<SEC-DOCUMENT>0000949377-25-000071.txt : 20250818
<SEC-HEADER>0000949377-25-000071.hdr.sgml : 20250818
<ACCEPTANCE-DATETIME>20250818152359
ACCESSION NUMBER:		0000949377-25-000071
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20251008
FILED AS OF DATE:		20250818
DATE AS OF CHANGE:		20250818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE SMALL-CAP TRUST, INC.
		CENTRAL INDEX KEY:			0000804116
		ORGANIZATION NAME:           	
		EIN:				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:		251227671

	BUSINESS ADDRESS:	
		STREET 1:		ONE MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010
		BUSINESS PHONE:		2125084500

	MAIL ADDRESS:	
		STREET 1:		ONE MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST, INC.
		DATE OF NAME CHANGE:	20180124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>g110578_rvt.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
filed with the Securities and Exchange Commission on August 18, 2025</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by the Registrant &nbsp;&nbsp;&#9746;&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of Filing Fee (Check the appropriate box):</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         fee required.</FONT></TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
                                         of each class of securities to which transaction applies:</FONT></TD></TR>                                                                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
                                         number of securities to which transaction applies:</FONT></TD></TR>                                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="padding-right: 18.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
                                         unit price or other underlying value of transaction computed pursuant to Exchange Act
                                         Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it
                                         was determined):</FONT></TD></TR>                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-right: 18.95pt; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
                                         maximum aggregate value of transaction:</FONT></TD></TR>                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
                                         fee paid:</FONT></TD></TR>                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.15pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 22.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
                                         Previously Paid:</FONT></TD></TR>                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.15pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 22.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form,
                                         Schedule or Registration Statement No.:</FONT></TD></TR>                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.15pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 22.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
                                         Party:</FONT></TD></TR>                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.15pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 22.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
                                         Filed:</FONT></TD></TR>                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROYCE
SMALL-CAP TRUST, INC.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>One
Madison Avenue</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
York, New York 10010</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE
OF ANNUAL MEETING OF</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STOCKHOLDERS
SCHEDULED TO BE HELD</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ON
OCTOBER 8, 2025</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders of ROYCE SMALL-CAP TRUST, INC.:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE
IS HEREBY GIVEN that the Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;) of ROYCE SMALL-CAP TRUST, INC. (the &ldquo;Fund&rdquo;)
will be held at the offices of the Fund, One Madison Avenue, New York, New York 10010 on Wednesday, October 8, 2025, at 11:00
a.m. (Eastern Time), for the following purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         elect two Directors to the Fund&rsquo;s Board of Directors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left; padding-right: 12.85pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         transact such other business as may properly come before the Meeting or any postponement
                                         or adjournment thereof.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors of the Fund has set the close of business on Tuesday, August 5, 2025, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 or Notice of Internet Availability of Proxy Materials. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
order of the Board of Directors,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
E. Denneen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secretary</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
18, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMPORTANT
NOTICE REGARDING THE AVAILABILITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OF PROXY MATERIALS FOR THE ANNUAL MEETING OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STOCKHOLDERS SCHEDULED TO BE HELD ON</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>OCTOBER 8,
2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AND PROXY CARD FOR THE FUND</B></FONT></P>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROXY
STATEMENT</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROYCE
SMALL-CAP TRUST, INC.</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>One
Madison Avenue</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
York, New York 10010</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNUAL
MEETING OF STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>October
8, 2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTRODUCTION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Small-Cap Trust, Inc. (the &ldquo;Fund&rdquo;), to be held at the offices
of the Fund, One Madison Avenue, New York, New York 10010, on Wednesday, October 8, 2025, at 11:00 a.m. (Eastern Time) and at
any postponements or adjournments thereof. The approximate initial mailing date of the Notice of Internet Availability of Proxy
Materials is August 22, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Board has set the close of business on August 5, 2025, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSAL
1: ELECTION OF DIRECTORS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Meeting, two 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 Patricia W. Chadwick and Michael K. Shields currently serves as a Class II Director and has been nominated by the Board to
serve as a Class II Director for a three-year term to expire at the Fund&rsquo;s 2028 Annual Meeting of Stockholders or until
such time that his or her successor is duly elected and qualified. The classes of Directors and their respective terms are indicated
below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CLASS
II DIRECTORS TO SERVE UNTIL 2028 ANNUAL MEETING OF STOCKHOLDERS&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia
W. Chadwick</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael K. Shields</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CLASS
I DIRECTORS SERVING UNTIL 2027 ANNUAL MEETING OF STOCKHOLDERS&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cecile
B. Harper&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
Peter O&rsquo;Brien</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Julia W. Poston</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CLASS
III DIRECTORS SERVING UNTIL 2026 ANNUAL MEETING OF STOCKHOLDERS&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
D. Clark&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
C. Grisanti</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Director nominees have 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interested
Director&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 28%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8.05pt; padding-right: 6.3pt; padding-left: 6.4pt; text-align: center; text-indent: -0.1pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Name, Address<SUP>*</SUP> and</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Principal Occupations</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>During Past Five Years</B></FONT></P></TD>
    <TD STYLE="width: 6%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 7.45pt; padding-right: 2.35pt; padding-left: 2.2pt; 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; color: #221E1F"><B>Positions</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>With the</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Fund</B></FONT></P></TD>
    <TD STYLE="width: 7%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8.05pt; padding-right: 0.5pt; padding-left: 0.35pt; text-align: center; text-indent: 0.8pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Length</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>of Time Served</B></FONT></P></TD>
    <TD STYLE="width: 11%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 7.45pt; padding-right: 0.6pt; padding-left: 0.3pt; 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; color: #221E1F"><B>Current</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Term</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Expires</B></FONT></P></TD>
    <TD STYLE="width: 14%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.55pt; padding-left: 3.15pt; text-align: center; text-indent: 0.05pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Number of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Portfolios in</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Fund</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Complex</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Overseen</B></FONT></P></TD>
    <TD STYLE="width: 20%; border-top: #221E1F 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 8.05pt; padding-right: 11.8pt; padding-left: 11.2pt; text-align: center; text-indent: -0.2pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Other Public</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Company</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Directorships</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
                                         D. Clark</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. President and Member
of Board of Directors/Trustees of the Fund, Royce Micro-Cap Trust, Inc. (&ldquo;RMT&rdquo;), Royce Global Trust, Inc. (&ldquo;RGT&rdquo;),
The Royce Fund (&ldquo;TRF&rdquo;), and Royce Capital Fund (&ldquo;RCF&rdquo;) (the Fund, RMT, RGT, TRF, and RCF are collectively
referred to as, &ldquo;The Royce Funds&rdquo;).&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.05pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 4.1pt; padding-left: 4.1pt; text-align: center; text-indent: -0.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class
    III Director and President<SUP>&dagger;</SUP></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2014</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 11.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2026</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">15</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The address of Mr. Clark is c/o Royce Investment Partners, One Madison Avenue, New York, New York 10010.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;
Mr. Clark was elected by, and serves at the pleasure of, the Board in his capacity as an officer of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Interested
Directors&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
biographical and other information concerning the existing Directors, including both 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 31%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.15pt; padding-left: 0.6pt; 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; color: #221E1F"><B>Name, Address<SUP>*</SUP> and Principal</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Occupations During Past Five</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Years<SUP>**</SUP></B></FONT></P></TD>
    <TD STYLE="width: 4%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-left: 0.15pt; 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; color: #221E1F"><B>Positions</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>With the</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Fund</B></FONT></P></TD>
    <TD STYLE="width: 11%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.25pt; padding-right: -0.05pt; padding-left: 0.1in; text-indent: -1.75pt; 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; color: #221E1F"><B>Length of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Time</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Served</B></FONT></P></TD>
    <TD STYLE="width: 10%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-left: 0.35pt; 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; color: #221E1F"><B>Current</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Term</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Expires</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
