Press Guide - Login to T. Rowe Price

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Press Guide Presentation To:

Winter 2012

Media/Public Relations Contacts:

Bill Benintende 410-345-3482 [email protected]

Brian J. Lewbart 410-345-2242 [email protected]

Robert Benjamin 410-345-2205 [email protected]

Heather McDonold 410-345-6617 [email protected]

Steve E. Norwitz 410-345-2124 [email protected]

T. Rowe Price Business Snapshot T. Rowe PricePrice Business Snapshot T. Rowe Business Snapshot Assets: $489.5 Billion1 1 As of 31 DecAssets: 2011 $489.5 Billion As in of U.S. 31 Dec 2011 Figures Shown Dollars Figures Shown in U.S. Dollars

Total Assets Total Assets

International Equity Assets International Equity Assets 13.2% 13.2% International Fixed Income Assets International Fixed Income Assets 4.1% 4.1% U.S. Equity Assets U.S.2 Equity Assets 58.8% 58.8%2

Distribution Channels Distribution Channels

U.S. Fixed Income Assets U.S. Fixed Income Assets 23.9% 23.9%

Institutional Institutional

Retail Direct Retail Direct

Financial Intermediaries Financial Intermediaries

Institutional investors account for over 50% of the firm’s assets.3 T. Rowe Price serves a diversified group of clients, with each group representing about 20% to 30% of total assets Defined Contribution under management. Investors outside the United States now account for 11% of total Defined Contribution T. Roweassets Priceunder servesmanagement. a diversified group of clients, with each group representing about T. Rowe Price serves a diversified group of clients, with each group representing about 20% to 30% of total assets under management. 20% to 30% of total assets under management. The combined assets under management of the T. Rowe Price group of companies. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price1 The International Ltd, T. Rowe Price Hong KongofLimited, T. Rowe Singapore PrivateThe Ltd.,T.and T. Rowe Price (Canada), Inc. includes T. Rowe Price Associates, Inc., combined assets under management the T. Rowe PricePrice group of companies. Rowe Price group of companies 2 T. Rowe Price International Includes balanced/asset allocation assets.Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc. 3 2 Includes defined benefit, defined contribution, and eleemosynary assignments. Includes balanced/asset allocation assets. 1

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T. Rowe Price — A Global Company As of 31 Dec 2011

Global Presence — One Toronto

Baltimore

Colorado Springs San Francisco

Buenos Aires Tokyo

Tampa

Hong Kong Singapore

London Luxembourg Sydney

Zurich

Copenhagen Dubai Amsterdam

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About T. Rowe Price As of 31 Dec 2011 Figures Shown in U.S. Dollars

• Independent investment organization – Focused solely on investment management and related services – Public holding company structure with substantial employee ownership • Globally diversified organization managing $489.5 billion1 – Investment capabilities span all major public asset classes – Balanced by distribution channel • Proprietary fundamental research is our lifeblood – 191 research analysts worldwide2 • Highly stable organization – Seasoned portfolio management teams — average 20 years of investment experience and 15 years tenure with T. Rowe Price – Management Committee averages 21 years with T. Rowe Price3 – Strong financial position allows us to continue to invest in our global team of investment professionals

Our organizational independence helps to foster an environment where our clients’ interests come first. The combined assets under management of the T. Rowe Price group of companies as of 31 December 2011. 13 portfolio managers/analysts, 129 research analysts, 21 associate research analysts, 25 quantitative analysts, and 3 specialty analysts. 3 Includes affiliates of T. Rowe Price Associates, Inc. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc. 1 2

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Multiple Distribution Channels and Investor Touch Points Organizational View

Investment Management Role

Full Service

Manufacturer

Financial Intermediaries

U.S. Institutions

Foreign Institutions and Intermediaries

Institutional Investor

Institutions and Distributors

Channel

Individual Direct

Defined Contribution Direct

Target

Individual Investor

Employer and Participant

Distributor and Salesperson

Retail

Retirement Plan Services

Third Party Distribution

Business Unit

Global Global Investment Investment Services Services — Non-U.S.

