TRANSFERAGENCY AND SERVICE AGREEMENT

between

T. ROWE PRICE SERVICES, INC.

and

THE T. ROWE PRICE FUNDS

TABLE OF CONTENTS

         Page

Article A Terms ofAppointment 2

Article B Dutiesof Price Services 3

 1. Services 3

 2. Agreementswith Intermediaries 3

 3. Anti-Money Laundering Program 5

 4.  Bank Accounts …………………………………………………6

ArticleC Fees and Expenses 6

ArticleD Representations and Warranties of the Price Services 6

Article E Representationsand Warranties of the Fund 7

Article F Standardof Care/Indemnification 7

Article G DualInterests 10

Article H Documentation 10

Article I Recordkeeping/Confidentiality 12

Article J Compliancewith Governmental Rules and Regulations 13

Article K Ownershipof Software and Related Material 13

Article L QualityService Standards 13

Article M Asof Transactions 13

Article N Termand Termination of Agreement 17

Article O Notice 18

Article P Assignment 18

Article Q Amendment/InterpretiveProvisions 18

Article R FurtherAssurances 18

Article S  MarylandLaw to Apply 19

Article T Mergerof Agreement 19

Article U Counterparts 19

Article V The Parties 19

ArticleW Directors, Trustees, Shareholders and Massachusetts BusinessTrust 19

Article X Captions 20

 SCHEDULE 1

 APPENDIX A

TRANSFER AGENCYAND SERVICE AGREEMENT

 AGREEMENT made as of the first dayof January, 2015, by and between T. ROWE PRICE SERVICES, INC., a Maryland corporation having its principaloffice and place of business at 100 East Pratt Street, Baltimore, Maryland 21202 (“Price Services”), and EACH FUND WHICH IS LISTEDON APPENDIX A (as such Appendix may be amended from time to time) and which evidences its agreementto be bound hereby by executing a copy of this Agreement (each such Fund individually hereinafter referredto as “the Fund,”whose definition may be found in Article V); 

 WHEREAS, the Funddesires to appoint Price Services as its transfer agent, dividend disbursing agent and agent in connectionwith certain other activities and Price Services desires to accept such appointment;

 WHEREAS,Price Services represents that it is registered with the Securities and Exchange Commission as a TransferAgent under Section 17A of the Securities Exchange Act of 1934 (“’34 Act”) and will notify each Fund promptly if such registrationis revoked or if any proceeding is commenced before the Securities and Exchange Commission which maylead to such revocation;

 WHEREAS, Price Services has the capabilityof providing shareholder services on behalf of the Funds for the accounts of shareholders in the Funds;

 WHEREAS, certain of the Funds are underlying investment optionsof portfolios of College Savings Programs (“529Plans”) and Price Services has the capability of providing services, on behalf of the Funds,for the accounts of individuals participating in these 529 Plans; and    

 WHEREAS, certain of the Funds are named investment options undervarious retirement plans including, but not limited to, individual retirement accounts, SEP-IRA’s,SIMPLE plans, deferred compensation plans, 403(b) plans, and profit sharing, thrift, and money purchasepension plans for self-employed individuals, individual 401(k)s and professional partnerships and corporations(collectively referred to as “RetirementPlans”) and Price Services has the capability of providing services, on behalf of the Funds,for the accounts of shareholders (“Participants”)participating in these Retirement Plans (“RetirementAccounts”).

  NOW,THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

A. Terms of Appointment

 Subject to the terms and conditions set forth in this Agreement,the Fund hereby employs and appoints Price Services to act, and Price Services agrees to act, as theFund’s transfer agent, dividend disbursing agent and agent in connection with the Fund’s authorizedand issued shares of its common stock or shares of beneficial interest (all such stock and shares tobe referred to as “Shares”)and provide services to shareholders of the Fund (“Shareholders”) and beneficial Shareholders as agreed to by the parties. 

 The parties to the Agreement hereby acknowledge that from timeto time, Price Services and their affiliates may enter into contracts (“Other Contracts”) with employee benefit plansand/or their sponsors and the sponsors of 529 Plans for the provision of certain services to participantsof 529 Plans and Retirement Plans.   Compensation paid to Price Services pursuant to this Agreement iswith respect to the services described herein and not with respect to services provided under Other Contracts. 

 In addition, Price Services may subcontract or jointly contractwith other parties, including banks, on behalf of the Fund, to perform certain of the functions describedherein.

B.  Duties of Price Services

 1. Services. Price Services agrees that it will perform services set forth on Schedule 1 of this Agreement,on behalf of the Fund, in accordance with all applicable rules and regulations, the Fund’s then-currentprospectus and policies and procedures adopted by Price Services.   Price Services will implement andmaintain the systems, data storage and reporting necessary to perform such services.  

 2. Agreements with Intermediaries. The Fund authorizes Price Services to enter into agreements with certain third party intermediaries,which include but are not limited to banks, broker-dealers, insurance companies and retirement plan recordkeepers(“Intermediary”),to service shareholders of the Fund holding Fund shares in accounts maintained by the intermediary andto carry out the following:

· Orders.  Price Services shallenter into agreements, on behalf of the Funds, with Intermediaries for the purchase, sale and exchangeof Fund shares by Shareholders (including Plan Participants) and for the transmission and settlementof such orders to Price Services in accordance with procedures established by such agreement.  Receiptof orders by the Intermediary by the close of business on a day the New York Stock Exchange is open shallbe deemed receipt of the order by the Fund for that day’s net asset value to the extent permittedby Rule 22c-1 of the Investment Company Act of 1940 (“’40 Act”) and the agreement between Price Services and the Intermediary.

· To comply with Rule 22c-2 of the ’40Act.  Price Services shall enter into agreements, on behalf of the Fund, with Intermediaries whohold shares in omnibus accounts for purposes of compliance with Rule 22c-2 of the ’40 Act (“Shareholder Information Agreements”).Price Services, or its agent, shall monitor the omnibus accounts for certain trading activity in accordancewith the Fund’s excessive trading procedures and when certain activity is identified, pursuant tothe Shareholder Information Agreement, Price Services, or its agent, shall request from the Intermediaryunderlying Shareholder personal and transaction data.  Alternatively, Price Services, or its agent, willrequest and receive regular periodic reporting from intermediaries with underlying Shareholder personaland transaction data.   Once received, Price Services, or its agent, will review the data to determineif the Fund’s excessive trading policy has been violated. Pursuant to the terms of the ShareholderInformation Agreement, if Price Services, or its agent, determines that the Fund’s policy has beenviolated, Price Services, or its agents, shall instruct the Intermediary to restrict or prohibit futurepurchases of Fund shares by Shareholders (or warn Shareholders when appropriate) identified by PriceServices or its agent as having violated the policy.

· RedemptionFees.  Price Services shall enter into agreements with Intermediaries maintaining omnibus accountsto require the Intermediary to collect and remit redemption fees for applicable Funds from underlyingShareholder Accounts in accordance with the Fund’s then-current prospectus at the time of the transaction(subject to the fee) and remit such fees to the Fund on a monthly basis or such other mutually agreedupon time.

