applicable performance period. (The net assets of the Fund shall be computed
by subtracting the amount of any indebtedness and other liabilities of the Fund from the value of the total assets of the Fund,
and the liquidation preference of and any redemption premium for any Preferred Stock of the Fund that may be issued and outstanding
shall not be treated as an indebtedness or other liability of the Fund for this purpose.) The performance period for each such
month shall be a rolling sixty (60) month period ending with the most recent calendar month.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Basic Fee rate for each such month shall be increased at the rate of 1/12 of .05% for each percentage point in excess of two (2),
rounded to the nearer point (the higher point if exactly one-half a point), that the investment performance of the Fund for the
performance period then ended exceeds the percentage change in the investment record of the Index for such performance period
(subject to a maximum of twelve (12) percentage points). If, however, the investment performance of the Fund for such performance
period shall be exceeded by the percentage change in the investment record of the Index for such performance period, then such
Basic Fee rate shall be decreased by 1/12 of .05% for each percentage point in excess of two (2), rounded to the nearer point
(the higher point if exactly one-half a point), that the percentage change in the investment record of the Index exceeds the investment
performance of the Fund for such performance period (subject to a maximum of twelve (12) percentage points).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maximum increase or decrease in the Basic Fee for any month may not exceed .50%, and the Fund shall pay such Basic Fee, as so
adjusted, to the Adviser at the end of each performance period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the provisions of subparagraph (a) above to the contrary, the Adviser shall not be entitled to receive any monthly
fee in respect of any performance period consisting of a rolling thirty-six (36) month period ending with the most recent calendar
month for which the investment performance of the Fund shall be negative on an absolute basis (i.e., the investment performance
of the Fund, rounded to the nearer whole point, is less than zero).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The investment performance of the Fund for any period shall be expressed as a percentage of the Fund&rsquo;s net asset value per
share of Common Stock at the beginning of such period and shall mean and be the sum of: (i) the change in the Fund&rsquo;s net
asset value per share of Common Stock during such period; (ii) the value of the Fund&rsquo;s cash distributions per share of Common
Stock accumulated to the end of such period; and (iii) the value of capital gains taxes per share of Common Stock paid or payable
on undistributed realized long-term capital gains accumulated to the end of such period. For this purpose, the value of distributions
per share of Common Stock of realized capital gains, of dividends per share of Common Stock paid from investment income and the
capital gains taxes per share of Common Stock paid or payable on undistributed realized long-term capital gains shall be treated
as reinvested in shares of Common Stock of the Fund at the net asset value per share of Common Stock in effect at the close of
business on the record date for the payment of such distributions and dividends and the date on which provision is made for such
taxes, after giving effect to such distributions, dividends and taxes. Notwithstanding any provisions of this subparagraph (c)
or of the other subparagraphs of Paragraph 4 hereof to the contrary, the investment performance of the Fund for any period shall
not include, and there shall be excluded from the change in the Fund&rsquo;s net asset value per share of Common Stock during
such period and the value of the Fund&rsquo;s cash distributions per share of Common Stock accumulated to the end of such period
shall be adjusted for, any increase or decrease in the investment performance of the Fund for such period computed as set forth
in the preceding two sentences and resulting from the Fund&rsquo;s capital stock transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The investment record of the Index for any period, expressed as a percentage of the Index level at the beginning of such period,
shall mean and be the sum of (i) the change in the level of the Index during such period and (ii) the value, computed consistently
with the Index, of cash distributions made by companies whose securities comprise the Index accumulated to the end of such period.
For this purpose, cash distributions on the securities which comprise the Index shall be treated as reinvested in the Index at
the end of each calendar month following the payment of the dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any calculation of the investment performance of the Fund and the investment record of the Index shall be in accordance with any
then applicable rules of the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of any termination of this Agreement, the fee provided for in this Paragraph 4 shall be calculated on the basis of
a period ending on the last day on which this Agreement is in effect, subject to a <I>pro rata</I> adjustment based on the number
of days elapsed in the current period as a percentage of the total number of days in such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Excess Brokerage Commissions</U>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law,
to cause the Fund to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a
securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged
for effecting that transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation
to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that
particular transaction or its overall responsibilities with respect to the Fund and its other accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Limitations on the Employment of the Adviser</U>. The services of the Adviser to the Fund shall not be deemed exclusive, and
the Adviser may engage in any other business or render similar or different services to others so long as its services to the
Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any director, officer
or employee of the Adviser to engage in any other business or to devote his time and attention in part to any other business,
whether of a similar or dissimilar nature. So long as this Agreement or any extension, renewal or amendment remains in effect,
the Adviser shall be the only investment adviser for the Fund, subject to the Adviser&rsquo;s right to enter into sub-advisory
agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder,
and shall not be responsible for any action of or directed by the Board of Directors of the Fund, or any committee thereof, unless
such action has been caused by the Adviser&rsquo;s gross negligence, willful malfeasance, bad faith or reckless disregard of its
obligations and duties under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Responsibility of Dual Directors, Officers and/or Employees</U>. If any person who is a director, officer or employee of the
Adviser is or becomes a director, officer and/or employee of the Fund and acts as such in any business of the Fund pursuant to
this Agreement, then such director, officer and/or employee of the Adviser shall be deemed to be acting in such capacity solely
for the Fund, and not as a director, officer or employee of the Adviser or under the control or direction of the Adviser, although
paid by the Adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Protection of the Adviser</U>. The Adviser shall not be liable to the Fund for any action taken or omitted to be taken by the
Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment
adviser of the Fund, and the Fund shall indemnify the Adviser and hold it harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) incurred by the Adviser
in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or
suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon any action actually or allegedly
taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this
Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Paragraph 8 to the
contrary, nothing contained herein shall protect or be deemed to protect the Adviser against or entitle or be deemed to entitle
the Adviser to indemnification in respect of, any liability to the Fund or its security holders to which the Adviser would otherwise
be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its
reckless disregard of its duties and obligations under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determinations
of whether and the extent to which the Adviser is entitled to indemnification hereunder shall be made by reasonable and fair means,
including (a) a final decision on the merits by a court or other body before whom the action, suit or other proceeding was brought
that the Adviser was not liable by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties,
or (b) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Adviser was not
liable by reason of such misconduct by (i) the vote of a majority of a quorum of the directors of the Fund who are neither &ldquo;interested
persons&rdquo; of the Fund (as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;))
nor parties to the action, suit or other proceeding, or (ii) an independent legal counsel in a written opinion.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Effectiveness, Duration and Termination of Agreement</U>. This Agreement shall become effective as of the date above written
and shall replace and supersede in all respects the Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof,
which shall remain in full force and effect), dated as of June 30, 1996, by and between the Fund and the Adviser, the Investment
Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of
October 1, 2001 and as amended and supplemented to date, by and between the Fund and the Adviser, and the Amended and Restated
Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect),
dated as of July 1, 2016, by and between the Fund and the Adviser. This Agreement shall remain in effect until June 30, 2022,
and thereafter shall continue automatically for successive annual periods, <I>provided that</I> such continuance is specifically
approved at least annually in the manner required by the 1940 Act. This Agreement may be terminated at any time, without the payment
of any penalty, on 60 days&rsquo; written notice by the vote of a majority of the outstanding voting securities of the Fund or
by the vote of a majority of the Fund&rsquo;s directors or by the Adviser, and will automatically terminate in the event of its
&ldquo;assignment&rdquo; (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act); <I>provided, however</I>,
that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled
to the benefits thereof, notwithstanding any such termination. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may, so long as this Agreement remains in effect, use &ldquo;Royce&rdquo; as part of its name. The Adviser may, upon termination
of this Agreement, require the Fund to refrain from using the name &ldquo;Royce&rdquo; in any form or combination in its name
or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser, so
refrain from using such name.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party
at its principal office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christopher D. Clark</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROYCE &amp; ASSOCIATES, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christopher D. Clark</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 218.15pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 218.15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: right"> <B>APPENDIX C</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10.3pt 0 0; text-align: justify"> Set forth below is information,
as of the as of the Record Date, concerning stock ownership of: (i) all persons known by the Fund to own beneficially 5% or more
of the Fund&rsquo;s outstanding shares of common stock and (ii) the Fund&rsquo;s officers and Directors (12 persons). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 10.3pt 0 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The percentages in the &ldquo;Percent&rdquo;
column are calculated in accordance with the rules of the Commission, under which a person may be deemed to be the beneficial
owner of shares if that person has or shares the power to vote or dispose of those shares or has the right to acquire beneficial
ownership of those shares within 60 days (for example, through the exercise of an option or warrant). The shares shown in the
table as beneficially owned by certain individuals may include shares owned by certain members of their respective families. Because
of these rules, more than one person may be deemed to be the beneficial owner of the same shares. The inclusion of the shares
shown in the table is not necessarily an admission of beneficial ownership of those shares by the person indicated. Except as
otherwise indicated, each of the persons named has sole voting and investment power with respect to the shares shown. </P>

