TRANSFER AGENCY AND SERVICE AGREEMENT

between

T. ROWE PRICE SERVICES, INC.

and

THE T. ROWE PRICE FUNDS

**TABLE OF CONTENTS**

```

Page

Article A       Terms of Appointment    2

Article B       Duties of Price Services        3
        1.      Services        3
        2.      Agreements with Intermediaries  3
        3.      Anti-Money Laundering Program   4
Article C       Fees and Expenses       4
Article D       Representations and Warranties of the Price Services    4
Article E       Representations and Warranties of the Fund      5
Article F       Standard of Care/Indemnification        6
Article G       Dual Interests  8
Article H       Documentation   8
Article I       References to Price Services    10
Article J       Compliance with Governmental Rules and Regulations      10
Article K       Ownership of Software and Related Material      11
Article L       Quality Service Standards       11
Article M       As of Transactions      11
Article N       Term and Termination of Agreement       15
Article O       Notice  15
Article P       Assignment      16
Article Q       Amendment/Interpretive Provisions       16
Article R       Further Assurances      16
Article S       Maryland Law to Apply   16
Article T       Merger of Agreement     16
Article U       Counterparts    17
Article V       The Parties     17

Article W       Directors, Trustees, Shareholders and Massachusetts Business Trust      17
Article X       Captions        18

SCHEDULE 1
APPENDIX A
```

**TRANSFER AGENCY AND SERVICE AGREEMENT**

     AGREEMENT made as of the first day of January, 2006, by and between T. ROWEPRICE SERVICES, INC., aMaryland corporation having its principal office and place of business at 100 East PrattStreet, Baltimore, Maryland 21202 (**"Price Services"**), and EACH FUND WHICH IS LISTED ONAPPENDIX A (as such Appendix may be amended from time to time) and which evidences itsagreement to be bound hereby by executing a copy of this Agreement (each such Fundindividually hereinafter referred to as **"the Fund,"** whose definition may be found in ArticleV);

     WHEREAS, the Fund desires to appoint Price Services as its transfer agent, dividenddisbursing agent and agent in connection with certain other activities, and Price Servicesdesires to accept such appointment;

     WHEREAS, Price Services represents that it is registered with the Securitiesand Exchange Commission as a Transfer Agent under Section 17A of the Securities Exchange Act of 1934 (**"'34 Act"**)and will notify each Fund promptly if such registration is revoked or if any proceeding is commenced before the Securities andExchange Commission which may lead to such revocation; 

     WHEREAS, Price Services has the capability of providing shareholder services onbehalf 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 (**"529 Plans"**) and Price Services has thecapability of providing services, on behalf of the Funds, for the accounts of individualsparticipating in these 529 Plans;

     WHEREAS, certain of the Funds are named investment options under various taxshelteredretirement plansincluding, but not limited to, individual retirement accounts, SepIRA's, SIMPLE plans, deferred compensation plans, 403(b)plans, and profit sharing, thrift, and money purchase pension plans for self-employedindividuals, individual 401(k)s and professional partnerships and corporations(collectively referred to as **"Retirement Plans"**) and Price Services has the capability ofproviding services, on behalf of the Funds, for the accounts of shareholders(**"Participants"**) participating in these Retirement Plans (**"Retirement Accounts"**); and

     WHEREAS,Price Services may subcontract or jointly contract with other parties, on behalf of theFunds, to perform certain of the functions and services described herein. 

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

     Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs andappoints Price Services to act, and Price Services agrees to act, as the Fund's transferagent, dividend disbursing agent and agent in connection with the Fund's authorized andissued shares of its common stock or shares of beneficial interest (all such stock andshares to be 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 time to time, Price Services andT. Rowe PriceTrust Company and their affiliates may enter into contracts (**"Other Contracts"**) withemployee benefit plans and/or their sponsors and the sponsors of 529 Plans for theprovision of certain services to participants of 529 Plans and Retirement Plans.Compensation paid to Price Services pursuant to this Agreement is with respect to theservices described herein and not with respect to services provided under Other Contracts.

