Financial Intermediaries 13 Recent DevelopmentsOn May 19, 2009, the Board of Directors of Royce Value Trust suspended theFund`s 9% quarterly distribution policy for Common Stockholders in light ofcurrent market conditions and other factors. Average Portfolio Yield: 1.4%Net Assets Attributable to Common Stock:$876 millionNet Leverage: 17%*The Fund`s P/E ratio calculation excludes companies with zero or negativeearnings.Net leverage is the percentage, in excess of 100%, of the total value of equitytype investments, divided by net assets, applicable to common stock Portfolio Composition Top 10 Positions% of Net Assets 1 Ash Grove Cement Cl B 1.4%2 Ritchie Bros.1.3 3 SEACOR 1.2 4 Simpson Manufacturing1.0 5 Alliance Bernstein Holding L.P.1.0 6 Alleghany Corp.1.0 7 SPSS 0.9 8 GAMCO Investors Cl A0.9 9 Forward Air0.9 10 HEICO Corp 0.9 Top Five Industries % of Net Assets 1 Industrial Products22% 2 Technology 223 Industrial Services174 Financial Services 155. NEW YORK–(Business Wire)–Royce Value Trust (NYSE: RVT):* Oldest and largest small-cap closed-end fund * Average weekly trading volume of approximately 341,000 shares * Fund`s adviser has more than 30 years of small- and micro-cap investmentexperience Closing Prices – June 30, 2009NAV $9.95 MKT $8.41 Total Return PerformancePeriods ended June 30, 2009 NAVMKT1 Month*1.22%0.36%Year to Date* 11.795.52 One-Year-31.17 -38.86 Three-Year Average Annual -11.38 -15.57 Five-Year Average Annual-1.73-4.6310-Year Average Annual5.49 5.44 *Not Annualized Portfolio Diagnostics Wtd Average Market Cap:$1366 million Wtd Average P/E Ratio: 14.4* Wtd Average P/B Ratio: 1.5xWtd. For more information please visit our website at A D S Financial Services SolutionsMary Newell, 617-770-3333 ext. 4110Manager of Corporate Copyright Business Wire 2009.

Through a uniquecombination of unmatched industry experience, deep IT technical expertise, andproven project management skills, ADS’ team of seasoned professionalsconsistently delivers creative, practical, effective solutions – on time andwithin budget. About A D SFinancial Services SolutionsA D S Financial Services Solutions, a trademark of Atlantic Data Services, Inc.,has been serving the critical business and technology needs of leading financialinstitutions nationwide for more than two decades with operational consulting,systems integration, and business alignment services. Erik Golz, President & COO of ADS said, “We are delighted to have someone ofMac`s caliber join ADS` sales team. Throughout his career Mac has demonstrated astrong commitment to relationship management and focused on structuring relevantsolutions for his clients.” Mr. McDavid holds a Bachelors Degree from Case Western Reserve University and aMasters Degree from Bryant University. Prior to CAE, McDavid held positions at Parasoft as a sales manager developingcorporate compliance and governance within the financial services market and atAutomated Compliance Solutions, a leading supplier of compliance managementservices software focused on hedge funds, broker dealers, financial advisors andunregistered funds.

McDavid, who has over 25 years of sales and sales management experience, joinsADS from CAE Solutions, Inc. where he was responsible for business developmentand for establishing and implementing strategies for leading Fortune 100companies. (“Mac”) McDavid has joined ADS as VicePresident, Business Development & Sales. In this position, McDavid will beresponsible for initiating, developing and closing new business for ADS. He willalso work to ensure a high level of client satisfaction and contribute to thedevelopment and execution of ADS` growth strategy. QUINCY, Mass.–(Business Wire)–A D S Financial Services Solutions (ADS), an IT strategy consulting and systemsintegration firm, announced that Louis C. Home users can use it to combat a decline in brainfunction; institutions and home caregivers can use it to provide effectivemental stimulation while reducing the cost of resident care The company isheadquartered in Santa Monica, CA.

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