· Fee Payments.  The Funds have instituteda program whereby they may, in their discretion, pay an Intermediary or a Plan a fee to compensate thethird party for certain expenses incurred as a result of providing certain services to underlying Shareholdersof the Funds in accordance with the Funds’ Administrative Fee Payment Program or 12b-1 Plan (“Fee Payments”).  EachFund authorizes Price Services or its affiliate to enter into, on its behalf, agreements with such Intermediariesor Plans for payment of Fee Payments in consideration of such Plan or Intermediary’s performanceof services pursuant to the Fund’s Administrative Fee Payment Program or 12b-1 Plan and Price Servicesor its agent shall act as paying agent for such Fee Payments. Any payments owed under these agreementsshall be the obligation of the applicable Fund, not Price Services or its affiliates.    

 3. Anti-Money Laundering Program. The Funds authorize Price Services to perform, on behalf of the Funds, Anti-Money Laundering (“AML”) services in accordance with the AML Programadopted by the Funds, including the Fund’s Customer Identification Program, as applicable. PriceServices shall, maintain policies and procedures, and related internal controls, which are consistentwith such AML Program.  Price Services will also maintain policies and procedures to comply with economicsanction programs administered by the U.S. Treasury Department’s Office of Foreign Asset Control(“OFAC”), includingchecking Shareholder names against the OFAC list of sanctioned persons.  Price Services is authorizedto take, on behalf of the Funds, any action permitted by law and in accordance with the Fund’s AMLProgram in carrying out its responsibilities under the Fund’s AML Program or OFAC 

policy, including rejecting purchases, freezing Shareholder accounts, restrictingcertain services, or closing Shareholder accounts if (a) suspicious activity is detected, (b) it is unableto verify the identity of a Shareholder, or (c) a Shareholder matches a government list of known or suspectedsuspicious persons.  

 4.  BankAccounts.  The Funds authorize Price Services to establish one or more bank accounts in its nameor in the name of the Funds for the purpose of providing Services under this Agreement and the Fundsacknowledge that monies held for the benefit of a Fund may be held in an account with monies held foranother Fund, provided, however, that in all cases Price Services shall keep records in the ordinarycourse of business as to the individual amounts held for the benefit of each Fund individually. 

C.  Fees and Expenses

 For the services performed onSchedule 1 of this Agreement, the Funds shall pay such fees and expenses as mutually agreed upon by theparties. 

D. Representations and Warranties of PriceServices

 Price Services represents and warrantsto the Fund that:

1. It is a corporationduly organized and existing and in good standing under the laws of Maryland;

2. It is empowered under applicable laws and by its charter andby-laws to enter into and perform this Agreement;

3. Allrequisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

4. It is registered with the Securitiesand Exchange Commission as a Transfer Agent pursuant to Section 17A of the ‘34 Act; and

5. It has and will continue to have access to the necessary facilities,equipment and personnel to perform its duties and obligations under this Agreement.

E. Representations and Warranties of the Fund

 TheFund represents and warrants to Price Services that:

1. Itis a corporation or business trust duly organized and existing and in good standing under the laws ofMaryland or Massachusetts, as the case may be;

2. Itis empowered under applicable laws and by its Articles of Incorporation or Declaration of Trust, as thecase may be, and By-Laws to enter into and perform this Agreement;

3. Allproceedings required by said Articles of Incorporation or Declaration of Trust, as the case may be, andBy-Laws have been taken to authorize it to enter into and perform this Agreement;

4. It is an investment company registered under the ’40 Act;and

5. Aregistration statement under the Securities Act of 1933 (“the ‘33 Act”) is currently effective and will remain effective, and appropriatestate securities law filings have been made and will continue to be made, with respect to all Sharesof the Fund being offered for sale.

F. Standard of Care/Indemnification

 Notwithstanding anything to the contrary in this Agreement:

1. Price Services shall not be liableto any Fund for any act or failure to act by it or its agents or subcontractors on behalf of the Fundin carrying or attempting to carry out 

the terms and provisions of this Agreement provided Price Services has acted in goodfaith and without negligence or willful misconduct and selected and monitored the performance of itsagents and subcontractors with reasonable care.

2. TheFund shall indemnify and hold Price Services harmless from and against all losses, costs, damages, claims,actions and expenses, including reasonable expenses for legal counsel, incurred by Price Services resultingfrom:  (i) any action or omission by Price Services or its agents or subcontractors in the performanceof their duties hereunder; (ii) Price Services acting upon instructions believed by it to have been executedby a duly authorized officer of the Fund; or (iii) Price Services acting upon information provided bythe Fund under policies agreed to by Price Services and the Fund.  Price Services shall not be entitledto such indemnification in respect of actions or omissions constituting negligence or willful misconductof Price Services or where Price Services has not exercised reasonable care in selecting or monitoringthe performance of its agents or subcontractors.

3. Exceptas provided in Article M of this Agreement, Price Services shall indemnify and hold harmless the Fundfrom all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legalcounsel, incurred by the Fund resulting from the negligence or willful misconduct of Price Services orwhich result from Price Services’ failure to exercise reasonable care in selecting or monitoringthe performance of its agents or subcontractors.  The Fund shall not be entitled to such indemnificationin respect of actions or omissions constituting negligence or willful misconduct of such Fund or itsagents or subcontractors; unless such negligence or misconduct is attributable to Price Services. 

4. In determining Price Services’liability, an isolated error or omission will normally not be deemed to constitute negligence when itis determined that:

· PriceServices had in place “appropriate procedures;” 

· the employee(s) responsible for the error or omissionhad been reasonably trained and were being appropriately monitored; and

· No evidence or circumstances have been produced to indicatethat the individual who committed the error or omission was functioning in bad faith, gross negligenceor willful misconduct at the time of the incident. 

It is understood thatPrice Services is not obligated to have in place separate procedures to prevent each and every conceivabletype of error or omission.  The term “Appropriate Procedures” shall mean procedures reasonablydesigned to prevent and detect errors and omissions.  In determining the reasonableness of such procedures,weight will be given to such factors as are appropriate, including the prior occurrence of any similarerrors or omissions when such procedures were in place and transfer agent industry standards, if known,in place at the time of the occurrence.

5. Inthe event either party is unable to perform its obligations under the terms of this Agreement becauseof acts of God, strikes or other causes reasonably beyond its control, such party shall not be liableto the other party for any loss, cost, damage, claim, action or expense resulting from such failure toperform or otherwise from such causes.  

6. Inorder that the indemnification provisions contained in this Article F shall apply, upon the assertionof a claim for which either party may be required to indemnify the other, the party seeking indemnificationshall promptly notify the other party of such assertion, and shall keep the other party advised withrespect to all developments 

concerning such claim.  The party who may be required to indemnify shall have theoption to participate with the party seeking indemnification in the defense of such claim, or to defendagainst said claim in its own name or in the name of the other party.  The party seeking indemnificationshall in no case confess any claim or make any compromise in any case in which the other party may berequired to indemnify it except with the other party’s prior written consent.

