*The Fund's P/E ratio calculation excludes companies with zero or negative earnings.

Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.

Portfolio Composition
Top 10 Positions               % of Net Assets
1. Alliance Bernstein          1.7%
2. Ritchie Bros.               1.4
3. Lincoln Electric            1.4
4. Woodward Governor           1.2
5. Ash Grove Cement Cl. B      1.2
6. PAREXEL Intn'l.             1.2
7. SEACOR Holdings             1.1
8. Peerless Manufacturing      1.0
9. Sotheby's                   0.9
10. Adaptec                    0.9
Top Five Industries            % of Net Assets
1. Technology                  21%
2. Industrial Products         21
3. Industrial Services         17
4. Financial Intermediaries    14
5. Financial Services          13

Recent Developments

Royce Value Trust, Inc. (NYSE - RVT) has declared a quarterly distribution of $0.42 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on September 23, 2008 to stockholders of record at the close of business on September 8, 2008 (ex-dividend on September 4, 2008). The price of shares issued for reinvestment was $14.73.

Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its 5.90% Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on September 23, 2008 to stockholders of record at the close of business on September 8, 2008 (ex-dividend on September 4, 2008).

Royce Value Trust is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock (RVTprb) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 75% of its assets in equity securities primarily of small- and micro-cap companies.

Daily net asset values (NAVs) for Royce Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.roycefunds.com.

SOURCE: Royce Value Trust, Inc.

For Royce Value Trust, Inc. 
John D. Diederich, 212-355-7311

"Ash Grove employees have worked very hard to be leaders within our industry in researching and testing new environmentally friendly ways to meet the growing demand for cement and maintaining the superior quality of our products," said Ash Grove Chairman Charlie Sunderland. "We are honored that our Chanute and Seattle plants have once again earned the Energy Star award for their sustainable manufacturing efforts."

As part of the company's commitment to environmental stewardship, Ash Grove has aggressively implemented a new energy reduction program at each of the company's nine cement production facilities. Ash Grove's energy policy includes a commitment to acquiring and using energy in the most efficient, cost-effective and environmentally responsible manner possible with the goal of minimizing the company's carbon footprint. Decreased fossil fuel use will ultimately result in fewer greenhouse gas emissions.

By 2012, Ash Grove's energy management process (AGem) is expected to reduce thermal energy use by 17 percent per ton of cement produced and electrical energy use by 10 percent per ton of cement produced. Ash Grove has also set a goal of reducing greenhouse gas emissions by 12.5 percent from the 2004 baseline level.

The Energy Star program is a joint government initiative by the EPA and DOE that focuses on strategic energy management and emphasizes the importance of demonstrating environmental leadership.

Energy Star was introduced by EPA in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through superior energy efficiency. In 2007 alone, Americans, with the help of Energy Star, saved more than $16 billion on their utility bills while reducing greenhouse gas emissions equivalent to those from 27 million vehicles.

About Ash Grove Cement Company

Ash Grove Cement Company has established its leadership within the cement industry and has a strong and longstanding tradition of service, reliability, and quality that reaches back more than 125 years. As the largest U.S.-owned cement company, Ash Grove produces nearly nine million tons of cement annually from nine cement plants located across the country.

The quality portland and masonry cements produced at these plants are used in the construction of highways, bridges, commercial and industrial complexes, single and multi-family homes, and a myriad of other structures fundamental to America's economic vitality and quality of life.

SOURCE Ash Grove Cement Company

The North Texas Clean Air Coalition announced that Ash Grove received the top 2008 award for North Texas companies with less than 500 employees at events with civic and business leaders in Dallas and Fort Worth.

Ash Grove's Midlothian plant is the first Texas cement manufacturer recognized in the five-year history of the program and received the award for the company's successful efforts to control nitrogen oxide (NOx) emissions. Ash Grove's Midlothian facility was one of the first wet process cement plants in the world to install Selective Non-Catalytic Reduction (SNCR) technology to successfully control ozone forming emissions.

With the new technology, ozone forming emissions from Ash Grove's Midlothian plant are lower than nine of 13 dry kilns in Texas, according to 2007 Texas Commission on Environmental Quality (TCEQ) data. Since 1995, Ash Grove has reduced NOx emissions by more than 64 percent at the Midlothian plant. Ash Grove's Midlothian plant also has the lowest NOx emission levels of any wet kiln facility in the U.S. and, to our knowledge, the lowest in the world.

"We are quite pleased to be the only cement manufacturer to earn the North Texas Clean Air Coalition's 'Working for Cleaner Air Employer of the Year 2008' award," said Ash Grove Chairman and CEO Charlie Sunderland. "This award validates our strong environmental commitment and acknowledges our success in improving air quality in the Dallas-Ft. Worth region."

Ash Grove adopted several other education initiatives with our Midlothian workforce to help further reduce energy use and improve the environment. For example, Ash Grove offered incentives to employees who commute to work, implemented new policies to reduce time spent driving to and from work and put new energy conservation measures in place in partnership with the local utility provider. Ash Grove is an active and visible part of the NTCAC's volunteer leadership through the company's participation in the business community outreach committee.

The North Texas Clean Air Coalition was formed in 1993 to help address the issue of clean air compliance. Founding members include the North Texas Commission, the Fort Worth Chamber of Commerce, the Greater Dallas Chamber and the North Central Texas Council of Governments. The group has been committed to encouraging voluntary efforts to improve air quality in North Texas through educating, motivating and recognizing the business community.

About Ash Grove Cement Company

Ash Grove Cement Company has established its leadership within the cement industry and has a strong and longstanding tradition of service, reliability, and quality that reaches back more than 125 years. As the largest U.S.-owned cement company, Ash Grove produces nearly nine million tons of cement annually from nine cement plants located across the country.

The quality portland and masonry cements produced at these plants are used in the construction of highways, bridges, commercial and industrial complexes, single and multi-family homes, and a myriad of other structures fundamental to America's economic vitality and quality of life.

SOURCE Ash Grove Cement Company