Royce

Partners Fund, L.P.

Fund Investment Objectives

The Fund's investment objective is capital appreciation, derived principally through investment in common stocks and other equity securities, such as convertible preferred stocks and convertible debentures, generally of small-cap companies (companies with market capitalizations at the time of investment ranging from $500 million to $2.5 billion) and micro-cap companies (companies with market capitalizations at the time of investment of less than $500 million) and Exchange Traded Funds. (Market capitalization is calculated by multiplying the total number of common shares issued and outstanding by the per share market price of the common stock.) The assets of the Fund may also be invested in non-convertible preferred stocks and debentures of various companies. There are market risks inherent in any investment, and there is no assurance that the investment objective of the Fund will be achieved. Fund inception is March, 1981. For performance prior to December, 1991 please contact firm.