The Board of Directors of Royce Value Trust, Inc. (NYSE–RVT) has authorized the redemption of all outstanding shares of its 5.90% Cumulative Preferred Stock (NYSE - RVT.prb) (the “Preferred Shares”). The date of the redemption is November 15, 2012, and the redemption price will be equal to the Liquidation Preference of $25.00 per Preferred Share, plus accumulated but unpaid dividends. The Paying Agent for the redemption is Computershare Trust Company, N.A. A senior secured credit facility provided by a financial institution will be used to redeem and replace a portion of the outstanding Preferred Shares. On and after the redemption date, the Preferred Shares will no longer be deemed outstanding, dividends will stop accumulating, and all of the rights of the Preferred Stockholders with respect to the redeemed Preferred Shares will cease, except the right to receive the redemption price. A redemption notice will soon be sent to all Preferred Stockholders of record. The Preferred Shares, which trade on the New York Stock Exchange, are rated ‘A1’ by Moody’s and had an annual dividend rate of $1.475 per share. The Preferred Shares were issued on October 9, 2003 at $25.00 per share. They paid distributions on a quarterly basis. Following five years of call protection, on October 9, 2008 the Preferred Shares became callable at any time at the Liquidation Preference of $25.00 per share plus accumulated but unpaid dividends. Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock (NYSE - RVT) and the Preferred Shares are listed and traded on the New York Stock Exchange. The Fund’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. For more information on The Royce Funds sm, please visit our website, www.roycefunds.com.