<SEC-DOCUMENT>0000949377-20-000292.txt : 20200811
<SEC-HEADER>0000949377-20-000292.hdr.sgml : 20200811
<ACCEPTANCE-DATETIME>20200811164402
ACCESSION NUMBER:		0000949377-20-000292
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200924
FILED AS OF DATE:		20200811
DATE AS OF CHANGE:		20200811
EFFECTIVENESS DATE:		20200811

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:		201093027

	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>g71495_rvt.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: 0pt 0; text-align: center">As filed with the Securities and Exchange
Commission on August 11, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.5pt 0pt 160.25pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.5pt 0pt 160.25pt; text-align: center">&nbsp;<B>SECURITIES
AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.65pt 0pt 160.25pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.5pt 0pt 160.25pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.5pt 0pt 160.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.6pt 0pt 160.25pt; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.6pt 0pt 160.25pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.6pt 0pt 160.25pt; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.6pt 0pt 160.25pt; text-align: center">&nbsp;<B>INFORMATION
REQUIRED IN PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.6pt 0pt 160.25pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.65pt 0pt 160.25pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 162.55pt 0pt 160.25pt; text-align: center">Proxy Statement Pursuant
to Section 14(a) of</P>

<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">the Securities Exchange Act
of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.3pt; text-indent: 159.15pt">&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; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.3pt; text-align: left"></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; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD STYLE="text-align: left">Preliminary Proxy Statement</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.3pt; text-align: left"></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; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD STYLE="text-align: left">Definitive Additional Materials</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: bold 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: bold 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: 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 0pt 6.3pt; text-indent: 132pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD STYLE="text-align: left">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; text-align: left"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="border-top: Black 1pt solid; text-align: left">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; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="padding-right: 18.95pt; border-top: Black 1pt solid; text-align: left">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; text-align: left">&nbsp;</P>

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

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left"></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; text-align: justify">
<TD STYLE="width: 0in; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD STYLE="text-align: left">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; text-align: left"></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; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: left">Amount Previously Paid:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&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; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: left; 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; text-align: left">&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; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: left; 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; text-align: left">&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; text-align: left"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: left; border-top: Black 1pt solid">Date Filed:</TD></TR>                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt; text-align: center"><B>NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5pt 0pt 9pt; text-align: center"><B>SCHEDULED TO BE HELD ON SEPTEMBER
24, 2020</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B></B></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">To the Stockholders of ROYCE VALUE TRUST, INC.:</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; text-align: justify; text-indent: 17.9pt">NOTICE
IS HEREBY GIVEN that the Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;) of ROYCE VALUE TRUST, INC. (the &ldquo;Fund&rdquo;)
will be held at the offices of the Fund, 745 Fifth Avenue, New York, New York 10151 on Thursday, September 24, 2020, at 11:00 a.m.
(Eastern Time), for the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.3pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>To elect three Directors to the Fund&rsquo;s Board of Directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 29.3pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="padding-right: 28.95pt">To transact such other business as may properly come before the Meeting or any postponement
or adjournment thereof.</TD></TR></TABLE>

<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; text-align: justify; text-indent: 17.9pt">The
Board of Directors of the Fund has set the close of business on July 31, 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.</P>

<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: justify; text-indent: 17.9pt"><B>PLEASE NOTE: </B>We
are concerned about your health and safety during the continuing 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 (<U>http://www.royceinvest.com</U>).
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 21.75pt 0pt 21.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 21.75pt 0pt 21.05pt; text-align: center">IMPORTANT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt"><B>To
save the Fund the expense of additional proxy solicitation, please mark your instructions on the enclosed Proxy, date and sign
it and return it in the enclosed envelope (which requires no postage if mailed in the United States), even if you expect to be
present at the Meeting. You may also authorize a proxy to vote your shares via telephone or the Internet by following the instructions
on the proxy card. Please take advantage of these prompt and efficient proxy authorization options.</B> 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.15pt 0pt 149.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.15pt 0pt 149.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">By order of the Board of &nbsp;Directors,</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">John E. Denneen</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><I>Secretary</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.15pt 0pt 149.25pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.25pt">August 11, 2020</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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IMPORTANT NOTICE
REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON SEPTEMBER 24, 2020</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE NOTICE, PROXY STATEMENT AND PROXY
CARD FOR THE FUND ARE AVAILABLE AT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>www.proxy-direct.com/rvt-31564</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.5pt 0pt 47.95pt; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 65.95pt 0pt 64.5pt; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>September 24, 2020</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">The
enclosed Proxy is solicited on behalf of the Board of Directors of the Fund (the &ldquo;Board&rdquo;) for use at the Annual Meeting
of Stockholders (the &ldquo;Meeting&rdquo;) of Royce Value Trust, Inc. (the &ldquo;Fund&rdquo;), to be held at the offices of the
Fund, 745 Fifth Avenue, New York, New York 10151, on Thursday, September 24, 2020, at 11:00 a.m. (Eastern Time) and at any postponements
or adjournments thereof. The approximate mailing date of this Proxy Statement is August 18, 2020.</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; text-align: justify; text-indent: 17.95pt">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 &ldquo;FOR&rdquo;
the election of the Director nominees of the Fund.</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; text-align: justify; text-indent: 17.9pt">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&rsquo;s
address indicated above or by filing a new Proxy with a later date, and any stockholder attending the Meeting may vote in person,
whether or not he or she has previously filed a Proxy.</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; text-align: justify; text-indent: 17.95pt">The
cost of soliciting proxies will be borne by the Fund, which will reimburse brokerage firms, custodians, nominees and fiduciaries
for their expenses in forwarding proxy material to the beneficial owners of the Fund&rsquo;s shares of common stock (&ldquo;Common
Stock&rdquo;). Some officers and employees of the Fund and/or Royce &amp; Associates, LP, the Fund&rsquo;s investment adviser,
may solicit proxies personally and by telephone, if deemed desirable. Royce &amp; Associates, LP primarily conducts its business
under the name Royce Investment Partners (&ldquo;Royce&rdquo;). Stockholders vote at the Meeting by casting ballots (in person
or by proxy) which are tabulated by one or two persons, appointed by the Board before the Meeting, who serve as Inspectors and
Judges of Voting at the Meeting and who have executed an Inspectors&rsquo; and Judges&rsquo; Oath.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.95pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5.35pt; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">The
Board has set the close of business on July 31, 2020 as the record date (the &ldquo;Record Date&rdquo;) 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. Stockholders on the Record Date will be entitled to one vote for each outstanding share of
Common Stock held (proportional voting rights for fractional shares held), with no shares having cumulative voting rights.</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; text-align: justify; text-indent: 17.85pt">The
Board knows of no business other than that stated in Proposal 1 of the Notice of Annual Meeting that will be presented for consideration
at the Meeting. If any other matter is properly presented at the Meeting or any postponement or adjournment thereof, it is the
intention of the persons named on the enclosed Proxy to vote in accordance with their best judgment.</P>

