VOTE BY TOUCH-TONE PHONE, THE INTERNET, OR BY MAIL Option 1: Automated Touch Tone Voting: Call toll-free 1-888-221-0697 Invest With Confidence and use the control number shown below. T. Rowe Price Option 2:On the Internet at www.proxyweb.com and use the control Ram Logo number shown below. Option 3: Return this proxy card using the enclosed envelope. ***CONTROL NUMBER: 999 999 999 999 99*** Please fold and detach card at perforation before mailing - ------------------------------------------------------------------------------- FUND NAME PRINTS HERE MEETING TIME: 3:00 P.M. EASTERN TIME THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS By my signature below, I appoint James S. Riepe and M. David Testa as proxies to vote all Fund shares that I am entitled to vote at the Annual Meeting of Shareholders to be held on October 23, 2001, at 3:00 p.m., ET in the offices of the Fund at 100 East Pratt Street, Baltimore, Maryland, 21202 and at any adjournments of the meeting. Messrs. Riepe or Testa may vote my shares, and they may appoint substitutes to vote my shares on their behalf. I instruct Messrs. Riepe and Testa to vote this proxy as specified on the reverse side, and I revoke any previous proxies that I have executed. I acknowledge receipt of the Fund's Notice of Annual Meeting of Shareholders and proxy statement. PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. Date_____________________ _______________________________________ Signature(s) (and Title(s), if applicable) NOTE: Please sign exactly as name appears on this proxy. Joint owners should each sign personally. Directors and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. CONTINUED ON REVERSE SIDE EQUITY