7. Neither party to this Agreement shall be liable to the otherparty for consequential damages under any provision of this Agreement.

G. Dual Interests

 Itis understood that some person or persons may be directors, officers, or shareholders of both the Fundsand Price Services (including Price Services’ affiliates), and that the existence of any such dualinterest shall not affect the validity of this Agreement or of any transactions hereunder except as otherwiseprovided by a specific provision of applicable law.

H. Documentation

 As requested by Price Services, the Fund shall promptly furnishto Price Services the following:

· Acertified copy of the resolution of the Directors/Trustees of the Fund authorizing the appointment ofPrice Services and the execution and delivery of this Agreement;

· A copy of the Articles of Incorporation or Declarationof Trust, as the case may be, and By-Laws of the Fund and all amendments thereto;

· As applicable, specimens of all forms of outstandingand new stock/share certificates in the forms approved by the Board of Directors/Trustees of the Fundwith a certificate of the Secretary of the Fund as to such approval;

· Allaccount application forms and other documents relating to Shareholders’ accounts;

· An opinion of counsel for the Fund with respect to thevalidity of the stock, the number of Shares authorized, the status of redeemed Shares, and the numberof Shares with respect to which a Registration Statement has been filed and is in effect; and

· A copy of the Fund’s current prospectus.

 Thedelivery of any such document for the purpose of any other agreement to which the Fund and Price Servicesare or were parties shall be deemed to be delivery for the purposes of this Agreement.

Asrequested by Price Services, the Fund will also furnish from time to time the following documents:

· Eachresolution of the Board of Directors/Trustees of the Fund authorizing the original issue of its Shares;

· EachRegistration Statement filed with the Securities and Exchange Commission and amendments and orders theretoin effect with respect to the sale of Shares with respect to the Fund;

· A certified copy of each amendment to the Articles ofIncorporation or Declaration of Trust, and the By-Laws of the Fund;

· Certified copies of each vote of the Board of Directors/Trusteesauthorizing officers to give instructions to the Transfer Agent; and

· Such other documents or opinions which Price Services,in its discretion, may reasonably deem necessary or appropriate in the proper performance of its duties;

 Price Services hereby agrees to establish and maintain facilitiesand procedures reasonably acceptable to the Fund for safekeeping of check forms and facsimile signatureimprinting devices, if any; and for the preparation or use, and for keeping account of, such forms anddevices.

I. Recordkeeping/Confidentiality

1. Price Services shall keep recordsrelating to the services to be performed hereunder, in the form and manner as it may deem advisable,provided that Price Services shall keep all records in such form and in such manner as required by applicablelaw.

2. Price Services and the Fund agreethat all books, records, information and data pertaining to the business of the other party which areexchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remainconfidential, and shall not be voluntarily disclosed to any other person, except:  (a) after priornotification to and approval in writing by the other party hereto, which approval shall not be unreasonablywithheld and may not be withheld where Price Services or the Fund may be exposed to civil or criminalcontempt proceedings for failure to comply; (b) when requested to divulge such information by duly constitutedgovernmental authorities; or (c) after so requested by the other party hereto.  

 Without limiting the foregoing, Price Services has implemented,and will maintain during the term of this Agreement, measures designed to (i) ensure the security andconfidentiality of identifying information concerning Shareholders, (ii) use such information to providethe services hereunder, (iii) protect against any anticipated threats or hazards to the securityor integrity of such information, (iv) protect against unauthorized access to or use of such informationthat could result in substantial harm or 

inconvenience to the subject of such information, and (v) ensure appropriate disposalof such information, to the extent such information is being disposed of by Price Services.  

J. Compliance with Governmental Rules andRegulations

 Except as otherwise provided in theAgreement and except for the accuracy of information furnished to the Fund by Price Services, each Fundassumes full responsibility for the preparation, contents and distribution of its prospectuses and compliancewith all applicable requirements of the ’40 Act, the ‘34 Act, the ‘33 Act, and any otherlaws, rules and regulations of governmental authorities having jurisdiction over the Fund.  Price Servicesshall be responsible for complying with all laws, rules and regulations of governmental authorities havingjurisdiction over transfer agents and their activities and cooperating with respect to examinations andrequests from such governmental authorities.

K. Ownership of Software and Related Material

 Allcomputer programs, magnetic tapes, written procedures and similar items purchased and/or developed andused by Price Services in performance of the Agreement shall be the property of Price Services and willnot become the property of the Fund.

L. Quality Service Standards

 PriceServices and the Fund may from time to time agree to certain quality service standards, as well as incentivesand penalties with respect to Price Services’ hereunder.

M. As Of Transactions

 Forpurposes of this Article M, the term “AsOf Transaction” shall mean any single or “related transaction” (as defined below)involving the purchase or redemption of Shares (including exchanges) that is processed at a time otherthan the time of the computation of the Fund’s net asset value per share next computed after receiptof any such transaction order by Price Services due to an act or omission of Price Services.  “As Of Processing” refers to the 

processingof these As Of Transactions.  All As Of Processing may only be performed in accordance with the requirementsof Rule 22c-1 of the ’40 Act.  Price Services is responsible for monitoring As Of Transactions proceduresthat set forth the circumstances under which As Of Transactions are permitted.  If more than one As OfTransaction (“Related Transaction”)in the Fund is caused by or occurs as a result of the same act or omission, such transactions shall beaggregated with other transactions in the Fund and be considered as one As Of Transaction.

· Reporting

  Price Servicesshall:

  1. Utilize a system to identify all As Of Transactions, and shallcompute the net effect of such As Of Transactions upon the Fund on a daily, monthly and rolling 365-daybasis. The monthly and rolling 365-day periods are hereafter referred to as “Cumulative.”

  2. Supplyto the Fund, from time to time as mutually agreed upon, a report summarizing the As Of Transactions andthe daily and Cumulative net effects of such As Of Transactions both in terms of the aggregate dilutionor loss (“Loss”)or gain (“Gain”)experienced by the Fund, and the impact such Gain or Loss has had upon the Fund’s net asset valueper share.

  3. With respect to any As Of Transaction which causes a Loss to theFund of $100,000 or more (unless Price Services fully compensates the Fund for such Loss), Price Servicesshall provide the Fund: (i) a report identifying the As Of Transaction and the Loss resulting there from,(ii) the reason such As Of Transaction was processed as described above, and (iii) the action Price Serviceshas or intends to take to prevent the reoccurrence of such As Of processing.

· Liability

   1. It will be the normal practiceof the Funds not to hold Price Services liable with respect to any As Of Transaction that causes a Lossto any single Fund of less than $25,000.  Price Services will, however, closely monitor for each Fundthe daily and Cumulative Gain/Loss that is caused by As Of Transactions of less than $25,000.  When theCumulative Loss to any Fund exceeds 3/10 of 1% net asset value per share, Price Services, in consultationwith counsel to the Fund, will make appropriate inquiry to determine whether it should take any remedialaction.  Price Services will report to the Board of Directors/Trustees of the Fund (“Board”), as appropriate, any action it has taken.