<P STYLE="font: 10pt 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%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 60%; border: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Name of Beneficial Owner or Identity of
    Group</B></FONT> </TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amount
    of Ownership</B></FONT> </TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Percent*</B></FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Charles M. Royce<SUP>+</SUP>,
    Portfolio Manager <SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">422,130</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.42%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Christopher D. Clark,
    President and Director<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">10,969</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.01%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Patricia W. Chadwick,
    Director<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.00%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Christopher C. Grisanti,
    Director <SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.00%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Arthur S. Mehlman,
    Director <SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">5,778</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.01%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">G. Peter O&rsquo;Brien,
    Director <SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">3,337</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.00%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Michael K. Shields,
    Director <SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.00%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Francis D. Gannon,
    Vice President<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.00%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Daniel A. O&rsquo;Byrne,
    Vice President <SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">7,817</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.01%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Peter K. Hoglund,
    Treasurer<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">27,078</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.03%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">John E. Denneen,
    Secretary<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">6,650</FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.01%</FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Lisa Curcio, Chief
    Compliance Officer<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt; text-underline-style: double"><U>0</U></FONT> </TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt; text-underline-style: double"><U>0.00%</U></FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">All
    Officers and Directors of the Fund as a group (12 persons)</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">483,759</FONT> </TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">0.49%</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> _ ______ </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> * All beneficial ownership percentages are
based on the number of outstanding shares of the Fund&rsquo;s common stock as of May 1, 2020. </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <FONT STYLE="font-size: 10pt"><SUP>+ </SUP></FONT><FONT STYLE="font-size: 8pt">Charles
M. Royce also previously served as a Director of the Fund.</FONT> </P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> (1) Such person&rsquo;s address is c/o Royce
Value Trust, Inc., 745 Fifth Avenue, New York, NY 10151. </P>