of</B></FONT></P>
                                                                                                                                                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Portfolios in</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund
Complex</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Overseen</B></FONT></P></TD>
    <TD STYLE="width: 17%; border-top: #221E1F 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.25pt; padding-right: 7.25pt; padding-left: 7.65pt; text-align: center; text-indent: -0.3pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Other Public</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Company</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Directorships</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia
                                         W. Chadwick</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consultant
and President, Ravengate Partners LLC (since 2000).&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">76</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05pt; padding-right: 8.1pt; padding-left: 8.25pt; text-indent: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class
    II Director</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2011</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.2pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2025</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">15</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voya
                                         Funds</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wisconsin
Energy Corp. (until 2022)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
                                         C. Grisanti</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Equity Strategist and Senior Portfolio Manager, MAI Capital Management LLC (investment advisory firm) (since May 2020). Formerly
Co-Founder and Chief Executive Officer, Grisanti Capital Management LLC (investment advisory firm) (from 1999 to 2020); Director
of Research and Portfolio Manager, Spears Benzak, Salomon &amp; Farrell (from 1994 to 1999); and Senior Associate, Simpson, Thacher
&amp; Bartlett (law firm) (from 1988 to 1994).&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">63</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05pt; padding-right: 7.45pt; padding-left: 8.25pt; text-indent: -0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class
    III Director</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2017</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.2pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2026</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">15</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cecile
                                         B. Harper</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Financial Officer and Chief Operating Officer, College Foundation at the University of Virginia (since October 2019).&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formerly
Board Member, Pyramid Peak Foundation (January 2012 to 2022); Board Member, Regional One Health Foundation (from June 2013 to
September 2019); and Principal, Southeastern Asset Management (from December 1993 to September 2019).&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">62</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05pt; padding-right: 8.1pt; padding-left: 8.25pt; text-indent: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class
    I Director</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2020</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.2pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2027</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">15</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alarm.com
Holdings, Inc.<SUP>+</SUP></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(since
        May 2024)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
                                         Peter O&rsquo;Brien</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee
Emeritus, Colgate University (since 2005); and Emeritus Board Member, Hill House, Inc. (since 2019).&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formerly
Director, TICC Capital Corp. (from 2003-2017); Trustee, Colgate University (from 1996 to 2005); President, Hill House, Inc. (from
2001 to 2005); Board Member, Hill House, Inc. (from 1999 to 2019); Director, Bridges School (from 2006 to 2018); and Managing
Director/Equity Capital Markets Group, Merrill Lynch &amp; Co. (from 1971 to 1999).&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">79</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 8pt; padding-left: 8.25pt; text-indent: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class
    I Director</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2011</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.2pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2027</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Director/Trustee
        of The Royce Funds, consisting of 15 portfolios; Director/Trustee of the Legg Mason Family of Funds, consisting of 49
        portfolios)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 31%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.1pt; padding-left: 0.6pt; 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; color: #221E1F"><B>Name, Address<SUP>*</SUP> and Principal</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Occupations During Past Five</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Years<SUP>**</SUP></B></FONT></P></TD>
    <TD STYLE="width: 4%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-left: 0.15pt; 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; color: #221E1F"><B>Positions</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>With the</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Fund</B></FONT></P></TD>
    <TD STYLE="width: 11%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.25pt; padding-right: -0.05pt; padding-left: 0.1in; text-indent: -1.75pt; 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; color: #221E1F"><B>Length of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Time</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Served</B></FONT></P></TD>
    <TD STYLE="width: 10%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-left: 0.35pt; 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; color: #221E1F"><B>Current</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Term</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Expires</B></FONT></P></TD>
    <TD STYLE="width: 15%; border-top: #221E1F 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
of</B></FONT></P>
                                                                                                                                                                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Portfolios in</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fund
Complex</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Overseen</B></FONT></P></TD>
    <TD STYLE="width: 17%; border-top: #221E1F 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.25pt; padding-right: 7.25pt; padding-left: 7.65pt; text-align: center; text-indent: -0.3pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Other Public</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Company</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Directorships</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia
                                         W. Poston</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
        Member of Nominating/Governance Committee, and Chair of Audit Committee, Merus Corporation (formerly Al. Neyer Corporation)
        (since 2020); Director, Member of Governance Committee, and Chair of Audit Committee, Master Fluid Solutions (since 2021);
        Trustee and Chair of Finance/Audit Committee, Cincinnati Museum Center (non-profit) (since 2015); and Director and Founder,
        Cincinnati Women&rsquo;s Executive Forum (non-profit) (since 2010). Formerly Senior Client Partner (2002-2020) and Assurance
        Practice Group Leader for Ohio Valley Region (2014-2019), Ernst &amp; Young, LLP (international accounting and services
        firm); and Audit Partner, Arthur Andersen LLP (international accounting and services firm) (1982-2002).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">65</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 7pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STyLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class I</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Director</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2023</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.25pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2027</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">15</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AuguStar
Variable Insurance Products Fund, Inc.<FONT STYLE="color: #221E1F"><SUP>+</SUP></FONT><SUP>+</SUP></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(since
        2022)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">The
        James </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
        <FONT STYLE="color: #221E1F">Advantage Funds</FONT><SUP>+++</SUP><BR>
        <FONT STYLE="color: #221E1F">(since 2022)</FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
                                         K. Shields</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
        Investment Officer, National Christian Foundation (since April 2024); Chairman, UNC Charlotte Investment Fund Board (since February
        2016); and Chairman, Halftime Carolinas Board (since February 2011);  Formerly President and Chief Executive Officer, Piedmont Trust Company (privately owned North Carolina trust
        company) (from February 2012 to December 2023); Owner, Shields Advisors (investment consulting firm) (from April 2010 to June 2012);
        President and Chief Executive Officer, Eastover Capital Management (2005-2007); President and Chief Executive Officer, Campbell,
        Cowperthwait &amp; Co. (investment subsidiary of U.S. Trust Corporation) (1997-2002); and equity portfolio manager and comanager of
        Quality Growth Team, Scudder, Stevens &amp; Clark (1992-1997).</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">67</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 8pt; padding-left: 8.25pt; text-indent: 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Class
    II Director</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2015</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.2pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2025</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">15</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.15pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The address of each of Mses. Chadwick, Harper, and Poston and Messrs. Grisanti, O&rsquo;Brien, and Shields is c/o Royce Investment
Partners, One Madison Avenue, New York, New York 10010.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Each of Mses. Chadwick, Harper, and Poston and Messrs. Grisanti, 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.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>+
</SUP><FONT STYLE="color: #221E1F">Ms. Harper is also a member of the Nominating and Corporate Governance Committee of </FONT>Alarm.com
Holdings, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><SUP>++
</SUP>Ms. Poston is also a member of the Audit Committee of</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AuguStar
Variable Insurance Products Fund<FONT STYLE="color: #221E1F">, Inc.</FONT>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><SUP>+</SUP></FONT><SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+<FONT STYLE="color: #221E1F">+
</FONT></FONT></SUP><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: #221E1F">Ms. Poston is also Chair
of the Audit Committee of The James Advantage Funds.</FONT></FONT></P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, subject to waiver in the discretion of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.2in; color: #221E1F">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Christopher
                                         D. Clark </I>&ndash; 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Patricia
                                         W. Chadwick </I>&ndash; 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 an investment company
                                         that is not affiliated with Royce or the Fund.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Christopher
                                         C. Grisanti </I>&ndash; In addition to his tenure as lead independent 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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cecile
                                         B. Harper </I>&ndash; In addition to her tenure as a Director/Trustee of The Royce Funds,
                                         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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 has served as Chair
                                         of the Board&rsquo;s Nominating Committee in the past, including during 2023, the last
                                         year in which it held meetings. 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.</FONT></TD></TR></TABLE>