  2. Where an As Of Transaction causes a Loss to a Fund equal toor greater than $25,000 (“SignificantAs Of Transaction”) but less than $100,000, if Price Services does not reimburse the Fundfor the Loss, Price Services will review with Counsel to the Fund the circumstances surrounding the SignificantAs Of Transaction to determine whether the Significant As Of Transaction was caused by or occurred asa result of a negligent act or omission by Price Services.  If it is determined that the Loss is theresult of a negligent action or omission by Price Services, Price Services and outside counsel for theFund will negotiate settlement.  Significant As Of Transactions causing a Loss to the Fund that are notreimbursed by Price Services will be reported to the Audit Committee at least annually.  Any SignificantAs Of Transaction, however, causing a Loss in excess of the lesser of $100,000 or a penny per share thatis not reimbursed by Price Services will be reported to the Board as soon as reasonably practicable. 

Settlementfor Significant As Of Transactions causing a Loss of $100,000 or more will not be entered into untilapproved by the Board.  For Related As Of Transactions involving Funds with more than one class, the amountof Gain or Loss resulting from an As Of Transaction shall be determined for each class; provided, however,that for purposes of determining Services’ liability for reimbursement of a Loss to any class, Gainsin one class may be used to offset Losses in another class of the same Fund. Any net Gains remaining after offsetting aloss in one or more classes, as well as aggregate Gains from a Significant As Of Transaction causinga Gain of a penny or more per share in a class, will be allocated ratably to all of the classes in theaffected Fund.  

   The factorsto consider in making any determination regarding the settlement of a Significant As Of Transaction wouldinclude but not be limited to:

· Proceduresand controls adopted by Price Services to prevent As Of Processing;

· Whether such procedures and controls were being followedat the time of the Significant As Of Transaction;

· Thevolume of all transactions processed by Price Services on the day of the Significant As Of Transaction;

· Thenumber of As Of Transactions processed by Price Services during prior relevant periods, and the net Gain/Lossas a result of all such As Of Transactions to the Fund and to all other Funds; and

· The prior response of Price Services to recommendationsmade by the Funds regarding improvement to Price Services’ As Of Processing procedures.

3. In determiningPrice Services’ liability with respect to a Significant As Of Transaction, Section 4 of ArticleF of this Agreement will be applied. 

· AsOf Transactions - Intermediaries

If an As Of Transactionis performed by an Intermediary designated by the Fund to receive orders for Fund Shares, Price Servicesshall cause such Intermediary to promptly reimburse the Fund for any Loss caused by such As Of Transaction;provided, however, Price Services shall not be obligated to seek reimbursement from such Intermediaryif the Loss to the Fund is less than $100.  The Fund shall keep any Gains caused by such As Of Transactions.

N. Term and Termination of Agreement

· ThisAgreement shall run for a period of one (1) year from the date first written above and will be renewedfrom year to year thereafter unless terminated by either party as provided hereunder.

· This Agreement may be terminated by the Fund upon onehundred twenty (120) days’ written notice to Price Services; and by Price Services, upon three hundredsixty-five (365) days’ written notice to the Fund.

· Upon termination hereof, the Fund shall pay to PriceServices such compensation as may be due as of the date of such termination, and shall likewise reimbursefor out-of-pocket expenses related to its services hereunder.

O. Notice

 Anynotice as required by this Agreement shall be sufficiently given (i) when sent to an authorized personof the other party at the address of such party set forth above or at such other address as such partymay from time to time specify in writing to the other party; or (ii) as otherwise agreed upon by appropriateofficers of the parties hereto.

P. Assignment

 Neither this Agreement nor any rights or obligations hereundermay be assigned either voluntarily or involuntarily, by operation of law or otherwise, by either partywithout the prior written consent of the other party, provided this shall not preclude Price Servicesfrom employing such agents and subcontractors as it deems appropriate to carry out its obligations setforth hereunder.

Q. Amendment/InterpretiveProvisions

 The parties by mutual written agreementmay amend this Agreement at any time.  In addition, in connection with the operation of this Agreement,Price Services and the Fund may agree from time to time on such provisions interpretive of or in additionto the provisions of this Agreement as may, in their joint opinion, be consistent with the general tenorof this Agreement.  Any such interpretive or additional provisions are to be signed by all parties andannexed hereto, but no such provision shall contravene any applicable Federal or state law or regulationand no such interpretive or additional provision shall be deemed to be an amendment of this Agreement.

R. Further Assurances

 Each party agrees to perform such further acts and execute suchfurther documents as are necessary to effectuate the purposes hereof.

S. Maryland Law to Apply

 ThisAgreement shall be construed and the provisions thereof interpreted under and in accordance with thelaws of Maryland.

T. Merger of Agreement

 This Agreement, including the attached Appendices and Schedulessupersedes any prior agreement with respect to the subject hereof, whether oral or written.

U. Counterparts

 This Agreementmay be executed by the parties hereto on any number of counterparts, and all of said counterparts takentogether shall be deemed to constitute one and the same instruments.

V. The Parties

 All referencesherein to “the Fund” are to each of the Funds listed on Appendix A individually, as ifthis Agreement were between such individual Fund and Price Services.  In the case of a series Fund ortrust or a separate class of shares, all references to “the Fund” are to the individual series,portfolio or class of such Fund or trust, or to such Fund or trust on behalf of the individual series,portfolio or class as appropriate.  The “Fund” also includes any T. Rowe Price Funds that maybe established after the execution of this Agreement.  Any reference in this Agreement to “the parties”shall mean Price Services and such other individual Fund as to which the matter pertains.

W. Directors, Trustees and Shareholdersand Massachusetts Business Trust

 It is understoodand is expressly stipulated that neither the holders of Shares in the Fund nor any Directors or Trusteesof the Fund shall be personally liable hereunder.

 With respect to any Fund which is a party to this Agreementand which is organized as a Massachusetts business trust, the term “Fund” means and refersto the trustees from time to time serving under the applicable trust agreement (Declaration of Trust)of such Trust as the same may be amended from time to time.  It is expressly agreed that the obligationsof any such Trust hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers,agents or employees of the Trust, personally, but bind only the trust property of the Trust, as providedin the Declaration of Trust of the Trust.  The execution and delivery of this Agreement has been authorizedby the trustees and signed by an authorized officer of the Trust, acting as such, and neither such authorizationby such Trustees nor such execution and delivery by such officer shall be deemed to have been made byany of them, but shall bind only the trust property of the Trust as provided in its Declaration of Trust.

X. Captions

 The captions in the Agreement are included for convenience ofreference only and in no way define or limit any of the provisions hereof or otherwise affect their constructionor effect.

