Document:

exv10w1

 

Exhibit 10.1

AGREEMENT

between

T. ROWE PRICE RETIREMENT PLAN SERVICES, INC.

and

T. ROWE PRICE FUNDS

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	Article A

	 	Terms of Appointment
	 	 	 	 	2	 
	 
	 	 	 	 	 	 	 	 
	Article B

	 	Duties of RPS
	 	 	 	 	2	 
	

	 	1.    Contributions — Retirement Plans and Retirement Accounts
	 	 	 	 	2	 
	

	 	2.    Retirement Plans — Redemptions to Cover Distributions
	 	 	 	 	3	 
	

	 	3.    Other Provisions
	 	 	 	 	4	 
	

	 	4.    Exchanges
	 	 	 	 	5	 
	

	 	5.    Books and Records
	 	 	 	 	5	 
	

	 	6.    Tax Information
	 	 	 	 	6	 
	

	 	7.    Other Information to be Furnished to the Funds
	 	 	 	 	7	 
	

	 	8.    Telephone/On-Line Services
	 	 	 	 	7	 
	

	 	9.    Correspondence
	 	 	 	 	7	 
	

	 	10.   Prospectuses/Confirmation Statements
	 	 	 	 	7	 
	

	 	11.   Proxies
	 	 	 	 	7	 
	

	 	12.   Forms N-SAR and N-CSR
	 	 	 	 	8	 
	

	 	13.   Withholding
	 	 	 	 	8	 
	

	 	14.   Excessive Trading
	 	 	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	Article C

	 	Fees and Expenses
	 	 	 	 	8	 
	

	 	1.   Postage
	 	 	 	 	8	 
	

	 	2.   Proxies
	 	 	 	 	9	 
	

	 	3.   Communications
	 	 	 	 	9	 
	

	 	4.   Record Retention
	 	 	 	 	10	 
	

	 	5.   Disaster Recovery
	 	 	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	Article D

	 	Representations and Warranties of RPS
	 	 	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	Article E

	 	Representations and Warranties of the Fund
	 	 	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	Article F

	 	Standard of Care/Indemnification
	 	 	 	 	12	 
	 
	 	 	 	 	 	 	 	 
	Article G

	 	Dual Interests
	 	 	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	Article H

	 	Documentation
	 	 	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	Article I

	 	Recordkeeping/Confidentiality
	 	 	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	Article J

	 	Ownership of Software and Related Material
	 	 	 	 	16	 
	 
	 	 	 	 	 	 	 	 
	Article K

	 	As of Transactions
	 	 	 	 	16	 
	

	 	1.    Reporting
	 	 	 	 	17	 
	

	 	2.    Liability
	 	 	 	 	17	 

i

 

	 	 	 	 	 	 	 	Page	 
	Article L

	 	Term and Termination of Agreement
	 	 	 	 	19	 
	 
	 	 	 	 	 	 	 	 
	Article M

	 	Notice
	 	 	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	Article N

	 	Assignment
	 	 	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	Article O

	 	Amendment/Interpretive Provisions
	 	 	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	Article P

	 	Further Assurances
	 	 	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Article Q

	 	Maryland Law to Apply
	 	 	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Article R

	 	Merger of Agreement
	 	 	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Article S

	 	Counterparts
	 	 	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Article T

	 	The Parties
	 	 	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Article U

	 	Directors, Trustees and Shareholders and Massachusetts Business Trust
	 	 	 	 	21	 
	 
	 	 	 	 	 	 	 	 
	Article V

	 	Captions
	 	 	 	 	22	 
	 
	 	 	 	 	 	 	 	 
	

	 	APPENDIX A	 	 	 	 	 	 

ii

 

 

     AGREEMENT, made as of the first day of January, 2005, by and between T. ROWE PRICE RETIREMENT
PLAN SERVICES, INC., a Maryland corporation having its principal office and place of business at
100 East Pratt Street, Baltimore, Maryland 21202 (“RPS”), and EACH FUND WHICH IS LISTED ON APPENDIX
A (as such Appendix may be amended from time to time) and which evidences its agreement to be bound
hereby by executing a copy of this Agreement (each Fund hereinafter
referred to as “the Fund”)
whose definition may be found in Article T;

     WHEREAS, the Funds are named investment options under various tax-sheltered plans, including,
but not limited to, state and local government deferred compensation plans, 403(b) plans, and
profit sharing, thrift, 401(k) and money purchase pension plans for self-employed individuals,
professional partnerships and corporations (collectively referred to as “Retirement Plans”); and
the Fund has determined that such investments of Retirement Plans in the Funds are in the best
long-term interest of the Funds;

     WHEREAS, RPS has the capability of providing special services, on behalf of the Fund, for the
existing accounts of individuals (“Participants”) participating in these Retirement Plans
(“Retirement Accounts”);

     WHEREAS, RPS represents that it is registered with the Securities and Exchange Commission as a
Transfer Agent under Section 17A of the Securities Exchange Act of 1934 (the “‘34 Act”);

     WHEREAS, RPS may subcontract or jointly contract with other parties on behalf of the Funds to
perform certain of the functions described herein, RPS may also enter into, on behalf of the Funds,
certain banking relationships to perform various banking services, including, but not limited to,
check deposits, disbursements, automatic clearing house transactions (“ACH”) and
wire transfers. Subject to guidelines mutually agreed upon by the Funds and RPS, excess
balances, if any, resulting from these banking relationships will be invested and the income
therefrom will be used to offset fees which would otherwise be charged to the Funds under this
Agreement; and

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     WHEREAS, the Fund desires to contract with RPS to provide the functions and services described
herein in connection with the Retirement Plans and Retirement Accounts.

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

A. Terms of Appointment

     Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and
appoints RPS to perform the services and functions described herein in connection with certain
Retirement Plan and Retirement Accounts as agreed upon by the parties.

	B.  	Duties of RPS

     RPS agrees that it will perform the following services:

     1. Contributions — Retirement Plans and Retirement Accounts

     After RPS has received monies from Retirement Plans and has determined the proper
allocation of such monies to the Retirement Accounts or Participants based upon instructions
received from Participants, Retirement Plans or their designees, or Retirement Plan
Administrator(s) (“Administrator(s)”), RPS will, as a responsibility under the Agreement:

	 	a.  	In the case of a new Participant, establish and maintain a Retirement
Account for such Participant;
	 
	 	b.  	Compute the number of shares of each Fund to which the Participant is
entitled in accordance with the price per share of such Fund as calculated and
provided by the Fund for orders received at that time and date, and purchase the
appropriate shares in each such Retirement Account;
	 
	 	c.  	Calculate the aggregate of all purchases in the Retirement Accounts and
transmit the net purchase order to T. Rowe Price Services, Inc. (“Services") through
the National Securities Clearing Corporation (“NSCC”) or such other agreed upon
method or

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	 	   	directly to the Fund, as the case may be, for purchase into an omnibus
account established in each Fund registered in RPS’ or its affiliates’ name as agent
for Retirement Plans or in the individual Retirement Plan’s name
(“Omnibus Account”);

	 	d.  	Transmit to Services by wire, directly or through the NSCC, at a time
designated by the NSCC or mutually agreed upon by both parties, the aggregate money
allocated to coincide with the purchase order; and
	 
	 	e.  	Ensure that all contributions are processed in accordance with Rule 22c-1
of the Investment Company Act of 1940 (“'40 Act”).

     2. Retirement Plans — Redemptions to Cover Distributions

     After RPS has received instructions from the Administrator or Participants regarding
distributions to be made to Participants or their designated beneficiaries from Funds
designated as investment options under the Retirement Plan, RPS will, as a responsibility
under the Agreement:

	 	a.  	Compute the number of shares to be redeemed from each such Retirement
Account for such distributions in accordance with the price per share
of such Fund as calculated and provided by the Fund for orders received in good order at that time and
date.
	 
	 	b.  	After such computation, calculate the aggregate amount of all redemptions
in the Retirement Accounts.
	 
	 	c.  	Transmit any net redemption order to Services, through the NSCC or such
other method mutually agreed upon, or directly to the Fund, as the case may be, for
the Omnibus Account of each Fund. Services will wire proceeds to RPS, directly or
through the NSCC, to coincide with the redemption order for each Omnibus Account.
RPS will distribute to Participants or their designated beneficiaries the amount to
be disbursed.

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	 	d.  	After RPS has received instructions from the Administrator regarding
disbursements to be made regarding the payment of fees due the Administrator, or
other persons including RPS, RPS will, as a responsibility under this Agreement:

	 	i.  	Compute the number of shares to be redeemed from each Retirement
Account to pay for such disbursements and the total number of all shares to be
redeemed in accordance with the price per share for orders received in good order
at that time and date, of such Fund as calculated and provided by the Fund; and
	 
	 	ii.  	Inform Services, directly or through the NSCC, or the Funds
directly, as the case may be, of the necessary Shares to be redeemed from the
Omnibus Account of the Funds to cover such disbursements.

	 	e.  	Ensure that all redemption orders are processed in accordance with Rule
22c-1 of the ‘40 Act.
	 
	 	f.  	Calculate and assess redemption fees for those Fund’s that assess
redemption fees and pay such fee to the Fund in accordance with the Fund’s
then-current prospectus and the guidelines established between the Fund and RPS.

