Mutual Funds

*Funds are placed in general risk/return categories based on their past performance or, for newer funds, the performance of the types of securities in which they invest. There is no assurance past trends will continue.

Barron's ranked T. Rowe Price the #1 world equity fund family among 61 fund families for the 1-year period ended 12/31/09. Past performance cannot guarantee future results.

For each 3-, 5-, and 10-year period ended 6/30/10, 75% of our funds beat their Lipper average. Results will vary for other periods. All funds are subject to market risk, including possible loss of principal. Based on cumulative total return, 105 of 171 (61%), 129 of 158, 115 of 134, and 63 of 83 T. Rowe Price funds (including all share classes and excluding funds used in insurance products) outperformed their Lipper average for the 1-, 3-, 5-, and 10-year periods ended 6/30/10, respectively. Not all funds outperformed for all periods. Fund returns have been affected by market volatility and are negative for certain periods. (Source for data: Lipper Inc.)

Barron's, February 1, 2010. In the world equity fund category, T. Rowe Price was ranked 23 of 54 and 19 of 48 fund families for the 5- and 10-year periods ended 12/31/09, respectively. Barron's survey included fund families with at least 3 funds in Lipper's general U.S. stock category; 1 fund in the world equity category, which combines global and international funds at least 1 mixed-equity fund, which holds stocks and bonds; at least 2 taxable bond funds; and 1 tax-exempt fund. Returns were calculated minus the effects of 12b-1 fees, loads, and sales charges and then measured against the fund's Lipper category average to determine the fund's percentile ranking. This ranking was then weighted by the fund's asset size relative to the fund family's other assets in the overall category (e.g., world equity). Therefore, the larger the fund, the greater its impact on its fund family's overall ranking. Lastly, the fund's score was multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. Barron's is a registered trademark of Dow Jones & Company.