The tables below reflect funds that currently are 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. Final numbers will be available in mid- to late 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 2012. Please note, shareholders of the T. Rowe Price Small-Cap Value Fund, T. Rowe Price Real Estate Fund, and T. Rowe Price Global Real Estate Fund will receive 1099-DIV and 1099-B forms in mid-February.

Estimated Dividend and Distribution Amounts

Locate the fund or funds you own in the tables. 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 additional tax reporting information on dividend distributions, please review our brochure, 2011 Tax Insights.

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 account 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 2011 and income that is paid monthly.

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

Per Share Amounts are as of October 31, 2011.
Amounts shown are not final. Check our website in December for final distribution amounts.

Group A
Record and Declaration Date: December 12, 2011
Ex-Dividend and Reinvestment Date: December 13, 2011
Payment Date: December 14, 2011
Group B
Record and Declaration Date: December 13, 2011
Ex-Dividend and Reinvestment Date: December 14, 2011
Payment Date: December 15, 2011
Group C
Record and Declaration Date: December 14, 2011
Ex-Dividend and Reinvestment Date: December 15, 2011
Payment Date: December 16, 2011
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Domestic Stock Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Group A
Balanced 50% Paid quarterly $0.10
Dividend Growth 100% Paid quarterly
Equity Income 100% Paid quarterly
Equity Index 500 100% Paid quarterly
Extended Equity
  Market Index
51% $0.10
Growth & Income 100% Paid quarterly
Personal Strategy
  Balanced
47% Paid quarterly
Personal Strategy
  Growth
97% $0.30 $0.01
Personal Strategy
  Income
28% Paid quarterly
Real Estate 1% Paid quarterly
Tax-Efficient Equity 100% $0.02
Total Equity Market
  Index
100% $0.20
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Domestic Stock Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Group B
Blue Chip Growth 100% $0.01
Capital Appreciation 70% $0.33
Diversified Small-Cap
  Growth
$0.59
Growth Stock 100% $0.01
Mid-Cap Growth 26% $0.76 $4.11
Mid-Cap Value 100% $0.20 $0.12 $0.76
New America Growth 26% $0.06 $0.65 $0.32
Small-Cap Stock 94% $0.23 $2.76
Small-Cap Value 100% $0.23 $0.06 $1.06
U.S. Large-Cap Core 86% $0.07 $0.01 $0.12
Value 100% $0.27
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Domestic Stock Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Group C
Capital Opportunity 100% $0.15
Financial Services 100% $0.10
Health Sciences 40% $0.33 $0.68
Media &
  Telecommunications
51% $0.12 $0.79 $3.61
New Era 100% $0.38 $0.06 $1.67
New Horizons 32% $0.39 $4.12
Science & Technology 100% $0.01
*Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends.

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

For more information on the T. Rowe Price Advisor and R-Class funds, please visit our website for financial intermediaries at www.troweprice.com/fi.
Record and Declaration Date: December 6, 2011
Ex-Dividend and Reinvestment Date: December 7, 2011
Payment Date: December 8, 2011
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Domestic Taxable Bond and Money Market Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Corporate Income Paid monthly $0.24
GNMA Paid monthly $0.02
Inflation Protected Bond Paid monthly $0.32
New Income Paid monthly $0.02 $0.04
Strategic Income 1% Paid monthly $0.11 $0.12
Summit GNMA Paid monthly $0.06
U.S. Bond Enhanced
  Index
Paid monthly $0.04
U.S. Treasury
  Intermediate
Paid monthly $0.01 $0.04
U.S. Treasury
  Long-Term
Paid monthly $0.04 $0.39
*Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends.

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

For more information on the T. Rowe Price Advisor and R-Class funds, please visit our website for financial intermediaries at www.troweprice.com/fi.
Record and Declaration Date: December 15, 2011
Ex-Dividend and Reinvestment Date: December 16, 2011
Payment Date: December 19, 2011
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price International
Stock Funds
Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Africa & Middle East 55% $0.09
Emerging Markets
  Stock
100% $0.12
European Stock 86% $0.30
Global Infrastructure 90% $0.20 $0.08 $0.04
Global Large-Cap Stock 34% $0.08 $0.45 $0.62
Global Real Estate 38% Paid quarterly
Global Stock 100% $0.09
Global Technology 10% $0.24 $0.09
International Discovery 100% $0.34
International Equity
  Index
72% $0.30
International Growth &
  Income
80% $0.29
International Stock 100% $0.17
Japan 100% $0.07 $0.02
Latin America 100% $0.66 $2.79
New Asia 100% $0.13 $2.64
Overseas Stock 90% $0.14



Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price International Bond Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Emerging Markets
  Bond
Paid monthly $0.14
International Bond Paid monthly $0.28
*Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends.