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

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Julia
                                         W. Poston </I>&ndash; In addition to her tenure as an independent Director/Trustee of
                                         The Royce Funds, Ms. Poston serves as Chair of the Board&rsquo;s Audit Committee, acting
                                         as liaison between the Board and the Funds&rsquo; independent registered public accountants,
                                         and is designated as an Audit Committee Financial Expert. Ms. Poston has over 40 years
                                         of business experience, including extensive experience in the financial sector. In addition,
                                         Ms. Poston serves on the boards of various operating companies, investment companies,
                                         and non-profit entities.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Michael
                                         K. Shields </I>&ndash; In addition to his tenure as a Director/Trustee of The Royce Funds,
                                         Mr. Shields serves as <FONT STYLE="color: #221E1F">Chairman of the UNC Charlotte Investment
                                         Fund Board and has served as </FONT>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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.9pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.9pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
Composition and Leadership Structure&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">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,
six of the Fund&rsquo;s seven 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. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Independent <FONT STYLE="color: #221E1F">Directors </FONT>have designated Christopher C. Grisanti as lead Independent <FONT STYLE="color: #221E1F">Director</FONT>.
As lead Independent <FONT STYLE="color: #221E1F">Director</FONT>, Mr. Grisanti generally acts as chair of meetings or executive
sessions of the Independent <FONT STYLE="color: #221E1F">Directors </FONT>and, when appropriate, represents the views of the Independent
<FONT STYLE="color: #221E1F">Directors </FONT>to Royce management. <FONT STYLE="color: #221E1F">The Board has determined that
its leadership structure is appropriate in light of the services that Royce and its affiliates provide to the Fund and potential
conflicts of interest that could arise from these relationships.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
Committee Report&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, G. Peter O&rsquo;Brien, Julia W. Poston, and Michael
K. Shields. Ms. Poston serves as Chair of the Audit Committee. Ms. Chadwick, and Ms. Poston have been designated as Audit Committee
Financial Experts, as defined under Securities and Exchange Commission (&ldquo;SEC&rdquo;) regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">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. The Board has adopted an Audit Committee charter for
the Fund, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a copy of which is included as an exhibit
to this Proxy Statement. A copy of the Audit Committee charter for the Fund may also be obtained by calling 1-800-221-4268<FONT STYLE="color: #221E1F">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2024, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
its meeting held on February 19, 2025, the Audit Committee reviewed and discussed the audit of the Fund&rsquo;s financial statements
as of December 31, 2024, 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
2024 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 2024 Annual Report to Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nominating
Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">The
Board has a Nominating Committee (the &ldquo;Nominating Committee&rdquo;) composed of the six Independent Directors, namely Ms.
Chadwick, Ms. Harper, and Ms. Poston, and Messrs. Grisanti, O&rsquo;Brien, and Shields. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
O&rsquo;Brien has served as Chair of the Nominating Committee in the past, including during 2023, the last year in which it held
meetings. <FONT STYLE="color: #221E1F">The Board has adopted a Nominating Committee charter for the Fund, </FONT>a copy of which
is included as an exhibit to this Proxy Statement. A copy of the Nominating Committee charter for the Fund may also be obtained
by calling 1-800-221-4268<FONT STYLE="color: #221E1F">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Small-Cap Trust, Inc., One Madison Avenue,
New York, New York 10010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Board does not have a standing compensation committee, the Independent Directors review their compensation annually.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has a Distribution Committee (the &ldquo;Distribution Committee&rdquo;), 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board&rsquo;s
Oversight Role in Management</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 lead Independent Director and the Chair 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 Chair 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committee
and Board of Directors Meetings</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2024, the Board held eight meetings, the Audit Committee held four meetings, and the Nominating Committee
did not hold any meetings. The Distribution Committee took action in respect of the Fund five times by written consent during
such period. Each Director in office during the year ended December 31, 2024, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the period January 1, 2024, to December 31, 2024, each of the Independent Directors was paid at an annual rate of $18,000 for
serving on the Board, plus $1,000 for each Board meeting attended. In addition, Christopher D. Grisanti received an additional
$2,656 from the Fund for serving as lead Independent Director, and Julia W. Poston received an additional $1,770 from the Fund
for serving as Chair of the Audit Committee, for the year ended December 31, 2024. No Director received remuneration for services
as a Director for the year ended December 31, 2024, in addition to or in lieu of this standard arrangement. Each Independent Director
will continue to receive an annual rate of $18,000 for serving on the Board, plus $1,000 for each Board meeting attended for the
year ending December 31, 2025. Christopher D. Grisanti will continue to receive an additional $2,656 from the Fund for serving
as lead Independent Director and Julia W. Poston will receive an additional $1,770 from the Fund for serving as Chair of the Audit
Committee for the year ending December 31, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 16%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></P></TD>
    <TD STYLE="width: 18%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate</B></FONT></P>
                                                                                                                                                                                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Compensation</B></FONT></P>
                                                                                                                                                                                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>From the Fund</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.5pt; padding-right: 1.95pt; padding-left: 2pt; text-align: center; text-indent: -0.5pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Pension or</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Retirement</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Benefits</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Accrued as</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Part of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Fund</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Expenses</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 7.6pt; padding-right: 1.95pt; padding-left: 2pt; text-align: center; text-indent: -0.35pt; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Estimated</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Annual</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Benefits</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>upon</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Retirement</B></FONT></P></TD>
    <TD STYLE="width: 19%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
Compensation</B></FONT></P>
                                                                                                                                                                                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>From The Royce</B></FONT></P>
                                                                                                                                                                                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Funds Paid to</B></FONT></P>
                                                                                                                                                                                                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Directors</B></FONT></P></TD>
    <TD STYLE="width: 23%; border-top: #221E1F 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
Compensation</B></FONT></P>
                                                                                                                                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>From The Fund and</B></FONT></P>
                                                                                                                                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fund Complex Paid</B></FONT></P>
                                                                                                                                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; text-indent: -0.15pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>to Directors<SUP>*</SUP></B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia
W.&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chadwick,
Director&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.35pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$23,000</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
C.&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grisanti,
Director&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.35pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<FONT STYLE="color: #221E1F">25,656</FONT></FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,500</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt; text-indent: -0.1pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Cecile B. Harper,</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F">Director</FONT></P></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.65pt; padding-right: 0.35pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$23,000</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.65pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.65pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.65pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.65pt; padding-right: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
Peter O&rsquo;Brien,&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.55pt; padding-right: 0.35pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$23,000</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.55pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.55pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.55pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3.55pt; padding-right: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$724,250</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Julia
    W. Poston, Director</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; padding-right: 0.35pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$24,770</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$241,500</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.05in; padding-right: 0.1pt; padding-left: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$241,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
K.&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shields,
