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Look up preliminary current year and prior year year-end dividend and capital gains information.

2008 Preliminary Year-End Dividend and Capital Gains Distributions

The table below reflects funds that are currently expected to have year-end distributions — income or capital gains or both. It does not include all T. Rowe Price funds.

You may use this table to get a rough estimate of your taxes, but don't base your tax return on these numbers. Please note that due to the current market volatility, these estimates may be significantly different from the final numbers. Final numbers will be available in mid-December, and distribution information you would need to prepare your returns will, in most cases, be provided to you on the appropriate tax forms in late January 2009.

Due to unprecedented market fluctuations in the second half of this year, you might find that your fund’s current value is significantly lower than the beginning of the year, yet you might have taxable distributions from the fund due to capital gains realized by the fund earlier in the year or other tax requirements.

Estimated Dividend and Distribution Amounts

Locate the fund or funds you own in the table. Multiply the number of shares you expect to hold in each fund on the declaration date by each fund's per share amounts. This approximates the amounts you can expect to receive for each type of distribution.

Qualified Dividend Estimates

If your fund has an estimated qualified dividend percentage listed in the table, multiply that percentage by the sum of your income dividends plus short-term gains from the fund. This is expected to approximate the amount of your dividend that is eligible to be taxed at the lower 15% rate (or 0% for shareholders in the 15% or 10% tax brackets) applicable to qualified dividends.

For funds paying income dividends monthly or quarterly, multiply the estimated qualified dividend percentage listed in the table by the sum of your income dividends received this year plus short-term gains to approximate your estimated qualified dividends.

Please refer to your statement to find the income dividends for funds that distribute income every month or quarter.

Please note: A fund's dividend may not always qualify for the lower tax rates, especially if it is derived from interest, short-term gains, or other non-qualified sources.

The tables below exclude capital gains and quarterly dividends paid earlier in 2008 and income that is paid monthly.

Remember, you should not prepare your taxes until you receive all your official tax forms.

Please note that year-end estimates are the same for Advisor and R Class funds.

Per Share Amounts are as of October 31, 2008.

