1 The combined assets under management of the T. Rowe Price group of .....
Naoto Saito. TOK. Japan Energy, Chemicals,. Trading Companies. Ami Shah.
LON.
Press Guide Presentation To:
Winter 2012
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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
1
9
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
1
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2
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
3
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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.
4
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
26
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
4
23
22 8
9 R
Portfolio Managers, Analysts, and Other Expert Sources
19
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
20
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