 IN WITNESS WHEREOF, the parties hereto have caused this Agreementto be executed in their names and on their behalf under their seals by and through their duly authorizedofficers.

|                                                                               |                                                                          |
|------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
| T. ROWE PRICE SERVICES, INC.                                                       | T. ROWE PRICE FUNDS                                                           |
| By: /s/. William W. Strickland

Name: William W. Strickland

Title: President | By: /s/ GregoryK. Hinkle

Name: Gregory K. Hinkle

Title: Treasurer |

SCHEDULE1

 Price Services agrees that it will perform services on behalfof the Funds in accordance with procedures developed and maintained by Price Services, all applicablelaws and the Fund’s then-current prospectus.  Such services include, but are not limited to, thefollowing:

- EstablishingShareholder Accounts

- ProcessingPurchase, Redemption and Exchange Orders

- ProcessingRequired Minimum Distributions for IRA accounts

- Receivingand Disbursing Settlement Proceeds

- Assessingand Remitting Redemption Fees

- ProcessingCheckwriting Redemptions 

- ProcessingFund Mergers and Reorganizations

- ProcessingTransfer of Ownership Orders

- ProcessingMaintenance Requests on Shareholder Accounts

- Processingtransactions unique to retail retirement accounts (RMDs, loan payments, etc).

- Processing Adjustments in Shareholder Accounts and Monitoringand Reporting Gains and Losses Resulting from such Adjustments.   

- Handling Returned Checks, ACH Debits and UncollectedFunds

- ProcessingDividends, Distributions and Other Fund Corporate Actions for Shareholder Accounts

- Preparing and Filing Shareholder Tax Information

- Monitoringand Enforcing the Fund’s Excessive Trading Policy

- Performing Lost Shareholder Identification and Searches

- PerformingUnresponsive Check Payee notifications 

- Reviewing,Reporting and Remitting Abandoned Property to the states

- Responding to Shareholder Correspondence

- Reporting Lost or Stolen Securities

- MaintainingTelephone, VRU and On-line Services to Service Shareholder Accounts

- Performing Shareholder Services for High Net Worth Shareholders

- Collectingand Remitting Shareholder/Participant Fees

- Distributingand Tabulating Fund Proxies

- Calculatingand Paying Administrative Fees and 12b-1 Fee Payments

- Preparingand Delivering Confirmations, Statements and Tax Forms to Shareholders and Participants

- DeliveringProspectuses, Shareholder Reports and Other Required Mailings to Shareholders

- Maintaining Books and Records for the Fund

- Recording Authorized Issued and Outstanding Shares

- PerformingBank Reconciliation Process

- Coordinatingwith Independent Public Accountants for Reviews and Audits

- Maintaining and Providing Information Necessary for theCompletion of Form NSAR & N-CSR 

- Reporting Blue Sky Information to theFund

- Furnishing Other Information to the Fund

- PerformingFunctions for Compliance with the Fund’s Anti-Money Laundering and Red Flag Identity Theft Program

- Maintainingand testing of Business Continuity Plan and Disaster Recovery Sites   

- Developing and implementing policies and procedures tocomply with new regulations, as applicable  

- PerformingSuch Other Services as Mutually Agreed Upon by Both Parties  

APPENDIX A

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIPGROWTH FUND, INC.

T. Rowe Price Blue Chip Growth Fund—Advisor Class

T. Rowe Price Blue Chip Growth Fund—R Class

T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

California Tax-Free Bond Fund

CaliforniaTax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND

T.Rowe Price Capital Appreciation Fund—Advisor Class

T. ROWE PRICE CAPITALOPPORTUNITY FUND, INC.

T. Rowe Price Capital Opportunity Fund—Advisor Class

T. Rowe Price Capital Opportunity Fund—R Class

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND,INC.

T. Rowe Price Credit Opportunities Fund—Advisor Class

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTHFUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. Rowe Price DividendGrowth Fund—Advisor Class

T. ROWE PRICE EQUITY INCOME FUND

T.Rowe Price Equity Income Fund—Advisor Class

T. Rowe Price Equity Income Fund—RClass

T. ROWE PRICE EQUITY SERIES, INC.

T. Rowe Price Blue ChipGrowth Portfolio

T. Rowe Price Blue Chip Growth Portfolio—II

T.Rowe Price Equity Income Portfolio

T. Rowe Price Equity Income Portfolio—II

T. Rowe Price Equity Index 500 Portfolio

T. Rowe Price HealthSciences Portfolio

T. Rowe Price Health Sciences Portfolio—II

T.Rowe Price Mid-Cap Growth Portfolio

T. Rowe Price Mid-Cap Growth Portfolio—II

T. Rowe Price New America Growth Portfolio

T. Rowe Price PersonalStrategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC.

T. Rowe Price Limited-Term Bond Portfolio

T. Rowe Price Limited-Term Bond Portfolio—II

T.Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. Rowe Price Floating Rate Fund—Advisor Class

T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. Rowe Price Global Allocation Fund—AdvisorClass

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. Rowe Price GlobalReal Estate Fund—Advisor Class

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND,INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. Rowe Price GrowthStock Fund—Advisor Class

T. Rowe Price Growth Stock Fund—R Class

T.ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price High Yield Fund—Advisor Class

T.ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

T. ROWE PRICE INDEX TRUST, INC.

T. Rowe Price EquityIndex 500 Fund

T. Rowe Price Extended Equity Market Index Fund

T.Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS,INC.

T. Rowe PriceInstitutional Large-Cap Core Growth Fund 

T. Rowe Price Institutional Large-Cap GrowthFund

T. Rowe Price Institutional Large-Cap Value Fund

T.Rowe Price Institutional Mid-Cap Equity Growth Fund

T. Rowe Price InstitutionalSmall-Cap Stock Fund

T. Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price InstitutionalCore Plus Fund

T. Rowe Price Institutional Core Plus Fund—F Class

T. Rowe Price Institutional Credit Opportunities Fund

T.Rowe Price Institutional Floating Rate Fund

T. Rowe Price Institutional Floating RateFund—F Class

T. Rowe Price Institutional Global Multi-Sector Bond Fund

T. Rowe Price Institutional High Yield Fund

T. Rowe Price InstitutionalLong Duration Credit Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. Rowe Price Institutional Africa & Middle East Fund

T.Rowe Price Institutional Emerging Markets Bond Fund

T. Rowe Price InstitutionalEmerging Markets Equity Fund

T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional Global Focused Growth Equity Fund 

T.Rowe Price Institutional Global Growth Equity Fund

T. Rowe Price InstitutionalGlobal Value Equity Fund

T. Rowe Price Institutional International Bond Fund

T.Rowe Price Institutional International Concentrated Equity Fund

T. Rowe Price InstitutionalInternational Core Equity Fund

T. Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class

T.ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price Africa & Middle East Fund

T. Rowe Price Asia Opportunities Fund

T. Rowe Price Asia OpportunitiesFund—Advisor Class

T. Rowe Price Emerging Europe Fund

T.Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging Markets CorporateBond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund-Advisor Class