1. 
Services
. Price Services agrees that it will perform services set forth on          Schedule1 of this Agreement, on behalf of the Fund, in accordance with all          applicable rules and regulations; the Fund's then-current prospectus, and policies          and procedures adopted by Price Services. 

2. 
Agreements with Intermediaries
. The Fund authorizes Price Services to enter          into agreements with certain third party intermediaries such as banks,          broker-dealers, insurance companies and retirement plan recordkeepers          (
"Intermediaries"
) for the purpose of receiving orders for Fund shares by the          Intermediary from beneficial Shareholders and Participants. Price Services shall          receive orders in accordance with procedures established by agreement with such          intermediaries and policies and procedures adopted by Price Services. Receipt of          orders by such third party intermediaries may be deemed receipt by the Fund to          the extent permitted by Rule 22c-1 of the Investment Company Act of 1940 (
"'40          Act"
).

     Price Services may also enter into agreements on behalf of the Fund with          Intermediaries who hold shares in omnibus accounts in Funds that assess          redemption fees. Pursuant to these Agreements, the Intermediary agrees to assess          the fee in accordance with the Fund's prospectus at the time of the redemption          and remit such fees to the Fund on a monthly basis or such other mutually agreed          upon time.

     In addition, the Funds have instituted a program whereby they may, in          their discretion, pay an Intermediary or a Plan a fee to compensate the third          party for certain expenses incurred as a result of providing administrative          services to underlying shareholders of the Funds (**"Administrative Fee Payments"**).          Each Fund authorizes Price Services to enter into, on its behalf, agreements          with such Intermediaries or Plans for payment of such Administrative Fee          Payments in consideration of such Plan or Intermediary's performance of services          pursuant to the Fund's Administrative Fee Payment Program. Any payments owed          under these Administrative Fee Agreements shall be the obligation of the          applicable Fund, not Price Services.

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 Anti-Money Laundering Program          adopted by the Funds, including the Fund's Customer Identification Program. Price          Services shall, maintain policies and procedures, and related internal controls,          which are consistent with such AML Program.

     Price Services is authorized to take, on behalf of the Funds, any action permitted by law and inaccordance with the Fund's AML Program in carrying out its responsibilities under the Fund'sAML Program, including rejecting purchases, freezing Shareholder accounts, restrictingcertain services, or closing Shareholder accounts if (a) suspicious activity is detected,(b) it is unable to verify the identity of a Shareholder, or (c) a Shareholder matches agovernment list of known or suspected suspicious persons.

     For the services performed on Schedule 1 of this Agreement, the Funds shall pay such fees andexpenses as mutually agreed upon by the parties. 

     Price Services represents and warrants to the Fund that:

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

2. It is duly qualified to carry on its business in Maryland, Colorado, Florida,          District of Columbia, Illinois, Massachusetts, New Jersey, Virginia and          California;

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

4. All requisite corporate proceedings have been taken to authorize it to enter into and perform this          Agreement; 

5. It is registered with the Securities and Exchange Commission as a          Transfer Agent pursuant to Section 17A of the '34 Act; and 

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

     The Fund represents and warrants to Price Services that:

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

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

3. All proceedings required by said Articles of Incorporation or          Declaration of Trust, as the case may be, and By-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. A registration statement under the Securities Act of 1933 (
"the 33 Act"
) is currently effective and will remain          effective, and appropriate state securities law filings have been made and will          continue to be made, with respect to all Shares of the Fund being offered for          sale.

     Notwithstanding anything to the contrary in this Agreement:

1. Price Services shall not be liable to any Fund for any act or failure to act by          it or its agents or subcontractors on behalf of the Fund in carrying or          attempting to carry out the terms and provisions of this Agreement provided          Price Services has acted in good faith and without negligence or willful          misconduct and selected and monitored the performance of its agents and          subcontractors with reasonable care.

2. The Fund 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 resulting from: (i) any          action or omission by Price Services or its agents or subcontractors in the          performance of their duties hereunder; (ii) Price Services acting upon          instructions believed by it to have been executed by a duly authorized officer          of the Fund; or (iii) Price Services acting upon information provided by the          Fund in form and under policies agreed to by Price Services and the Fund. Price          Services shall not be entitled to such indemnification in respect of actions or          omissions constituting negligence or willful misconduct of Price Services or          where Price Services has not exercised reasonable care in selecting or          monitoring the performance of its agents or subcontractors.