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Assets Under Management1 T. Rowe Price

Periods Ended 31 Dec 2011 Figures Shown in U.S. Dollars

Market Value $Millions Separately Managed Assets1 T. Rowe Price Associates

$191,136 $135,565

T. Rowe Price International

36,795

T. Rowe Price Stable Asset Mgmt.

18,775

U.S. Registered Mutual Funds Equity Funds

$292,058 $174,831

Taxable Fixed Income Funds

54,370

Tax-Free Fixed Income Funds

14,448

International Funds (Equity & Fixed)

45,782

Variable Annuity Funds Luxembourg Funds Limited Partnerships Total2

2,626 $6,306 0 $489,500

Assets include common trust funds, institutional, and individual relationships. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc. 2 The combined assets under management of the T. Rowe Price group of companies. 1

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Investment Difference About T. Rowe Price As of 31 Dec 2011

As of 31 Dec 2011

ProprietaryFigures Research Shown in U.S. Dollars

Experienced Investment Team

• 1911 in-house analysts dedicated to fundamental, bottom-upinvestment research organization • Independent

• Portfolio managers average 20 years of investment experience

• In-depth company analysis to sound – Focused solely leading on investment management and related services • Seasoned pros focused on long-term investment long-term –investment decisions opportunities, not market fads Public holding company structure with substantial employee ownership

Experienced

• Globally diversified organization managing $489.5Investment billion1

Proprietary Research

– Investment capabilities span all major public assetTeams classes – Balanced by distribution channel

• Proprietary fundamental research is our lifeblood – 191 research analysts worldwide2 • Highly stable organization

Attention to Risk

Style Consistency

– Seasoned portfolio management teams — average 20 years of investment experience and 15 years tenure with T. Rowe Price Attention to Risk Style Consistency 3 Management Committee averages 21 years with T. Rowe Price • Strict adherence to each portfolio’s investment • Our goal is– active participation in market Strong financialgains position allows us to continue to invest in our globalmandates team of investment professionals advances, –while protecting in market and objectives declines • Clear, set expectations regarding risks and Our organizational independence helps to foster an environment • We seek to provide a careful balance between potential rewards where our clients’ interests come fi rst. risk management and high risk-adjusted returns The combined assets under management of the T. Rowe Price group of companies as of 31 December 2011. 13 portfolio managers/analysts, 129 research analysts, 21 associate research analysts, 25 quantitative analysts, and 3 specialty analysts. 3 Includes affiliates of T. Rowe Price Associates, Inc. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc. 1 2

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Global Investment Resources As of 30 31Dec Dec2011 2011 As of

Global Investment Resources of T. Rowe Price Group of Companies

Number of Professionals

Portfolio Managers Analysts/Specialists/Generalists Traders/Economists/Management/Risk Management

92 214 90

Total Investment Professionals

396

Portfolio Manager Averages

Years

Total Years with T. Rowe Price

15

Total Years Overall Investment Experience

20

Management Committee Averages

Years

Total Years with T. Rowe Price

21

Total Years Overall Investment Experience

26

Experienced, tenured investment team and senior management. 7

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Senior Management As of 31 Dec 2011 December 31, 2011

Management Committee Title

Years with Firm

James A.C. Kennedy, CFA CEO and President

33

Brian C. Rogers, CFA, CIC Chairman, Chief Investment Officer

29

Edward C. Bernard Vice Chairman Head of Distribution and Marketing

23

William J. Stromberg, CFA Director of Global Equity and Global Equity Research

24

John D. Linehan, CFA Head of U.S. Equity Division

13

Michael C. Gitlin Head of Fixed Income Division Christopher D. Alderson Director of International Equity and President and CEO of T. Rowe Price International, Ltd

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9 R

Portfolio Managers, Analysts, and Other Expert Sources

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Investing and Financial Planning Experts As of 31 Dec 2011

General Market Commentary and Large-Cap Equity

Larry J. Puglia, CFA, CPA Manager, Blue Chip Growth Fund P. Robert Bartolo, CFA, CPA Manager, Growth Stock Fund Robert W. Sharps, CFA, CPA Manager, Institutional Large-Cap Growth Fund Brian C. Rogers, CFA, CIC Manager, Equity Income Fund Joseph M. Milano, CFA Manager, New America Growth Fund

E. Frederick Bair, CFA, CPA Manager, Index Funds Mark R. Weigman, CFA, CIC Manager, Investment Counsel Group Donald J. Peters Manager, Tax-Efficient Funds David R. Giroux, CFA Manager, Capital Appreciation Fund Jeff Rottinghaus, CPA Manager, U.S. Large-Cap Core Fund

Mid-Cap Equity

David J. Wallack Manager, Mid-Cap Value Fund Brian W.H. Berghuis, CFA Manager, Mid-Cap Growth Fund

Donald J. Peters Co-Manager, Diversified Mid-Cap Growth Fund Donald J. Easley, CFA Co-Manager, Diversified Mid-Cap Growth Fund

