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Royce Value Trust, Inc. Completes Distribution Of Shares Of Royce Global Value Trust, Inc. As Part Of Spin-Off Transaction

Stocks in this article: RVT

Royce Value Trust, Inc. (NYSE:RVT) (“Value Trust”) has completed the distribution of shares of Royce Global Value Trust, Inc. (NYSE:RGT) (“Global Trust”) to its stockholders at the rate of one (1) share of Global Trust common stock for every seven (7) shares of Value Trust common stock owned. Value Trust stockholders also will receive cash in lieu of fractional shares of Global Trust common stock as part of the spin-off transaction. The fractional shares of Global Trust common stock that otherwise would have been distributed as part of the spin-off transaction were aggregated and sold in the open market. Value Trust stockholders will receive a cash payment equal to their pro rata share of such total sales proceeds. The record date for the spin-off distribution was October 10, 2013, and the payable date (distribution date) was October 17, 2013.

The initial cost basis for the Global Trust shares received as part of the spin-off distribution is $8.975 per share, the fair market value on October 18, 2013, determined by averaging the high and low NYSE trading prices of RGT on that day. The holding period for shares of Global Trust common stock begins on October 18, 2013.

The estimated sources for the spin-off distribution are as follows:


Estimated Sources for Spin-Off Distribution as of September 30, 2013

Distribution Per Share


Net Investment Income


Net RealizedShort-Term Gains


Net RealizedLong-Term Gains


Return of Capital

$1.4000       $0.0580 (4%)       $0.1424 (10%)       $0.8905 (64%)       $0.3091 (22%)

The estimated sources for Value Trust’s distributions for 2013 through September 30, 2013 are as follows:


Estimated Sources for 2013 Distributions Through September 30, 2013

Distribution Per Share     Net Investment Income     Net Realized Short-Term Gains     Net Realized Long-Term Gains     Return of Capital
$1.9800     $0.0821 (4%)     $0.2014 (10%)     $1.2594 (64%)     $0.4371 (22%)

You should not draw any conclusions about Value Trust’s investment performance from the amount of the current distribution or from the terms of Value Trust’s Distribution Policy. The amounts and sources of distributions reported herein are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the investment experience of Value Trust during the remainder of its fiscal year and may be subject to changes based on tax regulations. Value Trust will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Fund Performance and Distribution Rate Information:


Average Annual Total Return (inrelation to NAV for the 5-yearperiod ending on 09/30/2013) 1


Special Distribution Rate(expressed as a percentage ofNAV as 09/30/2013) 2


Cumulative total return (in relationto NAV for the fiscal year through09/30/2013) 3


Cumulative fiscal yeardistributions (as a percentage ofNAV as of 09/30/2013) 4

10.27%     7.60%     24.26%     10.74%

1 Average Annual Total Return in relation to NAV represents the compound average of the Annual NAV Total Returns of the Fund for the five year period ended September 30, 2013. Annual NAV Total Return is the percentage change in Value Trust’s NAV over a year, assuming reinvestment of distributions paid.

2 The Special Distribution Rate is the special distribution rate expressed as a percentage of Value Trust’s NAV as of September 30, 2013.

3 Cumulative Total Return is the percentage change in Value Trust’s NAV from December 31, 2012 to September 30, 2013, assuming reinvestment of distributions paid.

4 The Cumulative Fiscal Year Distribution Rate is the dollar value of distributions for the fiscal year period (January 1, 2013 to September 30, 2013), as a percentage of Value Trust’s NAV as of September 30, 2013.

About Value Trust and Global Trust

Value Trust’s primary investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies. The investment goal of Global Trust is long-term growth of capital. Under normal market circumstances, Global Trust will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States. Each Fund is managed by Royce & Associates, LLC.

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