Domestic Stock Funds
Group A
Declaration Date: December 10, 2008
Ex-Dividend and Reinvestment Date: December 11, 2008
Pay Date: December 12, 2008
Group B
Declaration Date: December 11, 2008
Ex-Dividend and Reinvestment Date: December 12, 2008
Pay Date: December 15, 2008
Group C
Declaration Date: December 12, 2008
Ex-Dividend and Reinvestment Date: December 15, 2008
Pay Date: December 16, 2008
Preliminary Year-End Distributions
    Per Share Amounts
T. Rowe Price Domestic Stock Funds Qualified Dividend Percentage Income
Dividends		 Short-Term
Gains		 Long-Term
Gains
Group A
Balanced 38% paid quarterly — 0.22
Dividend Growth 93% paid quarterly — —
Equity Income 95% paid quarterly — —
Equity Index 500 100% paid quarterly — —
Extended Equity Market Index 41% 0.12 — 0.19
Growth & Income 100% paid quarterly — —
Personal Strategy Balanced 41% paid quarterly — 0.04
Personal Strategy Growth 77% 0.33 — —
Personal Strategy Income 21% paid quarterly — 0.02
Real Estate 1% paid quarterly — —
Tax-Efficient Balanced1 100% 0.04 — —
Tax-Efficient Growth 100% 0.03 — —
Total Equity Market Index 91% 0.24 — —
Group B
Blue Chip Growth 100% 0.06 — —
Capital Appreciation 70% 0.38 — 0.13
Diversified Mid-Cap Growth — — — 0.08
Diversified Small-Cap Growth — — — 0.46
Growth Stock 100% 0.09 — 0.07
Mid-Cap Growth 31% — 0.36 1.61
Mid-Cap Value 14% 0.07 0.14 0.09
New America Growth 2% — 0.24 0.60
Small-Cap Stock 100% — 0.05 0.60
Small-Cap Value 69% 0.20 0.13 1.66
Value 100% 0.25 — 0.17
Group C
Capital Opportunity 100% 0.14 — 0.06
Financial Services 86% 0.27 — —
Health Sciences — — 0.20 0.12
Media & Telecommunications 7% 0.06 0.52 0.47
New Era 76% 0.49 0.10 0.28
New Horizons — — 0.08 0.70
1Represents only taxable income, which is paid annually. The fund's quarterly dividends are not included here.
Domestic Taxable and Tax-Free Bond Funds
Declaration Date: December 4, 2008
Ex-Dividend and Reinvestment Date: December 5, 2008
Pay Date: December 8, 2008
Preliminary Year-End Distributions
    Per Share Amounts
T. Rowe Price Domestic Taxable and Tax-Free Bond Funds Qualified Dividend Percentage Income
Dividends		 Short-Term
Gains		 Long-Term
Gains
Taxable Bond Funds
Inflation Protected Bond — paid monthly 0.27 —
New Income — paid monthly 0.10 0.01
U.S. Treasury Intermediate — paid monthly — 0.01
U.S. Treasury Long-Term — paid monthly 0.05 0.32
International Stock and Bond Funds
Declaration Date: December 15, 2008
Ex-Dividend and Reinvestment Date: December 16, 2008
Pay Date: December 17, 2008
Preliminary Year-End Distributions
    Per Share Amounts
T. Rowe Price International Stock and Bond Funds Qualified Dividend Percentage Income
Dividends		 Short-Term
Gains		 Long-Term
Gains
International Stock Funds
Africa & Middle East 94% 0.38 — —
Emerging Europe & Mediterranean 100% 1.24 — —
Emerging Markets Stock 100% 0.61 — —
European Stock 81% 0.36 — —
Global Large-Cap Stock 2% — 0.09 —
Global Real Estate — paid quarterly 0.21 —
Global Stock2 50% 0.38 — —
International Discovery 100% 0.35 — —
International Equity Index 82% 0.31 — —
International Growth & Income 68% 0.32 — —
International Stock 85% 0.20 — 0.04
Japan 100% 0.06 0.02 —
Latin America 100% 0.22 — 0.84
New Asia 100% 0.38 — —
Overseas Stock 100% 0.14 — —
International Bond Funds
International Bond — paid monthly 0.25 —
2Updated as of December 1, 2008.
Retirement and Spectrum Funds
Declaration Date: December 18, 2008
Ex-Dividend and Reinvestment Date: December 19, 2008
Pay Date: December 22, 2008
Preliminary Year-End Distributions
    Per Share Amounts
T. Rowe Price Retirement and Spectrum Funds Qualified Dividend Percentage Income
Dividends		 Short-Term
Gains		 Long-Term
Gains
Retirement and Spectrum Funds
Retirement 2005 22% 0.37 0.05 0.13
Retirement 2010 27% 0.42 0.06 0.22
Retirement 2015 31% 0.28 0.04 0.21
Retirement 2020 39% 0.31 0.04 0.34
Retirement 2025 45% 0.20 0.02 0.29
Retirement 2030 54% 0.23 0.03 0.42
Retirement 2035 59% 0.15 0.02 0.29
Retirement 2040 61% 0.21 0.02 0.42
Retirement 2045 59% 0.14 0.02 0.25
Retirement 2050 66% 0.10 0.01 0.10
Retirement 2055 61% 0.11 0.01 0.15
Retirement Income 12% paid monthly 0.05 0.10
Spectrum Growth 83% 0.19 0.02 1.06
Spectrum Income 7% paid monthly 0.07 0.04
Spectrum International 82% 0.21 — 0.89
Variable Annuity Portfolios
Declaration Date: December 16, 2008
Ex-Dividend and Reinvestment Date: December 17, 2008
Pay Date: December 18, 2008
Preliminary Year-End Distributions
    Per Share Amounts
T. Rowe Price Variable Annuity Portfolios Qualified Dividend Percentage Income
Dividends		 Short-Term
Gains		 Long-Term
Gains
Variable Annuity Portfolios3
Blue Chip Growth Portfolio 100% 0.01 — —
Equity Income Portfolio 100% paid quarterly — —
Equity Index 500 Portfolio 100% paid quarterly — —
Health Sciences Portfolio — — 0.06 0.05
International Stock Portfolio 69% 0.33 0.06 0.48
Mid-Cap Growth Portfolio 8% — 0.13 1.03
New America Growth Portfolio 2% — 0.26 0.62
Personal Strategy Balanced Portfolio 29% paid quarterly 0.01 —
Download a T. Rowe Price Variable Annuity Prospectus
3The T. Rowe Price No-Load Variable Annuity is issued by Security Benefit Life Insurance Company (Form V6021). In New York, it is issued by First Security Benefit Life Insurance and Annuity Company of New York, White Plains, New York (FSB201 – 11/96). The Variable Annuity, which has been available since April 1995, and in New York since November 1995, has limitations; contact your representative. It is distributed by T. Rowe Price Investment Services, Inc., T. Rowe Price Insurance Agency, Inc., and T. Rowe Price Insurance Agency of Texas, Inc. The underlying portfolios are managed by T. Rowe Price (T. Rowe Price International for the International Stock Portfolio). The Security Benefit Group of companies and the T. Rowe Price companies are not affiliated. The Variable Annuity may not be available in all states.
Institutional Funds
Declaration Date: December 16, 2008
Ex-Dividend and Reinvestment Date: December 17, 2008
Pay Date: December 18, 2008
Preliminary Year-End Distributions
    Per Share Amounts
T. Rowe Price Institutional Funds Qualified Dividend Percentage Income
Dividends		 Short-Term
Gains		 Long-Term
Gains
Institutional Funds
Institutional Africa & Middle East 100% 0.01 — —
Institutional Concentrated Large-Cap Value 97% 0.19 — —
Institutional Core Plus — paid monthly 0.04 —
Institutional Emerging Markets Equity 100% 0.47 — —
Institutional Foreign Equity 100% 0.22 — —
Institutional Global Equity4 26% 0.18 — —
Institutional Global Large-Cap Equity 1% — 0.12 —
Institutional International Bond — paid monthly 0.52 —
Institutional Large-Cap Core Growth 100% 0.03 — —
Institutional Large-Cap Growth 100% 0.02 — —
Institutional Large-Cap Value 99% 0.25 — 0.05
Institutional Mid-Cap Equity Growth  5% — 0.09 0.47
Institutional Small-Cap Stock 81% 0.02 — 0.17
Institutional U.S. Structured Research 99% 0.10 — —
4Updated as of December 1, 2008.
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