EX-99.G CUST AGREEMT 7 global.htm

GLOBAL CUSTODY AGREEMENT

This AGREEMENT is effective January 3, 1994, and is between THE CHASE

MANHATTAN BANK, N.A. (the "Bank") and EACH OF THE ENTITIES LISTED ON SCHEDULE A

HERETO, Individually and Separately (each individually, the "Customer").

1. CUSTOMER ACCOUNTS.

The Bank agrees to establish and maintain the following accounts

("Accounts"):

(a)

A custody account in the name of the Customer ("Custody Account") for any

and all stocks, shares, bonds, debentures, notes, mortgages or other

obligations for the payment of money, bullion, coin and any certificates,

receipts, warrants or other instruments representing rights to receive,

purchase or subscribe for the same or evidencing or representing any other

rights or interests therein and other similar property whether

certificated or uncertificated as may be received by the Bank or its

Subcustodian (as defined in Section 3) for the account of the Customer

("Securities"); and

(b)

A deposit account in the name of the Customer ("Deposit Account") for any

and all cash in any currency received by the Bank or its Subcustodian for

the account of the Customer, which cash shall not be subject to withdrawal

by draft or check.

The Customer warrants its authority to: 1) deposit the cash and Securities

("Assets") received in the Accounts and 2) give Instructions (as defined in

Section 11) concerning the Accounts. The Bank may deliver securities of the

same class in place of those deposited in the Custody Account.

Upon written agreement between the Bank and the Customer, additional Accounts

may be established and separately accounted for as additional Accounts under the

terms of this Agreement.

2. MAINTENANCE OF SECURITIES AND CASH AT BANK AND SUBCUSTODIAN LOCATIONS.

Unless Instructions specifically require another location acceptable to the

Bank:

(a)

Securities will be held in the country or other jurisdiction in which the

principal trading market for such Securities is located, where such

Securities are to be presented for payment or where such Securities are

acquired; and

(b)

Cash will be credited to an account in a country or other jurisdiction in

which such cash may be legally deposited or is the legal currency for the

payment of public or private debts.

Cash may be held pursuant to Instructions in either interest or non-interest

bearing accounts as may be available for the particular currency. To the extent

Instructions are issued and the Bank can comply with such Instructions, the Bank

is authorized to maintain cash balances on deposit for the Customer with itself

or one of its affiliates at such reasonable rates of interest as may from time

to time be paid on such accounts, or in non-interest bearing accounts as the

Customer may direct, if acceptable to the Bank.

If the Customer wishes to have any of its Assets held in the custody of an

institution other than the established Subcustodians as defined in Section 3 (or

their securities depositories), such arrangement must be authorized by a written

agreement, signed by the Bank and the Customer.

3. SUBCUSTODIANS AND SECURITIES DEPOSITORIES.

The Bank may act under this Agreement through the subcustodians listed in

Schedule B of this Agreement with which the Bank has entered into subcustodial

agreements ("Subcustodians"). The Customer authorizes the Bank to hold Assets

in the Accounts in accounts which the Bank has established with one or more of

its branches or Subcustodians. The Bank and Subcustodians are authorized to

hold any of the Securities in their account with any securities depository in

which they participate.

The Bank reserves the right to add new, replace or remove Subcustodians. The

Customer will be given reasonable notice by the Bank of any amendment to

Schedule B. Upon request by the Customer, the Bank will identify the name,

address and principal place of business of any Subcustodian of the Customer's

Assets and the name and address of the governmental agency or other regulatory

authority that supervises or regulates such Subcustodian.

4. USE OF SUBCUSTODIAN.

(a) The Bank will identify such Assets on its books as belonging to the

Customer.

(b) A Subcustodian will hold such Assets together with assets belonging to

other customers of the Bank in accounts identified on such Subcustodian's

books as special custody accounts for the exclusive benefit of customers

of the Bank.

the instructions of the Bank or its agent. Any Securities held in a

securities depository for the account of a Subcustodian will be subject

only to the instructions of such Subcustodian.

