press guide presentation to: fall 2010
TRANSCRIPT
Press GuideFall 2010Presentation To:
Edward [email protected]
Heather [email protected]
Media/Public Relations Contacts:
Brian J. [email protected]
Steve E. [email protected]
Robert [email protected]
T. Rowe Price Business Snapshot
1
1 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 Price International, Inc., T. Rowe Price Global Investment Services Limited, and T. Rowe Price (Canada), Inc.
2 Includes balanced/asset allocation assets.3 Includes defined benefit, defined contribution, and eleemosynary assignments.
Institutional investors account for over 50% of the firm’s assets.3 T. Rowe Priceserves a diversified group of clients, with each group representing about 20% to30% of total assets under management. Investors outside the United States nowaccount for more than 12% of total assets under management.
Institutional
Retail Direct
Financial Intermediaries
Defined Contribution
Distribution Channels
Assets: $439.7 Billion1
As of 30 Sep 2010Figures Shown in U.S. Dollars
International Equity Assets14.4%
U.S. Equity Assets58.6%2
International Fixed Income Assets4.2%
U.S. Fixed Income Assets22.8%
Total Assets
T. Rowe Price — A Global Company
2
Baltimore
Tokyo
Hong Kong
Singapore
Sydney
London
Luxembourg
Stockholm
Copenhagen
Amsterdam
San Francisco
Toronto
Buenos Aires
Tampa
ColoradoSprings
As of 30 Sep 2010
About T. Rowe Price
Our organizational independence helps to foster an environmentwhere our clients’ interests come first.
• Independent investment organization- Focused solely on investment management and related services- Public holding company structure with substantial employee ownership
• Globally diversified organization managing $439.7 billion1
- Investment capabilities span all major public asset classes- Balanced by distribution channel
• Proprietary fundamental research is our lifeblood- 182 research analysts worldwide2
• Highly stable organization- Seasoned portfolio management teams — average 19 years of investment experience and 14 years tenure
with T. Rowe Price- Senior management team averages 24 years with T. Rowe Price3
- Strong financial position allows us to continue to invest in our global team of investment professionals
As of 30 Sep 2010Figures Shown in U.S. Dollars
1 The combined assets under management of the T. Rowe Price group of companies as of 30 September 2010.2 13 portfolio managers/analysts, 121 research analysts, 23 associate research analysts, 23 quantitative analysts, and 2 specialty analysts.3 Includes affiliates of T. Rowe Price Associates, Inc.
The T. Rowe Price group of companies includes T. Rowe Price International, Inc., T. Rowe Price Global Investment Services Limited, T. Rowe Price Associates, Inc.,and T. Rowe Price (Canada), Inc.3
Multiple Distribution Channels and Investor Touch-Points
4
Organizational View
Investment Management
Role
Channel
Target
BusinessUnit
IndividualDirect
DefinedContribution
DirectFinancial
IntermediariesU.S.
Institutions
ForeignInstitutions
andIntermediaries
Full Service Manufacturer
IndividualInvestor
Employer andParticipant
Distributor andSalesperson
InstitutionalInvestor
Institutions andDistributors
Retail Retirement PlanServices
Third PartyDistribution
GlobalInvestment
Services
GlobalInvestment
Services — Non-U.S.