<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: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68.6pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PROPOSAL 1: ELECTION OF DIRECTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">At
the Meeting, three members of the Board will be elected. The Board has seven Directors. The seven Directors are currently divided
into three classes, each class having a term of office of three years. The term of office of one class expires each year. Each
of Christopher D. Clark and Christopher C. Grisanti currently serves as a Class III Director and has been nominated by the Board
to serve as a Class III Director for a three-year term to expire at the Fund&rsquo;s 2023 Annual Meeting of Stockholders or until
his successor is duly elected and qualified. Cecile B. Harper and G. Peter O&rsquo;Brien currently serve as Class I Directors.
Although the term for Class I Directors expires at the 2021 Annual Meeting of Stockholders, Ms. Harper has been nominated to stand
for election at the 2020 Annual Meeting in order to satisfy certain legal and regulatory requirements.</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 0pt 37.45pt">The classes of Directors and their respective terms
are indicated below.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; text-align: left"><U>CLASS III DIRECTORS
TO SERVE UNTIL 2023 ANNUAL MEETING OF STOCKHOLDERS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Christopher C. Grisanti</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; text-align: left"><U>CLASS I DIRECTORS
SERVING UNTIL 2021 ANNUAL MEETING OF STOCKHOLDERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Cecile B. Harper*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">G. Peter O&rsquo;Brien</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; text-align: left"><U>CLASS II DIRECTORS
SERVING UNTIL 2022 ANNUAL MEETING OF STOCKHOLDERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Patricia W. Chadwick</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Arthur S. Mehlman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Michael K. Shields</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"></P>

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<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; text-align: justify"><I>* Ms. Harper will stand for election
as a Director at the 2020 Annual Meeting of Stockholders along with Mr. Clark and Mr. Grisanti.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">Each
of the three Director nominees has agreed to serve if elected, and the Fund&rsquo;s management has no reason to believe that any
of them will be unavailable for service as a Director. However, if any of them becomes unwilling or unable to serve, the persons
named in the accompanying Proxy will vote for the election of such other persons, if any, as the Board may nominate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">Certain
biographical and other information concerning Christopher D. Clark, an &ldquo;interested person&rdquo; as defined in the Investment
Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;), of the Fund, including his current designated class,
is set forth below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 7.95pt 0pt 8.15pt; text-align: left"><B>Name, Address* and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 8.15pt; text-align: left"><B>Principal Occupations
        <BR>
During Past Five Years</B></P></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.6pt"><B>Age</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 7.85pt; text-align: center; text-indent: -0.05pt"><B>Positions
        <BR>
With the <BR>
Fund</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Length
        of <BR>
Time <BR>
Served</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 7.85pt; text-align: center"><B>Current <BR>
Term <BR>
Expires</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.7pt; padding-left: 7.85pt; font-size: 10pt; text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Portfolios <BR>
in Fund <BR>
Complex</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Overseen</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 9.85pt 0pt 9.8pt; text-align: center; text-indent: 0.05pt"><B>Other
        Public <BR>
Company <BR>
Directorships</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.9pt 0pt 8.2pt">Christopher D. Clark** Chief Executive Officer
        (since July 2016), President (since July 2014), Co-Chief Investment Officer (since January 2014), Managing Director, and Member
        of the Board of Managers (since June 2015) of Royce, having been employed by Royce since May 2007.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.55pt 0pt 8.2pt">President and Member of Board of Directors/Trustees
        of the Fund, Royce Micro- Cap Trust, Inc. (&ldquo;RMT&rdquo;), Royce Global Value Trust, Inc. (&ldquo;RGT&rdquo;), The Royce</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 8.2pt">Fund (&ldquo;TRF&rdquo;), and Royce Capital Fund
        (&ldquo;RCF&rdquo;) (the Fund, RMT, RGT, TRF, and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.55pt 0pt 8.2pt">RCF are collectively referred to as,
&ldquo;The Royce Funds&rdquo;).&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.25pt; padding-left: 6.75pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class III Director and President&dagger;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 10pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 10pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The address of Mr. Clark is c/o Royce Investment Partners,
745 Fifth Avenue, New York, New York 10151.</TD>
</TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">&ldquo;Interested person,&rdquo; as defined in the Investment
Company Act, of the Fund.</TD>
</TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&dagger;</TD><TD STYLE="text-align: justify">Mr. Clark was elected by, and serves at the pleasure
of, the Board in his capacity as an officer of the Fund.</TD>
</TR></TABLE>