Director&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.35pt; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$23,000</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-left: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 6.85pt; padding-right: 0.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$223,500</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">*
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents aggregate compensation paid to each
Director during the calendar year ended December 31, 2024, from the Fund Complex. As of the date of this Proxy Statement, the
Fund Complex includes the 15 portfolios of The Royce Funds and 49 portfolios of the Legg Mason Funds. In addition to serving as
a Director/Trustee of The Royce Funds during the calendar year ended December 31, 2024, G. Peter O&rsquo;Brien served as a Director/Trustee
of the Legg Mason Funds for the calendar year ended December 31, 2024<FONT STYLE="color: #221E1F">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers
of the Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers
of the Fund are elected each year by the Board. The following sets forth information concerning the Fund&rsquo;s officers:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 57%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.2pt; padding-left: 0.7pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Name, Address<SUP>*</SUP> and Principal Occupations During Past</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Five Years</B></FONT></P></TD>
    <TD STYLE="width: 12%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.05pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Age</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: #221E1F 1.5pt solid; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.1pt; padding-left: 0.15pt; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Office<SUP>**</SUP></B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #221E1F 1.5pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2.25pt; text-align: center; vertical-align: middle"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Officer of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Fund Since</B></FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
                                         D. Clark,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Francis
                                         D. Gannon,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chief
Investment Officer (since January 2014) and Managing Director of Royce, having been employed by Royce since September 2006.&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
President</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2014</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
                                         K. Hoglund,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2015</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel
                                         A. O&rsquo;Byrne,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
and Vice President of Royce, having been employed by Royce since October 1986.&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
President</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">1994</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
                                         E. Denneen,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary
and Chief Legal Officer</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1996
to</FONT></P>
                                                                                             <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2001 and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">since
2002</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
                                         P. Schwartz,</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Compliance Officer of The Royce Funds (since May 2022); and Associate General Counsel and Compliance Officer of Royce (since March
2013).&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></P></TD>
    <TD STYLE="text-align: center; border-right: #221E1F 1pt solid; border-bottom: #221E1F 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Compliance Officer</FONT></P></TD>
    <TD STYLE="border-bottom: #221E1F 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">2022</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The address of each officer of the Fund is c/o Royce Investment Partners, One Madison Avenue, New York, New York 10010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
Each office<FONT STYLE="color: #221E1F">r of the Fund is elected by, and serves at the pleasure of, the Board.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholder
Communications</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 One Madison Avenue, New York, New York 10010). 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
Attendance at Stockholder Meetings&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.75pt; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.75pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund has no formal policy regarding Director attendance at stockholder meetings. One Director attended the Fund&rsquo;s 2024 Annual
Meeting of Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.75pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with Section 16(a) of the Exchange Act</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
Ownership</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the Record Date, there were 119,627,857 shares of Common Stock outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.15pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Name
    and Address of Owner</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
and</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nature
of Ownership</B></FONT></P></TD>
    <TD STYLE="width: 32%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.15pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Percent</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cede
&amp; Co. Depository Trust Company&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O.
Box #20&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bowling
Green Station <br>New York, NY 10028</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">118,252,706
                                         shares &ndash; Record*</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.85%</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Shares held by brokerage firms, banks and other financial intermediaries on behalf of beneficial owners are registered in the
name of Cede &amp; Co.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
the knowledge of the Fund, no person owned beneficially more than 5% of its outstanding shares of Common Stock as of the Record
Date<FONT STYLE="color: #221E1F">, except as listed below:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; 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>Name and Address of Beneficial</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Owner</B></FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         of</B></FONT></P>
                                                                                                                                                                                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beneficial</B></FONT></P>
                                                                                                                                                                                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership
as</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reported
in</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
13G</B></FONT></P></TD>
    <TD STYLE="width: 20%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; 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>Percentage of</B></FONT></P>
                                                                                                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beneficial</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ownership as</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reported
                                                                                in</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Schedule 13G</B></FONT></P></TD>
    <TD STYLE="width: 25%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Reporting</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of
Such Beneficial</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ownership
on</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
13G</B></FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-bottom: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
of America Corporation</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank of America Corporate Center</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100 N. Tryon Street</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charlotte, NC 28255</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,848,923
    shares*</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">5.10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%*</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    14, 2025</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan Stanley</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan Stanley Smith Barney LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1585 Broadway</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10036</FONT></P></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">6,058,260 shares **</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">5.30%**</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 8, 2024</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Information is provided as of December 31, 2024, as set forth in the report on Schedule 13G filed by <FONT STYLE="background-color: white">Bank
of America Corporation</FONT> with the Securities and Exchange Commission on February 14, 2025.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
 Information is provided as of September 30, 2024, as set forth in the report on Schedule 13G filed by Morgan Stanley and Morgan Stanley Smith Barney LLC with the Securities and Exchange Commission on November 8, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.6pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
relating to each Director&rsquo;s ownership of shares of Common Stock as of the Record Date and of shares of The Royce Funds overseen
by each Director is set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.6pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></P></TD>
    <TD STYLE="width: 41%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate
                                         Dollar Range of</B></FONT></P>
                                                                                                                                                                                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity
in the Fund</B></FONT></P></TD>
    <TD STYLE="width: 34%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 4.9pt; 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; color: #221E1F"><B>Aggregate Dollar Range of</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Securities in all Royce Funds</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>overseen by each Director in the</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F"><B>Royce Family of Funds</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><I>Interested
    Director:</I></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Christopher
    D. Clark</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><I>Non-Interested
    Directors:</I></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Patricia
    W. Chadwick</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Christopher
    C. Grisanti</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">$10,001-$50,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Cecile
    B. Harper</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">$50,001-$100,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">G.
    Peter O&rsquo;Brien</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">$50,001-$100,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Julia
    W. Poston</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Michael
    K. Shields</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">$10,001-$50,000</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Over
    $100,000</FONT></TD></TR>
</TABLE>