<P STYLE="font: 8pt 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"> Set forth below is information, as of the
as of the Record Date, concerning stock ownership of all persons known by the Fund to own of record 5% or more of the Fund&rsquo;s
outstanding shares of common stock. </P>

<P STYLE="font: 10pt 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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Name and Address of Record Owner</B></FONT> </TD>
    <TD STYLE="width: 39%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amount
    and Nature of Ownership</B></FONT> </TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Percent</B></FONT> </TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.4pt 0 0"> Cede &amp; Co.*<BR>
        Depository Trust Company </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> P.O. Box #20 </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Bowling Green Station </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> New York, NY 10028 </P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> 95,274,360 shares </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.25in"> &#8722;
        Record </P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">95.68%</FONT> </TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"> <FONT STYLE="font-size: 10pt">*
    Shares held by brokerage firms, banks and other financial intermediaries on behalf of beneficial owners are registered in
    the name of Cede &amp; Co.</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>



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


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



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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APPENDIX
D</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
    REGARDING MEMBERS OF ROYCE&rsquo;S BOARD OF MANAGERS </B><BR>
    <B>AND ROYCE&rsquo;S PRINCIPAL EXECUTIVE OFFICERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 24%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Occupation</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles
    M. Royce</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (until June 2016), President (until June 2014), and Member of the Board of Managers of Royce. Member of the Board of Trustees of The Royce Fund ("TRF") and Royce Capital Fund ("RCF"). Senior Portfolio Manager for The Royce Funds (as defined below).</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-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
    D. Clark</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, President, Co-Chief Investment Officer, Managing Director, and Member of the Board of Managers of Royce.  President and Member of the Board of Directors/Trustees of the Fund, TRF, Royce Micro-Cap Trust, Inc. ("RMT"), Royce Global Value Trust, Inc. ("RGT"), and RCF (the Fund, TRF, RMT, RGT, and RCF are collectively referred to as "The Royce Funds").</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-family: Times New Roman, Times, Serif; font-size: 10pt">Gunjan
    Banati</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Chief
    Risk Officer and Managing Director Royce.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
    Risk Management Program Administrator for TRF and RCF.</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-family: Times New Roman, Times, Serif; font-size: 10pt">John
    E. Denneen</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    Counsel, Managing Director, Chief Legal and Compliance Officer, Secretary, and Member of the Board of Managers of Royce.&nbsp;&nbsp;Secretary
    and Chief Legal Officer of The Royce Funds.</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-family: Times New Roman, Times, Serif; font-size: 10pt">Francis
    D. Gannon</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief
    Investment Officer and Managing Director of Royce.&nbsp;&nbsp;Vice President of The Royce Funds.</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-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
    K. Hoglund</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer, Chief Administrative Officer, and Managing Director of Royce.&nbsp;&nbsp;Treasurer of The Royce Funds.</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-family: Times New Roman, Times, Serif; font-size: 10pt">Laura
    A. Boydston</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
    of the Board of Managers of Royce.&nbsp;&nbsp;Managing Director at Legg Mason.</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-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia
    Lattin</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
    of the Board of Managers of Royce.&nbsp;&nbsp;<FONT STYLE="background-color: white">&nbsp;Chief Human Resources Officer and
    Senior Managing Director at Legg Mason.</FONT></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-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
    H. Nachtwey</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
    of the Board of Managers of Royce.&nbsp;&nbsp;Chief Financial Officer of Legg Mason and Member of its Executive Committee.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
    REGARDING EACH <FONT STYLE="background-color: white">OFFICER OF THE FUND AND </FONT></B><BR>
    <FONT STYLE="background-color: white"><B>AND EACH DIRECTOR OF THE FUND WHO IS AN OFFICER,&nbsp;EMPLOYEE, OR DIRECTOR OF ROYCE</B></FONT></FONT></TD></TR>
<TR>
    <TD STYLE="width: 24%; 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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund
    Title(s)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
    D. Clark</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-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Director</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-family: Times New Roman, Times, Serif; font-size: 10pt">John
    E. Denneen</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-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary
    and Chief Legal Officer</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-family: Times New Roman, Times, Serif; font-size: 10pt">Francis
    D. Gannon</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-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President</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-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
    K. Hoglund</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-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</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-family: Times New Roman, Times, Serif; font-size: 10pt">Lisa
    Curcio</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-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Compliance Officer</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-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
    A. O&rsquo;Byrne</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-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
E</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
REGARDING AMOUNTS AND BROKERAGE COMMISSIONS</B><BR>
<B>PAID BY FUND TO ROYCE AND ITS AFFILIATES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, for the fiscal year ended December 31, 2019, information relating to: (i) amounts paid by the Fund
to Royce and its affiliates and related waivers and (ii) brokerage commissions paid by the Fund to affiliated brokers.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="width: 17%; 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; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment
    Advisory <BR>
Fees Paid ($)*</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment
Advisory </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees Waived ($)&nbsp;</B></FONT></P></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; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Administration</B><BR>
    <B>Fees ($)**</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate
    Commissions Paid to Affiliated Brokers ($)***</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; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage
    of Fund&rsquo;s Aggregate Brokerage Commissions Paid to Affiliated Brokers***</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.5pt; text-indent: -8.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Royce
    Value Trust, Inc.</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-family: Times New Roman, Times, Serif; font-size: 10pt">7,398,487</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-family: Times New Roman, Times, Serif; font-size: 10pt">None</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-family: Times New Roman, Times, Serif; font-size: 10pt">649,425</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-family: Times New Roman, Times, Serif; font-size: 10pt">48,984</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-family: Times New Roman, Times, Serif; font-size: 10pt">4.80%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="6" 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
        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 SmallCap 600 Index (&ldquo;S&amp;P 600&rdquo;).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 .05% for each percentage point that the investment performance
        of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the S&amp;P 600 for the performance
        period by more than two percentage points. The performance period for each such month is a rolling 60-month period ending
        with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly,
        for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment
        performance of the Fund exceeds the percentage change in the investment record of the S&amp;P 600 by 12 or more percentage
        points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is
        payable if the percentage change in the investment record of the S&amp;P 600 exceeds the investment performance of the
        Fund by 12 or more percentage points for the performance period.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the twelve rolling 60-month periods in 2019, the Fund&rsquo;s investment performance ranged from 5% below to 21% below the investment
performance of the S&amp;P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $13,229,217 and a net
downward adjustment of $5,830,730 for the performance of the Fund relative to that of the S&amp;P 600. For the year ended December
31, 2019, the Fund expensed Royce investment advisory fees totaling $7,398,487.&nbsp;</FONT></P></TD></TR>
<TR>
    <TD COLSPAN="6" 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
    Expenses directly attributable to the Fund are charged to the Fund&rsquo;s operations, while expenses applicable to more than
    one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related
    to the Fund are allocated by Royce under an administration agreement and are included in administrative and office facilities
    and professional fees. </FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="6" 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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">***
    Represents brokerage commissions paid by the Fund to Raymond James &amp; Associates, Inc. (&ldquo;Raymond James&rdquo;) during
    the fiscal year ended December 31, 2019.&nbsp;&nbsp;Raymond James became an affiliated broker of the Fund during such period
    due to its beneficial ownership of more than 5% of the outstanding shares of common stock of Royce Global Value Trust, Inc.</FONT></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
F</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
REGARDING OTHER FUNDS ADVISED OR SUBADVISED BY ROYCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth certain information regarding U.S. registered investment companies, other than the Fund, for which Royce
provides investment advisory or subadvisory services. All information below is provided as of December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Fund</B></TD>
    <TD STYLE="vertical-align: bottom; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate &nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Net Assets&nbsp;</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt">



