AGREEMENT

between

T. ROWE PRICE ASSOCIATES, INC.

and

THE T. ROWE PRICE FUNDS

for

FUND ACCOUNTING SERVICES

```

TABLE OF CONTENTSPage 

Article A       Terms of Appointment/Duties of Price Associates 1

Article B       Fees and Expenses       3

Article C       Representations and Warranties of Price Associates      3

Article D       Representations and Warranties of the Fund      4

Article E       Ownership of Software and Related Material      4

Article F       Quality Service Standards       4

Article G       Standard of Care/Indemnification        4

Article H       Dual Interests  7

Article I       Documentation   7

Article J       Recordkeeping/Confidentiality   7

Article K       Compliance with Governmental Rules and Regulations      8

Article L       Term and Termination of Agreement       8

Article M       Notice  8

Article N       Assignment      8

Article O       Amendment/Interpretive Provisions       9

Article P       Further Assurances      9

Article Q       Maryland Law to Apply   9

Article R       Merger of Agreement     9

Article S       Counterparts    9

Article T       The Parties     10

Article U       Directors, Trustee and Shareholders and Massachusetts Business Trust    10

Article V       Captions        11
        i
```

     AGREEMENT made as of thefirstday of January, 2006, by and between T. ROWE PRICE ASSOCIATES,INC., a Maryland corporation having its principal office and place of business at 100East PrattStreet, Baltimore, Maryland 21202 (**"Price Associates"**), 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 inArticle T);

     WHEREAS, Price Associates has the capability of providing the Funds withcertain accounting services (**"Accounting Services"**);

     WHEREAS, the Fund desires to appoint Price Associates to provide these Accounting Servicesand Price Associates desires to accept such appointment;

     WHEREAS, Price Associates may subcontract or jointly contract with other parties,on behalf of the Funds to perform certain of the functions and services described herein;

     WHEREAS, the Board of Directors/Trustees of the Fund (the **"Board"**) has authorizedthe Fund to utilize various pricing services for the purpose of providing to Price Associates securitiesprices for the calculation of the Fund's net asset value.

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

     Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs andappoints Price Associates to provide, and Price Associates agrees to provide, thefollowing Accounting Services:

1. Maintain for each Fund a daily trial balance, a general ledger, subsidiary recordsand capital stock accounts;

2. Maintain for each Fund an investment ledger, including amortized bond, foreign dollar denominated costs andsecurities on loan where applicable; 

3. Maintain for each Fund all records relating to the Fund's income and expenses;

4. Provide for the daily valuation of each Fund's portfolio securities and the          computation of each Fund's daily net asset value per share (
"NAV"
). Such daily          valuations shall be made in accordance with the valuation policies established          by each of the Fund's Board including, but not limited to, the utilization          of such pricing valuation sources and/or pricing services as determined by the          Boards. 

     Price Associates shall have no liability for any losses or damages incurred by the Fund as aresult of erroneous portfolio security evaluations provided by such designated sourcesand/or pricing services; provided that, Price Associates reasonably believes the pricesare accurate, has adhered to its normal verification control procedures, and has otherwisemet the standard of care as set forth in Article G of this Agreement;

5. Provide daily cash flow and transaction status information to each Fund's adviser; 

6. Authorize the payment of Fund expenses, either through instruction of custodial                    bank or utilization of custodian's automated transfer system;

7. Prepare for each Fund such financial information that is reasonably necessary for shareholder                    reports, reports to the Board and to the officers of the Fund, reports to the                    Securities and Exchange Commission (
"SEC"
), the Internal Revenue Service (
"IRS"
) and                    other Federal and state regulatory agencies;

8. Provide each Fund with such advice that may be reasonably necessary to properly account for all financial                    transactions and to maintain the Fund's accounting procedures and records                    so as to insure compliance with generally accepted accounting and tax practices                    and rules;

9. Maintain for each Fund all records that may be reasonably required in connection with theaudit performed by each Fund's independent accountant, the SEC, the IRS or such other Federal or state regulatory agencies;                    and 

10. Cooperate with each Fund's independent public accountants and take all                    reasonable action in the performance of its obligations under the Agreement to                    assure that the necessary information is made available to such accountants for                    the expression of their opinion without any qualification as to the scope of                    their examination including, but not limited to, their opinion included in each                    such Fund's annual report on Form N-CSR and annual amendment to Form N-1A.

11. Maintain adequate internal controls over financial reporting to provide complete                    and accurate financial information and disclosures that are certified by                    officers of the Funds. Provide sub-certifications, as requested by the officers                    of the Funds, for the adequacy of such controls and the completeness and                    accuracy of information included in Form N-CSR, Form N-Q, or any other form that                    may require certification.

     For the accounting services performed hereunder, the Fund shall pay the fees and expenses asmutually agreed upon by both parties. 

     Price Associates represents and warrants to the Fund that: 

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

2. It is duly qualified to carry on its business in Maryland.

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 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 Associates that:

1. It is a corporation or business trust, as the case may be, 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 and all required          proceedings have been taken to authorize it to enter into and perform this          Agreement.

     All computer programs, magnetic tapes, written procedures, and similar items purchased and/ordeveloped and used by Price Associates in performance of this Agreement shall be theproperty of Price Associates and will not become the property of the Funds.

     Price Associates and the Fund may, from time to time, agree to certain quality servicestandards, with respect to Price Associates' services hereunder.