     3. Other Provisions

	 	a.  	If any instruction tendered by an Administrator to purchase or redeem
 shares in a Retirement Account is not satisfactory to RPS, RPS shall promptly notify
the Administrator of such fact together with the reason therefore;
	 
	 	b.  	The authority of RPS to perform its responsibilities under Paragraph B(2)
with respect to each Fund shall be suspended upon RPS’ receipt of notification from
such Fund of the suspension of the determination of the Fund’s net asset value per
share and shall remain suspended until RPS receives proper notification from the
Fund; and

4

 

	 	c.  	The Fund will promptly inform RPS of the declaration of any dividend or
distribution on account of the capital stock of any Fund so that RPS may properly
credit income and capital gain payments to each Retirement Account.

     4. Exchanges

     Effect exchanges of shares of the Funds in the Retirement Accounts upon receipt of
appropriate instructions from the Administrator and/or Participant in accordance with the
price per share of the Funds as calculated and provided by the Fund for orders received in
good order at that time and date. Calculate and transmit a net purchase and redemption order
to Services directly or through the NSCC, or the Fund, as the case may be, for the Omnibus
Account of each Fund. RPS will transmit by wire to Services, directly or through the NSCC,
the aggregate monies allocated to each Fund to coincide with any net purchase
order or instruct Services to wire to it, directly or through the NSCC, monies from each
Fund’s Omnibus Account to coincide with any net redemption order. RPS shall ensure that all
exchange orders are processed in accordance with Rule 22c-1 of the ‘40 Act.

     5. Books and Records

     RPS shall maintain records showing for each Retirement Plan or Retirement Account, the
following:

	 	a.  	Names, addresses and tax identification numbers, when provided;

	 
	 	b.  	Number of shares held of each Fund;
	 
	 	c.  	Historical information regarding the account of each Participant and/or
Retirement Plan, including dividends and capital gain distributions invested in
 shares;
	 
	 	d.  	Any instructions from a Participant or Administrator, including all forms
executed by a Participant with respect to elections with respect to payment options
in connection with the redemption of shares or distribution elections, if applicable;
and

5

 

	 	e.  	Any information required in order for RPS to perform the calculations
contemplated under this Agreement.

     Any such records maintained pursuant to Rule 31a-1 under the Investment Company Act of
1940 and Rule 17Ad-6 and 7 of the Securities and Exchange Act of 1934 will be preserved for
the periods and manner prescribed under the Rules, including any requirements for electronic
storage of records. Disposition of such records after such prescribed periods shall be as
mutually agreed upon from time to time by RPS and the Funds. The retention of such records,
which may be inspected by the Fund at reasonable times, shall be at the expense of the Funds.
All records maintained by RPS in connection
with the performance of its duties under this Agreement will remain the property of the
Funds and, in the event of termination of this Agreement, will be delivered to the Fund as of
the date of termination of this agreement or at such other time as may be mutually agreed
upon.

     6. Tax Information

     RPS shall also prepare and file with appropriate federal agencies, such information
returns and reports as required by applicable Federal statutes relating to redemptions
effected in Retirement Accounts which constitute reportable distributions. RPS will also
prepare and submit to Participants, such reports containing information as is required by
applicable Federal law.

     7. Other Information to be Furnished to the Funds

     RPS will furnish to the Fund, such information, including Participant lists and
statistical information and other information for the Fund to comply with the Sarbanes-Oxley
Act of 2002 as may be agreed upon from time to time between RPS and the Fund.

6

 

     8. Telephone/On-Line Services

     RPS will promptly respond to any telephone calls from Administrators and/or Participants
relating to the Retirement Accounts and/or questions pertaining to the Funds. RPS will also
be responsible for providing a telephone voice response unit and on-line services.
Procedures for processing telephone, voice response unit and on-line transactions will be
mutually agreed upon by both parties.

     9. Correspondence

     RPS will promptly and fully answer correspondence from Administrators and Participants
relating to Retirement Accounts and transfer agent procedures, and such other
correspondence as may from time to time be mutually agreed upon with the Funds. Copies
of all correspondence will be retained by RPS in accordance with applicable law.

     10. Prospectuses/Confirmation Statements

     RPS will be responsible for mailing all confirmations and statements relating to
transactions in the Funds, prospectuses, semi-annual and annual reports of the Funds and other
enclosures and mailings, as may be requested by the Funds or required by applicable Federal
law.

     11. Proxies

     As requested by the Funds, RPS shall assist in the mailing of proxy cards and other
material required to be mailed by the Fund in connection with shareholder meetings of the Fund
and shall assist in the receipt, examination and tabulation of returned proxies and the
certification of the vote to the Fund.

     12. Forms N-SAR and N-CSR

     RPS shall maintain such records, if any, as shall enable the Fund to fulfill the
requirements of Forms N-SAR and N-CSR.

7

 

     13. Withholding

     The Fund and RPS shall agree to procedures to be followed with respect to RPS’
responsibilities in connection with compliance for federal withholding on distributions to
Participants from Retirement Accounts and related disbursements of withholdings to the
Internal Revenue Service.

     14. Excessive Trading

     RPS shall monitor Participant accounts to determine if trading activity is in conformance
with the Fund’s excessive trading policy as set forth in the Fund’s then-current
prospectus. If the Fund’s policy is violated, RPS shall take action to restrict the account
in accordance with procedures agreed upon between RPS and the Funds.

C. Fees and Expenses.

     Except as set forth in this Paragraph C and Schedule A, RPS is responsible for all expenses
relating to the providing of services hereunder. Each Fund is directly responsible for the fees set
forth under Schedule A as well as the following expenses and charges:

     1. Postage

     The cost of postage and freight for mailing materials, including confirmations,
statements, tax forms and Fund prospectuses and Fund shareholder reports, to Participants with
investments in the Fund, or their agents, including overnight delivery, UPS and other express
mail services and special courier services required to transport mail between RPS locations
and mail processing vendors.

     2. Proxies

     The cost to mail proxy cards and other material supplied to it by the Fund and costs
related to the receipt, examination and tabulation of returned proxies and the certification
of the vote to the Fund.

8

 

     3. Communications

	 	a.  	Print. The printed forms used internally and externally for
documentation and processing Participant, or their agent’s, inquiries and requests;
paper and envelope supplies for letters, notices, and other written communications
sent to Administrators and Participants, or their agents, which includes charges from
T. Rowe Price Investment Technology, Inc. of T. Rowe Price Associates, Inc. for
internally printed forms and written communications to existing Participants with
investments in the Funds or their Administrator.
	 
	 	b.  	Print & Mail House. The cost of internal and third party printing
and mail house services, including printing of statements, tax forms, prospectuses
and reports to plans or participants with investments in the Funds.
	 
	 	c.  	Voice and Data. The cost of equipment (including associated
maintenance), supplies and services used for communicating with existing Participants
or their Administrator, the Fund’s transfer agent, other Fund offices, and other
agents of either the Fund or RPS. These charges shall include:

	 	•  	telephone toll charges (both incoming and outgoing, local, long distance
and mailgrams);
	 
	 	•  	data and telephone lines and associated equipment such as modems,
multiplexers, and facsimile equipment; and
	 
	 	•  	production support, service enhancements, and custom reporting for the
Participant recordkeeping system.

9

 

     4. Record Retention

     The cost of maintenance and supplies used to maintain, microfilm, copy, record, index,
display, retrieve, and store, in optical disc, cd rom or microfiche or microfilm form,
documents and records.

     5. Disaster Recovery

     The cost of services, equipment, facilities and other charges necessary to provide
disaster recovery for any and all services listed in this Agreement, which includes charges
from T. Rowe Price Technologies Inc. for the cost of providing recovery of critical
shareholder servicing systems maintained internally, as agreed to by the parties.

As an accommodation to the Funds, and acting as their agent, RPS may make payments directly to
vendors for Fund expenses and, thereafter, be reimbursed by the Funds on a timely basis. The fees
and expenses under this Paragraph C shall be allocated to the Funds based on a reasonable
allocation methodology agreed upon by the parties.

D. Representations and Warranties of RPS

RPS 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 Alaska, California, Colorado, District of
Columbia, Florida, Illinois, Maryland, Massachusetts, New Jersey and Virginia.

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.

10

 

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

E. Representations and Warranties of the Fund

The Fund represents and warrants to RPS 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 Act.

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 filing have been
made and will continue to be made, with respect to all shares of the Fund being offered for
sale.

F. Standard of Care/Indemnification

Notwithstanding anything to the contrary in this Agreement:

1. RPS shall not be liable to the 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 RPS 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.