Assets Under Management1
Market Value$Millions
Separately Managed Assets1 $171,927
T. Rowe Price Associates $118,740
T. Rowe Price International 37,117
T. Rowe Price Stable Asset Management 16,070
U.S. Registered Mutual Funds $261,302
Equity Funds $156,775
Taxable Fixed Income Funds 47,085
Tax-Free Fixed Income Funds 14,253
International Funds (Equity and Fixed) 40,417
Variable Annuity Funds 2,772
Luxembourg Funds $6,471
Limited Partnerships 0
Total2 $439,700
T. Rowe PricePeriods Ending 30 Sep 2010Figures Shown in U.S. Dollars
1 Assets include common trust funds, institutional, and individual relationships.2 The combined assets under management of the T. Rowe Price group of companies.5
Proprietary Research• 1821 in-house analysts dedicated to
fundamental, bottom-up research
• In-depth company analysis leading to soundlong-term investment decisions
Investment Difference
6
As of 30 Sep 2010
13 portfolio managers/analysts, 121 research analysts, 23 associate research analysts, 23 quantitative analysts, and 2 specialty analysts.1
Attention to Risk• Our goal is active participation in market advances, while
protecting gains in market declines
• We seek to provide a careful balance between risk management and high risk-adjusted returns
Experienced Investment Team• Portfolio managers average 20 years of
investment experience
• Seasoned pros focused on long-term investment opportunities, not market fads
Style Consistency• Strict adherence to each portfolio’s
investment mandates and objectives
• Clear, set expectations regarding risks and potential rewards
Proprietary Research
Experienced Investment
Teams
Attention to Risk
Style Consistency
Experienced, tenured investment team and senior management.
Global Investment Resources of T. Rowe Price Group of Companies Number of Professionals
Portfolio Managers 82
Analysts/Specialist/Generalist 217
Traders/Economists/Equity Management/Fixed Income Legal/Compliance 80
Total Investment Professionals 379
Portfolio Manager Averages Years
Total Years with T. Rowe Price 14
Total Years Overall Investment Experience 20
Management Committee Averages Years
Total Years with T. Rowe Price 20
Total Years Overall Investment Experience 25
As of 30 Sep 2010
Global Investment Resources
67
As of September 30, 2010
Senior Management
21
Management Committee
Title Years with Firm
James A.C. Kennedy, CFACEO and President 32
Brian C. Rogers, CFA, CICChairman, Chief Investment Officer 28
Edward C. BernardVice ChairmanHead of Distribution and Marketing 22
William J. Stromberg, CFADirector of Global Equity and Global Equity Research 23
John D. Linehan, CFAHead of U. S. Equity Division 12
Michael C. GitlinHead of Fixed Income Division 3
Christopher D. AldersonDirector of International Equity and President and CEO of T. Rowe Price International, Inc. 21
8
As of 30 Sep 2010
9 Price Report, Spring 1987.
Portfolio Managers, Analysts, andOther Expert Sources
19
Investing and Financial Planning Experts
20
As of 30 Sep 2010
Larry J. Puglia, CFA, CPAManager, Blue Chip Growth Fund
P. Robert Bartolo, CFA, CPAManager, Growth Stock Fund
Robert W. Sharps, CFA, CPAManager, Institutional Large-Cap Growth Fund
Brian C. Rogers, CFA, CICManager, Equity Income Fund
Joseph M. Milano, CFAManager, New America Growth Fund
E. Frederick Bair, CFA, CPAManager, Index Funds
Mark R. Weigman, CFA, CICManager, Investment Counsel Group
Donald J. Peters Manager, Tax-Efficient Funds
David R. Giroux, CFA Manager, Capital Appreciation Fund
Jeff Rottinghaus, CPAManager, U.S. Large-Cap Core Fund
General MarketCommentary andLarge-Cap Equity
Mid-Cap Equity
Small-Cap Equity
Preston G. Athey, CFA, CICManager, Small-Cap Value Fund
Gregory A. McCrickard, CFAManager, Small-Cap Stock Fund
Henry M. EllenbogenManager, New Horizons Fund
Real Estate David M. Lee, CFAManager, Real Estate Fund and Global Real Estate Fund
Tax-Efficient Investing Donald J. PetersManager, Tax-Efficient Funds
DividendsThomas J. Huber, CFAManager, Dividend Growth Fund and Growth &Income Fund
Global Areas
Individual Companies
Portfolio Managers and Portfolio Specialists in London, Asia, and Baltimore coverinternational markets and regional areas such as Europe, Japan, Latin America, Africa,and the Middle East.
A variety of analysts are available to discuss individual stocks.