(d) Any agreement the Bank enters into with a Subcustodian for holding its

customer's assets shall provide that such assets will not be subject to

any right, charge, security interest, lien or claim of any kind in favor

of such Subcustodian or its creditors except for a claim for payment for

safe custody or administration, and that the beneficial ownership of such

assets will be freely transferable without the payment of money or value

other than for safe custody or administration.

The foregoing shall not apply to the extent of any special agreement or

arrangement made by the Customer with any particular Subcustodian.

5. DEPOSIT ACCOUNT TRANSACTIONS.

(a) The Bank or its Subcustodians will make payments from the Deposit Account

upon receipt of Instructions which include all information required by the

Bank.

(b) In the event that any payment to be made under this Section 5 exceeds the

funds available in the Deposit Account, the Bank, in its discretion, may

advance the Customer such excess amount which shall be deemed a loan

payable on demand, bearing interest at the rate customarily charged by the

Bank on similar loans.

prior to actual collection and reconciliation to the Deposit Account, with

interest, dividends, redemptions or any other amount due, the Customer

will promptly return any such amount upon oral or written notification:

(i) that such amount has not been received in the ordinary course of

business or (ii) that such amount was incorrectly credited. If the

Customer does not promptly return any amount upon such notification, the

Bank shall be entitled, upon oral or written notification to the Customer,

to reverse such credit by debiting the Deposit Account for the amount

previously credited. The Bank or its Subcustodian shall have no duty or

obligation to institute legal proceedings, file a claim or a proof of

claim in any insolvency proceeding or take any other action with respect

to the collection of such amount, but may act for the Customer upon

Instructions after consultation with the Customer.

6. CUSTODY ACCOUNT TRANSACTIONS.

(a) Securities will be transferred, exchanged or delivered by the Bank or its

Subcustodian upon receipt by the Bank of Instructions which include all

information required by the Bank. Settlement and payment for Securities

received for, and delivery of Securities out of, the Custody Account may

be made in accordance with the customary or established securities trading

or securities processing practices and procedures in the jurisdiction or

market in which the transaction occurs, including, without limitation,

delivery of Securities to a purchaser, dealer or their agents against a

receipt with the expectation of receiving later payment and free delivery.

Delivery of Securities out of the Custody Account may also be made in any

manner specifically required by Instructions acceptable to the Bank.

(b) The Bank, in its discretion, may credit or debit the Accounts on a

contractual settlement date with cash or Securities with respect to any

sale, exchange or purchase of Securities. Otherwise, such transactions

will be credited or debited to the Accounts on the date cash or Securities

are actually received by the Bank and reconciled to the Account.

(i) The Bank may reverse credits or debits made to the Accounts in its

discretion if the related transaction fails to settle within a

reasonable period, determined by the Bank in its discretion, after the

contractual settlement date for the related transaction.

(ii)

If any Securities delivered pursuant to this Section 6 are returned by

the recipient thereof, the Bank may reverse the credits and debits of

the particular transaction at any time.

7. ACTIONS OF THE BANK.

The Bank shall follow Instructions received regarding assets held in the

Accounts. However, until it receives Instructions to the contrary, the Bank

will:

(a) Present for payment any Securities which are called, redeemed or retired

or otherwise become payable and all coupons and other income items which

call for payment upon presentation, to the extent that the Bank or

Subcustodian is actually aware of such opportunities.

(b) Execute in the name of the Customer such ownership and other certificates

as may be required to obtain payments in respect of Securities.

Securities.

(d) Appoint brokers and agents for any transaction involving the Securities,

including, without limitation, affiliates of the Bank or any Subcustodian.

(e) Issue statements to the Customer, at times mutually agreed upon,

identifying the Assets in the Accounts.