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

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    <DIV STYLE="margin-top: 6pt; 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 -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 38%; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
and Address<SUP>*</SUP> of Owner</B></FONT></P></TD>
    <TD STYLE="width: 62%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B>Amount
    of Beneficial Ownership of Shares of Common Stock</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><B><I>Interested
    Director:</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Christopher
    D. Clark</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0.35pt; padding-right: 3.2pt; padding-left: 0.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,322</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><I>Non-Interested
    Directors:</I></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Patricia
    W. Chadwick</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Christopher
    C. Grisanti</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Cecile
    B. Harper</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">G.
    Peter O&rsquo;Brien</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,887</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Julia
    W. Poston</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Michael
    K. Shields</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">900</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F"><I>Interested
    Officers</I><SUP>**</SUP><I>:</I></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Francis
    D. Gannon</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,448</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Peter
    K. Hoglund</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">19,653</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">Daniel
    A. O&rsquo;Byrne</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,135</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">John
    E. Denneen</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,744</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">John
    P. Schwartz</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3pt; padding-left: 3.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The address of each Director and each officer is c/o Royce Investment Partners, One Madison Avenue, New York, New York 10010.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the Record Date, no Independent Director or any of his or her immediate family members directly or indirectly owned any securities
issued by Franklin Resources, Inc. (&ldquo;Franklin&rdquo;), Royce&rsquo;s indirect corporate parent, or any of its affiliates
(other than registered investment companies).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vote
Required&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.75pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.75pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.75pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Board of Directors of the Fund recommends that all stockholders vote &ldquo;FOR&rdquo; all of the Director nominees.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FEES
PAID TO INDEPENDENT AUDITORS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
Fees</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">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, 2024,
and December 31, 2023, were $54,040 and $</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,447<FONT STYLE="color: #221E1F">,
respectively.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
Related Fees</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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, 2024,
and December 31, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 17.85pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Fees&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">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, 2024, and December 31, 2023, were </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$11,509
and $11,173<FONT STYLE="color: #221E1F">, respectively.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other Fees</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">There
were no other fees billed for non-audit services rendered by PWC to the Fund for the fiscal years ended December 31, 2024, and
December 31, 2023. 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, 2024,
and December 31, 2023, were </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$11,509 and $11,173<FONT STYLE="color: #221E1F">,
respectively. The Audit Committee has determined that the provision of non-audit services is compatible with maintaining the independence
of PWC.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PWC
did not provide any other professional services to the Fund or Royce for the year ended December 31, 2024, except for those other
professional services performed by PWC in its capacity as the independent registered public accounting firm for Royce; those certain
investment companies for which Royce acts as investment adviser; Franklin, an indirect corporate parent of Royce; certain Franklin
affiliates; and certain investment companies for which Franklin affiliates act as investment adviser. No representatives of PWC
are expected to be present at the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
Committee&rsquo;s Pre-Approval Policies and Procedures&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or October 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL
INFORMATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjournment
or Postponement of Meeting; Other Matters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Record Date (i.e., December 3, 2025).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Meeting has been called to transact any business that may properly come before it, the Directors know of no business other
than the matter stated in the Notice of Annual Meeting of Stockholders. However, if any additional matter properly comes before
the Meeting and on all matters incidental to the conduct of the Meeting, it is the intention of the persons named in the enclosed
Proxy to vote the Proxy in accordance with their judgment on such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland
Control Share Acquisition Act and Related Litigation</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund previously opted into the provisions of the Maryland Control Share Acquisition Act (the &ldquo;MCSAA&rdquo;). Generally,
the MCSAA provides that a holder of &ldquo;control shares&rdquo; (as defined in the MCSAA) of a Maryland corporation (e.g., the
Fund) acquired in a &ldquo;control share acquisition&rdquo; (as defined in the MCSAA) would not be entitled to vote its control
shares except to the extent approved by the stockholders of the corporation at a meeting of stockholders by a vote of two-thirds
of the votes entitled to be cast on the matter. Shares held by the &ldquo;acquiring person&rdquo; (i.e., the holder or group of
holders acting in concert that acquires, or proposes to acquire, &ldquo;control shares&rdquo;) and any other holders of &ldquo;interested
shares&rdquo; (as defined in the MCSAA) would not be entitled to vote on the matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
&ldquo;control shares&rdquo; under the MCSAA are shares that, when aggregated with shares that are already owned by an acquiring
person, would entitle the acquiring person to exercise voting power within the following range of voting power: one-tenth or more,
one-third or more, or a majority of the total voting power of shares entitled to vote in the election of directors (other than
voting power granted through a revocable proxy, which is not included in the calculation). The MCSAA does not apply (a) to shares
acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction, (b) to shares acquired
under the satisfaction of a pledge or other security interest created in good faith and not for the purpose of circumventing the
MCSAA, or (c) to acquisitions of shares approved or exempted by a provision contained in the charter or bylaws of the corporation
and adopted at any time before the acquisition of the shares. Shares of the Fund&rsquo;s common stock acquired prior to January
25, 2021, would not be &ldquo;control shares&rdquo; under the MCSAA. Those shares, however, would be included in assessing whether
any subsequent share acquisition exceeds one of the enumerated thresholds. Stockholders (together with any &ldquo;associated persons&rdquo;
(as defined in the MCSAA)) that own less than ten percent of the shares entitled to vote in the election of directors would not
be affected by restrictions on voting rights under the MCSAA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2023, an action was filed against RGT and numerous unrelated funds in <I>Saba Capital Master Funds., Ltd., et al. v.
Clearbridge Energy Midstream Opportunity Fund, Inc., et al.</I>, No. 1:23-cv-05568 (S.D.N.Y.), but not the Fund, that sought rescission
of the defendants&rsquo; election to opt into the provisions of the MCSAA.&nbsp; On January 4, 2024, the U.S. District Court for
the Southern District of New York issued an opinion and order that, among other things, declared that the control share resolutions
(i.e., including the provisions discussed above) at issue violate a provision of the Investment Company Act and ordered that those
resolutions &ldquo;be rescinded forthwith.&rdquo; Following an appeal by RGT and the other remaining defendants, the district
court&rsquo;s judgment was affirmed in full by the United States Court of Appeals for the Second Circuit on June 26, 2024.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or about September 24, 2024, RGT and certain defendants filed a petition with the U.S. Supreme Court for a writ of certiorari
to review the June 26, 2024, judgment of the Second Circuit. On June 30, 2025, the Supreme Court granted certiorari, agreeing
to resolve a circuit split over whether private parties have an implied right of action to enforce certain provisions of the Investment
Company Act of 1940.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address
of Investment Adviser&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce&rsquo;s
principal office is located at One Madison Avenue, New York, New York 10010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
Report Delivery&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #221E1F">The
Fund&rsquo;s Annual Report to Stockholders for the year ended December 31, 2024, was previously made available to its stockholders
and the Semiannual Report to Stockholders for the six-month period ended June 30, 2025, will be made available to its stockholders
in late August 2025. Copies of the Annual Report are available, and copies of the Semiannual Report will be available in late
August 2025, upon request, without charge, by writing to the Fund at One Madison Avenue, New York, New York 10010 or calling toll
free at 1-800-221-4268. All publicly released material information is always disclosed by the Fund on its website at </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.royceinvest.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholder
Proposals&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&rsquo;
proposals intended to be presented at the Fund&rsquo;s 2026 Annual Meeting of Stockholders must be received by the Fund by April
17, 2026, 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 2026 Annual Meeting of Stockholders must be in writing and received at the
Fund&rsquo;s principal executive office between April 24, 2026, and May 24, 2026. Written proposals should be sent to the Secretary
of the Fund, One Madison Avenue, New York, New York 10010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proxy
Delivery&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #221E1F">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. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
such requests, please call 1-800-221-4268, or write the Fund at One Madison Avenue, New York, New York 10010.<BR STYLE="clear: both"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLEASE
FILL IN, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
order of the Board of Directors,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
E. Denneen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secretary</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
August 18, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #221E1F"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Charter
of the Audit Committee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>of
the Board of Directors/Trustees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>for
the Royce Funds Listed in Appendix a Hereto</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 46pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Composition
of the Audit Committee</U></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee shall be composed of at least three Directors/Trustees, each of whom:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                         not be an &ldquo;interested person&rdquo; of the Fund, as defined in Section 2(a)(19)
                                         of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                         not accept directly or indirectly any consulting, advisory, or other compensatory fee
                                         from the Fund (other than fees for serving on the Board of Directors/Trustees or any
                                         committee thereof); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                         be financially literate at the time of his or her appointment to the Audit Committee,
                                         as such qualification is interpreted by the Board of Directors/Trustees in its business
                                         judgment, or shall become financially literate within a reasonable period of time after
                                         his or her appointment to the Audit Committee.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event Fund shares are or become listed on a national securities exchange or are or become quoted on a national market quotation
system, the additional qualification requirements set forth below also shall apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         Director/Trustee who is a member of the Audit Committee shall satisfy the applicable
                                         independence requirements for any such national securities exchange or national market
                                         quotation system; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                         least one Director/Trustee who is a member of the Audit Committee shall have accounting
                                         or related financial management expertise as the Board of Directors/Trustees interprets
                                         such qualification in its business judgment.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors/Trustees shall determine annually: (i) whether at least one of the members of the Audit Committee is an &ldquo;audit
committee financial expert,&rdquo; as defined in rules of the Securities and Exchange Commission and (ii) whether simultaneous
service on more than three public company audit committees by a member of the Audit Committee would not impair the ability of
such member to effectively serve on the Audit Committee, and, <I>with respect to the closed-end funds only</I>, the Board must
disclose any determination made under clause (ii) either on or through the applicable Funds website or in its annual proxy statement.
If the disclosure is made on the Fund&rsquo;s website, the Fund must disclose that fact in its annual proxy statement and provide
the website address. Multiple boards in the same fund complex are considered one board for this determination.</FONT></P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Purposes
                                         of the Audit Committee </U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee shall be responsible for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting
                                         Board oversight of the</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrity
                                         of the Fund&rsquo;s financial statements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">independent
                                         accountants&rsquo; qualifications and independence; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance
                                         of the Fund&rsquo;s independent accountants; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparation,
                                         or overseeing the preparation of, any audit committee report required by rules of the
                                         Securities and Exchange Commission to be included in the Fund&rsquo;s proxy statement
                                         for its annual meeting of stockholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Responsibilities
                                         and Duties of the Audit Committee </U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s independent accountants shall report directly to the Audit Committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
may be necessary or appropriate to carry out its purposes, or to comply with applicable law or the requirements of any securities
exchange or market quotation system on which Fund shares are or may become listed or quoted, the Audit Committee shall have the
following responsibilities and duties:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         appointment, compensation, retention and oversight of the work of the Fund&rsquo;s independent
                                         accountants, including the resolution of disagreements between management and the independent
                                         accountants regarding financial reporting;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         (i) select an accounting firm to (1) serve as the Fund&rsquo;s independent accountants,
                                         (2) audit the Fund&rsquo;s financial statements on an annual basis, and (3) provide an
                                         opinion on an annual basis with respect to the Fund&rsquo;s financial statements, and
                                         (ii) recommend that the members of the Board of Directors/Trustees who are not &ldquo;interested
                                         persons&rdquo; of the Fund, as defined in Section 2(a)(19) of the 1940 Act, ratify such
                                         selection;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         pre-approve (i) all audit and permissible non-audit services to be provided to the Fund
                                         by the Fund&rsquo;s independent accountants and (ii) all permissible non-audit services
                                         to be provided by the Fund&rsquo;s independent accountants to the Fund&rsquo;s Investment
                                         Adviser or any entity controlling, controlled by, or under common control with the Investment
                                         Adviser (&ldquo;Adviser Affiliate&rdquo;) that provides ongoing services to the Fund,
                                         if the engagement by the Adviser Affiliate relates directly to the operations and financial
                                         reporting of the Fund;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         determined to be advisable, to develop policies and procedures for pre-approval of the
                                         engagement of the Fund&rsquo;s independent accountants to provide any of the audit or
                                         non-audit services described in Section III(c) above;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         consider whether each non-audit service provided by the Fund&rsquo;s independent accountants
                                         to the Fund and to the Fund&rsquo;s Investment Adviser or any Adviser Affiliate that
                                         provides ongoing services to the Fund is compatible with maintaining the independence
                                         of such independent accountants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         ensure that the Fund&rsquo;s independent accountants submit on a periodic basis to the
                                         Audit Committee a formal written statement delineating all relationships between such
                                         independent accountants and the Fund, consistent with Independence Standards Board Standard
                                         No. 1, and to actively engage in a dialogue with, and receive and consider specific representations
                                         from, the Fund&rsquo;s independent accountants with respect to any disclosed relationships
                                         or services that may affect the objectivity and independence of such independent accountants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         review the arrangements for annual and special audits and the scope of such audits with
                                         the Fund&rsquo;s independent accountants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         meet to review and discuss the Fund&rsquo;s audited financial statements and, to the
                                         extent required by applicable law or regulations, the Fund&rsquo;s semi-annual financial
                                         statements with Fund management and the Fund&rsquo;s independent accountants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         review with the Fund&rsquo;s independent accountants any audit problems or difficulties
                                         the accountants may have encountered during or relating to the conduct of the audit,
                                         including any matters required to be discussed pursuant to rules of The Public Company
                                         Accounting Oversight Board and other relevant regulatory and professional organizations,
                                         and management&rsquo;s response;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         establish and administer policies and procedures relating to the hiring by the Fund,
                                         its Investment Adviser, or any administrator that is an Adviser Affiliate of employees
                                         or former employees of the Fund&rsquo;s independent accountants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         consider information and comments from the Fund&rsquo;s independent accountants with
                                         respect to the Fund&rsquo;s accounting and financial reporting policies, procedures and
                                         internal control over financial reporting (including the Fund&rsquo;s critical accounting
                                         policies and practices) and management&rsquo;s responses to any such comments;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         request, receive and/or review from the Fund&rsquo;s independent accountants such other
                                         materials as may be deemed necessary or advisable in the discretion of the Committee
                                         in the exercise of its duties under this Charter; such materials may (but are not required
                                         to) include, without limitation, any other material written communications relating to
                                         the Fund&rsquo;s financial statements, or internal or disclosure controls, between the
                                         independent accountants and the Fund, the Investment Adviser, the Fund&rsquo;s sub-adviser(s),
                                         if any, or other Fund service providers, such as any management letter or schedule of
                                         unadjusted differences;</FONT></TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></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; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
least annually, to obtain and review a report by the Fund&rsquo;s independent accountants describing: (i) such independent accountants&rsquo;
internal quality-control procedures; (ii) any material issues raised by the most recent internal quality-control review, or peer
review, of such independent accountants, or by any inquiry or investigation by governmental or professional authorities, within
the preceding five years, respecting one or more independent audits carried out by such firm, and any steps taken to deal with
any such issues; and (iii) all relationships between the Fund&rsquo;s independent accountants and the Fund, the Investment Adviser,
Adviser Affiliates and members of management of such entities (to assess the independence of the Fund&rsquo;s independent accountants);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         establish procedures for: (i) the receipt, retention, and treatment of complaints received
                                         by the Fund regarding accounting, internal accounting controls, or auditing matters;
                                         and (ii) the confidential, anonymous submission of concerns by employees of the Fund&rsquo;s
                                         Investment Adviser, manager, administrator, principal underwriter, or any other provider
                                         of accounting related services for the Fund regarding questionable accounting or auditing
                                         matters;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         address reports received from attorneys in accordance with procedures adopted by the
                                         Fund&rsquo;s Investment Adviser relating to the possible violation of federal or state
                                         law or fiduciary duty;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         discuss with Fund management and the Fund&rsquo;s independent accountants policies with
                                         respect to risk assessment and risk management;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>with
                                         respect to closed-end funds only</I>, to discuss with Fund management the Fund&rsquo;s
                                         press releases that discuss earnings (if any), as well as financial information or earnings
                                         guidance provided to analysts and ratings agencies (this may be done generally, <I>e.g</I>.,
                                         the type of information to be disclosed and the type of presentation to be made); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         perform such other functions and to have such other powers consistent with this Charter,
                                         the Fund&rsquo;s Articles of Incorporation or Declaration of Trust, as amended and supplemented,
                                         the Fund&rsquo;s By-laws, as amended, and applicable law, as the Audit Committee or the
                                         Board deems necessary or appropriate.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee may delegate any portion of its authority, including the authority to grant preapprovals of audit related services
and permitted non-audit services, to a subcommittee of one or more members of the Audit Committee pursuant to preapproval policies
and procedures established by the Audit Committee; provided, however, that the Audit Committee may not delegate preapproval of
the audit required by the Securities Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to grant preapprovals
shall be presented to the full Audit Committee at its next regularly scheduled meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
function of the Audit Committee is oversight; it is the responsibility of Fund management to maintain appropriate systems
for accounting and internal control over financial reporting, and the responsibility of the Fund&rsquo;s independent
accountants to plan and carry out a proper audit. Specifically, Fund management is responsible for: (1) the preparation,
presentation and integrity of the Fund&rsquo;s financial statements; (2) the maintenance of appropriate accounting and
financial reporting principles and policies; and (3) the maintenance of internal control over financial reporting and other
procedures designed to assure compliance with accounting standards and related laws and regulations. The Fund&rsquo;s
independent accountants are responsible for planning and carrying out an audit consistent with applicable legal and
professional standards and the terms of their engagement letter. Nothing in this Charter shall be construed to reduce the
responsibilities or liabilities of the Fund&rsquo;s service providers, including the Fund&rsquo;s independent
accountants.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Audit Committee is expected to review appropriately the matters that come before it, such review of a Fund&rsquo;s financial
statements by the Audit Committee is not an audit, nor does the Committee&rsquo;s review substitute for the responsibilities of
the Fund&rsquo;s management for preparing, or the Fund&rsquo;s independent accountants for auditing, the financial statements.
Members of the Audit Committee are not employees of the Fund and, in serving on the Audit Committee, are not, and do not hold
themselves out to be, acting as accountants or auditors. As such, it is not the duty or responsibility of the Audit Committee
or its members to conduct &ldquo;field work&rdquo; or other types of auditing or accounting reviews or procedures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
discharging their duties, the members of the Audit Committee are entitled to rely on information, opinions, reports, or statements,
including financial statements and other financial data, if prepared or presented by: (1) one or more officers of the Fund whom
the Board reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, public accountants, or
other persons as to matters the Board reasonably believes are within the person&rsquo;s professional or expert competence; or
(3) a committee of the Board.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Meetings</U></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee shall meet on a regular basis but no less frequently than annually. The Audit Committee periodically shall meet
separately with the Fund&rsquo;s independent accountants, Fund management, and representatives of Fund management responsible
for the financial and accounting operations of the Fund. The Audit Committee may hold special meetings at such times as the Audit
Committee believes necessary or appropriate. Members of the Audit Committee may participate in a meeting of the Audit Committee
by means of conference call or similar communications equipment by means of which all persons participating in such meeting can
hear each other.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Assistance
from Fund Management; Authority to Engage Advisers; Funding</U></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
appropriate officers of the Fund shall provide or arrange to provide such information, data and services as the Audit Committee
may request. The Audit Committee shall have the power and authority to take all action it believes necessary or appropriate to
discharge its responsibilities, including the power and authority to retain independent counsel and other advisers. The Fund shall
provide for appropriate funding, as determined by the Audit Committee as a committee of the Board, for payment of: (i) compensation
to the Fund&rsquo;s independent accountants or any other accounting firm engaged for the purpose of preparing or issuing an audit
report or performing other audit, review, or attest services for the Fund, (ii) compensation to any advisers employed by the Audit
Committee under this Section V, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate
in carrying out its responsibilities.</FONT></P>