Technology, Media,and Telecom
Daniel Martino, CFAManager, Media & Telecommunications Fund
Kennard W. AllenManager, Science & Technology Fund
David J. Eiswert, CPA Manager, Global Technology Fund
Sudhir Nanda, Ph.D., CFAManager, Diversified Small-Cap Growth Fund
David J. WallackManager, Mid-Cap Value Fund
Brian W.H. Berghuis, CFAManager, Mid-Cap Growth Fund
Donald J. PetersCo-Manager, Diversified Mid-Cap Growth Fund
Donald J. Easley, CFACo-Manager, Diversified Mid-Cap Growth Fund
Equity Topics
Investing and Financial Planning Experts
21
Corporate Bonds
As of 30 Sep 2010
International andEmerging Markets
TIPS
Mike J. Conelius, CFAManager, Emerging Markets Bond Fund
Ian KelsonManager, International Bond Fund
Daniel O. Shackelford, CFAManager, Inflation-Protected Bond Fund
Money Market FundsJoseph K. Lynagh, CFAManager, Prime Reserve Fund, U.S. Treasury Money Fund, Summit Cash Reserves Fund and Municipal Money Mark Funds
Economy Alan D. Levenson, Ph.D.Chief Economist
Jared Franz, Ph.D.Associate Economist
Retirement/CollegePlanning and PersonalFinance Topics
Christine S. Fahlund, CFPSenior Financial PlannerJudith B. Ward, CFPSenior Financial Planner
Stuart L. Ritter, CFPFinancial Planner
Asset AllocationEdmund M. Notzon, III, Ph.D., CFAManager, Spectrum and PersonalStrategy Funds
Jerome Clark, CFAManager, Retirement Fundsand College Savings Portfolios
401(k)
Cynthia EganPresident, T. Rowe Price Retirement Plan ServicesManagers from several areas within our 401(k) business are also available to discuss products, services and industry trends
Donor-Advised Funds
General CommentaryDaniel O. Shackelford, CFA Manager, New Income FundEdward A. Wiese, CFA Manager, Short-Term Bond Fund
Steven C. Huber, CFA, FSAManager, Strategic Income Fund
High Yield Bonds Mark J. VaselkivManager, High Yield Fund
Paul A. Karpers, CFAManager, High Yield Portfolios
Municipal BondsKonstantine B. (Dino) MallasCo-Manager, Tax Free Income FundHugh D. McGuirk, CFAManager, Tax-Free Bond Funds
James M. Murphy, CFAManager, Tax-Free High Yield Fund
Mortgage-Backed Andrew McCormickManager, GNMA Fund
Ann BoycePresident, T. Rowe Price Program for Charitable Giving
David A. Tiberii, CFAManager, Corporate Income Fund
Institutional Investing/Defined Benefit Plans/ Third Party Distribution
Todd RuppertPresident, T. Rowe Price Global Investment Services and Interim Head of Third Party Distribution
Other Topics
FixedIncomeTopics
Sector Experts
22
Director of GlobalEquitiesWilliam J. Stromberg, CFA
Director of EquityResearch, EMEA andLatin America Kamran Baig
Director of EquityResearch, North AmericaAnna M. Dopkin, CFA
Director of EquityResearch, North AmericaCharles G. Pepin
Director of EquityResearch, North AmericaJason B. Polun, CFA
Director of EquityResearch, AsiaKes Visuvalingam, CFA
124 Equity Research Professionals worldwide.2
Kennard W. Allen1
SoftwareDavid J. Eiswert, CFA1
U.S. & Europe CommunicationsEquipment
Daniel FlaxPC Hardware, StorageRhett K. HunterSmall-Cap Generalist
Shalin ModySmall- and Mid-Cap GeneralistHiroaki Owaki, CFAJapan Generalist