<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; text-align: justify; text-indent: 17.9pt">Mr.
Clark is an &ldquo;interested person&rdquo; of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act due
to the position he holds with Royce. There are no family relationships between any of the Fund&rsquo;s Directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Non-Interested Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">Certain
biographical and other information concerning the existing Directors, including two of the three Director nominees, who are not
&ldquo;interested persons,&rdquo; as defined in the Investment Company Act, of the Fund, including their current designated classes,
is set forth below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.15in; padding-left: 8.15pt; vertical-align: bottom; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Tmes, Serif; font-size: 10pt"><B>Name, Address*&nbsp;and <BR> Principal Occupations</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>During Past Five Years**</B></FONT></P></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Age</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Positions
        <BR>
With the <BR>
Fund</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Length
        of <BR>
Time <BR>
Served</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Current <BR>
Term <BR>
Expires</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 4.75pt; padding-left: 4.9pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Portfolios <BR>
in Fund <BR>
Complex <BR>
Overseen</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Other
        Public <BR>
Company <BR>
Directorships</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1pt; padding-right: 13.15pt; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia W. Chadwick Consultant and President of Ravengate Partners LLC (since 2000).</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1pt; padding-right: 8.9pt; padding-left: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class II Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2010</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Wisconsin Energy Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Voya Funds</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.8pt 0pt 8.2pt">Christopher C. Grisanti</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.8pt 0pt 8.2pt">Chief Equity Strategist and Senior Portfolio Manager
        at MAI Capital Management LLC, an investment advisory firm (since May 2020). Previously, Mr. Grisanti was Co-Founder and Chief
        Executive Officer of Grisanti Capital Management LLC, an investment advisory firm (from 1999 to 2020). Mr. Grisanti&rsquo;s prior
        business experience also includes serving as Director of Research and Portfolio Manager at Spears Benzak, Salomon &amp; Farrell
        (from 1994 to 1999) and a senior associate at the law firm of Simpson, Thacher &amp; Bartlett (from 1988 to 1994).</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1pt; padding-right: 8.7pt; padding-left: 8.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class III Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.1pt 0pt 8.2pt">Cecile B. Harper</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.1pt 0pt 8.2pt">Board Member of Pyramid Peak Foundation
(since January 2012); and Chief Operating Officer at the College Foundation at the University of Virginia (since October 2019).
Ms. Harper&rsquo;s prior business experience includes serving as Principal of Southeastern Asset Management (from December 1993
to September 2019); and a Board Member of Regional One Health Foundation (from June 2013 to September 2019).&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Class I Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><SUP>***</SUP></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2020<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.15in; padding-left: 8.2pt; font-size: 10pt; vertical-align: bottom; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, Address*&nbsp;and</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal Occupations <BR>
During Past Five Years**</B></FONT></P></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 0pt 4.9pt"><B>Age</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 6.65pt 0pt 6.7pt; text-align: center; text-indent: -0.05pt"><B>Positions
        <BR>
With the</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.65pt 0pt 6.7pt; text-align: center; text-indent: -0.05pt"><B>Fund</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <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 5.95pt 0pt 7pt; text-align: center"><B>Length <BR>
of Time <BR>
Served</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <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 6.65pt 0pt 7pt; text-align: center"><B>Current <BR>
Term <BR>
Expires</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.65pt; padding-left: 8.05pt; font-size: 10pt; text-align: center; text-indent: -0.05pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Portfolios <BR>
in Fund <BR>
Complex <BR>
Overseen</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 8.85pt; text-align: center; text-indent: -0.2pt"><B>Other Public
        <BR>
Company <BR>
Directorships</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.95pt 0pt 8.2pt">Arthur S. Mehlman Director of The League for
        People with Disabilities, Inc.;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt">Director of University</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 8.2pt">of Maryland Foundation (non-profits). Formerly:
        Director of Municipal Mortgage &amp; Equity,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.65pt 0pt 8.2pt">LLC (from October 2004 to April 2011); Director
        of University of Maryland College</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.6pt 0pt 8.2pt">Park Foundation (non-profit) (from 1998 to 2005);
        Partner, KPMG LLP (international accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for Education (from
        July 1984 to June 2002).</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1pt; padding-right: 8.95pt; padding-left: 7.95pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class II Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 10pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2004</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 10pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">36</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 6pt; text-align: center; text-indent: -0.2pt">(Director/Trustee
        of The Royce Funds, consisting of 16 portfolios; Director/Trustee of the Legg Mason Family of Funds, consisting of 20 portfolios)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt 0pt 8.2pt">G. Peter O&rsquo;Brien Director, Bridges School
        (since 2006); Trustee Emeritus of Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999). Formerly: Trustee
        of Colgate University (from 1996 to 2005); President of Hill House, Inc. (from 2001 to 2005); Director of TICC Capital Corp. (2003
        to 2017); and Managing Director/ Equity Capital Markets Group of Merrill Lynch</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19.45pt 0pt 8.2pt">&amp; Co. (from 1971 to 1999).</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1pt; padding-right: 8.85pt; padding-left: 8.1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class I Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 10pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2001</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; font-size: 10pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">36</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5.9pt; text-align: center; text-indent: -0.1pt">(Director/Trustee
        of The Royce Funds, consisting of 16 portfolios; Director/Trustee of the Legg Mason Family of Funds, consisting of 20 portfolios)</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.15in; padding-left: 8.2pt; vertical-align: bottom; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, Address*&nbsp;and</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal Occupations <BR>
During Past Five Years**</B></FONT></P></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 0pt 4.9pt"><B>Age</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 6.65pt 0pt 6.7pt; text-align: center; text-indent: -0.05pt"><B>Positions
        <BR>
With the <BR>
Fund</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <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 5.95pt 0pt 7pt; text-align: center"><B>Length <BR>
of Time <BR>
Served</B></P></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; padding-right: 2.15pt; padding-left: 2.15pt">
        <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 6.65pt 0pt 7pt; text-align: center"><B>Current <BR>
Term <BR>
Expires</B></P></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.65pt; padding-left: 8.05pt; text-align: center; text-indent: -0.05pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of <BR>
Portfolios <BR>
in Fund <BR>
Complex <BR>
Overseen</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 8.85pt; text-align: center; text-indent: -0.2pt"><B>Other Public
        <BR>
Company <BR>
Directorships</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 10.25pt; padding-left: 8.2pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael K. Shields President and Chief Executive Officer of Piedmont Trust Company, a private North Carolina trust company (since May 2012). Mr. Shields's prior business experience includes owning Shields Advisors, an investment consulting firm (from April 2010 to June 2012).</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 8.85pt; padding-left: 8.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class II Director</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2.15pt; text-align: center; padding-right: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<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: 0.25in"></TD><TD STYLE="width: 0.25in">&nbsp;&nbsp;&nbsp;*</TD><TD STYLE="text-align: justify">The address of each of Ms. Chadwick, Ms. Harper, and Messrs. Grisanti,
Mehlman, O&rsquo;Brien, and Shields is c/o Royce Investment Partners, 745 Fifth Avenue, New York, New York 10151.</TD></TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Each of Ms. Chadwick and Messrs. Grisanti, Mehlman, O&rsquo;Brien,
and Shields is also a director/trustee of all of the other investment companies constituting The Royce Funds and a member of the
Audit Committee and the Nominating Committee of the Board. Ms. Harper is also a director of RGT and RMT and a member of the Audit
Committee and the Nominating Committee of the Board.</TD>
</TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">***</TD><TD STYLE="text-align: justify">Ms. Harper was nominated to be an Independent Director
by another Independent Director. She was elected as a Class I Director by a majority of the Board on July 21, 2020. Although the
term for Class I Directors expires at the 2021 Annual Meeting of Stockholders, Ms. Harper has will stand for election at the 2020
Annual Meeting in order to satisfy certain legal and regulatory requirements.</TD>
</TR></TABLE>

<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; text-align: justify; text-indent: 22.35pt">The
Independent Directors have adopted a retirement policy that calls for the retirement of each Independent Director from the Board
on December 31 of the year in which he or she reaches the age of 79.</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; text-align: justify; text-indent: 22.35pt">Additional
information about each Director follows (supplementing the information provided in the tables above) that describes some of the
specific experiences, qualifications, attributes or skills that each Director possesses, which the Board believes has prepared
them to be effective Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>Christopher D. Clark &ndash;</I> In addition to his tenure as a Director/Trustee
of The Royce Funds, Mr. Clark serves as Chief Executive Officer, President, Co-Chief Investment Officer, and a Member of the Board
of Managers of Royce, having been employed by Royce since 2007. Mr. Clark has over 25 years of investment and business experience,
including extensive experience in the financial sector.</TD></TR></TABLE>