3. Except as provided in Article M of this Agreement, Price Services shall indemnify and hold          harmless the Fund from all losses, costs, damages, claims, actions and expenses,          including reasonable expenses for legal counsel, incurred by the Fund resulting          from the negligence or willful misconduct of Price Services' or which result from          Price Services failure to exercise reasonable care in selecting or monitoring          the performance of its agents or subcontractors. The Fund shall not be entitled          to such indemnification in respect of actions or omissions constituting          negligence or willful misconduct of such Fund or its agents 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 it is determined that: 

Price Services had in place "appropriate procedures;" and

the employee(s) responsible for the error or omission hadbeen reasonably trained and were being appropriately monitored.

No evidence or circumstances have been produced to indicate that the individualwho committed the error or omission was functioning in bad faith, gross negligence or willful misconduct at the time of theincident.

It is understood that Price Servicesis not obligated to have in place separate procedures to prevent each and everyconceivable type of error or omission. The term "Appropriate Procedures" shall meanprocedures reasonably designed to prevent and detect errors and omissions. In determiningthe reasonableness of such procedures, weight will be given to such factors as areappropriate, including the prior occurrence of any similar errors or omissions when suchprocedures were in place and transfer agent industry standards in place at the time of theoccurrence.

5. In the event either party is unable to perform its obligations under theterms of this Agreement because of acts of God, strikes or other causes reasonably beyondits control, such party shall not be liable to the other party for any loss, cost, damage,claim, action or expense resulting from such failure to perform or otherwise from suchcauses. 

6. In order that the indemnification provisions contained in this Article F shall          apply, upon the assertion of a claim for which either party may be required to          indemnify the other, the party seeking indemnification shall promptly notify the          other party of such assertion, and shall keep the other party advised with          respect to all developments concerning such claim. The party who may be required          to indemnify shall have the option to participate with the party seeking          indemnification in the defense of such claim, or to defend against said claim in          its own name or in the name of the other party. The party seeking          indemnification shall in no case confess any claim or make any compromise in any          case in which the other party may be required to indemnify it except with the          other party's prior written consent.

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

     It is understood that some person or persons may be directors, officers, or shareholders ofboth the Funds and Price Services (including Price Services' affiliates), and that theexistence of any such dual interest shall not affect the validity of this Agreement or ofany transactions hereunder except as otherwise provided by a specific provision ofapplicable law.

     As requested by Price Services, the Fund shall promptly furnish to Price Services thefollowing:

A certified copy of the resolutionof the Directors/Trustees of the Fund authorizing the appointment of Price Services andthe execution and delivery of this Agreement;

A copy of the Articles of Incorporation orDeclaration of Trust, as the case may be, and By-Laws of the Fund and all amendmentsthereto;

As applicable, specimens of all forms of outstanding and new stock/sharecertificates in the forms approved by the Board of Directors/Trustees of the Fund with acertificate of the Secretary of the Fund as to such approval;

All account applicationforms and other documents relating to Shareholders' accounts;

An opinion of counsel forthe Fund with respect to the validity of the stock, the number of Shares authorized, thestatus of redeemed Shares, and the number of Shares with respect to which a RegistrationStatement has been filed and is in effect; and

A copy of the Funds current prospectus.

     Thedelivery of any such document for the purpose of any other agreement to which the Fund andPrice Services are or were parties shall be deemed to be delivery for the purposes of thisAgreement. 

     As requested by Price Services, the Fund will also furnish from time to timethe following documents:

Each resolution of the Board ofDirectors/Trustees of the Fund authorizing the original issue of its Shares;

Each Registration Statement filedwith the Securities and Exchange Commission and amendments and orders thereto in effectwith respect to the sale of Shares with respect to the Fund;

A certified copy of eachamendment to the Articles of Incorporation or Declaration of Trust, and the ByLaws of theFund; 

Certified copies of each vote of the Board of Directors/Trustees authorizingofficers to give instructions to the Transfer Agent; 

Such other documents or opinionswhich Price Services, in its discretion, may reasonably deem necessary or appropriate inthe proper performance of its duties; and

Copies of new prospectuses issued.