Small-Cap Equity

Preston G. Athey, CFA, CIC Manager, Small-Cap Value Fund Gregory A. McCrickard, CFA Manager, Small-Cap Stock Fund

Henry M. Ellenbogen Manager, New Horizons Fund Sudhir Nanda, Ph.D., CFA Manager, Diversified Small-Cap Growth Fund

Technology, Media, and Telecom

Daniel Martino, CFA Manager, Media & Telecommunications Fund Kennard W. Allen Manager, Science & Technology Fund

David J. Eiswert, CPA Manager, Global Technology Fund

Real Estate

David M. Lee, CFA Manager, Real Estate Fund and Global Real Estate Fund

Tax-Efficient Investing

Donald J. Peters Manager, Tax-Efficient Funds

Dividends

Thomas J. Huber, CFA Manager, Dividend Growth Fund and Growth & Income Fund

Global Areas

Portfolio Managers and Portfolio Specialists in London, Asia, and Baltimore cover international markets and regional areas such as Europe, Japan, Latin America, Africa, and the Middle East.

Individual Companies

A variety of analysts are available to discuss individual stocks.

Equity Topics

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Donald J. Easley, CFA Manager, Tax-Efficient Funds

Investing and Financial Planning Experts As of 31 Dec 2011

Corporate Bonds

Daniel O. Shackelford, CFA Manager, New Income Fund Edward A. Wiese, CFA Manager, Short-Term Bond Fund Mark J. Vaselkiv Manager, High Yield Fund Konstantine B. (Dino) Mallas Co-Manager, Tax Free Income Fund Hugh D. McGuirk, CFA Manager, Tax-Free Bond Funds David A. Tiberii, CFA Manager, Corporate Income Fund

Mortgage-Backed

Andrew McCormick Manager, GNMA Fund

International and Emerging Markets

Mike J. Conelius, CFA Manager, Emerging Markets Bond Fund

General Commentary High Yield Bonds Municipal Bonds Fixed Income Topics

TIPS Money Market Funds Economy Retirement/College Planning and Personal Finance Topics Asset Allocation Other Topics

401(k)

Steven C. Huber, CFA, FSA Manager, Strategic Income Fund

Paul A. Karpers, CFA Manager, High Yield Portfolios James M. Murphy, CFA Manager, Tax-Free High Yield Fund

Ian Kelson Manager, International Bond Fund

Daniel O. Shackelford, CFA Manager, Inflation-Protected Bond Fund Joseph K. Lynagh, CFA Manager, Prime Reserve Fund, U.S. Treasury Money Fund, Summit Cash Reserves Fund and Municipal Money Mark Funds Alan D. Levenson, Ph.D. Jared Franz, Ph.D. Chief Economist Associate Economist Christine S. Fahlund, CFP Senior Financial Planner Judith B. Ward, CFP Senior Financial Planner

Stuart L. Ritter, CFP Financial Planner

Jerome Clark, CFA Wyatt Lee, CFA Manager, Retirement Funds Associate Manager, and College Savings Portfolios Retirement Funds Cynthia Egan President, T. Rowe Price Retirement Plan Services Managers from several areas within our 401(k) business are also available to discuss products, services and industry trends

Institutional Investing/ Defined Benefit Plans

Todd Ruppert President, T. Rowe Price Global Investment Services

Third Party Distribution

Scott David Director of Third Party Distribution

Donor-Advised Funds

Ann Boyce President, T. Rowe Price Program for Charitable Giving

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Sector Experts Equity Research Team As of 31 Dec 2011 DIRECTOR OF GLOBAL EQUITY HEAD OF EQUITY RESEARCH William J. Stromberg, CFA BAL