11

 

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

3. Except as provided in Article K of this Agreement, RPS 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 negligence or willful
misconduct of RPS or which result from RPS’ 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 RPS.

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

	 	•  	RPS had in place “appropriate procedures;”
	 
	 	•  	the employees responsible for the error or omission had been reasonably
trained and were being appropriately monitored; and

12

 

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

It is understood that RPS is not obligated to have in place separate procedures to prevent
each and every conceivable type of error or omission. The term “appropriate procedures”
shall mean procedures reasonably designed to prevent and detect errors and omissions. In
determining the reasonableness of such procedures, weight will be given to such factors as
are appropriate, including the prior occurrence of any similar errors or omissions when such
procedures were in place and transfer agent industry standards in place at the time of the
occurrence.

5. 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, claims,
actions or expense resulting from such failure to perform or otherwise from such causes.

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.

13

 

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

G. Dual Interests

     It is understood that some person or persons may be directors, officers, or shareholders of
both RPS and the Fund and that the existence of any such dual interest shall not affect the
validity of this Agreement or of any transactions hereunder except as otherwise provided by a
specific provision of applicable law.

H. Documentation

1. As requested by RPS, the Fund shall promptly furnish to RPS the following:

	 	a.  	copy of the resolution of the Directors/Trustees of the Fund authorizing
the appointment of RPS and the execution and delivery of this Agreement;
	 
	 	b.  	A copy of the Articles of Incorporation or Declaration of Trust, as the
case may be, and By-Laws of the Fund and all amendments thereto;
	 
	 	c.  	An opinion of counsel for the Fund with respect to the validity of the
stock, the number of Shares authorized, the status of redeemed Shares, and the number
of Shares with respect to which a Registration Statement has been filed and is in
effect; and
	 
	 	d.  	A copy of the Fund’s current and new prospectuses and shareholder reports
issued by the Fund.

     The delivery of any such document to either party hereto for the purpose of any other
agreement to which the Fund and RPS are or were parties shall be deemed to be delivery for the
purposes of this Agreement.

2. As requested by RPS, the Fund will also furnish to RPS from time to time the following
documents:

14

 

	 	a.  	Each resolution of the Board of Directors/Trustees of the Fund authorizing
the original issue of its shares;
	 
	 	b.  	Each Registration Statement filed with the Securities and Exchange
Commission and amendments and orders thereto in effect with respect to the sale of
 shares with respect to the Fund;
	 
	 	c.  	A certified copy of each amendment to the Articles of Incorporation or
Declaration of Trust, and the By-Laws of the Fund;
	 
	 	d.  	Certified copies of each vote of the Board of Directors/Trustees
authorizing officers to give instructions to the Fund; and
	 
	 	e.  	Such other documents or opinions which RPS, in its discretion, may
reasonably deem necessary or appropriate in the proper performance of its duties
under this Agreement.

3. RPS hereby agrees to establish and maintain facilities and procedures reasonably acceptable
to the Fund for safekeeping of check forms and facsimile signature imprinting devices, if any,
and for the preparation or use, and for keeping account of, such forms and devices.

I. Recordkeeping/Confidentiality

1. RPS shall keep records relating to the services to be performed hereunder, in the form and
manner as it may deem advisable, provided that RPS shall keep all records in such form and in
such manner as required by applicable law, including the ‘40 Act and the ‘34 Act.

2. RPS 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

15

 

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 RPS or the 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; (c) after so requested by the other party hereto; or (d) by the
Administrator.

J. Ownership of Software and Related Material

     All computer programs, magnetic tapes, written procedures and similar items purchased and/or
developed and used by RPS in performance of the Agreement shall be the property of RPS and will not
become the property of the Fund.

K. As Of Transactions

     For purposes of this Article K, the term “Transaction” shall mean any single or “related
transaction” (as defined below) involving the purchase or redemption of shares (including
exchanges) processed at a time other than the time of the computation of the Fund’s net asset value
per share next computed after receipt of any such transaction order by RPS due to an act or
omission of RPS. “As Of Processing” refers to the processing of these Transactions. All As
Of Processing may only be performed in accordance with the requirements of Rule 22c-1 of the ‘40
Act. RPS is responsible for monitoring As Of Transactions procedures that set forth the
circumstances under which As Of Transactions are permitted. If more than one Transaction (“Related
Transaction”) in the Fund is caused by or occurs as a result of the same act or omission, such
transactions shall be aggregated with other transactions in the Fund and be considered as one
Transaction.

16

 

     1. Reporting

     RPS shall:

	 	a.  	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 hereinafter referred to as
“Cumulative.”
	 
	 	b.  	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.
	 
	 	c.  	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 RPS has or intends to
take to prevent the reoccurrence of such as of processing
(“Report”).

     2. Liability

	 	a.  	It will be the normal practice of the Fund not to hold RPS liable with
respect to any Transaction which causes Dilution to any single Fund of less than
$25,000. RPS will, however, closely monitor for each Fund the daily and Cumulative
Gain/Dilution which is caused by Transactions of less than $25,000. When the
Cumulative Dilution to any Fund exceeds 3/10 of 1% of net asset value per share, RPS,
in consultation with counsel to the Fund, will make appropriate inquiry to determine
whether it should take any remedial action. RPS will report to the Board of
Directors/Trustees of the Fund (“Board”), as appropriate, any action it has taken.
	 
	 	b.  	Where a Transaction causes Dilution to a Fund equal to or greater than
$25,000 (“Significant Transaction") but less than $100,000, RPS will review with
Counsel to

17

 

the Fund the circumstances surrounding the underlying Significant
Transaction to determine whether the Significant Transaction was caused by or
occurred as a result of a negligent act or omission by RPS. If it is determined that
the Dilution is the result of a negligent action or omission by RPS, RPS and outside
counsel for the Fund will negotiate settlement. All such Significant Transactions
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 $100,000 or
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:

	 	i.  	Procedures and controls adopted by RPS to prevent As Of
Processing;
	 
	 	ii.  	Whether such procedures and controls were being followed at
the time of the Significant Transaction;
	 
	 	iii.  	The absolute and relative volume of all transactions
processed by RPS on the day of the Significant Transaction;
	 
	 	iv.  	The number of Transactions processed by RPS during prior
relevant periods, and the net Dilution/Gain as a result of all such
Significant Transactions to the Fund and to all other Funds; and
	 
	 	v.  	The prior response of RPS to recommendations made by the
Funds regarding improvement to RPS’ As Of Processing procedures.

18

 

	 	c.  	In determining RPS’ 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:

	 	•  	RPS had in place “Appropriate Procedures “ as defined in Section 4 of
Article F of this Agreement (it is understood that RPS is not obligated to have
in place separate procedures to prevent each and every conceivable type of
error or omission);
	 
	 	•  	the employees responsible for the error or omission had been reasonably
trained and were 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,
gross negligence or willful misconduct at the time of the incident.

L. Term and Termination of Agreement

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 Funds upon one hundred twenty (120) days’ prior
written notice to RPS; and by RPS, upon three hundred sixty-five (365) days’ prior written
notice to the Fund.

3. Upon termination hereof, the Fund shall pay to RPS 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.

19

 

M. Notice

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

N. Assignment

     Neither this Agreement nor any rights or obligations hereunder may be assigned either
voluntarily or involuntarily, by operation of law or otherwise, by either party without the prior
written consent of the other party.

O. Amendment/Interpretive Provisions

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

P. Further Assurances

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

Q. Maryland Law to Apply

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

20

 

R. Merger of Agreement

     This Agreement, including the attached Schedule supersede any prior agreement with respect to
the subject hereof, whether oral or written.

S. Counterparts

     This Agreement may be executed by the parties hereto in any number of counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same instrument.

T. The Parties

     All references 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 RPS. 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 trust on behalf of the individual series or portfolio, as
appropriate. The “Fund” also includes any T. Rowe Price Fund which may be established after
the date of this Agreement. Any reference in this Agreement to “the parties” shall mean RPS
and such other individual Fund as to which the matter pertains.

U. Directors, Trustees and Shareholders and Massachusetts Business Trust

     It is understood and is expressly stipulated that neither the holders of shares in the Fund
nor 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 a Massachusetts business
trust, the term “Fund” means and refers to the trustees from time to time serving under the
applicable trust agreement (Declaration of Trust) of such Trust as the same may be amended from
time to time. It is expressly agreed that the obligations of any such Trust hereunder shall not be
binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the
Trust, personally, but bind only the trust property of the Trust, as provided in the Declaration of
Trust of the Trust. The execution and delivery of this Agreement has been authorized by the
Trustees and signed by an authorized officer of the Trust, acting as such, and neither such
authorization by such Trustees nor

21

 

such execution and delivery by such officer shall be deemed to
have been made by any of them, but shall bind only the trust property of the Trust as provided in
its Declaration of Trust.

