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Proc-Type: 2001,MIC-CLEAR
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Report of Independent Registered Public Accounting Firm
To the Board of Directors of T. Rowe Price Institutional International Funds, Inc. and
Shareholders of T. Rowe Price Institutional Africa & Middle East Fund, T. Rowe Price Institutional Emerging Markets Equity Fund, T. Rowe Price Institutional Foreign Equity Fund, T. Rowe Price Institutional Global
Large Cap Equity Fund, and T. Rowe Price Institutional Global Equity Fund
In planning and performing our audits of the financial statements of T. Rowe Price Institutional Africa & Middle East Fund, T. Rowe Price Institutional Emerging Markets Equity Fund, T. Rowe Price Institutional
Foreign Equity Fund, T. Rowe Price Institutional Global Large Cap Equity Fund, and T. Rowe Price Institutional Global Equity Fund (five of the funds comprising T. Rowe Price Institutional International Funds, Inc. hereafter referred to as the
Companies) as of and for the year ended October 31, 2008, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Companies' internal control over financial reporting,
including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Companies' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Companies' internal control over financial reporting.
The management of the Companies is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls. A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of a companys assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the
Companies' annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Companies' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over
financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Companies' internal control over financial reporting and its
operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of October 31, 2008.
This report is intended solely for the information and use of management and the Board of Directors of T. Rowe Price Institutional International Funds, Inc. and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
December 12, 2008
2
T. | Rowe Price Institutional International Funds, Inc. |
T. | Rowe Price Institutional Foreign Equity Fund |
The funds reserve position disclosure has been revised to state that the funds reserve positions can also consist of U.S. dollar or non-U.S. dollar currencies.
T. | Rowe Price Institutional International Funds, Inc. |
T. | Rowe Price Institutional Emerging Markets Equity Fund |
The following countries have been added to the list of countries that the fund considers to be emerging markets:
Bahrain, Kenya, Kuwait, Lebanon, Oman, Qatar, and United Arab Emirates.
The following countries have been removed from the list of countries that the fund considers to be emerging markets:
Hong Kong, Singapore, and Greece |
The funds reserve position disclosure has been revised to state that the funds reserve positions can also consist of U.S. dollar or non-U.S. dollar currencies.
T. | Rowe Price Institutional International Funds, Inc. |
T. | Rowe Price Institutional Global Equity Fund |
The funds reserve position disclosure has been revised to state that the funds reserve positions can also consist of U.S. dollar or non-U.S. dollar currencies.