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

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

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

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




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Annual
Performance Evaluation</U></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee shall perform a review and evaluation, at least annually, of the performance of the Audit Committee.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Reporting</U></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Audit Committee shall report regularly to the Board. The Chairman of the Audit Committee shall report to the Board on the results
of its deliberations, and make such recommendations as deemed necessary or appropriate.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Amendments</U></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Charter may be amended or modified from time to time by vote of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dated:
April 11, 2000, as amended through February 27, 2019</B></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 197pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Capital Fund</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Global  Trust, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Micro-Cap Trust, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
 Small-Cap Trust, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Royce Fund</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CHARTER
OF THE NOMINATING COMMITTEE OF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE BOARD OF DIRECTORS/TRUSTEES FOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE ROYCE FUNDS LISTED IN APPENDIX A HERETO</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 47pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Organization</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nominating Committee (the &ldquo;Committee&rdquo;) of the Board of Directors/Trustees for the registered investment companies
(each, a &ldquo;Fund&rdquo;) listed on Exhibit A attached hereto shall be composed solely of Directors/Trustees who are not &ldquo;interested
persons&rdquo; of the Fund as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;),
and who are &ldquo;independent&rdquo; as defined in the applicable listing standards of the national securities exchange or national
market quotation system (each, an &ldquo;Exchange&rdquo;) on which a Fund is listed or quoted (the &ldquo;Independent Directors&rdquo;).
The Board of Directors/Trustees of the Fund (the &ldquo;Board&rdquo;) shall appoint the members of the Committee (which may or
may not be all of the Independent Directors) and shall designate the Chairman of the Committee. The Committee shall have authority
to retain its own counsel and other advisers the Committee deems appropriate and shall have the sole authority to approve the
compensation and other terms of their retention.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Responsibilities</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee shall identify individuals qualified to serve as Independent Directors of the Fund and shall recommend its nominees
for consideration by the full Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
and Evaluation of Potential Nominees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
identifying and evaluating a person as a potential nominee to serve as an Independent Director of the Fund, the Committee should
consider among other factors it may deem relevant:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
contribution which the person can make to the Board, with consideration being given to the person&rsquo;s business and professional
experience, education and such other factors as the Committee may consider relevant;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
character and integrity of the person;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the person is an &ldquo;interested person&rdquo; as defined in the 1940 Act and whether the person is otherwise qualified
under applicable laws and regulations to serve as a Director or Independent Director of the Fund;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the person has any relationships that might impair his independence, such as any business, financial or family relationships
with Fund management, the investment adviser of the Fund, Fund service providers or their affiliates;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the person is financially literate pursuant to the applicable Exchange&rsquo;s audit committee membership standards;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related
investment company complexes;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the person is willing to serve as, and willing and able to commit the time necessary for the performance of the duties
of a Director of the Fund;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
or not the selection and nomination of the person would be consistent with the requirements of the Fund&rsquo;s retirement policies.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">8</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -18.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Committee is solely responsible for the selection and nomination of the Fund&rsquo;s Independent Directors, the
Committee shall review and consider nominations for the office of Director made by management and by Fund stockholders as it
deems appropriate. Stockholders who wish to recommend a nominee should send nominations to the Secretary of the Fund which
include biographical information and set forth the qualifications of the proposed nominee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quorum</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of the members of the Committee shall constitute a quorum for the transaction of business, and the act of a majority
of the members of the Committee present at any meeting at which there is quorum shall be the act of the Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nomination
of Directors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
a determination by the Committee that a person should be selected and nominated as an Independent Director of the Fund, the Committee
shall present its recommendation to the full Board for its consideration and, if necessary, to the Independent Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meetings</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee may meet either on its own or in conjunction with meetings of the Board. Meetings of the Committee may be held in person,
by video conference or by conference telephone. The Committee may take action by unanimous written consent in lieu of a meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
on May 5, 2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adopted:
February 10, 2004</FONT></P>

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="text-align: center; margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 0pt solid">9<P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Royce Fund</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Capital Fund</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Micro-Cap Trust, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Small-Cap Trust, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce
Global Trust, Inc.</FONT></P>

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

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

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="text-align: center; margin-top: 6pt; margin-bottom: 6pt">10</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="margin: 0; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<P STYLE="color: #231F20; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><I>ROYCE &amp; ASSOCIATES, LP<BR>
ONE MADISON AVENUE</I></P>

<P STYLE="color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><I>NEW YORK, NY 10010</I></P>

<P>&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 50%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left"><IMG SRC="img001_v1.jpg" ALT=""></TD>
    <TD STYLE="white-space: nowrap; width: 75%; text-align: center; vertical-align: middle; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 15pt"><B>SCAN TO</B></FONT><B><BR>
<FONT STYLE="font-size: 8pt">VIEW MATERIALS &amp; VOTE</FONT></B></TD>
    <TD STYLE="width: 15%; text-align: left; vertical-align: middle"><IMG SRC="img002_v1.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="5" STYLE="text-align: center"><IMG SRC="img003_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>To vote by Internet</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">1)</FONT></TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Read the Proxy Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">2)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Go to website <B>www.proxyvote.com or scan the QR Barcode above</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">3)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Follow the instructions provided on the website.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="5" STYLE="text-align: center"><IMG SRC="img004_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>To vote by Telephone</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">1)</FONT></TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Read the Proxy Statement and have the proxy card below at hand.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">2)</FONT></TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Call <B>1-800-690-6903</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">3)</FONT></TD>
    <TD STYLE="padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Follow the instructions.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="6" STYLE="text-align: center"><IMG SRC="img005_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20"><B>To vote by Mail</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">1)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Read the Proxy Statement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">2)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Check the appropriate box on the proxy card below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">3)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Sign and date the proxy card.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">4)</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">Return the proxy card in the envelope provided.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; padding-right: 0.5in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin: 0; font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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

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

<P STYLE="color: #231F20; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border-bottom: Black 1pt dashed">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; border-bottom: Black 1pt dashed; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">V78839-P37470</FONT></TD>
    <TD STYLE="width: 31%; padding-left: 23px; text-align: right; border-bottom: Black 1pt dashed; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #231F20">DETACH AND RETURN THIS PORTION ONLY</FONT></TD></TR>
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<P>&nbsp;</P>

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    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>Withhold</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>For All</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="3" STYLE="padding-right: 0.4in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">To withhold authority to vote for any individual nominee(s), mark &ldquo;For All Except&rdquo; and write the name(s) of the nominee(s) on the line below.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>The Board of Directors of the Fund <BR>
recommends a vote FOR the proposal.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F"><B>Except</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
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    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.&nbsp;</FONT></TD>
    <TD COLSPAN="2">
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">TO ELECT THE DIRECTOR NOMINEES</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">OF ROYCE SMALL-CAP TRUST, INC.</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&#9744;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&#9744;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9744;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">01) &nbsp;&nbsp;Patricia W. Chadwick</FONT></TD>
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD STYLE="padding-top: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02) &nbsp;&nbsp;Michael K. Shields</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  </TABLE>
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    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.</FONT></TD></TR>
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    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #221E1F">Please Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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    <TD STYLE="width: 5%">&nbsp;</TD>
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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please sign exactly as your name(s) appear(s) hereon. When shares are held by joint tenants, both should sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. If a corporation, please sign in full corporate name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person.</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1pt solid; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature [Joint Owners]</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Date</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><B>Important Notice Regarding
the Availability of Proxy Materials for the Annual Meeting:</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif">The Proxy Statement is available
at www.proxyvote.com.</P>