V. Captions

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

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

	 	 	 
	T. ROWE PRICE RETIREMENT PLAN

SERVICES, INC.
	 	T. ROWE PRICE FUNDS

	 	 	 
	BY: /S/ Charles E. Vieth
	 	BY: /S/ Joseph A. Carrier
	

	 	

	DATED: April 22, 2005
	 	DATED: April 21, 2005

22

 

APPENDIX A

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. Rowe Price Blue Chip Growth Fund—R Class

T. ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

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 EQUITY INCOME FUND

T. Rowe Price Equity Income Fund—R Class

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

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 INFLATION PROTECTED BOND FUND, INC.

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 INSTITUTIONAL EQUITY FUNDS, INC.

1

 

T. Rowe Price Institutional Mid-Cap Equity Growth Fund

T. Rowe Price Institutional Large-Cap Value Fund

T. Rowe Price Institutional Small-Cap Stock Fund

T. Rowe Price Institutional Large-Cap Growth Fund

T. Rowe Price Institutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

T. Rowe Price Institutional High Yield Fund

T. Rowe Price Institutional Core Plus Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. Rowe Price Institutional Foreign Equity Fund

T. Rowe Price Institutional Emerging Markets Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price International Stock Fund

T. Rowe Price International Stock Fund—R Class

T. Rowe Price International Discovery Fund

T. Rowe Price European Stock Fund

T. Rowe Price New Asia Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price Emerging Markets Stock Fund

T. Rowe Price Global Stock Fund

T. Rowe Price International Growth & Income Fund

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

T. Rowe Price Emerging Europe & Mediterranean Fund

T. Rowe Price International Bond Fund

T. Rowe Price Emerging Markets Bond Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

T. Rowe Price International Equity Index Fund

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

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

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

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

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

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUND, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

2

 

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 RETIREMENT FUNDS, INC.

T. Rowe Price Retirement 2010 Fund

T. Rowe Price Retirement 2010 Fund—R Class

T. Rowe Price Retirement 2020 Fund

T. Rowe Price Retirement 2020 Fund—R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030 Fund—R Class

T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040 Fund— R Class

T. Rowe Price Retirement Income Fund

T. Rowe Price Retirement Income Fund—R Class

T. Rowe Price Retirement 2005 Fund

T. Rowe Price Retirement 2015 Fund

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2035 Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

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

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

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

T. ROWE PRICE SPECTRUM FUND, INC.

Spectrum Income Fund

Spectrum Growth Fund

Spectrum International Fund

T. ROWE PRICE SUMMIT FUNDS, INC.

T. Rowe Price Summit Cash Reserves Fund

T. Rowe Price Summit GNMA Fund

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.

3exv10w2

 

Exhibit 10.2

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	 	 	3	 
	Article B	 	Duties of Price Services	 	 	3	 
	

	 	1.	 	 	Receipt of Orders/Payments
	 	 	3	 
	

	 	2.	 	 	Redemptions
	 	 	6	 
	

	 	3.	 	 	Exchanges
	 	 	9	 
	

	 	4.	 	 	Transfers
	 	 	9	 
	

	 	5.	 	 	Confirmations
	 	 	10	 
	

	 	6.	 	 	Returned Checks and ACH Debits
	 	 	10	 
	

	 	7.	 	 	Redemption of Shares under a Hold
	 	 	10	 
	

	 	8.	 	 	Dividends, Distributions and Other Corporate Actions
	 	 	13	 
	

	 	9.	 	 	Abandoned Property and Lost Shareholders
	 	 	14	 
	

	 	10.	 	 	Books and Records
	 	 	14	 
	

	 	11.	 	 	Authorized Issued and Outstanding Shares
	 	 	17	 
	

	 	12.	 	 	Tax Information
	 	 	17	 
	

	 	13.	 	 	Information to be Furnished to the Fund
	 	 	17	 
	

	 	14.	 	 	Correspondence
	 	 	18	 
	

	 	15.	 	 	Lost or Stolen Securities
	 	 	18	 
	

	 	16.	 	 	Telephone/Computer Services
	 	 	18	 
	

	 	17.	 	 	Collection of Shareholder/Participant Fees and Calculation
and Distribution of 12b-1 Fees and Administrative
Fee Payments
	 	 	19	 
	

	 	18.	 	 	Forms N-SAR and N-CSR
	 	 	20	 
	

	 	19.	 	 	Cooperation With Accountants
	 	 	20	 
	

	 	20.	 	 	Blue Sky
	 	 	20	 
	

	 	21.	 	 	Monitoring Fund’s Excessive Trading Policy
	 	 	21	 
	

	 	22.	 	 	Anti-Money Laundering Program
	 	 	21	 
	

	 	23.	 	 	Other Services
	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article C	 	Fees and Expenses	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article D	 	Representations and Warranties of the Price Services	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article E	 	Representations and Warranties of the Fund	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article F	 	Standard of Care/Indemnification	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article G	 	Dual Interests	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article H	 	Documentation	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article I	 	References to Price Services	 	 	31	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article J	 	Compliance with Governmental Rules and Regulations	 	 	31	 

 

 

ii

	 	 	 	 	 	 	 	 	 	Page	 
	Article K	 	Ownership of Software and Related Material	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article L	 	Quality Service Standards	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article M	 	As of Transactions	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article N	 	Term and Termination of Agreement	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article O	 	Notice	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article P	 	Assignment	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article Q	 	Amendment/Interpretive Provisions	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article R	 	Further Assurances	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article S	 	Maryland Law to Apply	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article T	 	Merger of Agreement	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article U	 	Counterparts	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article V	 	The Parties	 	 	38	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article W	 	Directors, Trustees, Shareholders and Massachusetts Business Trust	 	 	38	 
	 
	 	 	 	 	 	 	 	 	 	 
	Article X	 	Captions	 	 	39	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	APPENDIX A	 	 	 	 

 

 

TRANSFER AGENCY AND SERVICE AGREEMENT

     AGREEMENT made as of the first day of January, 2005, by and between T. ROWE PRICE SERVICES,
INC., a Maryland corporation having its principal office and place of business at 100 East Pratt
Street, Baltimore, Maryland 21202 (“Price Services”), and EACH FUND WHICH IS LISTED ON APPENDIX A
(as such Appendix may be amended from time to time) and which evidences its agreement to be bound
hereby by executing a copy of this Agreement (each such Fund individually hereinafter referred to
as “the Fund,” whose definition may be found in Article V);

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

     WHEREAS, Price Services represents that it is registered with the Securities and Exchange
Commission as a 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 and Exchange Commission which may lead to such revocation;

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

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

     WHEREAS, certain of the Funds are named investment options under various tax-sheltered
retirement plans including, but not limited to, individual retirement accounts,

1

 

Sep-IRA’s, SIMPLE
plans, deferred compensation plans, 403(b) plans, and profit sharing, thrift, and money purchase
pension plans for self-employed individuals, individual 401(k)s and professional partnerships and
corporations (collectively referred to as “Retirement Plans”);

     WHEREAS, Price Services has the capability of providing special services, on behalf of the
Funds, for the accounts of shareholders participating in these Retirement Plans (“Retirement
Accounts”);

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

     WHEREAS, Price Services may enter into agreements with certain third party intermediaries such
as banks, broker-dealers, insurance companies and retirement plan record keepers
(“Intermediaries”), who will perform certain of the services described herein for beneficial
shareholders of the Funds and may accept orders on behalf of the Fund from such beneficial
shareholders; and

     WHEREAS, Price Services may also enter into, on behalf of the Funds, certain banking
relationships to perform various banking services including, but not limited to, check deposits,
check disbursements, automated clearing house transactions (“ACH”) and wire transfers.

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

2

 

A. Terms of Appointment

     Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and
appoints Price Services to act, and Price Services agrees to act, as the Fund’s transfer agent,
dividend disbursing agent and agent in connection with: (1) the Fund’s authorized and issued
shares of its common stock or shares of beneficial interest (all such stock and shares to be
referred to as “Shares”); (2) any dividend reinvestment or other services provided to the existing
shareholders of the Fund (“Shareholders”), including, without limitation, any periodic investment
plan or periodic withdrawal program; and (3) Retirement Plan and Retirement Accounts as agreed upon
by the parties.