     PriceServices hereby agrees to establish and maintain facilities and procedures reasonablyacceptable to the Fund for safekeeping of stock certificates, check forms and facsimilesignature imprinting devices, if any; and for the preparation or use, and for keepingaccount of, such certificates, forms and devices.

     EachFund agrees not to circulate any printed matter which contains any reference to PriceServices without the prior approval of Price Services, excepting solely such printedmatter that merely identifies Price Services as agent of the Fund. The Fund will submitprinted matter requiring approval to Price Services in draft form, allowing sufficienttime for review by Price Services and its legal counsel prior to any deadline forprinting. 

     Except as otherwise provided in the Agreement and except for the accuracy of informationfurnished to the Fund by Price Services, each Fund assumes full responsibility for thepreparation, contents and distribution of its prospectuses and compliance with allapplicable requirements of the '40 Act, the '34 Act, the '33 Act, and any other laws, rulesand regulations of governmental authorities having jurisdiction over the Fund. PriceServices shall be responsible for complying with all laws, rules and regulations ofgovernmental authorities having jurisdiction over transfer agents and their activities andcooperating with respect to examinations and requests from such governmental authorities.

     Allcomputer programs, magnetic tapes, written procedures and similar items purchased and/ordeveloped and used by Price Services in performance of the Agreement shall be the propertyof Price Services and will not become the property of the Fund.

     PriceServices and the Fund may from time to time agree to certain quality service standards, aswell as incentives and penalties with respect to Price Services' hereunder. 

     Forpurposes of this Article M, the term **"Transaction"** shall mean any single or "relatedtransaction" (as defined below) involving the purchase or redemption of Shares (includingexchanges) that is processed at a time other than the time of the computation of the Fund'snet asset value per Share next computed after receipt of any such transaction order byPrice Services due to an act or omission of Price Services. **"As Of Processing"** refers to theprocessing of these Transactions. All As Of Processing may only be performed in accordancewith the requirements of Rule 22c-1 of the '40 Act. Price Services is responsible formonitoring As Of Transactions procedures that set forth the circumstances under which AsOf Transactions are permitted. If more than one Transaction (**"Related Transaction"**) in theFund is caused by or occurs as a result of the same act or omission, such transactionsshall be aggregated with other transactions in the Fund and be considered as oneTransaction.

     Price Services shall:

1. Utilize a system to identify all Transactions, and shall compute the net effect          of such Transactions upon the Fund on a daily, monthly and rolling 365-day basis.          The monthly and rolling 365-day periods are hereafter referred to as 
"Cumulative."

2. Supply to the Fund, from time to time as mutually agreed upon, a report          summarizing the Transactions and the daily and Cumulative net effects of such          Transactions both in terms of aggregate dilution and loss (
"Dilution"
) or gain and          negative dilution (
"Gain"
) experienced by the Fund, and the impact such Gain or          Dilution has had upon the Fund's net asset value per Share.

3. With respect to any Transaction which causes Dilution to the Fund of $100,000 or          more, immediately provide the Fund: (i) a report identifying the Transaction and          the Dilution resulting therefrom, (ii) the reason such Transaction was processed          as described above, and (iii) the action that Price Services has or intends to          take to prevent the reoccurrence of such as of processing ("Report").

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

2. Where a Transaction causes Dilution to a Fund equal to or greater than $25,000          (
"Significant Transaction"
), but less than $100,000, Price Services will review          with Counsel to the Fund the circumstances surrounding the underlying          Transaction to determine whether the Transaction was caused by or occurred as a          result of a negligent act or omission by Price Services. If it is determined          that the Dilution is the result of a negligent action or omission by Price          Services, Price Services and outside counsel for the Fund will negotiate          settlement. Significant Transactions equal to or greater than $25,000 will be          reported to the Audit Committee at least annually (unless the settlement fully          compensates the Fund for any Dilution). Any Significant Transaction, however,          causing Dilution in excess of the lesser of $100,000 or a penny per share will          be 
promptly
 reported to the Board and resolved at the next scheduled Board          Meeting. Settlement for Significant Transactions causing Dilution of $100 more          will not be entered into until approved by the Board. The factors to consider in          making any determination regarding the settlement of a Significant Transaction          would include but not be limited to:

Procedures and controls adopted by Price          Services to prevent As Of Processing;

Whether such procedures and controls          were being followed at the time of the Significant Transaction;

The absolute          and relative volume of all transactions processed by Price Services on the day          of the Significant Transaction;

The number of Transactions processed by Price          Services during prior relevant periods, and the net Dilution/Gain as a result of          all such Transactions to the Fund and to all other Price Funds;

The prior          response of Price Services to recommendations made by the Funds regarding          improvement to Price Services' As Of Processing procedures.

3. In determining Price Services' liability with respect to a Significant          Transaction, an isolated error or omission will normally not be deemed to          constitute negligence when it is determined that:

Price Services had in place"Appropriate Procedures" as defined in Section 4 of Article F of this Agreement (it isunderstood that Price Services is not obligated to have in place separate procedures toprevent each and every conceivable type of error or omission); 

the employee(s)responsible for the error or omission had been reasonably trained and were beingappropriately 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 negligence or willful misconduct at the time of the incident.

As Of Transactions - Intermediaries

     Ifan As Of Transaction is performed by an intermediary, which is designated by the Fund toreceived orders for Fund Shares, Price Services shall cause such intermediary to promptlyreimburse the Fund for any Dilution caused by such As Of Transaction; provided, however,Price Services shall not be obligated to seek reimbursement from such intermediary if theDilution is less than $100. 

This Agreement shallrun 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 bythe Fund upon one hundred twenty (120) days' written notice to Price Services; and by PriceServices, upon three hundred sixty-five (365) days' written notice to the Fund. 

Upontermination hereof, the Fund shall pay to Price Services such compensation as may be dueas of the date of such termination, and shall likewise reimburse for outofpocket expensesrelated to its services hereunder.

     Anynotice as required by this Agreement shall be sufficiently given (i) when sent to anauthorized person of the other party at the address of such party set forth above or atsuch other address as such party may from time to time specify in writing to the otherparty; or (ii) as otherwise agreed upon by appropriate officers of the parties hereto. 

     Neitherthis Agreement nor any rights or obligations hereunder may be assigned either voluntarilyor involuntarily, by operation of law or otherwise, by either party without the priorwritten consent of the other party, provided this shall not preclude Price Services fromemploying such agents and subcontractors as it deems appropriate to carry out itsobligations set forth hereunder.

     Theparties by mutual written agreement may amend this Agreement at any time. In addition, inconnection with the operation of this Agreement, Price Services and the Fund may agreefrom time to time on such provisions interpretive of or in addition to the provisions ofthis Agreement as may in their joint opinion be consistent with the general tenor of thisAgreement. Any such interpretive or additional provisions are to be signed by all partiesand annexed hereto, but no such provision shall contravene any applicable Federal or statelaw or regulation and no such interpretive or additional provision shall be deemed to bean amendment of this Agreement.

     Eachparty agrees to perform such further acts and execute such further documents as arenecessary to effectuate the purposes hereof.

     ThisAgreement shall be construed and the provisions thereof interpreted under and inaccordance with the laws of Maryland.

     ThisAgreement, including the attached Appendices and Schedules supersedes any prior agreementwith respect to the subject hereof, whether oral or written. 

     ThisAgreement may be executed by the parties hereto on any number of counterparts, and all ofsaid counterparts taken together shall be deemed to constitute one and the sameinstruments.

     Allreferences herein to "the Fund" are to each of the Funds listed on Appendix A individually,as if this Agreement were between such individual Fund and Price Services. In the case ofa series Fund or trust, all references to "the Fund" are to the individual series orportfolio of such Fund or trust, or to such Fund or trust on behalf of the individualseries or portfolio, as appropriate. The "Fund" also includes any T. Rowe Price Funds thatmay be established after the execution of this Agreement. Any reference in this Agreementto "the parties" shall mean Price Services and such other individual Fund as to which thematter pertains.