The Bank will send the Customer an advice or notification of any transfers of

Assets to or from the Accounts. Such statements, advices or notifications shall

indicate the identity of the entity having custody of the Assets. Unless the

Customer sends the Bank a written exception or objection to any Bank statement

within ninety (90) days of receipt, the Customer shall be deemed to have

approved such statement. The Bank shall, to the extent permitted by law, be

released, relieved and discharged with respect to all matters set forth in such

statement or reasonably implied therefrom as though it had been settled by the

decree of a court of competent jurisdiction in an action where the Customer and

all persons having or claiming an interest in the Customer or the Customer's

Accounts were parties if: (a) the Customer has failed to provide a written

exception or objection to any Bank statement within ninety (90) days of receipt

and where the Customer's failure to so provide a written exception or objection

within such ninety (90) day period has limited the Bank's (i) access to the

records, materials and other information required to investigate the Customer's

exception or objection, and (ii) ability to recover from third parties any

amounts for which the Bank may become liable in connection with such exception

or objection, or (b) where the Customer has otherwise explicitly approved any

such statement.

All collections of funds or other property paid or distributed in respect of

Securities in the Custody Account shall be made at the risk of the Customer.

The Bank shall have no liability for any loss occasioned by delay in the actual

receipt of notice by the Bank or by its Subcustodians of any payment, redemption

or other transaction regarding Securities in the Custody Account in respect of

which the Bank has agreed to take any action under this Agreement.

8. CORPORATE ACTIONS; PROXIES.

Whenever the Bank receives information concerning the Securities which

requires discretionary action by the beneficial owner of the Securities (other

than a proxy), such as subscription rights, bonus issues, stock repurchase plans

and rights offerings, or legal notices or other material intended to be

transmitted to securities holders ("Corporate Actions"), the Bank will give the

Customer notice of such Corporate Actions to the extent that the Bank's central

corporate actions department has actual knowledge of a Corporate Action in time

to notify its customers.

When a rights entitlement or a fractional interest resulting from a rights

issue, stock dividend, stock split or similar Corporate Action is received which

bears an expiration date, the Bank will endeavor to obtain Instructions from the

Customer or its Authorized Person, but if Instructions are not received in time

for the Bank to take timely action, or actual notice of such Corporate Action

was received too late to seek Instructions, the Bank is authorized to sell such

rights entitlement or fractional interest and to credit the Deposit Account with

the proceeds or take any other action it deems, in good faith, to be appropriate

in which case it shall be held harmless for any such action.

The Bank will deliver proxies to the Customer or its designated agent

pursuant to special arrangements which may have been agreed to in writing. Such

proxies shall be executed in the appropriate nominee name relating to Securities

in the Custody Account registered in the name of such nominee but without

indicating the manner in which such proxies are to be voted; and where bearer

Securities are involved, proxies will be delivered in accordance with

Instructions.

9. NOMINEES.

Securities which are ordinarily held in registered form may be registered in

a nominee name of the Bank, Subcustodian or securities depository, as the case

may be. The Bank may without notice to the Customer cause any such Securities

to cease to be registered in the name of any such nominee and to be registered

in the name of the Customer. In the event that any Securities registered in a

nominee name are called for partial redemption by the issuer, the Bank may allot

the called portion to the respective beneficial holders of such class of

security pro rata or in any other manner that is fair, equitable and

practicable. The Customer agrees to hold the Bank, Subcustodians, and their

respective nominees harmless from any liability arising directly or indirectly

from their status as a mere record holder of Securities in the Custody Account.

10. AUTHORIZED PERSONS.

As used in this Agreement, the term "Authorized Person" means employees or

agents including investment managers as have been designated by written notice

from the Customer or its designated agent to act on behalf of the Customer under

this Agreement. Such persons shall continue to be Authorized Persons until such

time as the Bank receives Instructions from the Customer or its designated agent

that any such employee or agent is no longer an Authorized Person.

11. INSTRUCTIONS.

The term "Instructions" means instructions of any Authorized Person received

by the Bank, via telephone, telex, TWX, facsimile transmission, bank wire or

other teleprocess or electronic instruction or trade information system

acceptable to the Bank which the Bank believes in good faith to have been given

by Authorized Persons or which are transmitted with proper testing or

authentication pursuant to terms and conditions which the Bank may specify.

Unless otherwise expressly provided, all Instructions shall continue in full

force and effect until canceled or superseded.

