Royce Focus Trust (Nasdaq: FUND) as of February 28, 2005 NEW YORK, March 21 /PRNewswire-FirstCall/ -- * Invests in a limited number of small-cap companies using a value approach * Average weekly trading volume of approximately 276,000 shares * Fund's adviser has more than 30 years of small- and micro-cap investment experience Closing Prices - February 28, 2005 NAV $9.86 MKT $10.43 Total Return Performance Periods ended February 28, 2005 NAV MKT 1 Month* 4.45% 2.63% Year to Date* 1.13 -0.38 One-Year 22.24 31.78 Three-Year Average Annual 19.97 26.33 Five-Year Average Annual 18.50 25.12 From Inception (11/1/96**) Average Annual 14.08 17.48 * Not Annualized ** Royce and Associates, LLC assumed investment management responsibilities for the Fund on 11/1/96. Portfolio Diagnostics Median Market Cap $1,235 million Wtd. Average P/E Ratio: 16.6x* Wtd. Average P/B Ratio: 2.7x Wtd. Average Yield: 1.4% Net Assets Attributable to Common Stock: $107 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 6.8% 2. Canadian Government 3% Bond 4.6 3. Trican Well Service 4.6 4. Simpson Manufacturing 3.9 5. Schnitzer Steel Industries Cl. A 3.8 6. IPSCO 3.7 7. Ensign 3.3 8. Glamis Gold 3.2 9. eFunds Corporation 3.1 10. Pason Systems 3.1 Top Five Industries % of Net Assets 1. Industrial Products 24% 2. Natural Resources 22 3. Technology 11 4. Health 10 5. Financial Services 6 Recent Developments Royce Focus Trust, Inc. (Nasdaq - FUND) has declared a quarterly distribution of $0.12 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 March 23, 2005 to stockholders of record at the close of business on March 7, 2005 (ex-dividend on March 3, 2005). The price of shares issued for reinvestment as determined on March 14, 2005, is $9.60. 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 March 23, 2005 to stockholders of record at the close of business on March 7, 2005 (ex-dividend March 3, 2005). 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, +1-212-355-7311 Web site: http://www.roycefunds.com/

Copyright