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


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<P STYLE="margin-top: 0; margin-bottom: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>Patricia W. Chadwick &ndash;</I> In addition to her tenure as a Director/Trustee
of The Royce Funds, Ms. Chadwick is designated as an Audit Committee Financial Expert. Ms. Chadwick has over 30 years of investment
and business experience, including extensive experience in the financial sector and as a consultant to business and non-profit
entities. In addition, Ms. Chadwick has served on the boards of a variety of public and private companies and non-profit entities,
including currently serving on the board of two public companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>Christopher C. Grisanti</I> &ndash; In addition to his tenure as a Director/Trustee
of The Royce Funds, Mr. Grisanti serves as Chief Equity Strategist and Senior Portfolio Manager at MAI Capital Management LLC,
an investment advisory firm. He previously co-founded and served as Chief Executive Officer of Grisanti Capital Management LLC,
an investment advisory firm. Mr. Grisanti has over 20 years of investment industry experience.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>Cecile B. Harper &ndash;</I> In addition to her tenure as a Director of
each of the Fund, RGT, and RMT, Ms. Harper has over 25 years of business experience in the asset management sector. In addition,
Ms. Harper has served on the boards of various philanthropic entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>Arthur S. Mehlman &ndash;</I> In addition to his tenure as a Director/Trustee
of The Royce Funds and of the Legg Mason Family of Funds, Mr. Mehlman serves as the Chairman of the Board&rsquo;s Audit Committee,
acting as liaison between the Board and the Fund&rsquo;s independent registered public accountants, and is designated as an Audit
Committee Financial Expert. Mr. Mehlman has over 35 years of business experience, including as Partner of an international accounting
firm and a Director for various private companies and non-profit entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>G. Peter O&rsquo;Brien</I> &ndash; In addition to his tenure as a Director/Trustee
of The Royce Funds and of the Legg Mason Family of Funds, Mr. O&rsquo;Brien serves as Chairman of the Board&rsquo;s Nominating
Committee. Mr. O&rsquo;Brien has over 35 years of business experience, including extensive experience in the financial sector.
In addition, Mr. O&rsquo;Brien has served on the boards of public companies and non-profit entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify"><I>Michael K. Shields</I> &ndash; In addition to his tenure as a Director/Trustee
of The Royce Funds, Mr. Shields serves as President and Chief Executive Officer of Piedmont Trust Company, a private North Carolina
trust company. Mr. Shields has over 30 years of investment and business experience, including extensive experience in the financial
sector.</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: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">The
Board believes that each Director&rsquo;s experience, qualifications, attributes and skills should be evaluated on an individual
basis and in consideration of the perspective such Director brings to the entire Board, with no single Director, or particular
factor, being indicative of Board effectiveness. However, the Board believes that Directors need to have the ability to critically
review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service
providers and counsel, in order to exercise effective business judgment in the performance of their duties; the Board believes
that their members satisfy this standard. Experience relevant to having this ability may be achieved through a Director&rsquo;s
educational background; business, professional training or practice, public service or academic positions; experience from service
as a board member (including the Board) or as an executive of investment funds, public companies or significant private or non-profit
entities or other organizations; and/or other life experiences. The charter for the Board&rsquo;s Nominating Committee contains
certain other specific factors considered by the Nominating Committee in identifying and selecting Director candidates (as described
below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To
assist them in evaluating matters under federal and state law, the Directors are counseled by their own independent legal counsel,
who participates in Board meetings and interacts with Royce, and also may benefit from information provided by Royce&rsquo;s internal
counsel; both the Board&rsquo;s and Royce&rsquo;s internal counsel have significant experience advising funds and fund board members.
The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an
annual basis.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">The
Investment Company Act requires that at least 40% of the Fund&rsquo;s Directors not be &ldquo;interested persons&rdquo; (as defined
in the Investment Company Act) of the Fund and as such are not affiliated with Royce (&ldquo;Independent Directors&rdquo;). To
rely on certain exemptive rules under the Investment Company Act, a majority of the Fund&rsquo;s Directors must be Independent
Directors, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates,
the Investment Company Act or the rules thereunder require the approval of a majority of the Independent Directors. Currently,
more than 85% of the Fund&rsquo;s Directors are Independent Directors. The Board does not have a chairman, but the President, an
interested person of the Fund, acts as chairman at the Board meetings. The Independent Directors have not designated a lead Independent
Director, but the Chairman of the Audit Committee, Mr. Mehlman, generally acts as chairman of meetings or executive sessions of
the Independent Directors and, when appropriate, represents the views of the Independent Directors to management. The Board has
determined that its leadership structure is appropriate in light of the services that Royce and its affiliates provide to the Fund
and potential conflicts of interest that could arise from these relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">The
Board has a standing Audit Committee (the &ldquo;Audit Committee&rdquo;), which consists of the Independent Directors who also
are &ldquo;independent&rdquo; as defined in the listing standards of the New York Stock Exchange. The current members of the Audit
Committee are Patricia W. Chadwick, Christopher C. Grisanti, Cecile B. Harper, Arthur S. Mehlman, G. Peter O&rsquo;Brien, and Michael
K. Shields. Mr. Mehlman serves as Chairman of the Audit Committee. Ms. Chadwick and Mr. Mehlman have been designated as Audit Committee
Financial Experts, as defined under Securities and Exchange Commission (&ldquo;SEC&rdquo;) regulations.</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; text-align: justify; text-indent: 17.85pt">The
principal purposes of the Audit Committee are to (i) assist Board oversight of the (a) integrity of the Fund&rsquo;s financial
statements; (b) independent accountants&rsquo; qualifications and independence; and (c) performance of the Fund&rsquo;s independent
accountants and (ii) prepare, or oversee the preparation of any audit committee report required by rules of the SEC to be included
in the Fund&rsquo;s proxy statement for its annual meeting of stockholders. <FONT STYLE="font-family: Times New Roman, Times, Serif">The
Board has adopted an Audit Committee charter for the Fund, a copy of which was included as an exhibit to the Proxy Statement for
the Fund&rsquo;s 2019 Annual Meeting of Stockholders. Although a copy of the Audit Committee charter for the Fund is not available
on the Fund&rsquo;s website, one may be obtained by calling 1-800-221-4268.</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; text-align: justify; text-indent: 17.85pt">The
Audit Committee also has (i) received written disclosures and the letter required by Independence Standards Board Standard No.
1 from PricewaterhouseCoopers LLP (&ldquo;PWC&rdquo;), the Fund&rsquo;s independent auditors for the fiscal year ended December
31, 2019, and (ii) discussed certain matters required to be discussed under the requirements of The Public Company Accounting Oversight
Board with PWC. The Audit Committee has considered whether the provision of non-audit services by the Fund&rsquo;s independent
accountants is compatible with maintaining their independence.</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; text-align: justify; text-indent: 17.85pt">At its meetings
held on February 19, 2020 and February 26, 2020, the Audit Committee reviewed and discussed the audit of the Fund&rsquo;s financial
statements as of December 31, 2019 and for the fiscal year then ended with Fund management and PWC. Had any material concerns arisen
during the course of the audit and the preparation of the audited financial statements mailed to stockholders and included in the
Fund&rsquo;s 2019 Annual Report to Stockholders, the Audit Committee would have been notified by Fund management or PWC. The Audit
Committee received no such notifications. At those meetings, the Audit Committee recommended to the Board that the Fund&rsquo;s
audited financial statements be included in the Fund&rsquo;s 2019 Annual Report to Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.25pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">The Board
has a Nominating Committee (the &ldquo;Nominating Committee&rdquo;) composed of the six Independent Directors, namely Ms. Chadwick,
Ms. Harper, and Messrs. Grisanti, Mehlman, O&rsquo;Brien, and Shields. Mr. O&rsquo;Brien serves as the Chairman of the Nominating
Committee. <FONT STYLE="font-family: Times New Roman, Times, Serif">The Board has adopted a Nominating Committee charter for the
Fund, a copy of which was included as an exhibit to the Proxy Statement for the Fund&rsquo;s 2019 Annual Meeting of Stockholders.
Although a copy of the Nominating Committee charter for the Fund is not available on the Fund&rsquo;s website, one may be obtained
by calling 1-800-221-4268.</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; text-align: justify; text-indent: 17.85pt">The
Nominating Committee is responsible for identifying and recommending to the Board individuals believed to be qualified to become
Board members in the event that a position is vacated or created. The Nominating Committee will consider Director candidates recommended
by stockholders. In considering potential nominees, the Nominating Committee will take into consideration (i) the contribution
which the person can make to the Board, with consideration given to the person&rsquo;s business and professional experience, education
and such other factors as the Committee may consider relevant, including but not limited to whether a potential nominee&rsquo;s
personal and professional qualities and attributes would provide a beneficial diversity of skills, experience and/or perspective
to the Board; (ii) the character and integrity of the person; (iii) whether or not the person is an &ldquo;interested person&rdquo;
as defined in the Investment Company Act and whether the person is otherwise qualified under applicable laws and regulations to
serve as a Director or Independent Director of the Fund; (iv) whether or not the person has any relationships that might impair
his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser of
the Fund, Fund service providers or their affiliates; (v) whether or not the person is financially literate pursuant to the New
York Stock Exchange&rsquo;s audit committee membership standards; (vi) whether or not the person serves on boards of, or is otherwise
affiliated with, competing financial service organizations or their related investment company complexes; (vii) whether or not
the person is willing to serve as, and willing and able to commit the time necessary for the performance of the duties of, a Director
of the Fund; and (viii) whether or not the selection and nomination of the person would be in the best interest of the Fund in
light of the requirements of the Fund&rsquo;s retirement policies. While the Nominating Committee does not have a formal policy
regarding diversity, as noted above, it may consider the diversity of skills, experience and/or perspective a potential nominee
will bring to the Board as part of its evaluation of the contribution such potential nominee will make to the Board. Such factors
will be considered in light of the other factors described above and in the context of the Board&rsquo;s existing membership at
the time such potential candidate is considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">Cecile
B. Harper was nominated to be an Independent Director by another Independent Director. Ms. Harper was elected as a Class I Director
by a majority of the Board on July 21, 2020. Although the term for Class I Directors expires at the 2021 Annual Meeting of Stockholders,
Ms. Harper has will stand for election at the 2020 Annual Meeting in order to satisfy certain legal and regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">To
have a candidate considered by the Nominating Committee, a stockholder must submit the recommendation in writing and must include
biographical information and set forth the qualifications of the proposed nominee. The stockholder recommendation and information
described above must be sent to the Fund&rsquo;s Secretary, John E. Denneen, c/o Royce Value Trust, Inc., 745 Fifth Avenue, New
York, New York 10151.</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; text-align: justify; text-indent: 17.9pt">Although
the Board does not have a standing compensation committee, the Independent Directors review their compensation annually.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">The
Board has a Distribution Committee (the &ldquo;Distribution Committee&rdquo;), currently comprised of Christopher D. Clark. As
noted above, Mr. Clark is an &ldquo;interested person&rdquo; of the Fund within the meaning of Section 2(a)(19) of the Investment
Company Act. The Distribution Committee is responsible for, among other things, approving the Fund&rsquo;s payment of dividends
from net investment income and distributions from capital gains, if any, to ensure compliance with the requirements of Subchapter
M of the Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board&rsquo;s Oversight Role in Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.95pt">The
Board&rsquo;s role in management of the Fund is oversight. As is the case with virtually all investment companies (as distinguished
from operating companies), service providers to the Fund, primarily Royce and its affiliates, have responsibility for the day-to-day
management of the Fund, which includes responsibility for risk management (including management of investment performance and investment
risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the
Board, acting at its scheduled meetings, or the Chairman of the Audit Committee, acting between Board meetings, regularly interacts
with and receives reports from senior personnel of service providers, including the Fund&rsquo;s and Royce&rsquo;s Chief Compliance
Officer and portfolio management personnel. The Audit Committee (which consists of the six Independent Directors) meets during
its scheduled meetings, and between meetings the Chairman of the Audit Committee maintains contact with the Fund&rsquo;s independent
registered public accounting firm and the Fund&rsquo;s Treasurer. The Board also receives periodic presentations from senior personnel
of Royce or its affiliates regarding risk management generally, as well as periodic presentations regarding specific operational,
compliance or investment areas such as business continuity, anti-money laundering, personal trading, valuation, investment research
and securities lending. The Board also receives reports from counsel to Royce and the Board&rsquo;s own independent legal counsel
regarding regulatory, compliance and governance matters. The Board&rsquo;s oversight role does not make the Board a guarantor of
the Fund&rsquo;s investments or activities.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Committee and Board of Directors Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">During
the year ended December 31, 2019, the Board held five meetings, the Audit Committee held four meetings, and the Nominating Committee
held two meetings. The Distribution Committee took action in respect of the Fund five times by written consent. Each Director then
in office attended 75% or more of the aggregate of the total number of meetings of the Board and the total number of meetings of
the Audit Committee and the Nominating Committee held during that year.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">For
the year ended December 31, 2019, each Independent Director received a base fee of $20,000 per year, plus $1,100 for each in-person
meeting of the Board attended. No Director received remuneration for services as a Director for the year ended December 31, 2019
in addition to or in lieu of this standard arrangement. Each Independent Director will continue to receive a base fee of $20,000
per year, plus $1,100 for each in-person meeting of the Board attended for the year ending December 31, 2020.</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; text-align: justify; text-indent: 17.85pt">Set