     Notwithstanding anything to the contrary in this Agreement:

1. Where an NAV error results in loss or dilution to a Fund of less than $10,000,          the determination of liability for the error will be made by Price Associates.          Where an NAV error results in loss or dilution to a Fund of $10,000 or more but          less than $100,000, liability for the error will be resolved through          negotiations between Fund Counsel and Price Associates. Where an NAV error          results in loss or dilution to a Fund of the lesser of 1/2 of 1% of NAV or          $100,000 or more, the error will be promptly reported to the Board (unless the          Fund is fully compensated for the loss or dilution), provided that final          settlement with respect to such errors will not be made until approved by the          Board. A summary of all NAV errors and their effect on the Funds will be          reported to the Funds' Audit Committee on an annual basis. In determining the          liability of Price Associates for an NAV error, an error or omission will not be          deemed to constitute negligence when it is determined that:

Price Associates had in place appropriate procedures and an adequate system of internal controls;

the employee(s) responsible for the error or omission had been reasonably          trained and was being appropriately monitored; and

no evidence or circumstances have been produced to indicate that the individual who committed          the error or omission was functioning in bad faith, with gross negligence or          willful misconduct at the time of the incident.

     It is understood that Price Associates is not obligated to have in place separate proceduresto prevent each and every conceivable type of error or omission. The term "appropriateprocedures and adequate system of internal controls" shall mean procedures and controlsreasonably designed to prevent and detect errors and omissions. In determining thereasonableness of such procedures and controls, weight will be given to such factors asare appropriate, including the prior occurrence of any similar errors or omissions whensuch procedures and controls were in place and fund accounting industry standards in placeat the time of the error. 

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

3. Price Associates 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 Associates or which result from Price Associates' 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                    with respect to 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 Associates.

4. In the event either party                    is unable to perform its obligations under the terms of this Agreement because                    of acts of God, strikes or other causes reasonably beyond its 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 such                    causes.

5. In order that the indemnification provisions contained in this Article G 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.

6. 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 Fund and Price Associates (including Price Associates' 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 Associates, the Fund shall promptly furnish to Price Associates suchdocuments as it may reasonably request and as are necessary for Price Associates to carryout its responsibilities hereunder.

1. Price Associates shall keep records relating to the services to be performed          hereunder, in the form and manner as it may deem advisable, provided that Price          Associates shall keep all records in such form and in such manner as required by          applicable law, including the Investment Company Act of 1940 (
"the '40 Act"
) and          the Securities Exchange Act of 1934 (
"the '34 Act"
).

2. Price Associates and the Fund agree that all books, records, information and          data pertaining to the business of the other party which are exchanged or          received pursuant to the negotiation or the carrying out of this Agreement shall          remain confidential, and shall not be voluntarily disclosed to any other person,          except: (a)after prior notification to and approval in writing by the other          party hereto, which approval shall not be unreasonably withheld and may not be          withheld where Price Associates or Fund may be exposed to civil or criminal          contempt proceedings for failure to comply; (b) when requested to divulge such          information by duly constituted governmental authorities; or (c) after so          requested by the other party hereto.

     Except as otherwise provided in the Agreement and except for the accuracy of informationfurnished to the Funds by Price Associates, each Fund assumes full responsibility for thepreparation, contents and distribution of its prospectuses, and for complying with allapplicable requirements of the Act, the '34 Act, the Securities Act of 1933 (**"the '33 Act"**),and any laws, rules and regulations of governmental authorities having jurisdiction overthe Funds.

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

2. This Agreement may be terminated by the Fund upon sixty (60) days' written notice to Price Associates; and by Price                    Associates, upon three hundred sixty-five (365) days' written notice to the Fund.

3. Upon termination hereof, the Fund shall pay to Price Associates such                    compensation as may be due as of the date of such termination, and shall                    likewise reimburse for out-of-pocket expenses related to its services hereunder.

     Any notice 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.

     Neither this 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 Associates fromemploying such agents and subcontractors as it deems appropriate to carry out itsobligations set forth hereunder.

     The parties by mutual written agreement may amend this Agreement at any time. In addition, inconnection with the operation of this Agreement, Price Associates 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.

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

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

     This Agreement, including the attached Appendix and Schedule supersedes any prior agreementwith respect to the subject hereof, whether oral or written.

     This Agreement 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.

     All references herein to "the Fund" are to each of the Funds listed on Appendix Aindividually or any class thereof, as if this Agreement were between such individual Fundand Price Associates. In the case of a series Fund or trust, all references to "the Fund"are to the individual series or portfolio of such Fund or trust, or to such Fund or truston behalf of the individual series or portfolio, as appropriate. The "Fund" also includesany T. Rowe Price Funds that may be established after the execution of this Agreement. Anyreference in this Agreement to "the parties" shall mean Price Associates and such otherindividual Fund as to which the matter pertains.

     It is 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.

     With respect 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.

     The captions 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.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executedin their names and on their behalf under their seals by and through their duly authorizedofficers.

```

T. ROWE PRICE ASSOCIATES, INC.          T. ROWE PRICE FUNDS 

BY:/s/Henry H. Hopkins                  BY:/s/Joseph A. Carrier

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

**APPENDIX A**

```

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

AGREEMENT

between

T. ROWE PRICE ASSOCIATES, INC.

and

THE T. ROWE PRICE FUNDS

for

FUND ACCOUNTING SERVICES

     The Agreement for Fund AccountingServices of January 1, 2006, between T. Rowe Price Associates, 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 ASSOCIATES, INC.

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

AMENDMENT NO. 2

AGREEMENT

between

T. ROWE PRICE ASSOCIATES, INC.

and

THE T. ROWE PRICE FUNDS

for

FUND ACCOUNTING SERVICES

     The Agreement for Fund Accounting Services of January 1, 2006, betweenT. Rowe Price Associates, Inc.and each of the Parties listed on Appendix A thereto is hereby amended, as of February 7, 2006 andApril 19, 2006, by adding thereto T.Rowe Price Institutional International Funds, Inc., on behalf ofT.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 ASSOCIATES, INC.

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