Joshua K. Spencer, CFASemiconductors & EquipmentThomas H. WatsonSoftware
Nalin YogasundramAlternative EnergyAlison YipAsia Ex-Japan Generalist
Mark Bussard, MDMedtech, Dental, OrthopedicMelissa Gallagher, Ph.D.O.U.S. Pharmaceutical
Andrew R. Hyman, MDO.U.S. Biotech, Medtech,PharmaceuticalsKris H. Jenner, MD, D. Phil1
U.S. Pharmaceuticals & Biotech
Graham M. McPhailHealth Care ServicesJason Nogueira, CFAHealth Care Services
Taymour R. Tamaddon, CFAHospital Supply, Life Sciencesand Ophthalmology
Rouven Wool-Lewis, Ph.DHealth Care Services
Archibald Ciganer, CFAJapan Internet, Media &AdvertisingMay Foo, CFAAsia Ex-Japan Media
Paul D. GreeneAdvertising, Diversified Media,Radio, TV, PublishingDaniel Martino, CFA1
Telecom Services & Cable
Hiroaki Owaki, CFAJapan Telecom ServicesJustin P. WhiteInternet Infrastructure, Cable,Canadian Telecom Services
Christopher WhitehouseEurope Media, Telecom ServicesErnest C. Yeung, CFA1
Asia Telecom Services
Wenli ZhengAsia Telecom Services
Hari BalkrishnaEurope BanksChristopher T. FortuneBanks (Smaller)/ThriftsNina Jones, CPAReal EstateYoichiro KaiJapan Financials/Real Estate
David M. Lee, CFA1
Real EstateHwee Jan Ng, CFAAsia Ex-Japan FinancialsIan C. McDonald, CFACanadian Insurance Companies;Exchanges
Eric C. MoffettAsia Ex-Japan Real EstateKathryn MongelliCredit Card ProcessorsSridhar NishtalaAsia Ex-Japan Insurance
Jason Polun, CFAMoney Center Banks, SpecialtyFinanceFrederick Rizzo, CFAEuropean BanksGabriel SolomonMulti-line, P&C Insurance
Mitchell Todd, CAEurope Insurance/FinancialsEric L. Veiel, CFALife Insurance, Asset ManagInvestment Banks Marta YagoEuropean Real Estate, Asset Managers and BrokeraFirms, Rating Agencies
Daniel FlaxInformation Technology,Consulting, Market Research
Andrew FonesPayroll Processors, Staffing,Education
Inigo MijangosEurope Business Services
Joshua B. NelsonPayroll Processors, Staffing,Education
Clark R. ShieldsTransaction Processors, FinaServices Related, Other
Paulina AmievaLatin America RetailFrancisco M. AlonsoSoft Goods, Hard Goods,Discount Stores, Textiles, ApparelIra W. Carnahan, CFASoft Goods, Toys, Nutrition, Dietand Direct Sellers, OutdoorEquipment
Archibald Ciganer, CFAJapan Food & Beverage, Tobacco,Home Personal Care, RetailJessie DingConsumer DiscretionaryBarry HendersonHard Goods, Discount Stores,Gaming
Michael LasotaCruise Lines, CommercialBrokers, LodgingIan C. McDonald, CFAHousingSridhar NishtalaAsia Ex-Japan Conglomerates,Retail, Food & Beverage, Tobacco,Home Personal Care, Leisure &Gaming
Robert T. Quinn, Jr.Food, Beverage, Tobacco,Personal Care, Cosmetics,Conglomerates (Multi-Cap)Sebastian SchrottEuropean Retail and Luxury GoodsAmit SethBranded Apparel, Footwear
Jonty Starbuck, CFAEurope Food, Beverage, TobaPersonal Care, Gaming, LodgAshley R. Woodruff, CFARestaurants, Supermarkets
Peter J. Bates, CFAEnvironmental Services,Railroads, IndustrialManufacturing, AgricultureEquipment, Capital Goods, MegaConglomeratesArchibald Ciganer, CFATransportAndrew DavisRailroads