forth below is the aggregate compensation paid by the Fund and the total compensation paid by The Royce Funds and the Fund Complex
to each Independent Director of the Fund for the year ended December 31, 2019.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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">&nbsp;</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">&nbsp;</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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>Name</B></P></TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Aggregate <BR>
Compensation
        <BR>
From the Fund</B></P></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 4.3pt; text-align: center; text-indent: -0.4pt"><B>Pension
        or <BR>
Retirement <BR>
Benefits <BR>
Accrued as <BR>
Part of Fund <BR>
Expenses</B></P></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Estimated
        <BR>
Annual <BR>
Benefits upon <BR>
Retirement</B></P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Total
        <BR>
Compensation <BR>
From The Royce <BR>
Funds Paid to <BR>
Directors</B></P></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Total
        <BR>
Compensation <BR>
From The Fund <BR>
and Fund <BR>
Complex Paid to <BR>
Directors*</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 13.3pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia W. Chadwick,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 9.5pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher C. Grisanti,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 10.65pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cecile B. Harper<SUP>**</SUP>,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 10.65pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen L. Isaacs<SUP>***</SUP>,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 19.4pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arthur S. Mehlman,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.35pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.35pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$476,300</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.15pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David L. Meister<SUP>***</SUP>,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 27.8pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. Peter O</FONT><FONT STYLE="font-size: 10pt">&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Brien,</FONT></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24,400</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$239,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$454,800</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 21.45pt; padding-left: 8.25pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael K. Shields,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25,500</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.4pt; padding-left: 15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,300</FONT></TD></TR>
</TABLE>
<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Represents aggregate compensation paid to each Director
during the calendar year ended December 31, 2019 from the Fund Complex. As of the date hereof, the Fund Complex includes the 16
portfolios of The Royce Funds and the 20 portfolios of the Legg Mason Funds.</TD>
</TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify; padding-right: 30.3pt">Ms. Harper became a member of the Board effective July 21, 2020.</TD></TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">***</TD><TD STYLE="text-align: justify">Retired from the Board effective December 31, 2019.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 15; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Officers of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.9pt">Officers of the Fund are
elected each year by the Board. The following sets forth information concerning the Fund&rsquo;s officers:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.1pt; padding-right: 47.15pt; padding-left: 8.15pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, Address*&nbsp;and Principal Occupations During Past Five Years</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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 0pt 0.05pt; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Office**</B></P></TD>
    <TD STYLE="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6.35pt; padding-left: 5.35pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Officer of <BR>
Fund Since</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt">Christopher D. Clark,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.2pt 0pt 8.2pt">Chief Executive Officer (since July 2016), President
        (since July 2014), Co-Chief Investment Officer (since January 2014), and Member of the Board of Managers (since June 2015) of Royce,
        having been employed by Royce since May 2007.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">President</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2014</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt; text-align: justify">Francis D. Gannon,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.8pt 0pt 8.2pt; text-align: justify">Co-Chief Investment Officer
        (since January 2014) and Managing Director of Royce, having been employed by Royce since September 2006.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <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; text-align: center">52</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Vice President</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2014</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt">Peter K. Hoglund,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.45pt 0pt 8.2pt">Chief Financial Officer, Chief Administrative
        Officer, and Managing Director of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund
        spent more than 20 years with Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer
        and overseeing all financial aspects of the firm.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <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">&nbsp;</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; text-align: center">54</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Treasurer</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2015</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt">Daniel A. O&rsquo;Byrne,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33.5pt 0pt 8.2pt">Principal and Vice President of Royce, having
        been employed by Royce since October 1986.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <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; text-align: center">58</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Vice President</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1994</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt">John E. Denneen,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.1pt 0pt 8.15pt">General Counsel, Managing Director, Chief Legal
        and Compliance Officer, Secretary, and, since 2015, Member of the Board of Managers of Royce; Secretary and Chief Legal Officer
        of The Royce Funds.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">53</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Secretary and Chief Legal
        Officer</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">1996 to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">2001 and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">since 2002</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.2pt">Lisa Curcio,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.75pt 0pt 8.2pt">Chief Compliance Officer of The Royce Funds
        (since October 2004); and Compliance Officer of Royce (since June 2004).</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <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; text-align: center">60</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Chief Compliance Officer</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2004</P></TD></TR>
</TABLE>
<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The address of each officer of the Fund is c/o Royce
Investment Partners, 745 Fifth Avenue, New York, New York 10151.</TD>
</TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Each officer of the Fund is elected by, and serves at
the pleasure of, the Board.</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">Stockholders
may send written communications to the Board or to an individual Director by mailing such correspondence to the Secretary of the
Fund (addressed to 745 Fifth Avenue, New York, New York 10151). Such communications must be signed by the stockholder and identify
the number of shares of Common Stock held by the stockholder. Properly submitted stockholder communications will, as appropriate,
be forwarded to the entire Board or to the individual Director. Any stockholder proposal submitted pursuant to Rule 14a-8 under
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), must continue to meet all the requirements of
Rule 14a-8. See &ldquo;Additional Information &ndash; Stockholder Proposals&rdquo; herein.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director Attendance at Stockholder Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.8pt">The
Fund has no formal policy regarding Director attendance at stockholder meetings. None of the Independent Directors attended the
Fund&rsquo;s 2019 Annual Meeting of Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.8pt">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compliance with Section 16(a) of the Exchange
Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">Section
16(a) of the Exchange Act requires the officers and Directors of the Fund and persons who own more than ten percent of a registered
class of the Fund&rsquo;s equity securities, to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the
SEC and the New York Stock Exchange. Officers, Directors and greater than ten percent stockholders are required by SEC regulations
to furnish the Fund with copies of all Forms 3, 4 and 5 they file.</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; text-align: justify; text-indent: 17.85pt">Based
solely on the Fund&rsquo;s review of the copies of such forms and amendments thereto, furnished to it during or with respect to
its most recent fiscal year, and written representations from certain reporting persons that they were not required to file Form
5 with respect to the most recent fiscal year, the Fund believes that all of its officers, Directors, greater than ten percent
beneficial owners and other persons subject to Section 16 of the Exchange Act due to the requirements of Section 30(h) of the Investment
Company Act (i.e., any investment adviser or affiliated person of the Fund&rsquo;s investment adviser), have complied with all
filing requirements applicable to them with respect to transactions in the Fund&rsquo;s shares during the Fund&rsquo;s most recent
fiscal year.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">As of the Record
Date, there were 100,471,701 shares of Common Stock outstanding. The following persons were known to the Fund to be beneficial
owners or owners of record of 5% or more of its outstanding shares of Common Stock as of the Record Date:&nbsp;</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 41%; padding-left: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and Address of Owner</B></FONT></TD>
    <TD STYLE="text-align: center; width: 31%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    and</B><BR>     <B>Nature of Ownership</B></FONT></TD>
    <TD STYLE="text-align: center; width: 28%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cede
                                   &amp; Co.*</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depository
        Trust Company</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
        Box #20</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bowling
        Green Station</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
        York, NY 10028</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,017,732
    shares&nbsp;&nbsp;</FONT>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;
        Record*</FONT></P></TD>
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.55%</FONT></TD></TR>
</TABLE>
<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"></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: 10%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Shares held by brokerage firms, banks and other financial
intermediaries on behalf of beneficial owners are registered in the name of Cede &amp; Co.</TD>
</TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.15pt 0pt 0.2in; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">Information
relating to each Director&rsquo;s ownership of shares of Common Stock as of July 31, 2020 and of shares of The Royce Funds overseen
by each Director is set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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">&nbsp;</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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.2pt; text-align: center"><B>Name</B></P></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">
        <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">&nbsp;</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 17.65pt 0pt 20.45pt; text-indent: -4.7pt"><B>Aggregate Dollar Range</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.65pt 0pt 20.45pt; text-indent: -4.7pt"><B>of Equity in the Fund</B></P></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 19.35pt; padding-left: 15pt; font-size: 10pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Dollar Range <BR>
of Securities in all Royce <BR>
Funds overseen by each <BR>
Director in the Royce <BR>
Family of Funds</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.05pt"><I>Interested Director:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher D. Clark</FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; font-size: 10pt; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; font-size: 10pt; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.05pt"><I>Non-Interested Directors:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia W. Chadwick</FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher C. Grisanti</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cecile B. Harper<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arthur S. Mehlman</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. Peter O</FONT><FONT STYLE="font-size: 10pt">&rsquo;<FONT STYLE="font-family: Times New Roman, Times, Serif">Brien</FONT></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael K. Shields</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0; text-align: center; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 14.05pt">*</TD><TD STYLE="text-align: justify; padding-right: 30.3pt">Ms. Harper became a member of the Board effective July 21, 2020.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 17.85pt">Information regarding ownership of shares
of Common Stock by the Fund&rsquo;s Directors and officers as of the Record Date is set forth below:&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 10pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Name and Address* of Owner</B></FONT></TD>
    <TD STYLE="width: 55%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 17.65pt; padding-left: 20.45pt; text-indent: -4.7pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Beneficial Ownership <BR>
of Shares of Common Stock</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt"><I>Interested Director:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher D. Clark</FONT></TD>
    <TD STYLE="width: 55%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,199</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt"><I>Non-Interested Directors:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia W. Chadwick</FONT></TD>
    <TD STYLE="width: 55%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher C. Grisanti</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cecile B. Harper<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arthur S. Mehlman</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,899</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. Peter O'Brien</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,337</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael K. Shields</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.45pt"><I>Interested Officers<SUP>*</SUP></I><B>**</B><I>:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis D. Gannon</FONT></TD>
    <TD STYLE="width: 55%; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter K. Hoglund</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,653</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel A. O&rsquo;Byrne</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,981</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John E. Denneen</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,650</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lisa Curcio</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The address of each Director and each officer is c/o
Royce Investment Partners, 745 Fifth Avenue, New York, New York 10151.</TD>
</TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Ms. Harper became a member of the Board effective July
21, 2020.</TD>
</TR></TABLE>