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

B. Duties of Price Services

     Price Services agrees that it will perform the following services:

	 	1.  	Receipt of Orders/Payments

     Price Services shall receive for acceptance, orders/payments for the purchase of Shares
and promptly deliver payment and appropriate documentation thereof to the authorized
custodian of the Fund (the “Custodian”). Upon receipt of any check or other instrument
drawn or endorsed to it as agent for, or identified as being for the account of, the Fund,
Price Services will process the order as follows:

3

 

	 	•  	Examine the check to determine if the check conforms to the Funds’
acceptance procedures (including certain third-party check procedures). If the
check conforms, Price Services will endorse the check and include the date of
receipt, will process the same for payment, and deposit the net amount to the
parties agreed upon designated bank account prior to such deposit in the
Custodial account, and will notify the Fund and the Custodian, respectively, of
such deposits (such notification to be given on a daily basis of the total
amount deposited to said accounts during the prior business day);
	 
	 	•  	Subject to guidelines mutually agreed upon by the Funds and Price Services,
excess balances, if any, resulting from deposit in these designated bank
accounts will be invested and the income therefrom will be used to offset fees
which would otherwise be charged to the Funds under this Agreement;
	 
	 	•  	Ensure that any documentation received from Investors is in “good order” and
all appropriate documentation is received to establish an account;
	 
	 	•  	Open a new account, if necessary, and credit the account of the investor
with the number of Shares to be purchased according to the price of the Fund’s
Shares in effect for purchases made on that date, subject to any instructions
which the Fund may have given to Price Services with respect to acceptance of
orders for Shares;
	 
	 	•  	Maintain a record of all unpaid purchases and report such information to the
Fund daily;
	 
	 	•  	Process periodic payment orders, as authorized by investors, in accordance
with the payment procedures mutually agreed upon by both parties;

4

 

	 	•  	Receive monies from Retirement Plans and determine the proper allocation of
such monies to the Retirement Accounts based upon instructions received from
Retirement Plan participants or Retirement Plan administrators
(“Administrators”);
	 
	 	•  	Process contributions in the 529 Plan investment option selected by
participant and monitor participant account levels for maximum contribution
limit as permitted by 529 Plan;
	 
	 	•  	For purchases received in 529 Plan investment options and certain Funds that
invest in underlying Funds allocate such purchase to the underlying Funds in
accordance with procedures and allocation methodologies agreed upon between the
Funds and Services;
	 
	 	•  	Ensure that all purchase orders are processed in accordance with Rule 22c-1
of the Investment Company Act of 1940 (“’40 Act”);
	 
	 	•  	Process orders received from third-party intermediaries on behalf of
beneficial Shareholders of omnibus and individual accounts in the Funds in
accordance with procedures established by agreement with such intermediaries.
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 ’40 Act;
	 
	 	•  	Process telephone and computer orders for purchases of Fund shares from the
Shareholder’s bank account (via wire or ACH) to the Fund in accordance with
procedures mutually agreed upon by both parties and applicable National
Automated Clearing House Association (“NACHA”) regulations; and

5

 

	 	•  	Upon receipt of funds through the Federal Reserve Wire System that are
designated for purchases in Funds which declare dividends at 12:00 p.m. (or
such time as set forth in the Fund’s current prospectus), Price Services shall
promptly notify the Fund and the Custodian of such deposit.

     Procedures and requirements for effecting and accepting purchase orders from investors
by telephone, Tele*Access, computer, or written instructions shall be established by mutual
agreement between Price Services and the Fund consistent with the Fund’s current prospectus
and applicable law.

	 	2.  	Redemptions

     Price Services shall receive for acceptance redemption requests, including telephone
redemptions and requests received from Administrators for distributions to participants or
their designated beneficiaries or for payment of fees due the Administrator or such other
person, including Price Services, and deliver the appropriate documentation thereof to the
Custodian. Price Services shall receive and stamp with the date of receipt, all requests
for redemptions of Shares (including all certificates delivered to it for redemption) and
shall process said redemption requests as follows, subject to the provisions of Section 6
hereof:

	 	•  	Examine the redemption request and, for written redemptions, the supporting
documentation, to determine that the request is in good order and all
requirements have been met;
	 
	 	•  	Notify the Fund on the next business day of the total number of Shares
presented and covered by all such requests;

6

 

	 	•  	For those Funds that impose redemption fees, calculate and assess the fee
owed on the redemption and pay such fee to the Fund in accordance with the
Fund’s then-current prospectus and guidelines established between the Fund and
Price Services, including any exceptions granted for certain transactions.
Price Services may enter into agreements on behalf of the Funds with
intermediaries who hold shares in omnibus accounts whereby the Intermediary
agrees to access the fee in accordance with the Fund’s prospectus at the time
of the redemption and forward such fees to the Funds on a monthly basis or such
other mutually agreed upon time;
	 
	 	•  	As set forth in the prospectus of the Fund, and in any event, on or prior to
the seventh (7th) calendar day succeeding any such request for redemption,
Price Services shall, from funds available in the accounts maintained by Price
Services as agent for the Funds, pay the applicable redemption price in
accordance with the current prospectus of the Fund, to the investor,
participant, beneficiary, Administrator or such other person, as the case may
be;
	 
	 	•  	Instruct custodian to wire redemption proceeds to a designated bank account
of Price Services. Subject to guidelines mutually agreed upon by the Funds and
Price Services, excess balances, if any, resulting from deposit in these bank
accounts will be invested and the income therefrom will be used to offset fees
which would otherwise be charged to the Funds under this Agreement;
	 
	 	•  	If any request for redemption does not comply with the Fund’s requirements,
Price Services shall promptly notify the investor of such fact, together with

7

 

	 	   	the reason therefore, and shall effect such redemption at the price in effect at the
time of receipt of all appropriate documents;
	 
	 	•  	Make such withholdings as may be required under applicable Federal tax laws;
	 
	 	•  	In the event redemption proceeds for the payment of fees are to be wired
through the Federal Reserve Wire System or via ACH, Price Services shall cause
such proceeds to be wired in Federal funds or via ACH to the bank account
designated by Shareholder or Administrator, as the case may be;
	 
	 	•  	Ensure that all redemption orders are processed in accordance with Rule
22c-1 of the ’40 Act;
	 
	 	•  	Process redemption orders received from third party intermediaries on behalf
of beneficial Shareholders in omnibus and individual accounts in the Funds in
accordance with procedures established by agreement with such intermediaries.
Receipt of redemption orders by such third party intermediaries may be deemed
receipt by the Fund to the extent permitted by Rule 22c-1 of the ’40 Act;
	 
	 	•  	Process distributions and refunds of 529 Plans to participants or others, as
directed, in accordance with the 529 Plan’s requirements;
	 
	 	•  	For distributions and redemptions received in 529 Plan investment options
and certain Funds that invest in underlying Funds allocate such redemptions to
the underlying Funds in accordance with procedures and allocation methodologies
agreed upon between the Funds and Services; and

8

 

	 	•  	Process periodic redemption orders as authorized by the investor in
accordance with the periodic withdrawal procedures for Systematic Withdrawal
Plan (“SWP”) and systematic ACH redemptions mutually agreed upon by both
parties.

     Procedures and requirements for effecting and accepting redemption orders from
Shareholders by telephone, Tele*Access, computer, or written instructions shall be
established by mutual agreement between Price Services and the Fund consistent with the
Fund’s current prospectus and applicable law.

	 	3.  	Exchanges

     Price Services shall effect exchanges of shares from one Fund to another in the
Shareholder’s accounts in accordance with Rule 22c-1 of the ’40 Act and in accordance with
procedures agreed upon between the Funds and Price Services, including the Fund’s excessive
trading policy.

     Procedures and requirements for effecting and accepting exchange orders from
Shareholders by telephone, Tele*Access, computer, or written instructions shall be
established by mutual agreement between Price Services and the Fund consistent with the
Fund’s current prospectus and applicable law.

	 	4.  	Transfers

     Price Services shall effect transfers of Shares by the registered owners thereof upon
receipt of appropriate instructions and documentation and examine such instructions for
conformance with appropriate procedures and requirements. In this regard, Price Services,
upon receipt of a proper request for transfer, including any transfer involving the
surrender of certificates of Shares, is authorized to transfer, on the

9

 

records of the Fund, Shares of the Fund, including cancellation of surrendered certificates, if any, to
credit a like amount of Shares to the transferee.

	 	5.  	Confirmations

     Price Services shall mail all confirmations and statements as well as other enclosures
requested by the Fund to Shareholders or 529 plan participants, and in the case of
Retirement Accounts, to the participants and/or Administrators, as may be required by the
Funds or by applicable Federal or state law.

	 	6.  	Returned Checks and ACH Debits

     In order to minimize the risk of loss to the Fund by reason of any check being returned
unpaid, Price Services will promptly identify and follow-up on any check or ACH debit
returned unpaid. For items returned, Price Services may telephone the investor and/or
redeposit the check or debit for collection or cancel the purchase, as deemed appropriate.
Price Services and the Funds will establish procedures for the collection of money owed the
Fund from investors who have caused losses due to these returned items.

	 	7.  	Redemption of Shares under a Hold

	 	•  	Uncollected Funds. Shares purchased by personal, corporate, governmental
check, cashier’s, treasurer’s, certified or official checks or by ACH will be
considered uncollected until the tenth calendar date following the trade date
of the trade (“Uncollected Funds”);
	 
	 	•  	Good Funds. Shares purchased by wire transfer or automatically through a
shareholder’s paycheck will be considered collected immediately (“Good Funds”).
Absent information to the contrary (i.e., notification from the payee

10

 

	 	   	institution), Uncollected Funds will be considered Good Funds on the tenth
calendar day following trade date.
	 
