|CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL                                         
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|OFFICERS OF THE PRICE FUNDS                                                                         
|UNDER THE SARBANES-OXLEY ACT OF 2002                                                                
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|I. General Statement.This Code of Ethics (the Price Funds S-O Code)has been designed              
|to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley     
|Act of 2002 (the Act) rules promulgated by The Securities and Exchange Commission                 
|thereunder (Regulations). The Price Funds S-O Code applies solely to the Principal                
|Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or   
|persons performing similar functions for, a Price Fund (whether such persons are employed by a      
|Price Fund or third party) (Covered Officers). The Price Fundsshall include each mutual         
|fund that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc.          
|(Group). The investment managers to the Price Funds will be referred to as the Price Fund        
|Advisers. A list of Covered Officers is attached as Exhibit A.                                     
|                                                                                                    
|The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. (Group)          
|also maintained a comprehensive Code of Ethics and Conduct (the Group Code)since 1972,            
|which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.
|                                                                                                    
|As mandated by the Act, Group has adopted a Code (the Group S-O Code), similar to the             
|Price Funds S-O Code, which applies solely to its principal executive and senior financial          
|officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as       
|the S-O Codes.                                                                                    
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|The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and         
|Regulations thereunder and will be administered in conformity with the disclosure requirements      
|of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects          
|the S-O Codes are supplementary to the Group Code, but the Group Code is administered               
|separately from the S-O Codes, as the S-O Codes are from each other.                                
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|II. Purpose of the Price Funds S-O Code.The purpose of the Price Funds S-O Code, as                 
|mandated by the Act and the Regulations, is to establish standards that are reasonably designed     
|to deter wrongdoing and to promote:                                                                 
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|Ethical Conduct.Honest and ethical conduct, including the ethical handling of actual or             
|apparent conflicts of interest between personal and professional relationships.                     
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|Disclosure. Full, fair, accurate, timely and understandable disclosure in reports and               
|documents that the Price Funds file with, or submit to, the SEC and in other public                 
|communications made by the Price Funds.                                                             
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|Compliance.Compliance with applicable governmental laws, rules and regulations.                     
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|Reporting of Violations. The prompt internal reporting of violations of the Price Funds             
|S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.                
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|Accountability.Accountability for adherence to the Price Funds S-O Code.                            

|III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.           
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|Overview.Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of       
|honesty and business ethics and should be sensitive to situations that may give rise to actual as  
|well as apparent conflicts of interest.                                                            
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|A conflict of interest occurs when a Covered Officers private interest interferes with the      
|interests of, or his or her service to, the Price Funds. For example, a conflict of interest would 
|arise if a Covered Officer, or a member of his or her family, receives improper personal benefits  
|as a result of his or her position with a Price Fund.                                              
|                                                                                                   
|Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships   
|between Covered Officers and the Price Funds and may already be subject to provisions              
|regulating conflicts of interest in the Investment Company Act of 1940 (Investment Company        
|Act), the Investment Advisers Act of 1940 (Investment Advisers Act)and the Group Code.          
|For example, Covered Officers may not individually engage in certain transactions (such as the     
|purchase or sale of securities or other property) with a Price Fund because of their status as     
|affiliated persons of a Price Fund. The compliance programs and procedures of the Price          
|Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of      
|these provisions.                                                                                  
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|Although typically not presenting an opportunity for improper personal benefit, conflicts arise    
|from, or as a result of, the contractual relationship between a Price Fund and its Price Fund      
|Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As   
|a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal        
|course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for
|both), be involved in establishing policies and implementing decisions which will have different   
|effects on these entities. The participation of the Covered Officers in such activities is inherent
|in the contractual relationship between each Price Fund and its respective Price Fund Adviser.     
|Such participation is also consistent with the performance by the Covered Officers of their duties 
|as officers of the Price Funds and, if consistent with the provisions of the Investment Company    
|Act and the Investment Advisers Act, it will be deemed to have been handled ethically.             
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|Other conflicts of interest are covered by the Price Funds S-O Code, even if these conflicts of    
|interest are not addressed by or subject to provisions in the Investment Company Act and the       
|Investment Advisers Act.                                                                           
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|Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is  
|uncertain as to the appropriate action to be taken, he or she should discuss the matter with the   
|Chairperson of Groups Ethics Committee or another member of the Committee.                        
|                                                                                                   
|Handling of Specific Types of Conflicts.Each Covered Officer (and close family members)            
|must not:                                                                                          
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|Entertainment.Accept entertainment from any company with which any Price                           
|Fund or any Price Fund Adviser has current or prospective business dealings,                       
|including portfolio companies, unless such entertainment is in full compliance                     
|with the policy on entertainment as set forth in the Group Code.                                   
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|Gifts.Accept any gifts, except as permitted by the Group Code.                                     