<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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">***</TD><TD STYLE="text-align: justify">Does not include shares of Common Stock beneficially
owned by Mr. Clark, if any, which information is set forth immediately above under &ldquo;Interested Director.&rdquo;</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: justify; text-indent: 17.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">As
of the Record Date, all Directors and officers of the Fund as a group (12 persons) beneficially owned an aggregate of less than
1% of the Fund&rsquo;s outstanding shares of Common Stock.</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; text-align: justify; text-indent: 17.8pt">As of
July 31, 2020, no Independent Director or any of his or her immediate family members directly or indirectly owned any securities
issued by Franklin Resources, Inc., Royce&rsquo;s indirect corporate parent, or any of its affiliates (other than registered investment
companies).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.8pt">A
quorum consists of stockholders representing a majority of the outstanding shares of Common Stock entitled to vote, who are present
in person or by proxy, and the affirmative vote of the holders of a majority of the outstanding shares of Common Stock entitled
to vote is required to elect a Director.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.8pt">The
Board of Directors of the Fund recommends that all stockholders vote &ldquo;FOR&rdquo; all of the Director nominees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>FEES PAID TO INDEPENDENT AUDITORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">The aggregate
fees paid to PWC in connection with the annual audit of the Fund&rsquo;s financial statements and for services normally provided
by PWC in connection with the statutory and regulatory filings of the Fund for the fiscal years ended December 31, 2019 and December
31, 2018 were $<B>46,624</B> and $45,710, respectively.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.95pt">No
fees were paid to PWC in connection with assurance and related services related to the annual audit of the Fund and for review
of the Fund&rsquo;s financial statements, other than the Audit Fees described above, for the fiscal years ended December 31, 2019
and December 31, 2018.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">The
aggregate fees paid for tax-related services, including preparation of tax returns, tax compliance and tax advice, rendered by
PWC to the Fund for the fiscal years ended December 31, 2019 and December 31, 2018 were $<B>9,933 </B>and $9,738, respectively.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">There
were no other fees billed for non-audit services rendered by PWC to the Fund for the fiscal years ended December 31, 2019 and December
31, 2018. The aggregate non-audit fees billed by PWC for services rendered to Royce and any entity controlling, controlled by,
or under common control with Royce that provides ongoing services to the Fund for the fiscal years ended December 31, 2019 and
December 31, 2018 were $<B>9,933 </B>and $9,738, respectively. The Audit Committee has determined that the provision of non-audit
services is compatible with maintaining the independence of PWC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.9pt">PWC
did not provide any other professional services to the Fund or Royce for the year ended December 31, 2019 except for those other
professional services performed by PWC in its capacity as the independent registered public accounting firm for Legg Mason, Inc.
(&ldquo;Legg Mason&rdquo;), an indirect corporate parent of Royce, and certain Legg Mason affiliates and for certain investment
companies for which Legg Mason affiliates act as investment adviser. No representatives of PWC are expected to be present at the
Meeting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit Committee&rsquo;s
Pre-Approval Policies and Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">The
Audit Committee has adopted policies and procedures with regard to the pre-approval of audit and non-audit services. On an annual
basis, at the September meeting of the Audit Committee, the independent auditors of the Fund will submit a schedule of proposed
audit, audit-related, tax and other non-audit services to be rendered to the Fund and/or Royce and its affiliates for the following
year that require pre-approval by the Audit Committee. Such schedule will include the maximum fees that can be paid for such services
without further Audit Committee approval. Any subsequent revision to pre-approved services or fees will be considered at the next
regularly scheduled Audit Committee meeting. Services not presented for pre-approval at the September meeting of the Audit Committee
will be submitted to the Chief Financial Officer of the Fund for a determination that the proposed services fit within the independence
guidelines and then considered for pre-approval at the next regularly scheduled Audit Committee meeting. A proposal to commence
an engagement involving audit, audit-related or tax services prior to the next regularly scheduled Audit Committee meeting shall
be made in writing by the Chief Financial Officer to all Audit Committee members and include a summary of the engagement, estimated
maximum cost, the category of services and the rationale for engaging the Fund&rsquo;s independent auditor. Such proposed engagement
can be pre-approved by any Audit Committee member who is an Independent Director. Pre-approval by the Chairman of the Audit Committee
is required for a proposed engagement involving non-audit services other than audit-related or tax.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">If sufficient votes
to approve Proposal 1 in the Notice of Annual Meeting of Stockholders 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&rsquo;s
Bylaws until sufficient votes to approve Proposal 1 in the Notice of Annual Meeting of Stockholders shall be received. 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., July 31, 2020).</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"></P>