Jonathan ChouAutomobile Manufacturers,DistributorsJin JeongEurope Capital Goods, AutoJeremy KokemorSmall- Mid-Cap MetalsLillian Y. Li, CFAAsia Ex-Japan Infrastructure
Susanta Mazumdar1
Asia Ex-Japan InfrastructureSridhar NishtalaAirlinesCurt J. Organt, CFASmall- and Mid-Cap Generalist,DistributionAustin M. Powell, CFAJapan Industrial Manufacturing
David L. Rowlett, CFAAerospace and DefenseJeneiv Shah, CFAEastern Europe Autos, Transport,AirlinesJohn C. A. ShermanAerospace and Defense, Transport,LogisticsClark R. ShieldsAir Freight, Logistics
Eunbin SongSteel, Shipbuilding, E&C, PowEquipment, Tech MaterialsKwame Webb, CFATrucking, Airlines, Air FreightLogistics (Small-Cap)Christopher Yip, CFAAsia Ex-Japan IndustrialManufacturingWenli ZhengAsia Ex-Japan Power Equipm
Haider AliAsia Ex-Japan Oil and Gas, BulkCommodities, Non-ferrous MetalsRyan N. BurgessChemicals, UtilitiesArchibald Ciganer, CFAJapan UtilitiesShawn T. DriscollExploration & Production, Coal, Engineering & Construction
Vitaliy ElbertMetals & Mining Mark S. Finn, CFA, CPA1
Utilities - Electric & PowerGeneration, CoalShinwoo KimEnergy ServicesSteven D. KrichbaumSmall-Cap UtilitiesBen LandyFertilizer, Industrial Gases
Jonathan Matthews, CFA1
Global Energy Majors, Explorationand Production, RefiningSusanta Mazumdar1
Asia Ex-Japan UtilitiesHeather K. McPherson, CPA1
Paper, Forest ProductsInigo MijangosUtilities
Timothy E. Parker, CFA1
Energy Service, Exploration andProduction, Global Energy MajorsCraig PenningtonGlobal Energy Majors,Exploration and Production,RefiningRick de los ReyesMetals & MiningNaoto SaitoJapan Energy, Chemicals, Trading Companies
Ami ShahEurope UtilitiesJeneiv Shah, CFAEastern Europe Mid-Cap OilsJohn C. A. ShermanChemicalsJohn WilliamsEnergyNalin YogasundramAlternative Energy
Ulle Adamson, CFAEmerging Europe, Middle East,and Africa GeneralistMartin BaylacLatin America GeneralistJosé Costa Buck1
Latin America Generalist
Simon Cheng, CFAGreater China Small-Cap GeneralistUebe Rezeck FilhoEurope Small-Cap GeneralistBen Griffiths, CFAEurope Small-Cap Generalist
Mark Lawrence, CFAMiddle East and Africa GeneralistSebastien MalletEurope Small-Cap GeneralistLeigh Innes, CFA1
Emerging Europe, Middle Eastand Africa Generalist
Joseph Rohm1
Emerging Europe, Middle East,and Africa GeneralistFrancisco SersaleLatin America GeneralistMiki Takeyama, CMAJapan Small- and Mid-CapGeneralist
Sindee Tan, CFAEurope Small-Cap GeneralistVerena Wachnitz, CFALatin America GeneralistHiroshi Watanabe, CFAJapan Small- and Mid-CapGeneralist
Financial Services
Technology
Health Care
Media/Telecom
Industrials
Business Services
Consumer/Retail
RegionalGeneralists
NaturalResources
As of September 30, 2010
1 Also has portfoliomanagement responsibilities.
2 9 portfolio manager/analysts,87 research analysts, 23associate research analysts, 3 quantitative analysts, and 2 specialty analysts as of September 30, 2010.
As of 30 Sep 2010
1 Also has portfoliomanagement responsibilities.
2 9 portfolio manager/analysts,87 research analysts, 23associate research analysts, 3 quantitative analysts, and 2 specialty analysts as of 30 September 2010.