	 	•  	Redemption of Uncollected Funds

	 	•  	Shareholders making telephone requests for redemption of shares
purchased with Uncollected Funds will be given two options:

	 	1.  	The Shareholder will be permitted to exchange
to another Fund until the payment is deemed Good Funds; or
	 
	 	2.  	The redemption can be processed utilizing the
same procedures for written redemptions described below.

	 	•  	If a written redemption request is made for shares where any portion of
the payment for said shares is in Uncollected Funds, and the request is in
good order, Price Services will promptly obtain the information relative to
the payment necessary to determine when the payment becomes Good Funds.
The redemption will be processed in accordance with normal procedures, and
the proceeds will be held until confirmation that the payment is Good
Funds. On the seventh (7th) calendar day after trade date, and each day
thereafter until either confirmation is received or the tenth (10th)

calendar day, Price Services will call the paying institution to request
confirmation that the check or ACH in question has been paid. On the tenth
calendar day after trade date, the redemption proceeds will be released,
regardless of whether confirmation has been received.

11

 

	 	•  	Checkwriting Redemptions.

	 	•  	Daily, all checkwriting redemptions $10,000 and over reported as
Uncollected Funds or insufficient funds will be reviewed. An attempt will
be made to contact the shareholder to obtain alternative instructions for
payment (through wire, exchange, transfer, etc.). Generally by 12:00 p.m.
the same day, if the matter has not been resolved, the redemption request
will be rejected and the check returned to the Shareholder.
	 
	 	•  	All checkwriting redemptions under $10,000 reported as Uncollected or
insufficient funds will be rejected and the check returned to the
Shareholder. The Funds and Services may agree to contact shareholders
presenting checks under $10,000 reported as insufficient funds to obtain
alternative instructions for payment.

	 	•  	Confirmations of Available Funds/Bank Account Registrations. The Fund
expects that situations may develop whereby it would be beneficial to determine
(i) if a person who has placed an order for Shares has sufficient funds in his
or her checking account to cover the payment for the Shares purchased or (ii)
if the bank account owner(s) are the same as the Fund Shareholder(s) (i.e.,
when establishing an account on-line and funding the account via ACH). When
this situation occurs, Price Services may call the bank in question and request
that it confirm that sufficient funds to cover the purchase are currently
credited to the account in question and/or the bank account owner(s) are the
same as the mutual fund owner(s). Price Services

12

 

	 	   	will maintain written documentation or a recording of each telephone call that
is made under the procedures outlined above.

None of the above procedures shall preclude Price Services from inquiring as to
the status of any check received by it in payment for the Fund’s Shares as Price
Services may deem appropriate or necessary to protect both the Fund and Price
Services. If a conflict arises between Section 2 and this Section 6, Section 6
will govern.

	 	8.  	Dividends, Distributions and Other Corporate Actions

	 	•  	The Fund will promptly inform Price Services of the declaration of any
dividend, distribution, stock split or any other distributions of a similar
kind on account of its Capital Stock.
	 
	 	•  	Price Services shall act as Dividend Disbursing Agent for the Fund, and as
such, shall prepare and make income and capital gain payments to investors. As
Dividend Disbursing Agent, Price Services will on or before the payment date of
any such dividend or distribution, notify the Custodian of the estimated amount
required to pay any portion of said dividend or distribution which is payable
in cash, and the Fund agrees that on or about the payment date of such
distribution, it shall instruct the Custodian to make available to Price
Services sufficient funds for the cash amount to be paid out. If an investor
is entitled to receive additional Shares by virtue of any such distribution or
dividend, appropriate credits will be made to his or her account.

13

 

	 	9.  	Abandoned Property and Lost Shareholders

     In accordance with procedures agreed upon by both parties, Price Services shall
report abandoned property to appropriate state and governmental authorities of the
Fund. Price Services shall, 90 days prior to the annual reporting of abandoned
property to each of the states, make reasonable attempts to locate Shareholders for
which (a) checks, tax forms, statements or confirms have been returned; (b) for
which accounts have aged outstanding checks; or (c) accounts with share balances
that have been coded with stop mail and meet the dormancy period guidelines
specified in the individual states. Price Services shall make reasonable attempts
to contact shareholders for those accounts that have significant aged outstanding
checks over a specified dollar threshold as agreed to by the parties. Price
Services shall also comply with the requirements of Rule 17Ad-17 of the ’34 Act with
respect to searching for lost shareholders.

	 	10.  	Books and Records

     Price Services shall maintain records showing for each Shareholder’s account,
529 Plan, Retirement Plan or Retirement Account, as the case may be, the following:

	 	•  	Names, address and tax identification number;
	 
	 	•  	Number of Shares held;
	 
	 	•  	Certain historical information regarding the account of each Shareholder,
including dividends and distributions distributed in cash or invested in
Shares;

14

 

	 	•  	Pertinent information regarding the establishment and maintenance of
Retirement Plans and Retirement Accounts necessary to properly administer each
account;
	 
	 	•  	Information with respect to the source of dividends and distributions
allocated among income (taxable and nontaxable income), realized short-term
gains and realized long-term gains;
	 
	 	•  	Any stop or restraining order placed against a Shareholder’s account;
	 
	 	•  	Information with respect to withholdings on domestic and foreign accounts;
	 
	 	•  	Any instructions from a Shareholder including, all forms furnished by the
Fund and executed by a Shareholder with respect to (i) dividend or distribution
elections, and (ii) elections with respect to payment options in connection
with the redemption of Shares;
	 
	 	•  	Any correspondence relating to the current maintenance of a Shareholder’s
account;
	 
	 	•  	Certificate numbers and denominations for any Shareholder holding
certificates;
	 
	 	•  	Any information required in order for Price Services to perform the
calculations contemplated under this Agreement; and
	 
	 	•  	Any other records required under applicable law including Rules 17Ad-6 and 7
under the ’34 Act and Rule 31a-1 of the ’40 Act.

     Price Services shall maintain files and furnish statistical and other information as
required under this Agreement and as may be agreed upon from time to time by both parties or
required by applicable law. However, Price Services reserves the right to

15

 

delete, change or add any information to the files maintained; provided such deletions,
changes or additions do not contravene the terms of this Agreement or applicable law and do
not materially reduce the level of services described in this Agreement.

     Any such records maintained pursuant to Rule 31a-1 under the ’40 Act and 17AD-6 and 7
under the ’34 Act will be preserved for the periods and maintained in a manner prescribed
under the Rules, including any requirements relating to electronic storage of records.
Disposition of such records after such prescribed periods shall be as mutually agreed upon
by the Fund and Price Services. The retention of such records, which may be inspected by
the Fund at reasonable times, shall be at the expense of the Fund. All records maintained
by Price Services in connection with the performance of its duties under this Agreement will
remain the property of the Fund and, in the event of termination of this Agreement, will be
delivered to the Fund as of the date of termination or at such other time as may be mutually
agreed upon.

     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 after prior notification to and approval by the other party hereto, which
approval shall not be unreasonably withheld and may not be withheld where Price Services or
the Fund may be exposed to civil or criminal contempt proceedings for failure to comply;
when requested to divulge such information by duly constituted governmental authorities; or
after so requested by the other party hereto.

16

 

	 	11.  	Authorized Issued and Outstanding Shares

     Price Services shall record the issuance of Shares of the Fund and maintain, pursuant
to Rule 17Ad-10(e) of the ‘34 Act, a record of the total number of Shares of the Fund which
are authorized and outstanding, based upon data provided to it by the Fund. Price Services
shall also provide the Fund on a regular basis the total number of Shares that are
authorized and issued and outstanding. Price Services shall have no obligation, when
recording the issuance of Shares, to monitor the issuance of such Shares or to take
cognizance of any laws relating to the issuance or sale of such Shares.

	 	12.  	Tax Information

     Price Services shall prepare and file with the Internal Revenue Service (“IRS”) and
with other appropriate state agencies and, if required, mail to shareholders, those returns
for reporting dividends and distributions paid as required to be so filed and mailed, and
shall withhold such sums required to be withheld under applicable Federal income tax laws,
rules, and regulations and remit such sums to the IRS. Additionally, Price Services will
file and, as applicable, mail to Shareholders, any appropriate information returns required
to be filed in connection with Retirement Plan processing, such as 1099R, 5498, as well as
any other appropriate forms that the Fund or Price Services may deem necessary. The Fund
and Price Services shall agree to procedures to be followed with respect to Price Services’
responsibilities in connection with compliance with back-up withholding and other tax laws.

	 	13.  	Information to be Furnished to the Fund

     Price Services shall furnish to the Fund such information as may be agreed upon between
the Fund and Price Services, including any information that the Fund and Price

17

 

Services agree is necessary to the daily operations of the business and to comply with
Sarbanes Oxley Act of 2002.