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<P STYLE="text-align: right; margin: 3pt 0 5pt; font: 8pt Arial, Helvetica, Sans-Serif">V78840-P37470</P>

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    <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="width: 5%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: center; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B><U>PROXY CARD</U></B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PROXY</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ROYCE SMALL-CAP TRUST, INC.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PROXY</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">One Madison Avenue<BR>New York, New York 10010</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Proxy is Solicited on Behalf of the Board of Directors of Royce Small-Cap Trust, Inc.</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD COLSPAN="3" STYLE="text-align: justify">
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif">The undersigned hereby appoints Christopher D. Clark
    and John E. Denneen or either of them, acting in absence of the other, as Proxies, each with the power to appoint his substitute, and
    hereby authorizes them to represent and to vote, as designated on the reverse, all shares of common stock of Royce Small-Cap Trust, Inc.
    held of record by the undersigned on August 5, 2025 at the Annual Meeting of Stockholders of Royce Small-Cap Trust, Inc. to be held on
    October 8, 2025, at 11:00 AM (Eastern Time), at Royce &amp; Associates, LP, One Madison Avenue, New York, NY, 10010, and at any postponement
    or adjournment thereof.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif">This Proxy, when properly executed, will be voted
    in the manner directed by the undersigned stockholder. If no direction is made, this Proxy will be voted FOR Proposal 1.</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>
    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PLEASE VOTE, DATE
    AND SIGN ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT>&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD>
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    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: center">
    <P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
    <P STYLE="color: #004877; font: 26pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">Your <B>Vote</B>
    Counts!</P>
    <P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
    <P STYLE="color: #004877; font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>ROYCE SMALL-CAP
    TRUST, INC.</B></P>
    <P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
    <P STYLE="color: rgb(0,72,120); font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">2025 Annual
    Meeting</P>
    <P STYLE="color: rgb(0,72,120); font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">Vote by October
    7, 2025<BR>
    11:59 PM ET&nbsp;&nbsp;</P>
    <P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="background-color: #007BB6; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; padding-left: 70pt">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="4" STYLE="text-align: center">
    <P><IMG SRC="img006_v1.jpg" ALT=""></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="background-color: rgb(0,123,182); text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 70pt">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 70pt; vertical-align: top">
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(18,83,128)">ROYCE &amp; ASSOCIATES, LP</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(18,83,128)">ONE MADISON AVENUE</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 8pt Arial, Helvetica, Sans-Serif; color: rgb(18,83,128)">NEW YORK, NY 10010</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: center; background-color: rgb(0,71,120)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 70pt">&nbsp;</TD>
    <TD STYLE="background-color: #004778; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; padding-left: 70pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #004778; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #004778; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; padding-left: 70pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">V78853-P37470</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #004778; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #004778; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: left; padding-left: 70pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #004778; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #004778; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 17%; background-color: rgb(0,123,182)">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 28%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 25%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #004778; text-align: center; width: 25%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #004778; text-align: center; width: 5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; background-color: White">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #004778; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #004778; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 15pt">You
invested in ROYCE SMALL-CAP TRUST, INC. and it&rsquo;s time to vote!</FONT>&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0; margin-bottom: 0">You have the right
to vote on proposals being presented at the Annual Meeting. <B>This is an important notice regarding the availability of proxy material
for the stockholder meeting to be held on October 8, 2025.&nbsp;</B></P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 15pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Get informed before you vote</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">View the Proxy Statement online OR
you can receive a free paper or email copy of the material(s) by requesting prior to September 24, 2025. If you would like to request
a copy of the material(s) for this and/or future stockholder meetings, you may (1) visit www.ProxyVote.com, (2) call 1-800-579-1639 or
(3) send an email to sendmaterial@proxyvote.com. If sending an email, please include your control number (indicated below) in the subject
line. Unless requested, you will not otherwise receive a paper or email copy.</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top; background-color: rgb(0,71,120)">
    <TD ROWSPAN="3" STYLE="text-align: right; vertical-align: middle; padding-top: 8pt"><IMG SRC="img007_v1.jpg" ALT="">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-top: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: White">For complete information and to vote, visit <B>www.ProxyVote.com</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(0,71,120)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="background-color: rgb(0,71,120); text-align: right; padding-right: 15pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: White">Control #</FONT></TD>
    <TD STYLE="background-color: White; text-align: center; vertical-align: middle; padding-top: 2pt; padding-bottom: 2pt"><IMG SRC="img007a_v1.jpg" ALT=""></TD>
    <TD STYLE="background-color: rgb(0,71,120)">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(0,71,120)">
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center; border-right: rgb(0,123,182) 1pt solid">
    <P STYLE="color: #004877; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>Smartphone
    users</B></P>
    <P STYLE="color: #004877; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>
    <P STYLE="color: rgb(18,83,128); font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">Point your
    camera here and<BR>
    vote without entering a<BR>
    control number&nbsp;</P></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left; vertical-align: top"><IMG SRC="img009_v1.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%">
    <P STYLE="color: #004877; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><B>Vote in Person at the Meeting*&nbsp;</B></P>
    <P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>
    <P STYLE="color: #004877; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">October 8, 2025&nbsp;</P>
    <P STYLE="color: #004877; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">11:00 AM (Eastern Time)&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-right: rgb(0,123,182) 1pt solid"><IMG SRC="img008_v1.jpg" ALT="">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 9pt Arial, Helvetica, Sans-Serif; color: #004877">Royce &amp; Associates, LP</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 9pt Arial, Helvetica, Sans-Serif; color: #004877">One Madison Avenue</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; font: 9pt Arial, Helvetica, Sans-Serif; color: #004877">New York, NY 10010</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(0,123,182) 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="color: rgb(18,83,128); font: 8pt Arial, Helvetica, Sans-Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-bottom: 0; margin-left: 0">*Please
check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to
vote these shares.</P>

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

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

<P STYLE="color: rgb(0,72,120); font: 15pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><B>Vote at www.ProxyVote.com</B></P>

<P STYLE="color: #007AB6; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007AB6; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: #004878 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="color: #007AB6; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #004878; font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><B>THIS IS NOT A VOTABLE BALLOT</B></P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="color: rgb(18,83,128); font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">This is an overview of the proposals being
presented at the<BR>
upcoming stockholder meeting. Please follow the instructions on<BR>
the reverse side to vote these important matters.</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #004877; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 58%; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(18,83,128)"><B>Voting Items</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(18,83,128)"><B>Board <BR>
Recommends</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(240,239,247)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">TO ELECT THE DIRECTOR NOMINEES OF ROYCE SMALL-CAP TRUST, INC.</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; border-left: #004878 1pt solid; text-align: left; vertical-align: middle; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(240,239,247)">
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">01)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">Patricia W. Chadwick</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; border-left: #004878 1pt solid; vertical-align: middle; padding-left: 5.4pt"><IMG SRC="img010_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">&nbsp;<B>For</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(240,239,247)">
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 3pt; border-bottom: rgb(0,72,120) 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(0,72,120) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">02)</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(0,72,120) 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">Michael K. Shields</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(0,72,120) 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: rgb(0,72,120) 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; border-left: rgb(0,72,120) 1pt solid; vertical-align: middle; padding-left: 5.4pt; border-bottom: rgb(0,72,120) 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(240,239,247); vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; border-bottom: #004878 1pt solid; padding-left: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">2.</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; border-bottom: #004878 1pt solid; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004878">THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.</FONT></TD></TR>
  <TR STYLE="background-color: rgb(240,239,247)">
    <TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-left: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; vertical-align: middle; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(240,239,247)">
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 150pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(240,239,247)">
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 150pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-bottom: 4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; background-color: rgb(0,71,120); width: 100%">
  <TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: White">Prefer to receive an email instead? While voting on www.ProxyVote.com, be sure to click &ldquo;Delivery Settings&rdquo;.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007AB6; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #221E1F; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">V78854-P37470</P>

<P STYLE="color: #221E1F; font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>GRAPHIC
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begin 644 img007_v1.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
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