DIRECTORS OF EQUITY RESEARCH Kamran Baig LON

Charles G. Pepin BAL

Anna M. Dopkin, CFA BAL

Jason B. Polun, CFA BAL

EMEA and Latin America

FINANCIAL SERVICES

HEALTH CARE BAL

Hari Balkrishna

LON

Kennard W. Allen1

Mark Bussard, MD

BAL

Jon Friar

BAL

David J. Eiswert, CFA

U.S. Biotech

Medtech, Dental, Orthopedic

Melissa Gallagher, Ph.D. LON O.U.S. Pharma

Kris H. Jenner, MD, D. Phil BAL 1

U.S. Pharma & Biotech

Graham M. McPhail

BAL

Paul O’Sullivan

SYD

HC Services

Hospital Supply, Pharma, HC Services

Taymour R. Tamaddon, CFA BAL

Hospital Supply, Life Sciences and Ophthalmology

Jean-Pierre Thibaud LatAm HC

LON

Rouven Wool-Lewis, Ph.D. BAL HC Services

BUSINESS SERVICES Andrew Fones

BAL

IT Services, Payroll Processors, Staffing, Education

Kathryn Mongelli

BAL

Clark R. Shields

BAL

Information Companies

Transaction Processors, Financial Services Related, Other

Europe Banks

Francisco M. Alonso

BAL

Rhett K. Hunter

BAL

Soft Goods, Hard Goods, Discount Stores, Textiles, Apparel

Jai Kapadia

HKG

Japan Financials/Real Estate

Shalin Mody, CFA

BAL

Real Estate

Tobias Mueller

LON

Hiroaki Owaki, CFA

TOK

Jessie Ding

HKG

Joshua K. Spencer, CFA

BAL

Barry Henderson

BAL

1

Christopher T. Fortune, CFA BAL

U.S. & Europe Communications Equipment

Nina Jones, CPA

Small-Cap Generalist

Banks (Smaller)/Thrifts Real Estate

BAL

Yoichiro Kai, CMA

TOK

David M. Lee, CFA1

BAL

Ian C. McDonald, CFA

Canadian Ins Companies; Exchanges

BAL

Eric C. Moffett

HKG

Kathryn Mongelli

BAL

Hwee Jan Ng, CFA

SGP

Sridhar Nishtala

SGP

Paul O’Sullivan

SYD

Asia Ex-Japan Real Estate Credit Card Processors Asia Ex-Japan Financials Asia Ex-Japan Ins

Major & Regional Banks, Asset Managers, P&C & Speciality Ins, Speciality Finance

Asia Ex-Japan Tech Materials Smid-Cap Generalist Europe Semiconductors, Software Japan Generalist

Ira W. Carnahan, CFA

Archibald Ciganer, CFA

Consumer Discretionary

Hard Goods, Discount Stores, Gaming

Thomas H. Watson, CFA

BAL

Nalin Yogasundram

BAL

Australia Gaming

Alison Yip

HKG

Cruise Lines, Commercial Brokers, Lodging

Alt Energy

Asia Ex-Japan Generalist

Randal Jenneke1 Michael Lasota

SGP

Asia Ex-Japan Conglomerates, Retail, Food & Beverage, Tobacco, Home Personal Care, Leisure & Gaming

Jason Polun, CFA

BAL

Paul D. Greene

BAL

LON

Randal Jenneke1

SYD

Paul O’Sullivan

Frederick Rizzo, CFA Matt Snowling, CFA

BAL

Viral Patel

Gabriel Solomon

BAL

Mitchell Todd, CA

LON

Eric L. Veiel, CFA1

BAL

Marta Yago

LON

Japan Media, Telecom Services

Adv, Diversified Media, Radio, TV Australia Media

Ryan Martyn

SYD

Financial Services Companies

Daniel Martino, CFA1

BAL

Multi-line, P&C Ins

Corey Shull, CFA

BAL

Justin P. White

BAL

Life Ins, Asset Managers, Investment Banks

European Real Estate, Asset Managers and Brokerage Firms, Rating Agencies

Telecom Services & Cable Media, Internet

Australia Food & Beverage Retailers

Robert T. Quinn, Jr.

Food, Beverage, Tobacco, Personal Care, Cosmetics, Conglomerates (Multi-Cap)

Internet Infrastructure, Cable, Canadian Telecom Services

Europe Media, Telecom Services Asia Telecom Services

HKG

Sheena Barbosa, CFA

SGP

Peter J. Bates, CFA

BAL

Asia Ex-Japan Infrastructure

Env Services, Railroads, Ind Manufacturing, Agriculture Equipment, Capital Goods, Mega Conglomerates