 <B>Contractual Investment Advisory Fee </B><BR> <B>(as a percentage of average daily net assets)</B></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Micro-Cap Portfolio</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$159 million</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt; border-right: Black 1pt solid"><FONT STYLE="color: #231F20">1.25%</FONT>*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Small-Cap Portfolio</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$399 million</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt; border-right: Black 1pt solid">1.00%*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Global Value Trust, Inc.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$143 million</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt; border-right: Black 1pt solid">1.00%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Micro-Cap Trust, Inc.</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$405 million</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt; border-right: Black 1pt solid">Ranges from 0.50% to 1.50% of average net assets depending on performance compared to Russell 2000 Index</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 35%">Royce Dividend Value Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%">$104 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt; width: 2%">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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; width: 48%">0.85% of the first $2,000,000,000 <BR>
0.80% of the next $1,000,000,000 <BR>
0.75% of the next $1,000,000,000 <BR>
0.70% of any additional average net assets*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Global Financial Services Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$37 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000 <BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000<BR>
0.85% of any additional average net assets*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce International Premier Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$809 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000 <BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000 <BR>
0.85% of any additional average net assets*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Micro-Cap Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$337 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000 <BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000 <BR>
0.85% of any additional average net assets*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Opportunity Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$926 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000<BR>
0.95% of the next $1,000,000,000<BR>
0.90% of the next $1,000,000,000<BR>
0.85% of any additional average net assets</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Pennsylvania Mutual Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.949 billion</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $50,000,000 <BR>
0.875% of the next $50,000,000 <BR>
0.75% of any additional average net assets</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Premier Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.808 billion</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000<BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000<BR>
0.85% of any additional average net assets</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Small-Cap Value Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$171 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000 <BR>
0.95% of the next $1,000,000,000<BR>
0.90% of the next $1,000,000,000 <BR>
0.85% of any additional average net assets*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Smaller-Companies Growth Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$260 million</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000 <BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000 <BR>
0.85% of any additional average net assets*</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Special Equity Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.092 billion</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000<BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000 <BR>
0.85% of any additional average net assets</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Royce Total Return Fund</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$1.522 billion</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: left; padding-left: 5.4pt">&#9679;<BR>
&#9679;<BR>
&#9679;<BR>
&#9679;</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">1.00% of the first $2,000,000,000<BR>
0.95% of the next $1,000,000,000 <BR>
0.90% of the next $1,000,000,000 <BR>
0.85% of any additional average net assets</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">* Royce waived a portion of its contractual investment advisory fee during the fiscal year ended December 31, 2019 pursuant to a contractual fee waiver and expense reimbursement arrangement.</TD></TR>
</TABLE>



