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Listings are not-for-profit historical and research organizations, with membership open to the public.

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primary are

Completion of Transaction Allows for Stronger Focus on Primary Business

CHICAGO, Bally Total Fitness
(NYSE: BFT), the nation's leader in health and fitness, announced today that
it has completed the sale of its Crunch Fitness division for $45 million in
cash to an investor group formed by Angelo , Gordon + Co. These forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements.

narrow public

NEW YORK, The Board of Directors of
Royce Focus Trust, Inc.

trains open

standard membership

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer , solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such state.

recreation public

The Fund currently expects to
file the Registration Statement by the end of February 2005.

available membership

Crunch will be led by Marc Tascher, a leading
entrepreneur and club industry veteran .

some materials

, an alternative asset
investment management firm.

Forward-looking statements in this release including, without limitation,
statements relating to the Company's plans, strategies, objectives ,
expectations, intentions, and adequacy of resources, are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995.

sale are

materials organizations

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Shareholders will be issued non-transferable rights entitling them to sub-
scribe for one additional share for every five shares held, with the right to
subscribe for additional shares not subscribed for by other shareholders in
the primary subscription.

some have

The subscription price per share will be the lower
of (a) $0.
The rights offering is subject to the effectiveness of the Fund's
Registration Statement to be filed with the Securities and Exchange Commission
and will be made only by means of a prospectus.

some available

publications listings

(Nasdaq: FUND) has authorized and set the terms of an
offering to its shareholders of rights to purchase additional shares of the
Fund.

Bally Total Fitness Announces Closing of Crunch Fitness Sale

profit historical

primary profit

Subject to
effectiveness of the Registration Statement, it is anticipated that the
offering will commence in April 2005 and will continue for approximately 30
days.

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"
"We believe Crunch is uniquely positioned for growth in its core urban
markets as well as in new markets given its tremendous brand name recognition
and loyal membership base," said Brent Leffel, a Director in the private
equity group of Angelo Gordon . "We have earmarked a significant amount of
capital to upgrade existing clubs and expand our footprint .

Some have publications and other materials available for sale, but sales are not the primary focus .

publications membership

membership focus

Royce Focus Trust Inc. Announces Rights Offering

"As we have said previously, completing this transaction enables us to better
focus our resources toward building the Bally brand and reducing debt.

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25 below the last reported sale price on the Nasdaq National Market
on the business day following the expiration of the subscription period, or
(b) the net asset value per share on that date.

"Both sides have worked diligently to satisfy the closing conditions and
we are pleased that we were able to bring this deal to a successful
completion," said Paul Toback, Chairman and chief executive officer of Bally."

About Bally Total Fitness
Bally Total Fitness is the largest and only nationwide commercial operator
of fitness centers in the U., with nearly 440 facilities located in 29
states, Mexico, Canada, Korea, China and the Caribbean under the Bally Total
Fitness(R), Pinnacle Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada (R) brands.

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Bally offers a unique platform for distribution of a wide
range of products and services targeted to active, fitness-conscious adult
consumers.