T.Rowe Price Emerging Markets Local Currency Bond Fund

T. Rowe Price EmergingMarkets Local Currency Bond Fund—Advisor Class

T. Rowe Price EmergingMarkets Stock Fund

T. Rowe Price European Stock Fund

T.Rowe Price Global Growth Stock Fund

T. Rowe Price Global Growth Stock—AdvisorClass

T. Rowe Price Global Industrials Fund

T. Rowe Price Global Stock Fund

T. Rowe Price GlobalStock Fund—Advisor Class

T. Rowe Price International Bond Fund

T.Rowe Price International Bond Fund—Advisor Class

T. Rowe Price InternationalConcentrated Equity Fund

T. Rowe Price International Concentrated Equity Fund—AdvisorClass

T. Rowe Price International Discovery Fund

T. Rowe Price InternationalGrowth & Income Fund

T. Rowe Price International Growth & Income Fund—AdvisorClass

T. Rowe Price International Growth & Income Fund—R Class

T.Rowe Price International Stock Fund

T. Rowe Price International Stock Fund—AdvisorClass

T. Rowe Price International Stock Fund—R Class

T.Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T.Rowe Price New Asia Fund

T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. Rowe Price InternationalEquity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. Rowe Price Mid-CapGrowth Fund—Advisor Class

T. Rowe Price Mid-Cap Growth Fund—R Class

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. Rowe Price Mid-Cap Value Fund—AdvisorClass

T. Rowe Price Mid-Cap Value Fund—R Class

T. ROWE PRICE MULTI-SECTORACCOUNT PORTFOLIOS, INC.

T. Rowe Price Emerging Markets Corporate Multi-Sector AccountPortfolio

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

T.Rowe Price Floating Rate Multi-Sector Account Portfolio

T. Rowe Price High YieldMulti-Sector Account Portfolio

T. Rowe Price Investment-Grade Corporate Multi-Sector AccountPortfolio

T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

T.ROWE PRICE NEW AMERICA GROWTH FUND

T. Rowe Price New America Growth Fund—AdvisorClass

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOMEFUND, INC.

T. Rowe Price New Income Fund—Advisor Class

T.Rowe Price New Income Fund—R Class

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. Rowe Price Personal Strategy Balanced Fund

T. Rowe Price PersonalStrategy Growth Fund

T. Rowe Price Personal Strategy Income Fund

T.ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. Rowe Price Real EstateFund—Advisor Class

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T.Rowe Price Government Reserve Investment Fund

T. Rowe Price Reserve Investment Fund

T. Rowe Price Short-Term Government Reserve Fund

T.Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. Rowe Price Retirement 2005 Fund

T. Rowe Price Retirement2005 Fund—Advisor Class

T. Rowe Price Retirement 2005 Fund—R Class

T.Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2010 Fund—AdvisorClass

T. Rowe Price Retirement 2010 Fund—R Class

T. Rowe Price Retirement2015 Fund

T. Rowe Price Retirement 2015 Fund—Advisor Class

T.Rowe Price Retirement 2015 Fund—R Class

T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2020 Fund—Advisor Class

T.Rowe Price Retirement 2020 Fund—R Class

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2025 Fund—Advisor Class

T.Rowe Price Retirement 2025 Fund—R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030 Fund—Advisor Class

T.Rowe Price Retirement 2030 Fund—R Class

T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement2035 Fund—Advisor Class

T. Rowe Price Retirement 2035 Fund—R Class

T.Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040 Fund—AdvisorClass

T. Rowe Price Retirement 2040 Fund—R Class

T. Rowe Price Retirement2045 Fund

T. Rowe Price Retirement 2045 Fund—Advisor Class

T.Rowe Price Retirement 2045 Fund—R Class

T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2050 Fund—Advisor Class

T.Rowe Price Retirement 2050 Fund—R Class

T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement 2055 Fund—Advisor Class

T.Rowe Price Retirement 2055 Fund—R Class

T. Rowe Price Retirement 2060 Fund   

T. Rowe Price Retirement 2060 Fund—Advisor Class

T.Rowe Price Retirement 2060 Fund—R Class

T. Rowe Price Retirement Balanced Fund

T. Rowe Price Retirement Balanced Fund—Advisor Class

T.Rowe Price Retirement Balanced Fund—R Class

T. Rowe Price Target Retirement 2005 Fund

T. Rowe Price Target Retirement 2005 Fund—Advisor Class

T.Rowe Price Target Retirement 2010 Fund

T. Rowe Price Target Retirement 2010 Fund—AdvisorClass

T. Rowe Price Target Retirement 2015 Fund

T. Rowe Price TargetRetirement 2015 Fund—Advisor Class

T. Rowe Price Target Retirement 2020 Fund

T. Rowe Price Target Retirement 2020 Fund—Advisor Class

T.Rowe Price Target Retirement 2025 Fund

T. Rowe Price Target Retirement 2025 Fund—AdvisorClass

T. Rowe Price Target Retirement 2030 Fund

T. Rowe Price TargetRetirement 2030 Fund—Advisor Class

T. Rowe Price Target Retirement 2035 Fund

T. Rowe Price Target Retirement 2035 Fund—Advisor Class

T.Rowe Price Target Retirement 2040 Fund

T. Rowe Price Target Retirement 2040 Fund—AdvisorClass

T. Rowe Price Target Retirement 2045 Fund

T. Rowe Price TargetRetirement 2045 Fund—Advisor Class

T. Rowe Price Target Retirement 2050 Fund

T. Rowe Price Target Retirement 2050 Fund—Advisor Class

T.Rowe Price Target Retirement 2055 Fund

T. Rowe Price Target Retirement 2055 Fund—AdvisorClass

T. Rowe Price Target Retirement 2060 Fund

T. Rowe Price TargetRetirement 2060 Fund-Advisor Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T.Rowe Price Science & Technology Fund—Advisor Class

T. ROWE PRICE SHORT-TERMBOND FUND, INC.

T. Rowe Price Short-Term Bond Fund—Advisor Class

T. Rowe Price Ultra Short-Term Bond Fund

T. ROWE PRICE SMALL-CAPSTOCK FUND, INC.

T. Rowe Price Small-Cap Stock Fund—Advisor Class

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. Rowe Price Small-CapValue Fund—Advisor Class

T. ROWE PRICE SPECTRUM FUND, INC.

SpectrumGrowth Fund

Spectrum Income Fund

Spectrum InternationalFund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

Georgia Tax-Free BondFund

Maryland Short-Term Tax-Free Bond Fund

Maryland Tax-Free BondFund

Maryland Tax-Free Money Fund  

New Jersey Tax-Free BondFund

New York Tax-Free Bond Fund

New York Tax-Free Money Fund

VirginiaTax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T.Rowe Price Strategic Income Fund—Advisor Class

T. ROWE PRICE SUMMITFUNDS, INC.

T. Rowe Price Summit Cash Reserves Fund

T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T. Rowe Price Summit Municipal Income Fund

T. Rowe Price Summit Municipal Income Fund—Advisor Class

T.Rowe Price Summit Municipal Intermediate Fund

T. Rowe Price Summit Municipal IntermediateFund—Advisor Class

T. Rowe Price Summit Municipal Money Market Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. Rowe Price Tax-FreeHigh Yield Fund—Advisor Class

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. Rowe Price Tax-Free Income Fund—Advisor Class

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC

T. Rowe Price Tax-Free Short IntermediateFund—Advisor Class

T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T.ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND,INC.