SYD BAL

Ryan N. Burgess, CFA

BAL

Archibald Ciganer, CFA

TOK

Shawn T. Driscoll

BAL

Vitaliy Elbert

LON

Shinwoo Kim

BAL

Jeremy Kokemor, CFA

BAL

Steven D. Krichbaum

BAL

Ben Landy

BAL

Ryan Martyn

SYD

Asia Ex-Japan Utilities Chemicals, Utilities

TOK

E&P, Coal, E&C

Andrew Davis

BAL

Metals & Mining

Jin Jeong, CPA

LON

Energy Services

Jai Kapadia

HKG

Smid-Cap Metals

Ryan Martyn

SYD

Small-Cap Utilities

Susanta Mazumdar1

SGP

Fertilizer, Ind Gases

Sridhar Nishtala

SGP

Australia Energy, Chemicals, E&P

Curt J. Organt, CFA

BAL

Asia Ex-Japan Utilities

Austin M. Powell, CFA

TOK

Paper, Forest Products

David L. Rowlett, CFA

BAL

Jeneiv Shah, CFA

LON

Energy Service, E&P, Global Energy Majors

John C. A. Sherman

LON

Clark R. Shields

BAL

Eunbin Song, CFA

SGP

Christopher Yip, CFA

HKG

Eastern Europe Mid-Cap Oils

Wenli Zheng

HKG

Chemicals

Transport

Airlines, Railroads Europe Capital Goods, Auto

Asia Ex-Japan Conglomerates Australia Building Materials

Airlines

Smid-Cap Generalist, Distribution Japan Ind Manufacturing Aerospace and Defense

Susanta Mazumdar

SGP

Heather K. McPherson1

BAL

Timothy E. Parker, CFA1

BAL

Craig Pennington, CFA

LON

Rick de los Reyes1

BAL

Naoto Saito

TOK

Ami Shah

LON

Jeneiv Shah, CFA

LON

John C. A. Sherman

LON

John Williams, CFA

BAL

Nalin Yogasundram

BAL

1

Eastern Europe Autos, Transport, Airlines

Global Energy Majors, E&P, Refining

Aerospace and Defense, Transport, Logistics

Metals & Mining

Steel, Shipbuilding, E&C, Power Equipment, Tech Materials

BAL

Asia Ex-Japan Ind Manufacturing

LON

Asia Ex-Japan Power Equipment

Ashley R. Woodruff, CFA BAL

SGP

Archibald Ciganer, CFA

Air Freight, Logistics

Europe Food, Beverage, Tobacco, Personal Care, Gaming, Lodging

Sheena Barbosa, CFA

Asia Ex-Japan Oil and Gas, Bulk Commodities, Non-ferrous Metals

Japan Utilities

Amit Seth

Jonty Starbuck, CFA

SGP

BAL

Auto Manufacturers, Distributors

LON

Branded Apparel, Footwear

Haider Ali

Jonathan Chou, CFA

Sebastian Schrott

European Retail and Luxury Goods

Christopher Whitehouse LON Wenli Zheng

SYD

Apparel & Footwear, Specialty Retail

Australia/New Zealand Telecom

LON

Latin America Airlines

Asia

NATURAL RESOURCES

Paulina Amieva

Asia Ex-Japan Infrastructure

Sridhar Nishtala

TOK

Money Center Banks, Specialty Finance

BAL BAL

Housing

MEDIA/TELECOM

SYD

Ian C. McDonald, CFA

Archibald Ciganer, CFA

Australian REITS

TOK

Japan Food & Beverage, Tobacco, Home Personal Care, Retail

Semiconductors & Equipment Software

BAL

Soft Goods, Toys, Nutrition, Diet and Direct Sellers, Outdoor Equipment

SYD

Viral Patel

Europe Ins/Financials Baltimore Buenos Aires London Sydney Singapore Hong Kong Tokyo

LON

BAL

Regional Banks

European Banks

BAL BA LON SYD SGP HKG TOK

Paulina Amieva

Eric C. Moffett HKG

Australia

INDUSTRIALS

CONSUMER/RETAIL BAL

Latin America & South Africa Retail

Hardware, Software

Viral Patel SYD

Asia

North America

TECHNOLOGY

Ziad Bakri

Kes Visuvalingam, CFA SGP

North America

North America

ASSOCIATE DIRECTORS OF EQUITY RESEARCH

Japan Energy, Chemicals, Trading Companies Europe Utilities

Energy

Alt Energy

REGIONAL GENERALISTS Ulle Adamson, CFA EMEA

LON

Martin Baylac

BA

José Costa Buck1

BA

Simon Cheng, CFA

HKG

Vishnu Gopal

HKG

Latin America Latin America

Greater China Small-Cap Asia Ex-Japan Small-Cap

Ben Griffiths, CFA

LON

Leigh Innes, CFA

LON

Mark Lawrence, CFA

LON

Europe Small-Cap

1

EMEA Generalist

Middle East and Africa

Francisco Sersale Latin America

BA

Miki Takeyama, CMA

TOK

Sin Dee Tan, CFA

LON

Japan Smid-Cap

Europe Small-Cap

Verena Wachnitz, CFA

BA

Hiroshi Watanabe, CFA

TOK

Latin America

Japan Smid-Cap

Restaurants, Supermarkets

123 Equity Research Professionals worldwide.

2

1

22

2

Also has portfolio management responsibilities. 8 sector portfolio managers, 88 research analysts, 21 associate research analysts, 3 quantitative analysts, and 3 specialty analysts as of 31 December 2011.

