John Cammack T. Rowe Price Head of Third-Party Distribution

Company Press Release

BALTIMORE (July 21, 2009) – After a successful 18-year career with T. Rowe Price, where he is currently the head of Third Party Distribution (TPD), John Cammack, CFP®, has announced his decision to retire on September 30, 2009 in order to devote more time to his non-profit and other personal interests.

In addition to serving as chairman-elect of the United Way of Central Maryland, Mr. Cammack plans to focus on other social initiatives incorporating his interests in systems theory, behavioral economics and neuroscience.

“John was a driving force behind creating our Third Party Distribution division, and building it into a critically important business for the firm, serving a wide array of financial intermediaries,” said T. Rowe Price Vice Chairman Edward Bernard. “A recognized industry leader, he leaves behind a strong and healthy TPD organization, with a superb record of effective sales and client service, marked by very high client satisfaction ratings.”

In addition to his contributions to T. Rowe Price and the community, Mr. Cammack has also been very involved in the investments and financial planning industries. He is currently chairman of the Mutual Fund Education Alliance and a member of the Investment Companies Committee for the Financial Industry Regulatory Authority (FINRA). He is also a board member of the Foundation for Financial Planning, a member of The Alpha Group, and has served on the Board of Governors of the Certified Financial Planner Board of Standards.

T. Rowe Price will be conducting a broad search to identify Mr. Cammack’s successor. On an interim basis, Todd Ruppert, president of the firm's Global Investment Services division, will provide leadership for TPD, working with the experienced TPD leadership team and Mr. Bernard. Mr. Ruppert is a 24-year veteran of the firm who has substantial knowledge of U.S. intermediary markets and long familiarity with many TPD clients.

Founded in 1937, Baltimore-based T. Rowe Price is a global investment management organization with $268.8 billion in assets under management as of March 31, 2009. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. More information is available at HYPERLINK "http://www.troweprice.com" www.troweprice.com.