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    <TD STYLE="border: Black 1pt solid; padding-left: 0.25in; text-indent: -12pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 15%; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
Assets&nbsp;</B></FONT></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; width: 50%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contractual
    Subadvisory Fee </B><BR>
    <B>(as a percentage of average daily net assets)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legg
    Mason Small-Cap Quality Value ETF</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-family: Times New Roman, Times, Serif; font-size: 10pt">$11.2
    million</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-family: Times New Roman, Times, Serif; font-size: 10pt;">90%
    of the management fee** paid to the investment manager by the fund, net of (i) all fees and expenses incurred by the investment
    manager under the relevant management agreement (including, without limitation, any subadvisory fee paid to another subadviser
    to the fund) and (ii) expense waivers and reimbursements </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    (In no event shall the subadvisory fee be less than zero)</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-bottom: 8pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
    The management fee for Legg Mason Small-Cap Quality Value ETF is equal to 0.60% of its average daily net assets.</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="color: Red; font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #231F20; font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.85pt; text-align: center">PLEASE
VOTE TODAY!</P>

<P STYLE="color: #231F20; font: bold 16pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.85pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.85pt; text-align: center"><B>SEE REVERSE
SIDE</B></P>

<P STYLE="color: #231F20; font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.85pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center"><B>FOR THREE
EASY WAYS TO VOTE.</B></P>

<P STYLE="color: #231F20; font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9660;&nbsp;&nbsp;TO VOTE BY MAIL, PLEASE DETACH HERE, SIGN AND DATE PROXY CARD, AND RETURN IN THE POSTAGE-PAID ENVELOPE PROVIDED&nbsp;&nbsp;&#9660;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0A0707; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 0; text-align: left">WHITE PROXY</P>

<P STYLE="color: #0A0707; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="color: #0A0707; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center">ROYCE VALUE
TRUST, INC.</P>

<P STYLE="color: #231F20; font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center">Special
Meeting of Stockholders Scheduled to be Held On July 14, 2020&nbsp;</P>

<P STYLE="color: #231F20; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center"><B>This Proxy
is Solicited on Behalf of the Board of Directors of Royce Value Trust, Inc.</B></P>

<P STYLE="color: #231F20; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">The undersigned
hereby appoints Christopher D. Clark and John E. Denneen or either of them, acting in absence of the other, as Proxies, each with
the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse, all shares
of common stock of Royce Value Trust, Inc. (the &ldquo;Fund&rdquo;), held of record by the undersigned on May 1, 2020 at the Special
Meeting of Stockholders of the Fund scheduled to be held on July 14, 2020 (the &ldquo;Meeting&rdquo;) (or any adjournment or postponement
thereof). The undersigned hereby acknowledges receipt of the Notice of the Special Meeting of Stockholders and of the accompanying
Proxy Statement, the terms of each of which are incorporated by reference, and revokes any proxy heretofore given with respect
to such Meeting.</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #231F20; font: 10.5pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #231F20; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">This proxy,
when properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this proxy
will be voted FOR Proposal 1. The votes entitled to be cast by the undersigned will be cast in the discretion of the proxy holder
on any other matter that may properly come before the Meeting (or any adjournment or postponement thereof).</P>

<P STYLE="color: #231F20; font: 10.5pt Times New Roman, Times, Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify"><B>PLEASE NOTE:
If it is determined that the Meeting will be held at a different time, in a different location, or partially or entirely by means
of remote communication (i.e., a virtual meeting), timely notice of any such change will be provided by means of a press release,
which will be posted on the following website: http://www.royceinvest.com. You are encouraged to check the website prior to the
Meeting if you plan to attend the Meeting in person. An announcement of any change will also be filed on a timely basis with the
Securities and Exchange Commission via its EDGAR system. In the event it is decided to hold a virtual meeting rather than an in-person
meeting, such notice will include important information regarding the virtual meeting, including how to access, participate in,
and vote at, such virtual meeting.</B></P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 5.85pt 0 17.35pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center"><B>YOUR VOTE
IS VERY IMPORTANT &mdash; PLEASE VOTE TODAY</B></P>

<P STYLE="color: #231F20; font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center"><I>(Continued
and to be marked, dated and signed on the other side)</I></P>

<P STYLE="color: #231F20; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 41.15pt; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="color: #231F20; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">YOUR VOTE
IS IMPORTANT</P>

<P STYLE="color: #231F20; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 53.1pt 0 52.1pt; text-align: center">Please take a
moment now to vote your Shares of Common Stock of Royce Value Trust, Inc.<BR>
for the upcoming Special Meeting of Stockholders.</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 53.1pt 0 52.1pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center"><B>YOU CAN VOTE
TODAY IN ONE OF THREE WAYS:</B></P>

