Only micro-cap closed-end fund

Average weekly trading volume of approximately 281,000 shares

Fund's adviser has more than 30 years of small- and micro-cap investment experience

Closing Prices -- June 30, 2009

  NAV   $  7.21   MKT   $  6.01    -------------------------------------------------------------------------------  

Total Return Performance

  Periods ended June 30, 2009   NAV      MKT                                                      1 Month*                      4.95%    3.62%    Year to Date*                 18.66    12.46    One-Year                      -26.70   -33.83   Three-Year Average Annual     -10.58   -16.28   Five-Year Average Annual      -1.38    -4.25    10-Year Average Annual        7.40     7.58      -------------------------------------------------------------------------------  

*Not annualized

Portfolio Diagnostics

  Wtd Average Market Cap:                    $313 million   Wtd. Average P/E Ratio:                    14.2x*         Wtd. Average P/B Ratio:                    1.2x           Wtd. Average Portfolio Yield:              1.1%           Net Assets Attributable to Common Stock:   $257 million   Net Leverage:                              7.5%            -------------------------------------------------------------------------------  

*Excludes 21% of portfolio holdings with zero or negative earnings as of 6/30/09.

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. Seneca Foods Cl. B             2.2%              2. Sapient Corp.                  1.6               3. Pegasystems                    1.1               4. Universal Truckload Services   1.1               5. Wilbros Corp.                  1.0               6. Deswell Industries             1.0               7. America's Car-Mart             1.0               8. Computer Task Group            1.0               9. Movado Group                   1.0               10. Hawkins                       0.9                                                                   Top Five Industries               % of Net Assets   1. Industrial Products            21%               2. Technology                     21                3. Industrial Services            13                4. Natural Resources              11                5. Financial Intermediaries       10                 -------------------------------------------------------------------------------  

Recent Development

On May 19, 2009, the Board of Directors of Royce Micro-Cap Trust suspended the Fund's 9% quarterly distribution policy for Common Stockholders in light of current market conditions and other factors. The Fund intends the suspension to continue until such time as it can again regularly distribute net realized gains, which should occur after it has utilized the Fund's capital loss carryforwards. Until such time, the Fund will distribute any net investment income on an annual basis in December.

Royce Micro-Cap Trust, Inc. paid a cash dividend of $0.375 per share on its Cumulative Preferred Stock, based on an annual rate of 6.00% of the initial liquidation preference of $25.00 per share, on June 23, 2009 to stockholders of record at the close of business on June 8, 2009 (ex-dividend on June 4, 2009).

Royce Micro-Cap Trust, Inc. is a closed-end diversified investment company whose shares of Common Stock (RMT) and 6.00% Cumulative Preferred Stock (RMTpra) are listed and traded on the New York Stock Exchange. The Fund's investment goal is long-term capital growth, which it seeks by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $500 million or less.

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

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