	 	14.  	Correspondence

     Price Services shall promptly and fully answer correspondence from shareholders,
participants and Administrators relating to Shareholder Accounts, Retirement Accounts, and
529 Plan accounts, transfer agent procedures, and such other correspondence as may from time
to time be mutually agreed upon with the Funds. Unless otherwise instructed, copies of all
correspondence will be retained by Price Services in accordance with applicable law and
procedures.

	 	15.  	Lost or Stolen Securities

     Pursuant to Rule 17f-1 of the ‘34 Act, Price Service shall report to the Securities
Information Center and/or the FBI or other appropriate person on Form X-17-F-1A all lost,
stolen, missing or counterfeit securities. Provide any other services relating to lost,
stolen or missing securities as may be mutually agreed upon by both parties.

	 	16.  	Telephone/Computer Services

     Price Services shall maintain a Telephone Servicing Staff of representatives
(“Representatives”) sufficient to timely respond to all telephonic inquiries reasonably
foreseeable. The Representatives will also effect telephone purchases, redemptions,
exchanges, and other transactions mutually agreed upon by both parties, for those
Shareholders who have authorized telephone services. The Representatives shall require each
Shareholder or participant effecting a telephone transaction to properly identify
himself/herself before the transaction is effected, in accordance with procedures agreed
upon between by both parties. Procedures for processing telephone transactions will be

18

 

mutually agreed upon by both parties. Price Services will also be responsible for providing
Tele*Access, On-Line Access and such other Services as may be offered by the Funds from time
to time. Price Services will maintain a special Shareholder Servicing staff to service
certain Shareholders with substantial relationships with the Funds.

	 	17.  	Collection of Shareholder/Participant Fees and Calculation and Distribution of 12b-1
Fees and Administrative Fee Payments 

	 	•  	Shareholder Fees. Price Services shall calculate and notify shareholders
of Funds and participants of 529 Plans of any fees owed the Fund, its
affiliates or its agents. Such fees include but are not limited to the
small account fee, IRA custodial fee, wire fee and any initial and annual
fees for participation in the 529 Plan.
	 
	 	•  	12b-1 Fees and Administrative Fee Payments. Certain Funds have adopted a
12b-1 Plan pursuant to the ’40 Act (“12b-1 Plan”) under which payments to
T. Rowe Price Investment Services, Inc. or its designee may be made for
distribution, personal and shareholder services performed with respect to
Fund shares of a designated class. Such 12b-1 fees may be paid to third
parties in consideration of performance of these services. The Funds have
also instituted a program whereby they may, in their discretion, pay a
third party (e.g., a plan or an intermediary) 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”). Price Services agrees to calculate and

19

 

	 	   	distribute, on behalf of the Funds, the payments/fees owed to third parties
under the Fund’s 12b-1 Plan and Administrative Fee Payment Program.
	 
	 	•  	Administrative Fee Agreements. Each Fund authorizes Price Services to
enter into, on its behalf, agreements with third parties for payment of
such administrative fee payments in consideration of such third parties’ or
their agents’ 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.

	 	18.  	Forms N-SAR and N-CSR

     Price Services shall maintain such records, if any, as shall enable the Fund to fulfill
the requirements of Forms N-SAR and N-CSR.

	 	19.  	Cooperation With Accountants

     Price Services shall 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.

	 	20.  	Blue Sky

     Price Services shall provide to the Fund or its agent, on a daily, weekly, monthly and
quarterly basis, and for each state in which the Fund’s Shares are sold, sales reports

20

 

and other materials for blue sky compliance purposes as shall be agreed upon by the parties.

	 	21.  	Monitoring Fund’s Excessive Trading Policy

     Price Services shall monitor accounts to determine if purchases and sales of Fund
Shares are in conformance with the Fund’s excessive trading policy as outlined in each
Fund’s then-current prospectus. If the Fund’s policy has been violated in accounts held
directly with Price Services, Price Services will take action to restrict the account from
future excessive trading in accordance with procedures agreed upon between Price Services
and the Funds. Price Services will also monitor trading activity in omnibus accounts to
review trading activity that indicates potential excessive trading and, if it determined
that excessive trading has occurred, Price Services shall take action to restrict future
activity in accordance with procedures agreed to between Price Services and the Funds.

	 	22.  	Anti-Money Laundering Program

     Price Services shall perform, on behalf of the Funds, Anti-Money Laundering (“AML”)
services in accordance with the Anti-Money Laundering Program adopted by the Funds. Price
Services shall, maintain policies and procedures, and related internal controls, which are
consistent with such AML Program, including but not limited to the following:

	 	•  	Upon opening a new account, collect required Shareholder information and verify
the identity of Shareholders in accordance with the Funds’ Customer Identification
Program;

21

 

	 	•  	Monitor shareholder transactions, including shareholder purchases made with
cash equivalents, identify suspicious activity and report such activity as
required to be reported by law, such as filing Suspicious Activity Reports with
Department of Treasury and the U.S. Securities and Exchange Commission (“SEC”);
	 
	 	•  	Review Shareholder names against lists of suspected terrorists organizations
supplied by various governmental organizations, such as Office of Foreign Asset
Control (“OFAC”), as required, and take action if a match is found in accordance
with the Funds’ AML Program, including reporting such matches to OFAC in
compliance with OFAC regulations;
	 
	 	•  	Ensure that employees that are required to take AML training, complete such
training in compliance with the Funds’ AML Program and as required by law;
	 
	 	•  	Arrange for periodic reviews by T. Rowe Price Group Inc.’s internal audit
department, at least annually, of the services performed by Price Services under
the Funds’ AML Program; and
	 
	 	•  	Maintain all records or other documentation relating to shareholder accounts
and transactions therein that are required to be prepared and maintained pursuant
to the Funds’ AML Program.

Price Services is authorized to take, on behalf of the Funds, any action permitted by law
and in accordance with the Funds’ AML Program in carrying out its responsibilities under
the Funds’ AML Program, including rejecting purchases, freezing Shareholder accounts,
restricting certain services, or closing Shareholder accounts if (a) suspicious

22

 

activity is detected, (b) it is unable to verify the identity of a Shareholder, or (c) a
Shareholder matches a government list of known or suspected suspicious persons.

	 	23.  	Other Services

     Price Services shall provide such other services as may be mutually agreed upon between
Price Services and the Fund.

C. Fees and Expenses

     Except as set forth in this Paragraph C, Price Services is responsible for all expenses
relating to the providing of the services hereunder. Each Fund is directly responsible for the
fees set forth under Section I of Schedule A and the vendor charges under Section II of Schedule A
as well as the following expenses and charges:

	 	•  	Postage. The cost of postage and freight for mailing materials, including
confirmations, statements, tax forms, Fund prospectuses and shareholder reports and
other communications to Shareholders and 529 Plan and Retirement Plan participants, or
their agents, including overnight delivery, UPS and other express mail services and
special courier services required to transport mail between Price Services locations
and mail processing vendors.

	 	•  	Proxies. The cost to mail proxy cards and other material supplied to Price Services
by the Fund to Shareholders and costs related to the receipt, examination and
tabulation of returned proxies and the certification of the vote to the Fund.

	 	•  	Communications

	 	•  	Print. The printed forms used internally and externally for documentation
and processing Shareholder and 529 Plan and Retirement Plan participant, or
their agent’s inquiries and requests; paper and envelope supplies for letters,

23

 

	 	   	notices, and other written communications sent to Shareholders and 529 and
Retirement Plan participants, or their agents, which includes charges from T.
Rowe Price Technologies, Inc. for internally printed forms and written
communications.
	 
	 	•  	Print & Mail House. The cost of internal and third party printing and mail
house services, including printing of confirmations, statements, tax forms,
prospectuses and reports sent to existing Shareholders.
	 
	 	•  	Voice and Data. The cost of equipment (including associated maintenance),
supplies and services used for communicating with and servicing Shareholders of
the Fund and 529 Plan and Retirement Plan participants, or their agents, and
other Fund offices or other agents of either the Fund or Price Services. These
charges shall include:

	 	•  	telephone toll charges (both incoming and outgoing, local, long
distance and mailgrams);
	 
	 	•  	data and telephone expenses to communicate with shareholders and
transfer shareholders between T. Rowe Price facilities; and
	 
	 	•  	production support, service enhancements and custom reporting for
the shareholder mainframe recordkeeping system.

	 	•  	Record Retention. The cost of maintenance and supplies used to maintain,
microfilm, copy, record, index, display, retrieve, and store, in optical disc,
microfiche or microfilm form, documents and records.
	 
	 	•  	Disaster Recovery. The cost of services, equipment, facilities and other
charges necessary to provide disaster recovery for any and all services listed

24

 

	 	   	in this Agreement, which includes charges from T. Rowe Price Technologies, Inc. for
the cost of providing recovery of critical shareholder servicing systems
maintained internally as agreed to by the parties.