Fixed Income Research AnalystsHead of Fixed IncomeCredit Research Michael J. McGonigle
Head of Fixed IncomeQuantitative ResearchMartin G. Lee
Corporates Steven E. Boothe, CFA1
Cable, Media, Technology,TelecommunicationsSteven G. Brooks, CFA2
Consumer Products, Leisure,Retail, TransportationMichael Lambe, CFAEuropean Aerospace/Defense,European Energy, Utilities
Christopher C. Loop, CFA2
European Industrials, Media,Technology, Telecommunications Dominic MammarellaManufacturingSamy B. MuaddiO.U.S. FinancialsAlex S. ObazaInsurance
Theodore E. Robson, CFABrokers, Money Center Banks,REITsBrian M. Ropp, CPAEnergy, U.S. Regional BanksEvan S. ShayAerospace/Defense,Health Care, IndustrialsKimberly A. StokesElectric Utilities, Natural GasPipelines
Lauren M. TaylorChemicals, Paper, Metals &MiningSiby ThomasEmerging Market CorporatesHoward Woodward, CFA1
Autos, European Industrials,Retail, Services
Securitized Products
Alisa Fiumara Yoch, CFACMBS, Structured Finance Jung LieuStructured Finance
Theodore E. Robson, CFACMBS
Evan S. ShayGSE Credit
Susan G. Troll, CPA2
Structured Finance
High Yield Jason A. Bauer, CFACable, Consumer Products,Gaming, Lodging,Telecommunications, Textiles &Apparel Michael F. Connelly, CFAFood & Tobacco, Manufacturing,Restaurants, Satellites, Services,Supermarkets
Michael Della VedovaEuropean High YieldCarson Dickson, CFA, CPAAerospace/Defense, Airlines,Forest Products, Retail,TransportationStephen M. Finamore, CFAEntertainment & Leisure,Financials, Health Care
Justin T. Gerbereux, CFA1,2
Automotives, Energy Andrew P. Jamison, CPAChemicals, ContainersPaul M. Massaro, CFA1
Broadcasting, WirelessCommunications
Walter P. Stuart III, CFABuilding Products, Homebuilders,Metals & Mining, Technology,Utilities
QuantitativeAnalysis
Anil AndhavarapuQuantitative Investment AnalystSecuritized Modeling & AnalyticsChristopher P. Brown, Jr., CFAPortfolio Investment StrategistSecuritized ProductsJason Collins4
Portfolio Investment AnalystStable ValueChris Copsey4
Portfolio Investment AnalystGlobal Fixed IncomeLevent DemireklerQuantitative Investment Analyst,Core Analytics Specialist
Mike FangQuantitative Investment AnalystMultisector Portfolio AnalyticsDimitri V. Grechenko, CFAPortfolio Investment AnalystCore/Core PlusJill HirschPortfolio Investment AnalystEmerging MarketsYongheon LeeQuantitative Investment Analyst,Risk Models and DerivativesAnalyticsPeter D. Leiser, Jr.Manager Core Analytics
Greg Lewis4
Portfolio Investment AnalystHigh YieldRichard LinQuantitative Investment AnalystCredit Modeling & AnalyticsPeggy Meckel4
Portfolio Investment AnalystHigh YieldAgnese MelbardeQuantitative Investment AnalystCredit Modeling & AnalyticsChristina NiQuantitative Investment AnalystSecuritized Modeling & Analytics
Michael F. Reinartz, CFAPortfolio Investment AnalystShort-Term Bond & Stable ValueMike SewellPortfolio Investment AnalystMunicipalsZhen XiaPortfolio Investment AnalystInvestment Grade CorporatesGrace Zheng, Ph.D.Quantitative Investment AnalystAttribution & Credit Modeling
Emerging Markets
Roy AdkinsAfrica and Middle East
Christopher J. Kushlis, CFAAsia and Brazil
Michael D. Oh, CFALatin America
Julie A. SalsberyEastern Europe
Municipal R. Lee Arnold, CFA, CPA2
Airlines, Life Care/NursingJonathan M. ChirungaCharter Schools, Real Estate,Transportation
Patricia S. DefordHousing, Life Care/Nursing,TobaccoG. Richard DentEducation, Student Housing
Charles E. EmrichGeneral Obligations, PublicPower, Water and SewerKathryn A. Floyd, CFAGeneral Obligations, Hospitals,Water and Sewer
Marcy M. LashHospitalsLinda A. Murphy2
General Obligations,Hotels/Conference Centers, Waterand Sewer
As of 30 Sep 2010
1 Also has portfolio management responsibilities. 2 Team leader. 3 4 portfolio manager/analysts, 34 research analysts, and 20 quantitative analysts.4 Reports to other managers.
