T.ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T.ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC.

T.ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. ROWE PRICE FLOATING RATEFUND, INC.

T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGYFUND, INC.

T.ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCESFUND, INC.

T.ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC.

T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC.

T.ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONALSERIES, INC.

T.ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

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

T. ROWE PRICE NEW AMERICA GROWTHFUNDT. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T.ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ASSETS FUND,INC.

T.ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE RETIREMENT FUNDS,INC.

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCKFUND, INC.

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

T. ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE STATE TAX-FREEINCOME TRUST

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC.

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC.

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

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

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

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

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

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

T. ROWE PRICE U.S. TREASURYFUNDS, INC.

T.ROWE PRICE VALUE FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation doeshereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each ofthem individually, their true and lawful attorneys and agents to take any and all action and executeany and all instruments which said attorneys and agents may deem necessary or advisable to enable theCorporation/Trust to comply with the Securities Act of 1933, as amended, and the Investment Company Actof 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securitiesand Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933,as amended, of shares of the Corporation/Trust, to be offered by the Corporation/Trust, and the registrationof the Corporation/Trust under the Investment Company Act of 1940, as amended, including specifically,but without limitation of the foregoing, power and authority to sign the name of the Corporation/Truston its behalf, and to sign the names of each of such directors/trustees and officers on his behalf assuch director/trustee or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation/Trustfiled with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) RegistrationStatement on Form N-1A or N-14 of the Corporation/Trust under the Investment Company Act of 1940, asamended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendmentsadding additional series or classes of the Corporation/ Trust) to said Registration Statement; and (iv) instrumentsor documents filed or to be filed as a part of or in connection with such Registration Statement, includingArticles Supplementary, Articles of Amendment, and other instruments with respect to the Articles ofIncorporation or Master Trust Agreement of the Corporation/Trust.

 INWITNESS WHEREOF, the above named Corporations/Trusts have caused these presents to be signed and thesame attested by its Secretary, each thereunto duly authorized by its Board of Directors/Trustees, andeach of the undersigned has hereunto set his hand and seal as of the day set opposite his name.

|                                         |                                                                 |           |
|----------------------------------------------|----------------------------------------------------------------------|----------------|
| ALLCORPORATIONS/TRUSTS

/s/Edward C. Bernard |                                                                 |           |
| Edward C. Bernard

/s/Gregory K. Hinkle      | Chairmanof the Board (Principal Executive Officer)

Director/Trustee | April 29, 2014 |
| GregoryK. Hinkle

/s/WilliamR. Brody         | Treasurer (Principal Financial Officer)                              | April 29, 2014 |
| William R. Brody

/s/Anthony W. Deering      | Director/Trustee                                                     | April 29, 2014 |
| Anthony W. Deering

/s/Donald W. Dick, Jr.   | Director/Trustee                                                     | April 29, 2014 |
| Donald W. Dick, Jr.

/s/Bruce W. Duncan      | Director/Trustee                                                     | April 29, 2014 |
| Bruce W. Duncan

/s/Robert J. Gerrard, Jr.   | Director/Trustee                                                     | April 29, 2014 |
| Robert J. Gerrard, Jr.

/s/Karen N. Horn     | Director/Trustee                                                     | April 29, 2014 |
| Karen N. Horn                                | Director/Trustee                                                     | April 29, 2014 |

(Signatures Continued)

|                                       |             |           |
|--------------------------------------------|------------------|----------------|
| ALLCORPORATIONS/TRUSTS

/s/Paul F. McBride |             |           |
| Paul F. McBride

/s/Cecilia E. Rouse       | Director/Trustee | April 29, 2014 |
| Cecilia E. Rouse

/s/John G. Schreiber     | Director/Trustee | April 29, 2014 |
| John G. Schreiber

/s/Mark R. Tercek       | Director/Trustee | April 29, 2014 |
| Mark R. Tercek                             | Director/Trustee | April 29, 2014 |

(Signatures Continued)

MICHAEL C. GITLIN, Director/Trustee

T. ROWE PRICE CALIFORNIA TAX-FREE INCOMETRUST

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

T. ROWE PRICE FIXED INCOMESERIES, INC.

T.ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INSTITUTIONALINCOME FUNDS, INC.

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

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

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PRIME RESERVEFUND, INC.

T.ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE STATE TAX-FREEINCOME TRUST

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC.

T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC.

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

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

T. ROWE PRICE TAX-FREE INCOMEFUND, INC.

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

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

T. ROWE PRICE U.S. TREASURYFUNDS, INC.

/s/Michael C. Gitlin

|             |   |          |
|------------------|--------|---------------|
| MichaelC. Gitlin |   | April29, 2014 |

(Signatures Continued)

BRIANC. ROGERS, Director/Trustee

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

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

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

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC.

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGYFUND, INC.

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCESFUND, INC.

T.ROWE INDEX TRUST, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC.

T.ROWE PRICE INTERNATIONAL FUNDS, INC.

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. ROWE PRICE INTERNATIONALSERIES, INC.

T.ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T.ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.

T. ROWE PRICE REAL ASSETS FUND,INC.

T.ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RETIREMENT FUNDS, INC.

T. ROWE PRICE SCIENCE &TECHNOLOGY FUND, INC.

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

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

T.ROWE PRICE SPECTRUM FUND, INC.

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.

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

T.ROWE PRICE VALUE FUND, INC.

/s/Brian C. Rogers

|            |   |           |
|-----------------|--------|----------------|
| Brian C. Rogers |   | April 29, 2014 |

(Signatures Continued)

ATTEST:

/s/Patricia B. Lippert

|                           |   |   |
|--------------------------------|--------|--------|
| Patricia B. Lippert, Secretary |   |   |