ROYCE & ASSOCIATES, LLC LETTERHEAD]Royce Capital Fund • April 30th, 2007
Company FiledApril 30th, 2007Reference is made to the Investment Advisory Agreement dated October 1, 2001 (the “Agreement”) by and between Royce Capital Fund (the “Fund”) on behalf of Royce Capital Fund – Micro-Cap Portfolio (the “Series”) and Royce & Associates, LLC (the “Adviser”).