<P STYLE="color: #231F20; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 13pt Times New Roman, Times, Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0 36.25pt 0 35.35pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Vote by Telephone &ndash; </B>Call toll-free from the U.S. or Canada at <B>1-866-289-1750 </B>on a touch-tone telephone. If outside the U.S. or Canada, call <B>1-646-880-9093</B>. Please follow the simple instructions provided. You will be required to provide the unique control number printed below.</FONT></TD></TR>
</TABLE>
<P STYLE="color: #231F20; font: 13pt Times New Roman, Times, Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<P STYLE="color: #231F20; font: 13pt Times New Roman, Times, Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="color: #231F20; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center"><B>OR</B></P>

<P STYLE="color: #231F20; font: 14pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(35,31,32)"><B>2.</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(35,31,32)"><B>Vote by Internet &ndash; </B>Please access <B><U>https://www.proxyvotenow.com/rvt</U></B> and follow the simple instructions provided. Please note you must type an &ldquo;s&rdquo; after http. You will be required to provide the unique control number printed below.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;<B>CONTROL NUMBER:&nbsp;&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 24pt">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="imgcontrol_v1.jpg" ALT=""></FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: Red; font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(35,31,32)">You may vote by telephone or Internet 24 hours a day, &nbsp;7 days a week. Your telephone or Internet vote authorizes the named proxies to vote your shares in the same manner as if you had signed and mailed a proxy card.</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</P>

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

<P STYLE="color: #231F20; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">OR</P>

<P STYLE="color: #231F20; font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 0 29.8pt 0 28.9pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Vote by Mail &ndash; </B>If you do not have access to a touch-tone telephone or to the Internet, please sign, date and promptly return the proxy card in the enclosed postage-paid envelope we have provided, or mail to: Royce Value Trust, Inc., c/o Innisfree M&amp;A Incorporated, 20 Oser Ave, Suite 100, Hauppauge NY 11788.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9660; TO VOTE BY MAIL, PLEASE DETACH HERE, SIGN AND DATE PROXY CARD, AND RETURN IN THE POSTAGE-PAID ENVELOPE PROVIDED&#9660;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><IMG SRC="imgcheck_v1.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Please mark<BR>
vote as in<BR>
this sample</B></FONT></TD>
    <TD STYLE="width: 83%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 2pt solid; border-right: Black 2pt solid; text-align: center">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><B>The Board of Directors unanimously recommends
        that you vote &ldquo;FOR&rdquo;</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><B>Proposal 1.</B></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; font-size: 8pt">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AGAINST</B></FONT></P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>ABSTAIN</B></P>
        <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1. Proposal to consider and approve a new investment advisory agreement, by and between Royce &amp; Associates, LP and Royce Value Trust, Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 12pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">&#9744;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt">&#9744;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 37.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.25pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.25pt; text-align: center"></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</font></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-bottom: 17.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date:______________________________,
    2020 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 16.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 16.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature
    Joint Owners </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Title
    </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><br><br>NOTE:
    Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, trustee, guardian,
    or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a
    corporation or partnership, please sign in full corporate or partnership name, by authorized officer. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 2pt solid; border-left: Black 2pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
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<DOCUMENT>
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<DOCUMENT>
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<FILENAME>filename6.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt"><B><I>The
Royce Funds</I></B></FONT></P>

<P STYLE="font: 12pt  ,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 Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 Fifth Avenue </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">New York, NY 10151</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(212) 508-4500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">(800) 221-4268</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.15pt">May 11,
2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission<BR>
100 F. Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549<BR>
Attention: Ms. Karen Rossotto, Division of Investment Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
Proxy Statements of </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Royce
Capital Fund (File No. </FONT><FONT STYLE="background-color: white">811-07537</FONT><FONT STYLE="letter-spacing: -0.15pt">) (&ldquo;RCF&rdquo;)
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">The
Royce Fund (File No. 811-03599) (&ldquo;TRF&rdquo;)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">Royce
Global Value Trust, Inc. (File No. 811-22532) (&ldquo;RGT&rdquo;) </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">Royce
Micro-Cap Trust, Inc. (File No. 811-08030) (&ldquo;RMT&rdquo;) </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double; letter-spacing: -0.15pt"><U>Royce
Value Trust, Inc. (File No. 811-04875) (&ldquo;RVT&rdquo;) </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Dear
Ms. </FONT>Rossotto<FONT STYLE="letter-spacing: -0.15pt">:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">This letter responds
to telephonic comments received from you on May 4, 2020 regarding the Preliminary Proxy Statements for the above-listed Registrants
that were filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) <FONT STYLE="letter-spacing: -0.15pt">on
April 22, 2020. Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Registrants&rsquo;
Definitive Proxy Statements that have been filed with the Commission and accompany this letter (collectively, the &ldquo;Definitive
Proxy Statements&rdquo;). Set forth below are the Commission staff&rsquo;s comments in italics relating to the Preliminary Proxy
Statements, along with the Registrants&rsquo; responses to those comments. </FONT></P>