|Improper Personal Influence.Use his or her personal influence or personal                  
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|relationships improperly to influence investment decisions, brokerage allocations          
|or financial reporting by the Price Funds to the detriment of any one or more of           
|the Price Funds.                                                                           
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|Taking Action at the Expense of a Price Fund.Cause a Price Fund to take                    
|action, or fail to take action, for the personal benefit of the Covered Officer rather     
|than for the benefit of one or more of the Price Funds.                                    
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|Misuse of Price Funds Transaction Information.Use knowledge of portfolio                  
|transactions made or contemplated for a Price Fund or any other clients of the             
|Price Fund Advisers to trade personally or cause others to trade in order to take          
|advantage of or avoid the market impact of such portfolio transactions.                    
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|Outside Business Activities.Engage in any outside business activity that                   
|detracts from a Covered Officers ability to devote appropriate time and attention         
|to his or her responsibilities to a Price Fund.                                            
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|Service Providers.Excluding Group and its affiliates, have any ownership                   
|interest in, or any consulting or employment relationship with, any of the Price           
|Funds service providers, except that an ownership interest in public companies is         
|permitted                                                                                  
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|Receipt of Payments.Have a direct or indirect financial interest in commissions,           
|transaction charges, spreads or other payments paid by a Price Fund for effecting          
|portfolio transactions or for selling or redeeming shares other than an interest           
|(such as compensation or equity ownership) arising from the Covered Officers              
|employment by Group or any of its affiliates.                                              
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|Service as a Director or Trustee.Serve as a director, trustee or officer of any            
|public or private company or a non-profit organization that issues securities              
|eligible for purchase by any of the Price Funds, unless approval is obtained as            
|required by the Group Code.                                                                
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|IV. Covered Officers Specific Obligations and Accountabilities.                           
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|A. Disclosure Requirements and Controls.Each Covered Officer must                          
|familiarize himself or herself with the disclosure requirements (Form N-1A registration    
|statement, proxy (Schedule 14A), shareholder reports, Forms N-SAR, N-CSR, etc.)            
|applicable to the Price Funds and the disclosure controls and procedures of the Price      
|Fund and the Price Fund Advisers.                                                          
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|B. Compliance with Applicable Law.It is the responsibility of each Covered                 
|Officer to promote compliance with all laws, rules and regulations applicable to the Price 
|Funds and the Price Fund Advisers. Each Covered Officer should, to the extent              
|appropriate within his or her area of responsibility, consult with other officers and      
|employees of the Price Funds and the Price Fund Advisers and take other appropriate        
|steps with the goal of promoting full, fair, accurate, timely and understandable disclosure
|in the reports and documents the Price Funds file with, or submit to, the SEC, and in      
|other public communications made by the Price Funds.                                       

