T. Rowe Price Group, Inc.

T. Rowe Price Group, Inc. is a financial services holding company that provides investment advisory services to individual and institutional investors in the sponsored T. Rowe Price mutual funds and other investment portfolios. The Company operates its investment advisory business through its subsidiary companies, primarily T. Rowe Price Associates, Inc., T. Rowe Price International Funds, Inc. and T. Rowe Price Global Investment Services Limited. During the year ended December 31, 2005, total assets under the Company's management were $269.5 billion, including $178 billion held in retirement accounts and variable annuity investment portfolios. During 2005, assets under the Company's management also included $208.3 billion of equity securities and $61.2 billion of debt securities.

As of December 31, 2005, the five largest T. Rowe Price funds were Equity Income, Mid-Cap Growth, Growth Stock, Blue Chip Growth and Small-Cap Stock, which accounted for nearly 24% of assets under management at that time and 30% of 2005 investment advisory revenues. The Company's assets under management are sourced approximately 20% to 30% from third-party financial intermediaries that distribute the Company's managed investment portfolios in the United States and foreign countries, individual United States investors on a direct basis, United States defined contribution retirement plans and institutional investors in the United States and foreign countries.

The Company's United Kingdom-based investment advisory subsidiary, T. Rowe Price Global Investment Services, offers investment advisory business in Europe, where it provides separate account management to institutional investors, sub-advisory services, and a series of Luxembourg-domiciled mutual funds with share classes for institutional investors and for individuals reached through third-party intermediaries. The Company also provides certain administrative services as ancillary services to its investment advisory clients. These administrative services are provided by several of its subsidiary companies and include mutual fund transfer agent, accounting and shareholder services; participant record keeping and transfer agent services for defined contribution retirement plans investing in the Company's sponsored mutual funds; discount brokerage, and trust services.

Price Funds

The Company provides investment advisory, distribution and other administrative services to the Price funds. Investment advisory services are provided to each fund under individual investment management agreements that grant the fund the right to use the T. Rowe Price name. Investment advisory revenues are based upon the daily net assets managed in each fund. Certain of the T. Rowe Price mutual funds also offer an advisor and R class of shares that are distributed to mutual fund shareholders through third-party financial intermediaries. The Company's subsidiary, T. Rowe Price Investment Services, Inc., is the principal distributor of the T. Rowe Price mutual fund shares. T. Rowe Price Services, Inc. provides mutual fund transfer agency and shareholder services, including maintenance of staff, facilities and technology and other equipment to respond to inquiries from fund shareholders. T. Rowe Price Associates provides mutual fund accounting services, including maintenance of financial records, preparation of financial statements and reports, daily valuation of portfolio securities and computation of daily net-asset values per share.

T. Rowe Price Retirement Plan Services, Inc. provides participant accounting, plan administration and transfer agent services for defined contribution retirement plans that invest in the Price funds. The Company's trustee services are provided by another subsidiary, T. Rowe Price Trust Company, which offers common trust funds for investment by qualified retirement plans and serves as trustee for retirement plans and individual retirement arrangements (IRAs). Another subsidiary, T. Rowe Price Savings Bank, issues federally insured certificates of deposit. The Company also provides investment-advisory services to shareholders and potential investors in the Price funds through its subsidiary, T. Rowe Price Advisory Services. These services include the Investment Checkup of an individual's financial situation, the Retirement Income Manager for developing an individual's personal income and investment strategy during retirement, and the Rollover Investment Service for investing retirement plan distributions.

Other Investment Portfolios

As of December 31, 2005, the Company managed $99.3 billion in other client investment portfolios. It provides investment advisory services to these clients through its subsidiaries on a separately managed or sub-advised account basis and through sponsored investment portfolios generally organized by it, such as common trust funds, partnerships, the Luxembourg-based mutual funds and variable annuity life insurance plans. During 2005, these portfolios included United States stocks, international stocks, stable-value assets, and other bonds and money market securities.

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