Any Instructions delivered to the Bank by telephone shall promptly thereafter

be confirmed in writing by an Authorized Person (which confirmation may bear the

facsimile signature of such Person), but the Customer will hold the Bank

harmless for the failure of an Authorized Person to send such confirmation in

writing, the failure of such confirmation to conform to the telephone

instructions received or the Bank's failure to produce such confirmation at any

subsequent time. The Bank may electronically record any Instructions given by

telephone, and any other telephone discussions with respect to the Custody

Account. The Customer shall be responsible for safeguarding any testkeys,

identification codes or other security devices which the Bank shall make

available to the Customer or its Authorized Persons.

12. STANDARD OF CARE; LIABILITIES.

(a) The Bank shall be responsible for the performance of only such duties as

are set forth in this Agreement or expressly contained in Instructions

which are consistent with the provisions of this Agreement.

Notwithstanding anything to the contrary in this Agreement:

(i) The Bank will use reasonable care with respect to its obligations

under this Agreement and the safekeeping of Assets. The Bank shall be

liable to the Customer for any loss which shall occur as the result of

the failure of a Subcustodian to exercise reasonable care with respect

to the safekeeping of such Assets to the same extent that the Bank

would be liable to the Customer if the Bank were holding such Assets in

New York. In the event of any loss to the Customer by reason of the

failure of the Bank or its Subcustodian to utilize reasonable care, the

Bank shall be liable to the Customer only to the extent of the

Customer's direct damages, and shall in no event be liable for any

special or consequential damages.

(ii)

The Bank will not be responsible for any act, omission, default or for

the solvency of any broker or agent which it or a Subcustodian appoints

unless such appointment was made negligently or in bad faith or for any

loss due to the negligent act of such broker or agent except to the

extent that such broker or agent (other than a Subcustodian) performs

in a negligent manner which is the cause of the loss to the Customer

and the Bank failed to exercise reasonable care in monitoring such

broker's or agent's performance where Customer has requested and Bank

has agreed to accept such monitoring responsibility.

(iii)

The Bank shall be indemnified by, and without liability to the Customer

for any action taken or omitted by the Bank whether pursuant to

Instructions or otherwise within the scope of this Agreement if such

act or omission was in good faith, without negligence. In performing

its obligations under this Agreement, the Bank may rely on the

genuineness of any document which it believes in good faith to have

been validly executed.

(iv)The Customer agrees to pay for and hold the Bank harmless from any

liability or loss resulting from the imposition or assessment of any

taxes or other governmental charges, and any related expenses with

respect to income from or Assets in the Accounts, except to the extent

that the Bank has failed to exercise reasonable care in performing any

obligations which the Bank may have agreed to assume (in addition to

those stated in this Agreement) with respect to taxes and such failure

by the Bank is the direct cause of such imposition or assessment of

such taxes, charges or expenses.

(v) The Bank shall be entitled to rely, and may act, upon the advice of

counsel (who may be counsel for the Customer) on all legal matters and

shall be without liability for any action reasonably taken or omitted

pursuant to such advice; provided, that the Bank gives (to the extent

practicable) prior notice to Customer of Bank's intention to so seek

advice of counsel and an opportunity for consultation with Customer on

the proposed contact with counsel.

(vi)

The Bank represents and warrants that it currently maintain a banker's

blanket bond which provides standard fidelity and non-negligent loss

coverage with respect to the Securities and Cash which may be held by

Subcustodians pursuant to this Agreement. The Bank agrees that if at

any time it for any reason discontinues such coverage, it shall

immediately give sixty (60) days' prior written notice to the Customer.

The Bank need not maintain any insurance for the benefit of the

Customer.

(vii)

Without limiting the foregoing, the Bank shall not be liable for any

loss which results from: (1) the general risk of investing, or (2)

investing or holding Assets in a particular country including, but not

limited to, losses resulting from nationalization, expropriation or

other governmental actions; regulation of the banking or securities

industry; currency restrictions, devaluations or fluctuations; and

market conditions which prevent the orderly execution of securities

transactions or affect the value of Assets.

(viii)

Neither party shall be liable to the other for any loss due to forces

beyond their control including, but not limited to strikes or work

stoppages, acts of war or terrorism, insurrection, revolution, nuclear

fusion, fission or radiation, or acts of God.