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<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; text-align: justify; text-indent: 23.05pt">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: <U>http://www.royceinvest.com</U>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.05pt">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., July 31, 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: 0pt 0; text-align: justify; text-indent: 17.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">While
the Meeting has been called to transact any business that may properly come before it, the Directors know of no business other
than the matter stated in the Notice of Annual Meeting of Stockholders. However, if any additional matter properly comes before
the Meeting and on all matters incidental to the conduct of the Meeting, it is the intention of the persons named in the enclosed
Proxy to vote the Proxy in accordance with their judgment on such matters.</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; text-align: justify; text-indent: 17.85pt">The
Fund expects that broker-dealer firms holding shares of the Fund in &ldquo;street name&rdquo; for the benefit of their customers
and clients will request the instructions of such customers and clients on how to vote their shares on the Proposal before the
Meeting. The Fund understands that, under the rules of the New York Stock Exchange, such broker-dealers may, without instructions
from such customers and clients, grant authority to the proxies designated by the Fund to vote on the election of Directors if
no instructions have been received prior to the date specified in the broker-dealer firm&rsquo;s request for voting instructions.
Certain broker-dealer firms may exercise discretion over shares held in their name for which no instructions are received by voting
such shares in the same proportion as they have voted shares for which they have received instructions.</P>