58 Fixed Income Analysts worldwide.3
23
As of 30 Sep 2010
As of 12 Nov 2010
T. Rowe Price U.S. Equity and Blended Asset Funds/Managers
24
Fund(s) Lead Portfolio Manager
Balanced Fund Edmond M. Notzon, III, Ph.D., 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
As of 12 Nov 2010
T. Rowe Price U.S. Equity and Blended Asset Funds/Managers
25
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 Edmund M. Notzon, III, Ph.D., CFA
(Balanced, Growth, Income)
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) Edmund M. Notzon, III, Ph.D., 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
Portfolio Manager (Office Location) Fund(s) Area(s) of Focus
Christopher D. Alderson (London) Spectrum International Fund
R. Scott Berg, CFA (London) Global Large-Cap Stock Fund
José Costa Buck (Buenos Aries) Latin America Fund Latin America
Mark J.T. Edwards (London) 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 H.W. 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, CFA (London) Emerging Markets Stock Fund Emerging Markets
S. Leigh Innes, CFA (London) Emerging Europe & Mediterranean Fund Emerging Europe
Joseph Rohm (London) Africa & Middle East Fund Africa & Middle East
Robert W. Smith (Baltimore) International Stock Fund
Dean Tenerelli (London) European Stock Fund Europe
Justin Thomson (London) International Discovery Fund
As of 12 Nov 2010
T. Rowe Price Non-U.S. and Global Equity Funds/Managers
26
As of 12 Nov 2010
T. Rowe Price Fixed Income Funds/Managers
27
Lead Portfolio Manager Fund(s)
Brian J. Brennan, CFA U.S. Treasury Intermediate FundU.S. Treasury Long-Term Fund
Michael J. Conelius, CFA Emerging Markets Bond Fund
Charles B. Hill, CFA MD Short-Term Tax-Free Bond FundSummit Municipal Intermediate FundTax-Free Short-Intermediate Fund
Steven C. Huber, CFA, FSA Strategic Income Fund
Ian D. Kelson International Bond Fund
Robert M. Larkins U.S. Bond Index Fund
Joseph K. Lynagh, CFA CA Tax-Free Money FundPrime Reserve FundMD Tax-Free Money FundNY Tax-Free Money FundSummit Cash Reserves FundSummit Municipal Money Market FundTax-Exempt Money FundU.S. Treasury Money Fund
Konstantine B. (Dino) Mallas CA Tax-Free Bond FundNJ Tax-Free Bond Fund NY Tax-Free Bond Fund Summit Municipal Income FundTax-Free Income Fund
Andrew McCormick GNMA FundSummit GNMA Fund
As of 12 Nov 2010
T. Rowe Price Fixed Income Funds/Managers
28
Lead Portfolio Manager Fund(s)
Hugh D. McGuirk, CFA GA Tax-Free Bond Fund
MD Tax-Free Bond Fund
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
100618 11/2010
Call 1-800-638-7890 to request a prospectus, which includes investment objectives, risks, fees, expenses, and otherinformation that you should read and consider carefully before investing.T. Rowe Price Investment Services, Inc., Distributor.