1

Fixed Income Research Analysts Team As of January 2012 HEAD OF FIXED INCOME CREDIT RESEARCH Michael J. McGonigle CORPORATES

EMERGING MARKETS

Steven E. Boothe, CFA1

BAL

Cable, Media, Telecommunications

Steven G. Brooks, CFA2

BAL

Aerospace/Defense, Consumer Products, Homebuilders, Leisure, Manufacturing, Transportation

Michael Lambe, CFA

LON

European Aerospace/Defense, Energy, Telecommunications, Utilities

Matthew Lawton

BAL

Health Care, Pharmaceuticals

Samy B. Muaddi, CFA

BAL

Alex S. Obaza

BAL

Global Financials

Global Insurance, Technology

Miso Park, CFA

LON

European Industrials, Services, Chemicals

Theodore E. Robson, CFA BAL 4

Brokers, U.S. Money Center Banks, REITs

Brian M. Ropp, CPA

Energy, U.S. Regional Banks

Kimberly A. Stokes

Electric Utilities, Natural Gas Pipelines

BAL BAL

Robert D. Thomas

LON

Lauren M. Wagandt

BAL

European Banks

Chemicals, Paper, Metals & Mining, Retail

HEAD OF FIXED INCOME QUANTITATIVE RESEARCH Martin G. Lee

Howard Woodward, CFA1 LON Global Autos, European Consumer Products, European Retail

Roy Adkins

BAL

Africa and Middle East Sovereign

Sheldon Chan

Asian Corporates

HKG

Michael J. Conelius

BAL

Carolyn Chu, CPA2

HKG

5

Eastern Europe Sovereign Asian Corporates

Christopher J. Kushlis, CFA LON Asia and Brazil Sovereign

Christopher C. Loop, CFA2 LON EMEA Corporates,

Michael D. Oh, CFA

Latin America Sovereign

BAL

HIGH YIELD

MUNICIPAL

Jeffrey M. Anapolsky, J.D.3 BAL

Austin L. Applegate, CFA BAL

Alisa Fiumara-Yoch, CFA BAL

R. Lee Arnold, CFA

Jung M. Lieu

Distressed and Special Situations, Publishing

Jason A. Bauer, CFA

BAL

Broadcasting, Cable, Consumer Products, Satellites, Telecommunications

Andrew L. Cohen, CFA

BAL

Food & Tobacco, Manufacturing, Restaurants, Supermarkets, Utilities

Michael F. Connelly, CFA BAL Services

Michael Della Vedova1

LON

Transportation

2

Airlines, Life Care/Nursing, Real Estate, Tribal Gaming

Patricia S. Deford

SECURITIZED PRODUCTS BAL BAL

Housing, Life Care/Nursing, Solid Waste,Tobacco

G. Richard Dent, J.D.

Charter Schools, Education, Student Housing

Charles E. Emrich

General Obligations, Public Power, Transportation, Water and Sewer

BAL BAL

CMBS, Structured Finance

QUANTITATIVE ANALYSIS Anil Andhavarapu

BAL

Automotives

Andrew P. Jamison, CFA, CPA BAL

General Obligations, Hotels/ Conference Centers, Water and Sewer

Michael J. Trivino

BAL

David A. Yatzeck

LON

Gaming, Lodging, REITs European High Yield

BAL

Benjamin T. Yeagle2

BAL

Portfolio Investment Analyst Municipals

Jill Hirsch

BAL

Quantitative Investment Analyst Core/Core Plus

BAL

Portfolio Investment Analyst Global

Portfolio Investment Analyst Emerging Markets

Yongheon Lee, Ph.D.