(b) Consistent with and without limiting the first paragraph of this Section

12, it is specifically acknowledged that the Bank shall have no duty or

responsibility to:

(i) question Instructions or make any suggestions to the Customer or an

Authorized Person regarding such Instructions;

(ii)

supervise or make recommendations with respect to investments or the

retention of Securities;

(iii)

advise the Customer or an Authorized Person regarding any default in

the payment of principal or income of any security other than as

provided in Section 5(c) of this Agreement;

(iv)

evaluate or report to the Customer or an Authorized Person regarding

the financial condition of any broker, agent (other than a

Subcustodian) or other party to which Securities are delivered or

payments are made pursuant to this Agreement;

(v) review or reconcile trade confirmations received from brokers. The

Customer or its Authorized Persons (as defined in Section 10) issuing

Instructions shall bear any responsibility to review such confirmations

against Instructions issued to and statements issued by the Bank.

notwithstanding that the Bank or any of its divisions or affiliates may

have a material interest in a transaction, or circumstances are such that

the Bank may have a potential conflict of duty or interest including the

fact that the Bank or any of its affiliates may provide brokerage services

to other customers, act as financial advisor to the issuer of Securities,

act as a lender to the issuer of Securities, act in the same transaction

as agent for more than one customer, have a material interest in the issue

of Securities, or earn profits from any of the activities listed herein.

13. FEES AND EXPENSES.

The Customer agrees to pay the Bank for its services under this Agreement

such amount as may be agreed upon in writing, together with the Bank's

reasonable out-of-pocket or incidental expenses, including, but not limited to,

reasonable legal fees. The Bank shall have a lien on and is authorized to charge

any Accounts of the Customer for any amount owing to the Bank under any

provision of this Agreement upon notice to the Customer.

14. MISCELLANEOUS.

(a) Foreign Exchange Transactions. Pursuant to Instructions, which may be

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standing Instructions, to facilitate the administration of the Customer's

trading and investment activity, the Bank is authorized to enter into spot

or forward foreign exchange contracts with the Customer or an Authorized

Person for the Customer and may also provide foreign exchange through its

subsidiaries or Subcustodians. The Bank may establish rules or limitations

concerning any foreign exchange facility made available. In all cases

where the Bank, its subsidiaries, affiliates or Subcustodians enter into a

foreign exchange contract related to Accounts, the terms and conditions of

the then current foreign exchange contract of the Bank, its subsidiary,

affiliate or Subcustodian and, to the extent not inconsistent, this

Agreement shall apply to such transaction.

(b) Certification of Residency, etc. The Customer certifies that it is a

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resident of the United States and agrees to notify the Bank of any changes

in residency. The Bank may rely upon this certification or the

certification of such other facts as may be required to administer the

Bank's obligations under this Agreement. The Customer will indemnify the

Bank against all losses, liability, claims or demands arising directly or

indirectly from any such certifications.

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accountants, officers and advisers reasonable access to the records of the

Bank relating to the Assets as is required in connection with their

examination of books and records pertaining to the Customer's affairs.

Subject to restrictions under applicable law, the Bank shall also obtain

an undertaking to permit the Customer's independent public accountants

reasonable access to the records of any Subcustodian which has physical

possession of any Assets as may be required in connection with the

examination of the Customer's books and records.

(d) Governing Law; Successors and Assigns. This Agreement shall be governed

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by the laws of the State of New York and shall not be assignable by either

party, but shall bind the successors in interest of the Customer and the

Bank.

(e) Entire Agreement; Applicable Riders. Customer represents that the Assets

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deposited in the Accounts are (Check one):

X Employee Benefit Plan or other assets subject to the Employee

-- ----

Retirement Income Security Act of 1974, as amended ("ERISA");

X /2/ Mutual Fund assets subject to certain Securities and Exchange

Commission ("SEC") rules and regulations;

X /3/ Neither of the above.

With respect to each Customer, this Agreement consists exclusively of this

document together with Schedules A, B, Exhibits I - _______ and the

following Rider(s) to the extent indicated on Schedule A hereto opposite

the name of the Customer under the column headed "Applicable Riders to

Agreement":

X ERISA

- -

X MUTUAL FUND

- -

SPECIAL TERMS AND CONDITIONS

---

There are no other provisions of this Agreement and this Agreement supersedes

any other agreements, whether written or oral, between the parties. Any

amendment to this Agreement must be in writing, executed by both parties.

