ROYCE & ASSOCIATES, INC. LETTERHEAD]Investment Advisory Agreement • April 26th, 2001 • Royce Capital Fund
Reference is made to the Investment Advisory Agreement dated December 1, 1996 (the "Agreement") by and between Royce Capital Fund (the "Fund") on behalf of Royce Premier Portfolio and Royce Micro-Cap Portfolio (each, a "Series") and Royce & Associates, Inc. (the "Adviser").