     Itis understood and is expressly stipulated that neither the holders of Shares in the Fundnor any Directors or Trustees of the Fund shall be personally liable hereunder.

     Withrespect to any Fund which is a party to this Agreement and which is organized as aMassachusetts business trust, the term "Fund" means and refers to the trustees from time totime serving under the applicable trust agreement (Declaration of Trust) of such Trust asthe same may be amended from time to time. It is expressly agreed that the obligations ofany 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 trustproperty of the Trust, as provided in the Declaration of Trust of the Trust. The executionand delivery of this Agreement has been authorized by the trustees and signed by anauthorized officer of the Trust, acting as such, and neither such authorization by suchTrustees nor such execution and delivery by such officer shall be deemed to have been madeby any of them, but shall bind only the trust property of the Trust as provided in itsDeclaration of Trust.

     Thecaptions in the Agreement are included for convenience of reference only and in no waydefine or limit any of the provisions hereof or otherwise affect their construction oreffect.

     INWITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in theirnames and on their behalf under their seals by and through their duly authorized officers.

```

T. ROWE PRICE SERVICES, INC.                 T. ROWE PRICE FUNDS 

BY: /s/Wayne D. O'Melia                      BY: /s/Joseph A. Carrier

DATED: March 17, 2006                        DATED: March 16, 2006
```

**SCHEDULE 1**

     PriceServices agrees that it will perform services on behalf of the Funds in accordance withprocedures developed and maintained by Price Services, all applicable laws and the Fund'sthen-current prospectus. Such services include, but are not limited to, the following:

```
**- Establishing Shareholder Accounts
- Processing Purchase and Redemption Orders
- Receiving and Disbursing Settlement Proceeds
- Assessing and Remitting Redemption Fees
- Processing Checkwriting Redemptions
- Processing Exchange Orders
- Processing Transfer of Ownership Orders
- Processing Maintenance Requests on Shareholder Accounts
- Processing Adjustments in Shareholder Accounts
- Handling Returned Checks, ACH Debits and Uncollected Funds
- Processing Dividends, Distributions and Other Fund Corporate Actions for Shareholder Accounts
- Preparing and Filing Shareholder Tax Information
- Monitoring and Enforcing the Funds Excessive Trading Policy
- Performing Lost Shareholder Identification and Searches
- Reviewing, Reporting and Remitting Abandoned Property
- Responding to Shareholder Correspondence
- Reporting Lost or Stolen Securities
- Maintaining Telephone, VRU and Computer Services to Service Shareholder Accounts
- Performing Shareholder Services for High Net Worth Shareholders
- Collecting and Remitting Shareholder/Participant Fees
- Distributing and Tabulating Proxies
- Calculating and Paying Administrative Fee Payments
- Preparing and Delivering Confirmations, Statements and Tax Forms to Shareholders and Participants
- Delivering Prospectuses, Shareholder Reports and Other Required Mailings to Shareholders
- Maintaining Books and Records for the Fund
- Recording Authorized Issued and Outstanding Shares
- Coordinating with Independent Public Accountants for Reviews and Audits
- Maintaining and Providing Information Necessary for the Completion of Form NSAR & N-CSR
- Reporting Blue Sky Information to the Fund
- Furnishing Other Information to the Fund
- Performing Functions for Compliance with the Funds Anti-Money Laundering Program
- Performing Bank Reconciliation Process
- Performing Such Other Services as Mutually Agreed Upon by Both Parties**
```

**APPENDIX A**

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T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH 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
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND
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--R Class

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund--Advisor Class

T. ROWE PRICE EQUITY INCOME FUND
T. Rowe Price Equity Income Fund--Advisor Class
T. Rowe Price Equity Income Fund--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 Index 500 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 Growth Portfolio
T. Rowe Price Personal Strategy 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 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 Growth Stock 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 INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund--Advisor Class
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Growth & Income Fund--Advisor Class
T. Rowe Price International Growth & Income Fund--R Class
T. Rowe Price International Stock Fund
T. Rowe Price International Stock 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 INTERNATIONAL INDEX 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 GROWTH FUND, 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 Value Fund--R Class