(f) Severability. In the event that one or more provisions of this Agreement

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are held invalid, illegal or enforceable in any respect on the basis of

any particular circumstances or in any jurisdiction, the validity,

legality and enforceability of such provision or provisions under other

circumstances or in other jurisdictions and of the remaining provisions

will not in any way be affected or impaired.

(g) Waiver. Except as otherwise provided in this Agreement, no failure or

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delay on the part of either party in exercising any power or right under

this Agreement operates as a waiver, nor does any single or partial

exercise of any power or right preclude any other or further exercise, or

the exercise of any other power or right. No waiver by a party of any

provision of this Agreement, or waiver of any breach or default, is

effective unless in writing and signed by the party against whom the

waiver is to be enforced.

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With respect to each Customer listed on Schedule A hereto under the heading

"ERISA Trusts."

With respect to each Customer listed on Schedule A hereto under the heading

"Investment Companies/Portfolios Registered Under the Investment Company

Act of 1940."

With respect to certain of the Customers listed on Schedule A hereto under

the heading "Separate Accounts" as indicated on Schedule A.

(h) Notices. All notices under this Agreement shall be effective when

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actually received. Any notices or other communications which may be

required under this Agreement are to be sent to the parties at the

following addresses or such other addresses as may subsequently be given

to the other party in writing:

Bank:

The Chase Manhattan Bank, N.A.

Chase MetroTech Center

Brooklyn, NY 11245

Attention: Global Investor Services

Telephone: (718) 242-3455

Facsimile: (718) 242-1374

Copy to:

The Chase Manhattan Bank, N.A.

Woolgate House

Coleman Street

London EC2P 2HD England

Attention: Global Investor Services

Telephone: 44-71-962-5000

Facsimile: 44-71-962-5377

Telex: 8954681CMBG

Customer :

Name of Customer from Schedule A

c/o T. Rowe Price

100 East Pratt Street

Baltimore, MD 21202

Attention: Treasurer

Telephone: (410) 625-6658

Facsimile: (410) 547-0180

(i) Termination. This Agreement may be terminated by the Customer or the

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Bank by giving ninety (90) days written notice to the other, provided that

such notice to the Bank shall specify the names of the persons to whom the

Bank shall deliver the Assets in the Accounts. If notice of termination

is given by the Bank, the Customer shall, within ninety (90) days

following receipt of the notice, deliver to the Bank Instructions

specifying the names of the persons to whom the Bank shall deliver the

Assets. In either case the Bank will deliver the Assets to the persons so

specified, after deducting any amounts which the Bank determines in good

faith to be owed to it under Section 13. If within ninety (90) days

following receipt of a notice of termination by the Bank, the Bank does

not receive Instructions from the Customer specifying the names of the

persons to whom the Bank shall deliver the Assets, the Bank, at its

election, may deliver the Assets to a bank or trust company doing business

in the State of New York to be held and disposed of pursuant to the

provisions of this Agreement, or to Authorized Persons, or may continue to

hold the Assets until Instructions are provided to the Bank.

(j) Entire Agreement. This Agreement, including the Schedules and Riders

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hereto, embodies the entire agreement and understanding of the parties in

respect of the subject matter contained in this Agreement. This Agreement

supersedes all other custody or other agreements between the parties with

respect to such subject matter, which prior agreements are hereby

terminated effective as of the date hereof and shall have no further force

or effect.

EACH OF THE CUSTOMERS, INDIVIDUALLY AND SEPARATELY

LISTED ON SECTION I OF SCHEDULE A HERETO

By:

/s/Carmen F. Deyesu

Carmen F. Deyesu

Treasurer & Vice President

EACH OF THE CUSTOMERS, INDIVIDUALLY AND SEPARATELY

LISTED ON SECTION II OF SCHEDULE A HERETO

By:

/s/Alvin M. Younger

Alvin M. Younger

Treasurer

EACH OF THE CUSTOMERS, INDIVIDUALLY AND SEPARATELY

LISTED ON SECTION III OF SCHEDULE A HERETO

By:

/s/Alvin M. Younger

Alvin M. Younger

Treasurer

THE CHASE MANHATTAN BANK, N.A.

