Royce Value Trust, Inc. (NYSE: RVT) is pleased to announce the successful completion of its common stock rights offering, which expired on July 3, 2018. Fund stockholders received one non-transferable right for each whole share of common stock held of record as of May 30, 2018, rounded up to the nearest number of Rights evenly divisible by ten. Pursuant to the terms of the Offer, stockholders were entitled to subscribe for one new share of common stock for each ten Rights held. Stockholders who fully exercised their Rights were also entitled to subscribe for those shares not purchased by other stockholders in connection with the Offer.

The subscription price for each newly issued share of common stock was determined to be $15.33, which under the terms of the Offer was equal to the lower of: (i) $0.25 below the last reported sale price per share on the New York Stock Exchange on July 3, 2018 (i.e., $15.58 per share); or (ii) the net asset value per share on July 3, 2018 (i.e., $17.39 per share). Based on preliminary results provided by the Fund's subscription agent, subscription requests for over 7.1 million shares were received, with gross proceeds to the Fund being expected to exceed $109 million. It is currently anticipated that such shares will be issued on or about July 9, 2018.

The final subscription price of $15.33 per share is lower than the estimated subscription price of $16.41per share. Pursuant to the terms of the Offer, excess payments received from stockholders in connection with the Offer will be refunded to such stockholders as soon as reasonably practicable under the circumstances.

Stockholders who hold their Fund shares through a financial intermediary are encouraged to contact their financial advisors regarding the specifics of their account. Stockholders who are record owners may contact the Fund at (800) 221-4268 with any questions about the Offer.

About Royce & Associates, LP: Royce & Associates, LP is a small-cap equity specialist offering distinct investment strategies with unique risk/return profiles designed to meet a variety of investors' needs. For more than 40 years, our strategies have focused on active, risk-conscious investing driven by deep, fundamental company research. Chuck Royce, the firm's founder and a pioneer of small-cap investing, enjoys one of the longest tenures in the industry. Royce & Associates, LP is a subsidiary of Legg Mason Inc. (NYSE: LM).