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. Rowe Price New America Growth Fund--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 STRATEGY FUNDS, 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 ESTATE FUND, INC.
T. Rowe Price Real Estate Fund --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 RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2010 Fund--Advisor Class
T. Rowe Price Retirement 2010 Fund--R Class
T. Rowe Price Retirement 2015 Fund
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 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 Retirement 2040 Fund
T. Rowe Price Retirement 2040 Fund--Advisor Class
T. Rowe Price Retirement 2040 Fund--R Class
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Retirement Income Fund--Advisor Class
T. Rowe Price Retirement Income Fund--R Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. Rowe Price Science & Technology Fund--Advisor Class

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short-Term Bond Fund--Advisor Class

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund--Advisor Class

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund--Advisor Class

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund
Maryland Short-Term TaxFree Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund--Advisor Class

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

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

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

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
```

AMENDMENT NO. 1

TRANSFER AGENCY AND SERVICE AGREEMENT

Between

T. ROWE PRICE SERVICES, INC.

And

THE T. ROWE PRICE FUNDS

The Transfer Agency and ServiceAgreement of January 1, 2006, between T. Rowe Price Services, Inc., and each of theParties listed on Appendix A thereto is hereby amended, as of February 7, 2006 by addingthereto T. Rowe Price International Funds, Inc., on behalf of T.Rowe Price Global StockFund--Advisor Class.

```

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH 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
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND
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--R Class

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund--Advisor Class

T. ROWE PRICE EQUITY INCOME FUND
T. Rowe Price Equity Income Fund--Advisor Class
T. Rowe Price Equity Income Fund--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 Index 500 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 Growth Portfolio
T. Rowe Price Personal Strategy 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 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 Growth Stock 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 INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Stock Fund--Advisor Class
T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund--Advisor Class
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Growth & Income Fund--Advisor Class
T. Rowe Price International Growth & Income Fund--R Class
T. Rowe Price International Stock Fund
T. Rowe Price International Stock 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 INTERNATIONAL INDEX 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 GROWTH FUND, 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 Value Fund--R Class

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. Rowe Price New America Growth Fund--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 STRATEGY FUNDS, 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 ESTATE FUND, INC.
T. Rowe Price Real Estate Fund--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 RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2010 Fund--Advisor Class
T. Rowe Price Retirement 2010 Fund--R Class
T. Rowe Price Retirement 2015 Fund
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 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 Retirement 2040 Fund
T. Rowe Price Retirement 2040 Fund--Advisor Class
T. Rowe Price Retirement 2040 Fund--R Class
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Retirement Income Fund--Advisor Class
T. Rowe Price Retirement Income Fund--R Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. Rowe Price Science & Technology Fund--Advisor Class

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short-Term Bond Fund--Advisor Class

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund--Advisor Class

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund--Advisor Class

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund
Maryland Short-Term TaxFree Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund--Advisor Class

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

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

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

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             /s/ Joseph A. Carrier
Patricia B. Lippert             By: Joseph A. Carrier
Secretary                           Treasurer

Attest:                             T. ROWE PRICE SERVICES, INC.

/s/ Barbara A. Van Horn             /s/ Henry H. Hopkins
Barbara A. Van Horn             By: Henry H. Hopkins
Secretary                           Vice President
```

AMENDMENT NO. 2

TRANSFER AGENCY AND SERVICE AGREEMENT

Between

T. ROWE PRICE SERVICES, INC.

And

THE T. ROWE PRICE FUNDS

The Transfer Agency and ServiceAgreement of January 1, 2006, between T. Rowe Price Services, Inc., and each of theParties listed on Appendix A thereto is hereby amended, as of February 7, 2006 and April19, 2006, by adding thereto T. Rowe Price Institutional International Funds, Inc., onbehalf of T.Rowe Price Institutional Global Equity Fund. 