<OL START="1" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.15pt"><I>Comment: Specific comments
are being provided solely with respect to TRF&rsquo;s Preliminary Proxy Statement. Please apply such comments to the other Registrants
to the extent relevant. In addition, please include changes responsive to the Commission staff&rsquo;s comments in clean and marked
drafts sent by e-mail.</I></FONT></LI>

</OL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Response:
The Registrants have applied the comments received with respect to the TRF Preliminary Proxy Statement to their Definitive Proxy
Statements to the extent relevant. Such Definitive Proxy Statements: (i) seek to respond to the Commission staff&rsquo;s comments
and (ii) make certain non-material updating changes. The Definitive Proxy Statements for RGT, RMT, and RVT also address </FONT>contested
solicitation proxy materials filed by certain of their stockholders. The Registrants previously supplied clean and marked drafts
to you by email that were substantially similar to the <FONT STYLE="letter-spacing: -0.15pt">Definitive Proxy Statements. </FONT>The
Registrants further notes that they have included all required &ldquo;record date&rdquo; information in the Definitive Proxy Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<OL START="2" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.15pt"><I>Comment: Please disclose additional
relevant information for shareholders who receive more than one proxy card (e.g., indicate whether such shareholders may vote &ldquo;FOR&rdquo;
the investment advisory agreement for one Fund while voting against the investment advisory agreement for another Fund, etc.).</I></FONT></LI>

</OL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Response:
RCF has added the following disclosure to the &ldquo;Questions and Answers&rdquo; section of its proxy materials and has conformed
related disclosures to the effect set forth below: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>Q. Why might I receive
more than one voting instruction card?</B></P>

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

<P STYLE="font: 10pt Times, Serif; margin: 0 0 0 1in; text-align: justify">A. You may receive more than one voting instruction
card if you own shares in both Funds as of the close of business on the record date, May 1, 2020. It is important that all shares
owned by you are represented at the Meeting. Even if you plan to attend the Meeting, you should promptly authorize a proxy to vote
your shares in both Funds by touch-tone telephone, over the Internet, or by signing, dating and returning each voting instruction
card you receive. You are encouraged to consider the proposal for one Fund in which you own shares separately from the proposal
for the other Fund in</P>


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<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 1in; text-align: justify">which you own shares. The shares of one Fund
in which you own shares may be voted differently than the shares of the other Fund in which you own shares (e.g., your shares in
one Fund may be voted &ldquo;FOR&rdquo; the proposal while your shares in the other Fund may be voted &ldquo;AGAINST&rdquo; the
proposal).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">TRF
has added the following disclosure to the &ldquo;Questions and Answers&rdquo; section of its proxy materials and has conformed
related disclosures to the effect set forth below:</FONT></P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>Q. Why might I receive
more than one proxy card?</B></P>

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

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 1in; text-align: justify">A. You may receive more than one proxy card
if you own shares in more than one Fund as of the close of business on the record date, May 1, 2020. It is important that all shares
owned by you are represented at the Meeting. Even if you plan to attend the Meeting, you should promptly authorize a proxy to vote
your shares in each such Fund by touch-tone telephone, over the Internet, or by signing, dating and returning each proxy card you
receive. You are encouraged to consider the proposal for any particular Fund in which you own shares separately from the proposal
for any other Fund in which you own shares. The shares of any particular Fund in which you own shares may be voted differently
than the shares of any other Fund in which you own shares (e.g., your shares in one Fund may be voted &ldquo;FOR&rdquo; the proposal
while your shares in another Fund may be voted &ldquo;AGAINST&rdquo; the proposal).</P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<OL START="3" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.15pt"><I>Comment: With respect to the
disclosure regarding the potential for holding a &ldquo;virtual meeting,&rdquo; please add disclosure to the Registrants&rsquo;
proxy materials to the effect that: (i) each Registrant will provide timely notice of any decision to hold a &ldquo;virtual meeting&rdquo;
and (ii) any notice regarding a &ldquo;virtual meeting&rdquo; will include information regarding how shareholders may access, participate
in, and vote at, such &ldquo;virtual meeting.&rdquo; </I></FONT></LI>

</OL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Response:
Each Registrant has revised its proxy materials substantially as follows (deletions shown in red strikethrough text and additions
shown in bold, double-underlined blue text): </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="background-color: white">We intend
to hold the special meeting of the Fund&rsquo;s shareholders </FONT>at its offices at 745 Fifth Avenue, 23<SUP>rd</SUP> Floor,
New York, New York, 10151 at [__:__] [a.m./p.m.] (Eastern time) on Tuesday, July 14, 2020. <FONT STYLE="background-color: white">However,
as we are concerned about your health and safety during the current COVID-19 pandemic, we intend to monitor the recommendations
of public health officials and governmental restrictions as the situation continues to evolve. </FONT>If we decide to hold the
Meeting at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual
meeting), we will <FONT STYLE="color: red; background-color: white"><STRIKE>announce any such updates</STRIKE></FONT> <FONT STYLE="text-underline-style: double; color: #002060"><B><U>provide
timely notice of any such change</U></B></FONT> by means of a press release, which will be posted on our website (http://www.royceinvest.com).
We encourage you to check the website prior to the Meeting if you plan to attend the Meeting in person. An announcement of any
change will also be filed <FONT STYLE="text-underline-style: double; color: #002060"><B><U>on a timely basis </U></B></FONT>with
the Securities and Exchange Commission via its EDGAR system. <FONT STYLE="text-underline-style: double; color: #002060"><B><U>In
the event it is decided to hold a virtual meeting rather than an in-person meeting, such notice will include important information
regarding the virtual meeting, including how to access, participate in, and vote at, such virtual meeting.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<OL START="4" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.15pt"><I>Comment: Please disclose the
identity and address of the Registrants&rsquo; administrator. </I></FONT></LI>