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


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<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; text-align: justify; text-indent: 17.85pt">The
shares as to which the Proxies so designated are granted authority by broker-dealer firms to vote on the matters to be considered
at the Meeting, the shares as to which broker-dealer firms have declined to vote (&ldquo;broker non-votes&rdquo;) and the shares
as to which Proxies are returned by record stockholders but which are marked &ldquo;abstain&rdquo; on any matter will be included
in the Fund&rsquo;s tabulation of the total number of votes present for purposes of determining whether the necessary quorum of
stockholders exists. However, abstentions and broker non-votes will not be counted as votes cast. Therefore, abstentions and broker
non-votes will not have an effect on the election of Directors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">Royce&rsquo;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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">The Fund&rsquo;s
Annual Report to Stockholders for the year ended December 31, 2019 was previously mailed to its stockholders and the Semiannual
Report to Stockholders for the six months ended June 30, 2020 will be mailed to stockholders in late August 2020. Copies of the
Annual Report are available, and copies of the Semiannual Report will be available in late August 2020, upon request, without
charge, by writing to the Fund at 745 Fifth Avenue, New York, New York 10151 or calling toll free at 1-800-221-4268. All publicly
released material information is always disclosed by the Fund on its website at <U>www.royceinvest.com</U>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Proposals
of stockholders intended to be presented at the Fund&rsquo;s 2021 Annual Meeting of Stockholders must be received by the Fund by
April 11, 2021 for inclusion in the Fund&rsquo;s Proxy Statement and form of Proxy for that meeting. The Fund&rsquo;s By-laws generally
require advance notice be given to the Fund in the event a stockholder desires to nominate a person for election to the Board 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&rsquo;s 2021 Annual Meeting of Stockholders must be in writing and received at the Fund&rsquo;s
principal executive office between April 11, 2021 and May 11, 2021. Written proposals should be sent to the Secretary of the Fund,
745 Fifth Avenue, New York, New York 10151.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">If
you and another stockholder share the same address, the Fund may only send one proxy statement unless you or the other stockholder(s)
request otherwise. Call or write the Fund if you wish to receive a separate copy of the proxy statement and the Fund will promptly
mail a copy to you. You may also call or write to the Fund if you wish to receive a separate proxy in the future, or if you receive
multiple copies now, and wish to receive a single copy in the future. For such requests, please call 1-800-221-4268, or write the
Fund at 745 Fifth Avenue, New York, New York 10151.</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"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 17.85pt">PLEASE
FILL IN, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">By order of the Board of &nbsp;Directors,</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">John E. Denneen</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><I>Secretary</I></TD></TR>
</TABLE>
<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">Dated: August 11, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&nbsp;</P>


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    <!-- Field: /Page -->



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



<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">EVERY STOCKHOLDER&rsquo;S VOTE IS IMPORTANT</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD STYLE="text-indent: 0; width: 60%">&nbsp;</TD>
    <TD STYLE="text-indent: 0; width: 40%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 60%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left"><IMG SRC="g71495_rvt001.jpg">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE ON THE INTERNET</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Log on to:</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>www.proxy-direct.com</U></B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>or scan the QR code</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Follow the on-screen instructions</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>available 24 hours</I></B></P></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><IMG SRC="g71495_rvt002.jpg">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE BY PHONE</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Call 1-800-337-3503</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Follow the recorded instructions</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>available 24 hours</I></B></P></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><IMG SRC="g71495_rvt003.jpg">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE BY MAIL</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Vote, sign and date this Proxy Card<BR>
        and return in the postage-paid<BR>
        envelope</B></P></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left"><IMG SRC="g71495_rvt004.jpg">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE IN PERSON</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Attend Annual Stockholder Meeting</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>745 Fifth Avenue,</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>New York, New York 10151</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>on September 24, 2020</B></P></TD></TR>
</TABLE>


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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Please
detach at perforation before mailing.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROXY</B></FONT></TD>
    <TD STYLE="text-align: center; width: 84%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.35pt"><FONT STYLE="font-style: normal">ANNUAL
MEETING OF STOCKHOLDERS</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.35pt"><FONT STYLE="font-style: normal">SCHEDULED TO BE HELD ON SEPTEMBER 24, 2020</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF ROYCE VALUE TRUST, INC.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 Royce Value Trust, Inc. (the &ldquo;Fund&rdquo;) held of record by the undersigned on July 31, 2020 at the Annual
Meeting of Stockholders of the Fund scheduled to be held at the offices of the Fund, 745 Fifth Avenue, New York, New York 10151,
on Thursday, September 24, 2020 and at any postponements or adjournments thereof.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>This
Proxy, when properly executed and received prior to the Meeting, will be voted in the manner directed by the undersigned stockholder.
If no direction is made, this Proxy will be voted &ldquo;FOR&rdquo; the election of the Director nominees of the Fund.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Please
note:</U></B> We are concerned about your health and safety during the continuing 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 (<B>http://www.royceinvest.com</B>). 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: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></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>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 20%; border: Black 1pt solid; background-color: rgb(216,216,216); padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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


<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">RVT_31564_080520</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>WE URGE YOU TO SIGN, DATE ON THE REVERSE
SIDE AND MAIL THE ENCLOSED PROXY PROMPTLY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></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: 12%">xxxxxxxxxxxxxx</TD>
    <TD STYLE="width: 6%; border: Black 1pt solid; text-align: center">code</TD>
    <TD STYLE="width: 82%">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 23 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EVERY STOCKHOLDER&rsquo;S VOTE IS IMPORTANT</B></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Annual Meeting of
Stockholders Scheduled to Be Held on September 24, 2020.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>The Proxy Statement and Proxy Card for
the Meeting are available at: </B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font: 11pt Arial, Helvetica, Sans-Serif; "><B><U>https://www.proxy-direct.com/rvt-31564</U></B></P>


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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>IF YOU VOTE ON THE INTERNET OR BY TELEPHONE,
</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>YOU NEED NOT RETURN THIS PROXY CARD</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Please detach at perforation before mailing.</P>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TO
VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&#9746;</FONT></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></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: 2%; text-align: center; background-color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White"><B>&nbsp;A</B>&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-size: 9pt"><B>&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proposal</FONT></B></TD>
    <TD STYLE="width: 87%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE BOARD OF DIRECTORS OF ROYCE VALUE TRUST, INC. RECOMMENDS A VOTE &ldquo;FOR&rdquo; THE PROPOSAL.</B></FONT></TD></TR>
</TABLE>
<P STYLE="color: Red; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;&nbsp;&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To elect three Directors to the Board of Directors of Royce Value Trust, Inc.:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FOR</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WITHHOLD</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FOR ALL</FONT></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD COLSPAN="2"></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ALL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ALL</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EXCEPT</FONT></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01. Christopher D. Clark</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02. Christopher C. Grisanti</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">03. Cecile B. Harper</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9744;</FONT></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>INSTRUCTIONS:</U></B>&nbsp;To withhold
    authority to vote for any individual nominee(s), mark the box</FONT></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="4"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&ldquo;FOR ALL EXCEPT&rdquo; and write
    the nominee&rsquo;s number on the line provided below.</FONT></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</FONT></TD>
    <TD STYLE="width: 62%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-weight: normal">To transact such other business as
may properly come before the Meeting or any postponement or adjournment thereof.</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&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: 2%; text-align: center; background-color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White"><B>&nbsp;B&nbsp;</B></FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt"><B>&nbsp;&nbsp;Authorized Signatures &#9472; This section must be completed for your vote to be counted. &#9472; Sign and Date Below</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Note</B>:</FONT></TD>
    <TD STYLE="text-align: justify; width: 96%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, guardian, administrator, trustee, officer of a corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt">
<TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Date (mm/dd/yyyy) &#9472; Please print date below</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Signature 1 &#9472; Please keep signature within the box</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Signature 2 &#9472; Please keep signature within the box&nbsp;</B></FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: middle">
    <TD STYLE="width: 28%; border: Black 1pt solid">
        <P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B><I>/
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/ </I></B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1in"></P></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 33%; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 31%; border: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="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: bottom; text-align: left">
    <TD STYLE="width: 100%; border: Black 1pt solid; text-align: center; padding-top: 5pt; padding-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Scanner bar code</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 33%; font-size: 14pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">xxxxxxxxxxxxxx</FONT></TD>
    <TD STYLE="width: 33%; font-size: 14pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">RVT 31564</FONT></TD>
    <TD STYLE="width: 31%; font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">M &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>
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