T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class

T.ROWE PRICE U.S. TREASURY FUNDS, INC.

U.S. Treasury Intermediate Fund

U.S. Treasury Long-TermFund

U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

T. Rowe Price Value Fund—Advisor Class

AMENDMENTNO. 1

TRANSFERAGENCY AND SERVICE AGREEMENT

Between

T. ROWE PRICE SERVICES, INC.

And

THE T. ROWE PRICE FUNDS

The Transfer Agency and Service Agreement ofJanuary 1, 2015, between T. Rowe Price Services, Inc., and each of the Parties listed on AppendixA thereto is hereby amended, as of January 20, 2015, by adding thereto T. Rowe Price InternationalFunds, Inc. on behalf of T. Rowe Price Global High Income Bond Fund, T. Rowe Price Global HighIncome Bond Fund—Advisor Class, T. Rowe Price Global Unconstrained Bond Fund, and T. RowePrice Global Unconstrained Bond Fund—Advisor Class

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T.Rowe Price Blue Chip Growth Fund—Advisor Class

T. Rowe Price Blue Chip Growth Fund—R Class

T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

California Tax-Free Bond Fund

California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T.Rowe Price Capital Appreciation Fund—Advisor Class

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.Rowe Price Capital Opportunity Fund—Advisor Class

T. Rowe Price Capital Opportunity Fund—RClass

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. Rowe Price Credit OpportunitiesFund—Advisor Class

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. Rowe Price Dividend Growth Fund—AdvisorClass

T.ROWE PRICE EQUITY INCOME FUND

T. Rowe Price Equity Income Fund—Advisor Class

T. Rowe Price Equity IncomeFund—R Class

T.ROWE PRICE EQUITY SERIES, INC.

T. Rowe Price Blue Chip Growth Portfolio

T. Rowe Price Blue Chip Growth Portfolio—II

T.Rowe Price Equity Income Portfolio

T. Rowe Price Equity Income Portfolio—II

T. Rowe Price Equity Index500 Portfolio

T. Rowe Price Health Sciences Portfolio

T. Rowe Price Health Sciences Portfolio—II

T.Rowe Price Mid-Cap Growth Portfolio

T. Rowe Price Mid-Cap Growth Portfolio—II

T. Rowe Price New America GrowthPortfolio

T.Rowe Price Personal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOMESERIES, INC.

T. Rowe Price Limited-Term Bond Portfolio

T. Rowe Price Limited-Term Bond Portfolio—II

T.Rowe Price Prime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. Rowe Price Floating RateFund—Advisor Class

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. Rowe Price Global Allocation Fund—AdvisorClass

T.ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. Rowe Price Global Real Estate Fund—Advisor Class

T. ROWE PRICE GLOBAL TECHNOLOGYFUND, INC.

T.ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. Rowe Price Growth StockFund—Advisor Class

T. Rowe Price Growth Stock Fund—R Class

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T.ROWE PRICE HIGH YIELD FUND, INC.

T. Rowe Price High Yield Fund—Advisor Class

T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. Rowe Price Equity Index500 Fund

T.Rowe Price Extended Equity Market Index Fund

T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC.

T. Rowe Price Institutional Large-Cap Core Growth Fund 

T. Rowe Price InstitutionalLarge-Cap Growth Fund

T. Rowe Price Institutional Large-Cap Value Fund

T. Rowe Price Institutional Mid-Cap Equity GrowthFund

T.Rowe Price Institutional Small-Cap Stock Fund

T. Rowe Price Institutional U.S. Structured Research Fund

T.ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price Institutional Core Plus Fund

T. Rowe Price InstitutionalCore Plus Fund—F Class

T. Rowe Price Institutional Credit Opportunities Fund

T. Rowe Price InstitutionalFloating Rate Fund

T. Rowe Price Institutional Floating Rate Fund—F Class

T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund

T. Rowe Price Institutional High Yield Fund

T. Rowe Price Institutional Long Duration CreditFund

T.ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. Rowe Price Institutional Africa & MiddleEast Fund

T.Rowe Price Institutional Emerging Markets Bond Fund

T. Rowe Price Institutional Emerging MarketsEquity Fund

T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price InstitutionalGlobal Focused Growth Equity Fund 

T. Rowe Price Institutional Global Growth Equity Fund

T. Rowe Price InstitutionalGlobal Value Equity Fund

T. Rowe Price Institutional International Bond Fund

T. Rowe Price InstitutionalInternational Concentrated Equity Fund

T. Rowe Price Institutional International Core Equity Fund

T.Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELDFUND, INC.

T.Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T.Rowe Price Africa & Middle East Fund

T. Rowe Price Asia Opportunities Fund

T. Rowe Price Asia OpportunitiesFund—Advisor Class

T.Rowe Price Emerging Europe Fund

T. Rowe Price Emerging Markets Bond Fund

T. Rowe Price Emerging MarketsCorporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class

T. Rowe Price Emerging MarketsLocal Currency Bond Fund

T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class

T. Rowe Price Emerging MarketsStock Fund

T.Rowe Price European Stock Fund

T. Rowe Price Global Growth Stock Fund

T. Rowe Price Global Growth Stock—AdvisorClass

T. RowePrice Global High Income Bond Fund

T. Rowe Price Global High Income Bond Fund—Advisor Class

T. RowePrice Global Industrials Fund

T. Rowe Price Global Stock Fund

T. Rowe Price Global Stock Fund—Advisor Class

T. Rowe Price Global UnconstrainedBond Fund

T. RowePrice Global Unconstrained Bond Fund—Advisor Class

T. Rowe Price International Bond Fund

T. Rowe Price InternationalBond Fund—Advisor Class

T. Rowe Price International Concentrated Equity Fund

T. Rowe Price InternationalConcentrated Equity Fund—Advisor Class

T. Rowe Price International Discovery Fund

T. Rowe Price InternationalGrowth & Income Fund

T. Rowe Price International Growth & Income Fund—Advisor Class

T. Rowe Price InternationalGrowth & Income Fund—R Class

T. Rowe Price International Stock Fund

T. Rowe Price InternationalStock Fund—Advisor Class

T. Rowe Price International Stock Fund—R Class

T. Rowe Price Japan Fund

T.Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONALINDEX FUND, INC.

T. Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC.

T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTHFUND, INC.

T.Rowe Price Mid-Cap Growth Fund—Advisor Class

T. Rowe Price Mid-Cap Growth Fund—R Class

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. Rowe Price Mid-Cap Value Fund—Advisor Class

T. Rowe Price Mid-Cap ValueFund—R Class

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.