```

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH 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
California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATION FUND
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--R Class

T. ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. Rowe Price Dividend Growth Fund--Advisor Class

T. ROWE PRICE EQUITY INCOME FUND
T. Rowe Price Equity Income Fund--Advisor Class
T. Rowe Price Equity Income Fund--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 Index 500 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 Growth Portfolio
T. Rowe Price Personal Strategy 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 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 Growth Stock 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 INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund
T. Rowe Price Extended Equity Market Index Fund
T. Rowe Price Total Equity Market Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. Rowe Price Institutional Large-Cap Core Growth Fund
T. Rowe Price Institutional Large-Cap Growth Fund
T. Rowe Price Institutional Large-Cap Value Fund
T. Rowe Price Institutional Mid-Cap Equity Growth Fund
T. Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund
T. Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Emerging Markets Equity Fund
T. Rowe Price Institutional Foreign Equity Fund
T. Rowe Price Institutional Global Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Emerging Europe & Mediterranean Fund
T. Rowe Price Emerging Markets Bond Fund
T. Rowe Price Emerging Markets Stock Fund
T. Rowe Price European Stock Fund
T. Rowe Price Global Stock Fund
T. Rowe Price Global Stock Fund--Advisor Class
T. Rowe Price International Bond Fund
T. Rowe Price International Bond Fund--Advisor Class
T. Rowe Price International Discovery Fund
T. Rowe Price International Growth & Income Fund
T. Rowe Price International Growth & Income Fund--Advisor Class
T. Rowe Price International Growth & Income Fund--R Class
T. Rowe Price International Stock Fund
T. Rowe Price International Stock 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 INTERNATIONAL INDEX 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 GROWTH FUND, 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 Value Fund--R Class

T. ROWE PRICE NEW AMERICA GROWTH FUND
T. Rowe Price New America Growth Fund--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 STRATEGY FUNDS, 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 ESTATE FUND, INC.
T. Rowe Price Real Estate Fund--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 RETIREMENT FUNDS, INC.
T. Rowe Price Retirement 2005 Fund
T. Rowe Price Retirement 2010 Fund
T. Rowe Price Retirement 2010 Fund--Advisor Class
T. Rowe Price Retirement 2010 Fund--R Class
T. Rowe Price Retirement 2015 Fund
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 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 Retirement 2040 Fund
T. Rowe Price Retirement 2040 Fund--Advisor Class
T. Rowe Price Retirement 2040 Fund--R Class
T. Rowe Price Retirement 2045 Fund
T. Rowe Price Retirement Income Fund
T. Rowe Price Retirement Income Fund--Advisor Class
T. Rowe Price Retirement Income Fund--R Class

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. Rowe Price Science & Technology Fund--Advisor Class

T. ROWE PRICE SHORT-TERM BOND FUND, INC.
T. Rowe Price Short-Term Bond Fund--Advisor Class

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. Rowe Price Small-Cap Stock Fund--Advisor Class

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. Rowe Price Small-Cap Value Fund--Advisor Class

T. ROWE PRICE SPECTRUM FUND, INC.
Spectrum Growth Fund
Spectrum Income Fund
Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Florida Intermediate Tax-Free Fund
Georgia Tax-Free Bond Fund
Maryland Short-Term TaxFree Bond Fund
Maryland Tax-Free Bond Fund
Maryland Tax-Free Money Fund
New Jersey Tax-Free Bond Fund
New York Tax-Free Bond Fund
New York Tax-Free Money Fund
Virginia Tax-Free Bond Fund

T. ROWE PRICE SUMMIT FUNDS, INC.
T. Rowe Price Summit Cash Reserves Fund
T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. Rowe Price Summit Municipal Income Fund
T. Rowe Price Summit Municipal Intermediate Fund
T. Rowe Price Summit Municipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. Rowe Price Tax-Efficient Balanced Fund
T. Rowe Price Tax-Efficient Growth Fund
T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

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

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

T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. Rowe Price Tax-Free Income Fund--Advisor Class

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

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

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

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             /s/ Joseph A. Carrier
Patricia B. Lippert             By: Joseph A. Carrier
Secretary                           Treasurer

Attest:                             T. ROWE PRICE SERVICES, INC.

/s/ Barbara A. Van Horn             /s/ Henry H. Hopkins
Barbara A. Van Horn             By: Henry H. Hopkins
Secretary                           Vice President
```