</OL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Response:
Royce serves as the Registrants&rsquo; administrator. The Registrants added the requested disclosure to their Definitive Proxy
Statements. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<OL START="5" STYLE="margin-top: 0in; list-style-type: decimal">

<LI STYLE="text-align: justify; margin: 0; font-size: 10pt"><FONT STYLE="letter-spacing: -0.15pt"><I>Comment: The disclosure set
forth under the heading &ldquo;Additional Voting Information&#8722;Adjournment of Meeting&rdquo; in each Preliminary Proxy Statement
</I></FONT><I>provides, in pertinent part, that the chairman of the Meeting may adjourn the Meeting without a vote of shareholders,
whether or not a quorum is present. Please revise such disclosure to comply with the provisions of Rule 14a-4 under the Securities
Exchange Act of 1934 (the &ldquo;1934 Act&rdquo;).</I></LI>

</OL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Response:
Based upon our review of the relevant disclosure, each Registrant&rsquo;s governing documents, and applicable state law and related
discussions with state counsel, we believe the relevant disclosure is consistent such governing documents and applicable state
law (<I>i.e</I>., Maryland law in the case of RGT, RMT, and RVT and Delaware law in the case of RCF and TRF). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&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 Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">We
further believe that Rule 14a-4 under the 1934 Act does not supplant the Registrants&rsquo; governing documents or applicable state
law in this context. We note that in <I>Statement on Adjournment of Investment Company Shareholder Meetings and Withdrawal of Proposed
Rule 20a-4 and Amendment to Rule 20a-1</I>, Release No. IC-7659 (February 6, 1973) (the &quot;Adjournment Release&quot;), the Commission
withdrew proposed Rule 20a-4, which would have prohibited any adjournment of a meeting of shareholders of a registered investment
company that related to a proposal requiring shareholder approval if a quorum pursuant to state law were present at such meeting.
The Commission stated: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;Investment
company management must weigh carefully the decision whether to adjourn a shareholder meeting for the purpose of soliciting shareholders
to obtain additional proxies in an effort to secure sufficient votes to pass a particular proposal or proposals. In any case where
shareholders clearly express their disagreement and disinterest in a proposal through negative votes or abstention, and thus fail
to yield sufficient votes for passage, management must determine if an adjournment and additional solicitation is reasonable and
in the interest of shareholders, or whether such procedures would constitute an abuse of management&rsquo;s office. Where management
embarks upon a course of adjournment and additional solicitation, the Commission will consider whether such conduct appears to
constitute a breach of fiduciary duty under Section 36(a) of the Act.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">The
Commission has thus expressly authorized investment company management to decide whether to adjourn a shareholder meeting for the
purpose of soliciting shareholders to obtain additional proxies, subject to management&rsquo;s fiduciary duty to shareholders.
The Registrants represent that they will evaluate any proposed adjournments consistent with the Commission&rsquo;s guidance in
the Adjournment Release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">In
light of the foregoing, the disclosures regarding adjournments have remained substantially unchanged. Notwithstanding the foregoing,
the Registrants included additional disclosure in their Definitive Proxy Statements to the following effect:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.7in; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="text-underline-style: double"><B><U>For
RGT, RMT, and RVT only</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: , Times, Serif; font-size: 10pt">In event a quorum is not present
at the Meeting, any such adjournment date may not be more than 120 days after the original record date (i.e., May 1, 2020).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: , Times, Serif; font-size: 10pt">If the Meeting is adjourned
or postponed to a date more than 120 days after the record date originally fixed for the Meeting (i.e., May 1, 2020), the Board
will set a new record date for the Meeting. In that case, any proxy received by the Fund from a stockholder who was a stockholder
of record on both the record date originally set for the Meeting and the new record date for such Meeting shall remain in full
force and effect unless explicitly revoked, or a later dated proxy is submitted, by the applicable stockholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 0.7in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt , Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="text-underline-style: double"><B><U>For
RCF and TRF only</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; letter-spacing: -0.15pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: , Times, Serif; font-size: 10pt">If the Meeting is adjourned
or postponed to a date more than 60 days after the originally established meeting date (i.e., July 14, 2020), the Board will set
a new record date for the Meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">* * *
* *</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">We believe
that the proposed revisions described herein and included in the Definitive Proxy Statements are responsive to the Commission staff&rsquo;s
comments. </FONT>If you have any questions or comments with respect to this letter or the <FONT STYLE="letter-spacing: -0.15pt">Definitive
Proxy Statements</FONT>, please contact the undersigned at (212) 508-4578.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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 Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">/s/ John E. Denneen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">John E. Denneen</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">Secretary</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">Encs.</P>

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



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