Royce Focus Trust (NASDAQ: FUND) as of November 30, 2004 NEW YORK, Dec. 14 /PRNewswire-FirstCall/ -- * Invests in a limited number of small-cap companies using a value approach * Average weekly trading volume of approximately 234,000 shares * Fund's adviser has more than 25 years of small- and micro-cap investment experience Closing Prices - November 30, 2004 NAV $11.04 MKT $11.53 Total Return Performance Periods ended November 30, 2004 NAV MKT 1 Month* 11.52 % 15.30% Year to Date* 27.14 40.92 One-Year 31.01 44.85 Three-Year Average Annual 22.78 30.72 Five-Year Average Annual 19.58 24.86 From Inception (11/1/96**) Average Annual 14.15 17.47 * Not Annualized **Royce and Associates, LLC assumed investment management responsibilities for the Fund on 11/1/96. Portfolio Diagnostics Median Market Cap $1,303 million Wtd. Average P/E Ratio: 17.7x* Wtd. Average P/B Ratio: 2.8x Wtd. Average Yield: 1.4% Net Assets Attributable to Common Stock: $109 million Net Leverage: 8% *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 6.5% 2. IPSCO 3.7 3. Simpson Manufacturing 3.7 4. Trican Well Service 3.4 5. Schnitzer Steel Industries Cl. A 3.4 6. Nu Skin Enterprises Cl. A 3.3 7. eFunds Corporation 3.3 8. Alleghany Corporation 3.2 9. Florida Rock Industries 3.1 10. Pason Systems 3.2 Top Five Industries % of Net Assets 1. Industrial Products 23% 2. Natural Resources 21 3. Technology 10 4. Health 9 5. Financial Intermediaries 9 Recent Developments Royce Focus Trust, Inc. (Nasdaq - FUND) has declared a distribution of $1.42 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 December 23, 2004 to stockholders of record at the close of business on December 6, 2004 (ex-dividend on December 2, 2004). The price of shares issued for reinvestment as determined on December 13, 2004 is $9.42. Royce Focus Trust, Inc. has declared 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. The dividend is to be paid on December 23, 2004 to stockholders of record at the close of business on December 6, 2004 (ex-dividend December 2, 2004). 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 (Nasdaq - 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 75% 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 of Royce Focus Trust, +1-212-508-4572 Web site: http://www.roycefunds.com/

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