Manager, Core Analytics

BAL

Zhen Xia

BAL

BAL

Building Products, Homebuilders, Metals & Mining, Technology

LON

Mike Fang

Jamie Shin

Walter P. Stuart III, CFA

Alexander Strey

LON

BAL

Wireless Telecommunications

BAL

Lucy Dwyer, CFA

Portfolio Investment Analyst Core/Core Plus

3

Paul M. Massaro, CFA1

Wireless Communications

Scott D. Solomon

Portfolio Investment Strategist Short-Term Bond & Stable Value

Quantitative Investment Analyst Risk Models and Derivatives Analytics

Chemicals, Containers, Energy

BAL

BAL

Quantitative Investment Analyst Multisector Portfolio Analytics

Justin T. Gerbereux, CFA1,2 BAL

Michael K. Sewell, CFA

Levent Demirekler, CFA

Portfolio Investment Analyst Global

Linda A. Murphy

BAL

BAL

LON

Structured Finance

Entertainment & Leisure, Financials, Health Care

BAL

2

Rebecca L. Setcavage

Chris Copsey

Quantitative Investment Analyst Securitized Modeling & Analytics

3

Hospitals

Marcy M. Lash

BAL

BAL

Jason Collins, CFA

Portfolio Investment Analyst Global

Stephen M. Finamore, CFA BAL

Michael F. Reinartz, CFA

BAL

Susan G. Troll, CPA2

Portfolio Investment Analyst Stable Value

GSE Credit, Structured Finance

General Obligations, Hospitals, Water and Sewer

Latin America Corporates

BAL

BAL

CMBS

3

Quantitative Investment Analyst Core Analytics Specialist

BAL

Christina Ni, FRM, CFA

Evan S. Shay

Portfolio Investment Analyst High Yield

Christopher P. Brown, CFA2,6 BAL

Aerospace/Defense, Airlines, Forest Products, Retail, Transportation

Kathryn A. Floyd, CFA

BAL

Securitized Products

BAL 4

Siby Thomas

Carson R. Dickson, CFA, CPA BAL

Peggy Meckel3

Theodore E. Robson, CFA BAL

Structured Finance

Kenneth A. Orchard, CFA LON BAL

BAL

Quantitative Investment Analyst Credit Modeling & Analytics

European High Yield

Developed Sovereign

Richard Lin, CFA

Quantitative Investment Analyst Securitized Modeling & Analytics

Peter D. Leiser, Jr. Greg A. Lewis

3

Portfolio Investment Analyst High Yield

BAL BAL

Portfolio Investment Analyst Investment Grade Corporates

Quantitative Investment Analyst Credit Modeling & Analytics

Grace Zheng, Ph.D., FRM BAL

Quantitative Investment Analyst Attribution & Credit Modeling

BAL Baltimore LON London HKG Hong Kong

69 Fixed Income Analysts worldwide.7 Also has portfolio management responsibilities. Team leader. 3 Reports to other managers. 4 Provides coverage in multiple areas. 5 Portfolio Manager not counted as research. 6 Associate Portfolio Manager not counted as research. 7 Consists of 5 portfolio manager/analysts, 42 credit analysts, and 22 quantitative analysts and strategists (including Martin G. Lee) as of December 31, 2011. 1 2

23 1

T. Rowe Price U.S. Equity and Blended Asset Funds/Managers As of 31 Dec 2011

24

Fund(s)

Lead Portfolio Manager

Balanced Fund

Charles M. Shriver, CFA

Blue Chip Growth Fund

Larry J. Puglia, CFA, CPA

Capital Appreciation Fund

David R. Giroux, CFA

Capital Opportunity Fund

Anna M. Dopkin, CFA

Diversified Mid-Cap Growth Fund

Donald J. Easley, CFA Donald J. Peters

Diversified Small-Cap Growth Fund

Sudhir Nanda, Ph.D., CFA

Dividend Growth Fund

Thomas J. Huber, CFA

Equity Income Fund

Brian C. Rogers, CFA, CIC

Equity Index 500 Fund

E. Frederick Bair, CFA, CPA Ken D. Uematsu, CFA

Extended Equity Market Index Fund

E. Frederick Bair, CFA, CPA Ken D. Uematsu, CFA

Financial Services Fund

Eric L. Veiel, CFA

Growth & Income Fund

Thomas J. Huber, CFA

Growth Stock Fund

P. Robert Bartolo, CFA, CPA

Health Sciences Fund

Kris H. Jenner, MD, D.Phil

Media & Telecommunications Fund

Daniel Martino, CFA

Mid-Cap Growth Fund

Brian W.H. Berghuis, CFA

T. Rowe Price U.S. Equity and Blended Asset Funds/Managers As of 31 Dec 2011

Fund(s)