|C. Fair Disclosure. Each Covered Officer must not knowingly misrepresent, or                
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|cause others to misrepresent, facts about a Price Fund to others, whether within or         
|outside the Price organization, including to the Price Funds directors and auditors, and   
|to governmental regulators and self-regulatory organizations.                               
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|D. Initial and Annual Affirmations.Each Covered Officer must:                               
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|1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon            
|becoming a Covered Officer), affirm in writing that he or she has received, read,           
|and understands the Price Funds S-O Code.                                                   
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|2. Annually affirm that he or she has complied with the requirements of the Price           
|Funds S-O Code.                                                                             
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|E. Reporting of Material Violations of the Price Funds S-O Code.If a                        
|Covered Officer becomes aware of any material violation of the Price Funds S-O Code         
|or laws and governmental rules and regulations applicable to the operations of the          
|Price Funds, he or she must promptly report the violation (Report)to the Chief            
|Legal Counsel of the Price Funds (CLC). Failure to report a material violation will       
|be considered itself a violation of the Price Funds S-O Code. The CLC is identified in      
|the attached Exhibit B.                                                                     
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|It is the Price Funds policy that no retaliation or other adverse action will be taken      
|against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser         
|or their affiliates based upon any lawful actions of the Covered Officer or employee        
|with respect to a Report made in good faith.                                                
|                                                                                            
|F. Annual Disclosures.Each Covered Officer must report, at least annually, all              
|affiliations or other relationships as called for in the Annual Questionnaire for          
|Executive Officers and/or Employee Directors/Trustees of Group and the Price Funds.        
|                                                                                            
|V. Administration of the Price Funds S-O Code.The Ethics Committee is responsible for       
|administering the Price Funds S-O Code and applying its provisions to specific situations in
|which questions are presented.                                                              
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|A. Waivers and Interpretations.The Chairperson of the Ethics Committee has                  
|the authority to interpret the Price Funds S-O Code in any particular situation and to      
|grant waivers where justified, subject to the approval of the Joint Audit Committee of      
|the Price Funds. All material interpretations concerning Covered Officers will be           
|reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers,      
|including implicit waivers, to Covered Officers will be publicly disclosed as required      
|in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit    
|waiver means a Price Funds failure to take action within a reasonable period of time       
|regarding a material departure from a provision of the Price Funds S-O Code that has        
|been made known to an executive officer (as defined in Rule 3b-7 under the                
|Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price           
|Fund includes its president and any vice-president in charge of a principal business        
|unit, division or function.                                                                 

|B. Violations/Investigations.The following procedures will be followed in                        
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|investigating and enforcing the Price Funds S-O Code:                                            
|                                                                                                 
|1. The CLC will take or cause to be taken appropriate action to                                  
|investigate any potential or actual violation reported to him or her.                            
|                                                                                                 
|2. The CLC, after consultation if deemed appropriate with Outside                                
|Counsel to the Price Funds, will make a recommendation to the                                    
|appropriate Price Funds Board regarding the action to be taken with                              
|regard to each material violation. Such action could include any of the                          
|following: a letter of censure or suspension, a fine, a suspension of trading                    
|privileges or termination of officership or employment. In addition, the                         
|violator may be required to surrender any profit realized (or loss avoided)                      
|from any activity that is in violation of the Price Funds S-O Code.                              
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|VI. Amendments to the Price Funds S-O Code.Except as to the contents of Exhibit Aand             
|Exhibit B, the Price Funds S-O Code may not be materially amended except in written form,        
|which is specifically approved or ratified by a majority vote of each Price Fund Board, including
|a majority of the independent directors on each Board.                                           
|                                                                                                 
|VII. Confidentiality.All reports and records prepared or maintained pursuant to the Price        
|Funds S-O Code will be considered confidential and shall be maintained and protected             
|accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in    
|connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed  
|to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the   
|Price Funds, members of the Ethics Committee and the CLC and authorized persons on his or        
|her staff.                                                                                       
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|Preparation Date: 9/30/03                                                                        
|                                                                                                 
|Adoption Date:     10/22/03                                                                      

|Exhibit A                                               
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|Persons Covered by the Price Funds S-O Code of Ethics   
|Edward C. Bernard, Chairman and Chief Executive Officer 
|Gregory K. Hinkle, Treasurer and Chief Financial Officer
|                                                        
|Exhibit B                                               
|Chief Legal Counsel to the Price Funds                  
|David Oestreicher