Royce Focus Trust (Nasdaq: FUND) as of October 31, 2004 NEW YORK, Nov. 18 /PRNewswire-FirstCall/ -- * Invests in a limited number of small-cap companies using a value approach * Average weekly trading volume of approximately 137,000 shares * Fund's adviser has more than 25 years of small- and micro-cap investment experience Closing Prices - October 29, 2004 NAV $9.90 MKT $10.00 Total Return Performance Periods ended October 31, 2004 NAV MKT 1 Month* -0.60% 5.82% Year to Date* 14.01 22.22 One-Year 24.94 37.57 Three-Year Average Annual 21.15 28.74 Five-Year Average Annual 17.33 21.20 From Inception (11/1/96**) Average Annual 12.76 15.59 * Not Annualized ** Royce and Associates, LLC assumed investment management responsibilities for the Fund on 11/1/96. Portfolio Diagnostics Median Market Cap $1,326 million Wtd. Average P/E Ratio: 17.0x* Wtd. Average P/B Ratio: 2.5x Wtd. Average Yield: 1.3% Net Assets Attributable to Common Stock: $99 million Net Leverage: 4% * The Funds' P/E ratio calculations exclude 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. New Zealand Government 6.5% Bond 7.0% 2. Simpson Manufacturing 3.9 3. Alleghany Corporation 3.7 4. Glamis Gold 3.6 5. Florida Rock Industries 3.5 6. Trican Well Service 3.2 7. Nu Skin Enterprises Cl. A 3.2 8. eFunds Corporation 3.0 9. Schnitzer Steel Industries Cl. A 2.9 10. Ensign Resource Service Group 2.8 Top Five Industries % of Net Assets 1. Natural Resources 21% 2. Industrial Products 20 3. Technology 10 4. Health 10 5. Financial Intermediaries 9 Recent Developments Royce Focus Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock are listed and traded on the Nasdaq National Market (FUND) and whose shares of 6.00% Cumulative Preferred Stock are listed and traded on the NYSE (RFO.pra). The Fund's investment goal is long-term capital growth, which it seeks by normally investing as least 65% of its assets in equity securities. Daily net asset values (NAVs) for Royce Focus Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XFUNX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at http://www.roycefunds.com/. DATASOURCE: Royce Focus Trust CONTACT: John D. Diederich for Royce Focus Trust, +1-212-508-4572 Web site: http://www.roycefunds.com/

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