By:

/s/Alan Naughton

Alan Naughton

Vice President

Schedule A

Page 1 of 2

LIST OF CUSTOMERS, EACH INDIVIDUALLY PARTIES TO

GLOBAL CUSTODY AGREEMENT WITH

THE CHASE MANHATTAN BANK, N.A.

DATED JANUARY 3, 1994

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY

AGREEMENT

I. INVESTMENT COMPANIES/PORTFOLIOS The Mutual Fund Rider is

REGISTERED UNDER THE INVESTMENT applicable to all Customers

COMPANY ACT OF 1940 listed under Section I of

this Schedule A.

Equity Funds

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T. Rowe Price Balanced Fund, Inc.

T. Rowe Price Blue Chip Growth Fund, Inc.

T. Rowe Price Capital Appreciation Fund

T. Rowe Price Dividend Growth Fund, Inc.

T. Rowe Price Equity Income Fund

T. Rowe Price Growth & Income Fund, Inc.

T. Rowe Price Growth Stock Fund, Inc.

Institutional International Funds, Inc. on behalf of:

Foreign Equity Fund

T. Rowe Price International Funds, Inc. on behalf of:

T. Rowe Price European Stock Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price Mid-Cap Growth Fund, Inc.

T. Rowe Price New Era Fund, Inc.

T. Rowe Price New Horizons Fund, Inc.

T. Rowe Price OTC Fund, Inc. on behalf of:

T. Rowe Price OTC Fund

T. Rowe Price Science & Technology Fund, Inc.

T. Rowe Price Small Cap Value Fund, Inc.

CUNA Mutual Funds, Inc. on behalf of:

CUNA Mutual Cornerstone Fund

Schedule A

Page 2 of 2

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY AGREEMENT

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Income Funds

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T. Rowe Price Adjustable Rate U.S. Government Fund, Inc.

T. Rowe Price High Yield Fund, Inc.

T. Rowe Price New Income Fund, Inc.

T. Rowe Price Short-Term Bond Fund, Inc.

T. Rowe Price Summit Funds, Inc. on behalf of:

T. Rowe Price Summit Limited-Term Bond Fund

T. Rowe Price International Funds, Inc. on behalf of:

T. Rowe Price Global Government Bond Fund

T. Rowe Price International Bond Fund

T. Rowe Price Short-Term Global Income Fund

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY

AGREEMENT

II. ACCOUNTS SUBJECT TO ERISA The ERISA Rider is applicable

to all Customers Under

Section II of this

Schedule A.

T. Rowe Price Trust Company as Trustee for the

Johnson Matthey Salaried

Common Trust Funds

------ ----- -----

T. Rowe Price Trust Company, as Trustee

for the International Common Trust Fund

on behalf of the Underlying Trusts:

Foreign Discovery Trust

Foreign Discovery Trust-Augment

Pacific Discovery Trust

European Discovery Trust

Japan Discovery Trust

Latin American Discovery Trust

New York City International Common Trust Fund

III. OTHER No Riders are applicable

to the Customer listed

RPFI International Partners, L.P. under Section III of

this Schedule A.

ERISA RIDER TO GLOBAL CUSTODY AGREEMENT

BETWEEN THE CHASE MANHATTAN BANK, N.A. AND

EACH OF THE ENTITIES LISTED ON SCHEDULE A HERETO

EFFECTIVE JANUARY 3, 1994

Customer represents that the Assets being placed in the Bank's custody are

subject to ERISA. It is understood that in connection therewith the Bank is a

service provider and not a fiduciary of the plan and trust to which the assets

are related. The Bank shall not be considered a party to the underlying plan

and trust and the Customer hereby assumes all responsibility to assure that

Instructions issued under this Agreement are in compliance with such plan and

trust and ERISA.