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

For more information on the T. Rowe Price Advisor and R-Class funds, please visit our website for financial intermediaries at www.troweprice.com/fi.
Record and Declaration Date: December 20, 2011
Ex-Dividend and Reinvestment Date: December 21, 2011
Payment Date: December 22, 2011
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Retirement and Spectrum Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Retirement 2005 25% $0.30 $0.03
Retirement 2010 29% $0.37 $0.04
Retirement 2015 33% $0.25 $0.03
Retirement 2020 39% $0.29 $0.04
Retirement 2025 44% $0.19 $0.03
Retirement 2030 55% $0.22 $0.04
Retirement 2035 61% $0.14 $0.02
Retirement 2040 66% $0.19 $0.03
Retirement 2045 64% $0.13 $0.02 $0.01
Retirement 2050 68% $0.10 $0.02 $0.04
Retirement 2055 66% $0.10 $0.02 $0.04
Retirement Income 23% Paid monthly $0.03
Spectrum Growth 87% $0.17 $0.03
Spectrum Income 7% Paid monthly $0.05
Spectrum International 86% $0.15 $0.01
*Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends.

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

For more information on the T. Rowe Price Advisor and R-Class funds, please visit our website for financial intermediaries at www.troweprice.com/fi.
Record and Declaration Date: December 16, 2011
Ex-Dividend and Reinvestment Date: December 19, 2011
Payment Date: December 20, 2011
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Institutional Funds Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Institutional Africa &
  Middle East
33% $0.10
Institutional
  Concentrated
  International Equity
70% $0.23 $0.22
Institutional Core Plus Paid monthly $0.03 $0.07
Institutional Emerging
  Markets Bond
Paid monthly $0.02 $0.18
Institutional Emerging
  Markets Equity
100% $0.15
Institutional Floating
  Rate
Paid monthly $0.07
Institutional Global
  Equity
100% $0.06
Institutional Global
  Large-Cap Equity
23% $0.12 $0.78 $0.63
Institutional High Yield 1% Paid monthly $0.20
Institutional
  International Bond
Paid monthly $0.50
Institutional
  International Core
  Equity
100% $0.24
Institutional
  International Growth
  Equity
100% $0.30
Institutional Large-Cap
  Core Growth
100% $0.02
Institutional Large-Cap
  Growth
100% $0.02
Institutional Large-Cap
  Value
100% $0.23
Institutional Mid-Cap
  Equity Growth
51% $0.17 $0.40
Institutional Small-Cap
  Stock
100% $0.03 $0.01 $0.68
Institutional U.S.
  Structured Research
100% $0.11
*Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends.

For more information on the T. Rowe Price Institutional funds, please visit our website for financial intermediaries at www.troweprice.com/fi.
Record and Declaration Date: December 16, 2011
Ex-Dividend and Reinvestment Date: December 19, 2011
Payment Date: December 20, 2011
Preliminary Year-End Distributions
  Per Share Amounts
T. Rowe Price Variable Annuity Portfolios Qualified Dividend
Percentage
(estimated)*
Income Dividends
(annual estimate)
Short-Term
Gains
Long-Term
Gains
Equity Income
  Portfolio
100% Paid quarterly
Equity Index 500
  Portfolio
90% Paid quarterly
International Stock
  Portfolio
100% $0.27
Limited-Term Bond
  Portfolio
Paid monthly $0.02
Mid-Cap Growth
  Portfolio
28% $0.37 $2.48
New America Growth
  Portfolio
30% $0.06 $1.01 $0.75
Personal Strategy
  Balanced Portfolio
46% Paid quarterly
Prime Reserve
  Portfolio
Paid monthly $0.0001
*Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends.

Please note that year-end estimates for Variable Annuity–II Class funds are the same as the funds above.
For existing clients who are considering an exchange or investment into a new portfolio and would like to request a prospectus, please call 1-800-469-6587. The prospectus includes investment objectives, risks, fees, expenses, and other information that should be read carefully before investing.
1The 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). (Security Benefit Life is not licensed in New York and does not solicit business in New York.) 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 Associates, Inc. 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.