T. Rowe Price Emerging MarketsCorporate Multi-Sector Account Portfolio

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

T.Rowe Price Floating Rate Multi-Sector Account Portfolio

T. Rowe Price High Yield Multi-Sector AccountPortfolio

T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio

T. Rowe Price Mortgage-BackedSecurities Multi-Sector Account Portfolio

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. Rowe Price New America GrowthFund—Advisor Class

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T.Rowe Price New Income Fund—Advisor Class

T. Rowe Price New Income Fund—R Class

T. ROWE PRICE PERSONAL STRATEGYFUNDS, INC.

T. Rowe Price Personal Strategy Balanced Fund

T. Rowe Price Personal Strategy Growth Fund

T.Rowe Price Personal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND,INC.

T.ROWE PRICE REAL ESTATE FUND, INC.

T. Rowe Price Real Estate Fund—Advisor Class

T. ROWE PRICE RESERVE INVESTMENTFUNDS, INC.

T. Rowe Price Government Reserve Investment Fund

T. Rowe Price Reserve Investment Fund

T. Rowe Price Short-Term GovernmentReserve Fund

T. Rowe Price Short-Term Reserve Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. Rowe Price Retirement 2005Fund

T.Rowe Price Retirement 2005 Fund—Advisor Class

T. Rowe Price Retirement 2005 Fund—R Class

T.Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2010 Fund—Advisor Class

T. Rowe Price Retirement 2010Fund—R Class

T. Rowe Price Retirement 2015 Fund

T. Rowe Price Retirement 2015 Fund—AdvisorClass

T.Rowe Price Retirement 2015 Fund—R Class

T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2020Fund—Advisor Class

T. Rowe Price Retirement 2020 Fund—R Class

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2025Fund—Advisor Class

T. Rowe Price Retirement 2025 Fund—R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030Fund—Advisor Class

T. Rowe Price Retirement 2030 Fund—R Class

T. Rowe Price Retirement 2035 Fund

T. Rowe Price Retirement 2035Fund—Advisor Class

T. Rowe Price Retirement 2035 Fund—R Class

T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040Fund—Advisor Class

T. Rowe Price Retirement 2040 Fund—R Class

T. Rowe Price Retirement 2045 Fund

T. Rowe Price Retirement 2045Fund—Advisor Class

T. Rowe Price Retirement 2045 Fund—R Class

T. Rowe Price Retirement 2050 Fund

T. Rowe Price Retirement 2050Fund—Advisor Class

T. Rowe Price Retirement 2050 Fund—R Class

T. Rowe Price Retirement 2055 Fund

T. Rowe Price Retirement 2055Fund—Advisor Class

T. Rowe Price Retirement 2055 Fund—R Class

T. Rowe Price Retirement 2060 Fund   

T. Rowe Price Retirement 2060Fund—Advisor Class

T. Rowe Price Retirement 2060 Fund—R Class

T. Rowe Price Retirement Balanced Fund

T.Rowe Price Retirement Balanced Fund—Advisor Class

T. Rowe Price Retirement Balanced Fund—RClass

T.Rowe Price Target Retirement 2005 Fund

T. Rowe Price Target Retirement 2005 Fund—Advisor Class

T.Rowe Price Target Retirement 2010 Fund

T. Rowe Price Target Retirement 2010 Fund—Advisor Class

T.Rowe Price Target Retirement 2015 Fund

T. Rowe Price Target Retirement 2015 Fund—Advisor Class

T.Rowe Price Target Retirement 2020 Fund

T. Rowe Price Target Retirement 2020 Fund—Advisor Class

T.Rowe Price Target Retirement 2025 Fund

T. Rowe Price Target Retirement 2025 Fund—Advisor Class

T.Rowe Price Target Retirement 2030 Fund

T. Rowe Price Target Retirement 2030 Fund—Advisor Class

T.Rowe Price Target Retirement 2035 Fund

T. Rowe Price Target Retirement 2035 Fund—Advisor Class

T.Rowe Price Target Retirement 2040 Fund

T. Rowe Price Target Retirement 2040 Fund—Advisor Class

T.Rowe Price Target Retirement 2045 Fund

T. Rowe Price Target Retirement 2045 Fund—Advisor Class

T.Rowe Price Target Retirement 2050 Fund

T. Rowe Price Target Retirement 2050 Fund—Advisor Class

T.Rowe Price Target Retirement 2055 Fund

T. Rowe Price Target Retirement 2055 Fund—Advisor Class

T.Rowe Price Target Retirement 2060 Fund

T. Rowe Price Target Retirement 2060 Fund-Advisor Class

T. ROWE PRICE SCIENCE &TECHNOLOGY FUND, INC.

T. Rowe Price Science & Technology Fund—Advisor Class

T. ROWE PRICE SHORT-TERM BONDFUND, INC.

T.Rowe Price Short-Term Bond Fund—Advisor Class

T. Rowe Price Ultra Short-Term Bond Fund

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. Rowe Price Small-Cap Stock Fund—Advisor Class

T. ROWE PRICE SMALL-CAP VALUEFUND, INC.

T.Rowe Price Small-Cap Value Fund—Advisor Class

T. ROWE PRICE SPECTRUM FUND, INC.

Spectrum Growth Fund

SpectrumIncome Fund

Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

Georgia Tax-Free Bond Fund

MarylandShort-Term Tax-Free Bond Fund

Maryland Tax-Free Bond Fund

Maryland Tax-Free Money Fund  

New Jersey Tax-Free Bond Fund

New York Tax-Free Bond Fund

NewYork Tax-Free Money Fund

Virginia Tax-Free Bond Fund

T. ROWE PRICE STRATEGIC INCOME FUND, INC.

T. Rowe Price Strategic IncomeFund—Advisor Class

T.ROWE PRICE SUMMIT FUNDS, INC.

T. Rowe Price Summit Cash Reserves Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.

T.Rowe Price Summit Municipal Income Fund

T. Rowe Price Summit Municipal Income Fund—Advisor Class

T.Rowe Price Summit Municipal Intermediate Fund

T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class

T.Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

T. Rowe Price Tax-EfficientEquity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T.Rowe Price Tax-Free High Yield Fund—Advisor Class

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.Rowe Price Tax-Free Income Fund—Advisor Class

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC

T.Rowe Price Tax-Free Short Intermediate Fund—Advisor Class

T. Rowe Price Tax-Free Ultra Short-Term BondFund

T.ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. Rowe Price U.S. Large-CapCore Fund—Advisor Class

T. ROWE PRICE U.S. TREASURY FUNDS, INC.

U.S. Treasury Intermediate Fund

U.S. Treasury Long-Term Fund

U.S.Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

T. Rowe Price Value Fund—Advisor Class

|                                                                                   |                                                                             |
|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
| Attest:                                                                                |                                                                             |
| /s/Patricia B. Lippert

______________________________

Patricia B. Lippert

Secretary | /s/GregoryK. Hinkle

______________________________

GregoryK. Hinkle

Treasurer |

|                                                                              |                                                                                  |
|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|
| Attest:                                                                           | T.ROWE PRICE SERVICES, INC.                                                           |
| /s/David Oestreicher

______________________________

DavidOestreicher

Secretary | /s/Darrell N. Braman

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DarrellN. Braman

VicePresident |