     As an accommodation to the Funds and acting as their agent, Price Services may make payments
directly to vendors for Fund expenses and, thereafter, be reimbursed by the Funds on a timely
basis.

     The fees and expenses under this Paragraph C shall be allocated to the Funds based on a
reasonable allocation methodology agreed upon by the parties. Where possible, such as in the case
of inbound and outbound WATS charges, allocation will be made on the actual distribution or usage.

D. Representations and Warranties of Price Services

     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

25

 

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.

E. Representations and Warranties of the Fund

     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 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.

F. Standard of Care/Indemnification

     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

26

 

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.

27

 

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 had been reasonably
trained and were being appropriately monitored.

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

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

5. 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.

6. In order that the indemnification provisions contained in this Article E 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

28

 

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.

G. Dual Interests

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

H. Documentation

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

	 	•  	A certified copy of the resolution of the Directors/Trustees of the Fund authorizing
the appointment of Price Services and the execution and delivery of this Agreement;
	 
	 	•  	A copy of the Articles of Incorporation or Declaration of Trust, as the case may be,
and By-Laws of the Fund and all amendments thereto;
	 
	 	•  	As applicable, specimens of all forms of outstanding and new stock/share
certificates in the forms approved by the Board of Directors/Trustees of the Fund with
a certificate of the Secretary of the Fund as to such approval;

29

 

	 	•  	All account application forms and other documents relating to Shareholders’
accounts;
	 
	 	•  	An opinion of counsel for the Fund with respect to the validity of the stock, the
number of Shares authorized, the status of redeemed Shares, and the number of Shares
with respect to which a Registration Statement has been filed and is in effect; and
	 
	 	•  	A copy of the Fund’s current prospectus.

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

	 	•  	As requested by Price Services, the Fund will also furnish from time to time the
following documents:
	 
	 	•  	Each resolution of the Board of Directors/Trustees of the Fund authorizing the
original issue of its Shares;
	 
	 	•  	Each Registration Statement filed with the Securities and Exchange Commission
and amendments and orders thereto in effect with respect to the sale of Shares with
respect to the Fund;
	 
	 	•  	A certified copy of each amendment to the Articles of Incorporation or Declaration
of Trust, and the By-Laws of the Fund;
	 
	 	•  	Certified copies of each vote of the Board of Directors/Trustees authorizing
officers to give instructions to the Transfer Agent;
	 
	 	•  	Such other documents or opinions which Price Services, in its discretion, may
reasonably deem necessary or appropriate in the proper performance of its duties; and

30

 

	 	•  	Copies of new prospectuses issued.

     Price Services hereby agrees to establish and maintain facilities and procedures reasonably
acceptable to the Fund for safekeeping of stock certificates, check forms and facsimile signature
imprinting devices, if any; and for the preparation or use, and for keeping account of, such
certificates, forms and devices.

I. References to Price Services

     Each Fund agrees not to circulate any printed matter which contains any reference to Price
Services without the prior approval of Price Services, excepting solely such printed matter that
merely identifies Price Services as agent of the Fund. The Fund will submit printed matter
requiring approval to Price Services in draft form, allowing sufficient time for review by Price
Services and its legal counsel prior to any deadline for printing.

J. Compliance with Governmental Rules and Regulations

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

31

 

K. Ownership of Software and Related Material

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

L. Quality Service Standards

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

M. As Of Transactions

     For purposes of this Article M, the term “Transaction” shall mean any single or “related
transaction” (as defined below) involving the purchase or redemption of Shares (including
exchanges) that is processed at a time other than the time of the computation of the Fund’s net
asset value per Share next computed after receipt of any such transaction order by Price Services
due to an act or omission of Price Services. “As Of Processing” refers to the processing of these
Transactions. All As Of Processing may only be performed in accordance with the requirements of
Rule 22c-1 of the ’40 Act. Price Services is responsible for monitoring As Of Transactions
procedures that set forth the circumstances under which As Of Transactions are permitted. If more
than one Transaction (“Related Transaction”) in the Fund is caused by or occurs as a result of the
same act or omission, such transactions shall be aggregated with other transactions in the Fund and
be considered as one Transaction.

	 	•  	Reporting
	 
	 	   	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.

32

 

	 	   	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”).

	 	•  	Liability

	 	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.

33

 

	 	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 $100,000 or 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;

34

 

	 	•  	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 is understood that Price Services is not
obligated to have in place separate procedures to prevent each and every
conceivable type of error or omission);
	 
	 	•  	the employee(s) responsible for the error or omission had been reasonably
trained and were 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,
gross negligence or willful misconduct at the time of the incident.

	 	•  	As Of Transactions — Intermediaries

     If an As Of Transaction is performed by an intermediary, which is designated by the
Fund to received orders for Fund Shares, Price Services shall cause such intermediary to
promptly reimburse 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 the Dilution is less than $100.

35

 

N. Term and Termination of Agreement

	 	•  	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.

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

	 	•  	Upon termination hereof, the Fund shall pay to Price Services 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.

O. Notice

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

P. Assignment

     Neither this Agreement nor any rights or obligations hereunder may be assigned either
voluntarily or involuntarily, by operation of law or otherwise, by either party without the prior
written consent of the other party, provided this shall not preclude Price Services from employing
such agents and subcontractors as it deems appropriate to carry out its obligations set forth
hereunder.

36

 

Q. Amendment/Interpretive Provisions

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

R. Further Assurances

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

S. Maryland Law to Apply

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

T. Merger of Agreement

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

U. Counterparts

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

37

 

V. The Parties

     All references 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 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 trust on behalf of the individual series or
portfolio, as appropriate. The “Fund” also includes any T. Rowe Price Funds that may be
established after the execution of this Agreement. Any reference in this Agreement to “the
parties” shall mean Price Services and such other individual Fund as to which the matter pertains.

W. Directors, Trustees and Shareholders and Massachusetts Business Trust

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

38

 

X. Captions

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

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their
names 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: April 22, 2005	 	 	 	DATED: April 21, 2005

39

 

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 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 Equity Income Portfolio

T. Rowe Price Equity Income Portfolio-II

T. Rowe Price New America Growth Portfolio

T. Rowe Price Personal Strategy Balanced Portfolio

T. Rowe Price Mid-Cap Growth Portfolio

T. Rowe Price Mid-Cap Growth Portfolio-II

T. Rowe Price Blue Chip Growth Portfolio

T. Rowe Price Blue Chip Growth 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 FINANCIAL SERVICES FUND, INC.

40

 

T. ROWE PRICE FIXED INCOME SERIES, INC.

T. Rowe Price Limited-Term Bond Portfolio

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 INFLATION PROTECTED BOND FUND, INC.

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 INSTITUTIONAL EQUITY FUNDS, INC.

T. Rowe Price Institutional Large-Cap Growth Fund

T. Rowe Price Institutional Large-Cap Core 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 High Yield Fund

T. Rowe Price Institutional Core Plus Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

T. Rowe Price Institutional Foreign Equity Fund

T. Rowe Price Institutional Emerging Markets Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

T. Rowe Price International Stock Fund

T. Rowe Price International Discovery Fund

T. Rowe Price European Stock Fund

T. Rowe Price New Asia Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

41

 

T. Rowe Price Emerging Markets Stock Fund

T. Rowe Price Global Stock 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—Advisor Class

T. Rowe Price International Stock Fund—R Class

T. Rowe Price Emerging Europe & Mediterranean Fund

T. Rowe Price International Bond Fund

T. Rowe Price International Bond Fund—Advisor Class

T. Rowe Price Emerging Markets Bond 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 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

42

 

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.

T. Rowe Price Reserve Investment Fund

T. Rowe Price Government Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC.

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 2020 Fund

T. Rowe Price Retirement 2020 Fund—Advisor Class

T. Rowe Price Retirement 2020 Fund—R Class

T. Rowe Price Retirement 2030 Fund

T. Rowe Price Retirement 2030 Fund—Advisor Class

T. Rowe Price Retirement 2030 Fund—R Class

T. Rowe Price Retirement 2040 Fund

T. Rowe Price Retirement 2040 Fund—Advisor Class

T. Rowe Price Retirement 2040 Fund—R Class

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 Retirement 2005 Fund

T. Rowe Price Retirement 2015 Fund

T. Rowe Price Retirement 2025 Fund

T. Rowe Price Retirement 2035 Fund

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 Income Fund

Spectrum Growth Fund

Spectrum International Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST

New York Tax-Free Money Fund

New York Tax-Free Bond Fund

Maryland Tax-Free Bond Fund

Virginia Tax-Free Bond Fund

43

 

New Jersey Tax-Free Bond Fund

Maryland Short-Term Tax-Free Bond Fund

Florida Intermediate Tax-Free Fund

Georgia Tax-Free Bond Fund

Maryland Tax-Free Money 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 Money Market Fund

T. Rowe Price Summit Municipal Intermediate Fund

T. Rowe Price Summit Municipal Income 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

44

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