Lead Portfolio Manager

Mid-Cap Value Fund

David J. Wallack

New America Growth Fund

Joseph M. Milano, CFA

New Era Fund

Timothy E. Parker, CFA

New Horizons Fund

Henry M. Ellenbogen

Personal Strategy Funds (Balanced, Growth, Income)

Charles M. Shriver, CFA

Real Estate Fund

David M. Lee, CFA

Retirement Funds

Jerome A. Clark, CFA

Science & Technology Fund

Kennard W. Allen

Small-Cap Stock Fund

Gregory A. McCrickard, CFA

Small-Cap Value Fund

Preston G. Athey, CFA, CIC

Spectrum Funds (Growth, Income)

Charles M. Shriver, CFA

Tax-Efficient Equity Fund

Donald J. Peters

Total Equity Market Index Fund

E. Frederick Bair, CFA, CPA Ken D. Uematsu, CFA

U.S. Large-Cap Core Fund

Jeff Rottinghaus, CPA

Value Fund

Mark S. Finn, CFA, CPA

25

T. Rowe Price Non-U.S. and Global Equity Funds/Managers As of 31 Dec 2011

Portfolio Manager (Office Location)

Fund(s)

Christopher D. Alderson (London)

Spectrum International Fund

Oliver Bell, IMC (London)

Africa & Middle East Fund

R. Scott Berg, CFA (London)

Global Large-Cap Fund

José Costa Buck (Buenos Aries)

Latin America Fund

Mark J.T. Edwards (London)

26

Area(s) of Focus

Africa & Middle East

Latin America North Asia

David J. Eiswert (Baltimore)

Global Technology Fund

Technology

Robert N. Gensler (Baltimore)

Global Stock Fund

M. Campbell Gunn (Tokyo)

Japan Fund

Japan

David M. Lee, CFA (Baltimore)

Global Real Estate Fund

Real Estate

Anh Lu (Hong Kong)

New Asia Fund

Asia Ex-Japan

Jonathan Matthews, CFA (London)

International Growth & Income Fund

Susanta Mazumdar (Singapore)

Global Infrastructure Fund

Raymond A. Mills, Ph.D., CFA (Baltimore)

Overseas Stock Fund

Gonzalo Pángaro (London)

Emerging Markets Stock Fund

Emerging Markets

S. Leigh Innes, CFA (London)

Emerging Europe

Emerging Europe

Robert W. Smith (Baltimore)

International Stock Fund

Dean Tenerelli (London)

European Stock Fund

Justin Thomson (London)

International Discovery Fund

Europe

T. Rowe Price Fixed Income Funds/Managers As of 31 Dec 2011

Lead Portfolio Manager

Fund(s)

Brian J. Brennan, CFA

U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund

Michael J. Conelius, CFA

Emerging Markets Bond Fund

Charles B. Hill, CFA

MD Short-Term Tax-Free Bond Fund Summit Municipal Intermediate Fund Tax-Free Short-Intermediate Fund

Steven C. Huber, CFA, FSA Ian Kelson Robert M. Larkins Joseph K. Lynagh, CFA

Konstantine B. (Dino) Mallas

Andrew McCormick

Strategic Income Fund International Bond Fund U.S. Bond Index Fund CA Tax-Free Money Fund Prime Reserve Fund MD Tax-Free Money Fund NY Tax-Free Money Fund Summit Cash Reserves Fund Summit Municipal Money Market Fund Tax-Exempt Money Fund U.S. Treasury Money Fund CA Tax-Free Bond Fund NJ Tax-Free Bond Fund NY Tax-Free Bond Fund Summit Municipal Income Fund Tax-Free Income Fund GNMA Fund Summit GNMA Fund

27

T. Rowe Price Fixed Income Funds/Managers As of 31 Dec 2011

MF_Prospectus_Offer Lead Portfolio Manager

Explanation of Footnote - N/A

Fund(s)

Hugh D. McGuirk, CFA

GA Tax-Free Bond Fund After updating please save EPS in: Groups/KitBP/Mtg Kits/ExbTRPGen/EPS Current forTax-Free FootnotesBond as: Fund MD MF_Prospectus_Offer VA Tax-Free Bond Fund James M. Murphy, CFA

Tax-Free High Yield Fund

Daniel O. Shackelford, CFA

Inflation Protected Bond Fund New Income Fund

David A. Tiberii, CFA

Corporate Income Fund

Mark J. Vaselkiv

High Yield Fund

Edward A. Wiese, CFA

Short-Term Bond Fund

Call 1-800-638-7890 to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. 28

T. Rowe Price Investment Services, Inc., Distributor.

116454 03/2012