This Agreement will be interpreted as being in compliance with the Department

of Labor Regulations Section 2550.404b-1 concerning the maintenance of indicia

of ownership of plan assets outside of the jurisdiction of the district courts

of the United States.

The following modifications are made to the Agreement:

Section 3. Subcustodians and Securities Depositories.

------------------------------------------

Add the following language to the end of Section 3:

As used in this Agreement, the term Subcustodian and the term securities

depositories include a branch of the Bank, a branch of a qualified U.S. bank, an

eligible foreign custodian, or an eligible foreign securities depository, where

such terms shall mean:

(a) "qualified U.S. bank" shall mean a U.S. bank as described in paragraph

(a)(2)(ii)(A)(1) of the Department of Labor Regulations Section

2550.404b-1;

(b) "eligible foreign custodian" shall mean a banking institution

incorporated or organized under the laws of a country other than the

United States which is supervised or regulated by that country's

government or an agency thereof or other regulatory authority in the

foreign jurisdiction having authority over banks; and

depository or clearing agency, incorporated or organized under the laws of

a country other than the United States, which is supervised or regulated

by that country's government or an agency thereof or other regulatory

authority in the foreign jurisdiction having authority over such

depositories or clearing agencies and which is described in paragraph

(c)(2) of the Department of Labor Regulations Section 2550.404b-1.

Section 4. Use of Subcustodian.

--------------------

Subsection (d) of this section is modified by deleting the last sentence.

Section 5. Deposit Account Payments.

-------------------------

Subsection (b) is amended to read as follows:

(b) In the event that any payment made under this Section 5 exceeds the

funds available in the Deposit Account, such discretionary advance shall

be deemed a service provided by the Bank under this Agreement for which it

is entitled to recover its costs as may be determined by the Bank in good

faith.

Section 10. Authorized Persons.

------------------

Add the following paragraph at the end of Section 10:

Customer represents that: a) Instructions will only be issued by or for a

fiduciary pursuant to Department of Labor Regulation Section 404b-1 (a)(2)(i)

and b) if Instructions are to be issued by an investment manager, such entity

will meet the requirements of Section 3(38) of ERISA and will have been

designated by the Customer to manage assets held in the Customer Accounts

("Investment Manager"). An Investment Manager may designate certain of its

employees to act as Authorized Persons under this Agreement.

Section 14(a). Foreign Exchange Transactions.

------------------------------

Add the following paragraph at the end of Subsection 14(a):

Instructions to execute foreign exchange transactions with the Bank, its

subsidiaries, affiliates or Subcustodians will include (1) the time period in

which the transaction must be completed; (2) the location i.e., Chase New York,

----

Chase London, etc. or the Subcustodian with whom the contract is to be executed

and (3) such additional information and guidelines as may be deemed necessary;

and, if the Instruction is a standing Instruction, a provision allowing such

Instruction to be overridden by specific contrary Instructions.

MUTUAL FUND RIDER TO GLOBAL CUSTODY AGREEMENT

BETWEEN THE CHASE MANHATTAN BANK, N.A. AND

EACH OF THE ENTITIES LISTED ON SCHEDULE A HERETO

EFFECTIVE JANUARY 3, 1994

Customer represents that the Assets being placed in the Bank's custody are

subject to the Investment Company Act of 1940 (the Act), as the same may be

amended from time to time.

Except to the extent that the Bank has specifically agreed to comply with a

condition of a rule, regulation, interpretation promulgated by or under the

authority of the SEC or the Exemptive Order applicable to accounts of this

nature issued to the Bank (Investment Company Act of 1940, Release No. 12053,

November 20, 1981), as amended, or unless the Bank has otherwise specifically

agreed, the Customer shall be solely responsible to assure that the maintenance

of Assets under this Agreement complies with such rules, regulations,

interpretations or exemptive order promulgated by or under the authority of the

Securities Exchange Commission.

The following modifications are made to the Agreement:

Section 3. Subcustodians and Securities Depositories.

------------------------------------------

Add the following language to the end of Section 3:

The terms Subcustodian and securities depositories as used in this Agreement

shall mean a branch of a qualified U.S. bank, an eligible foreign custodian or

an eligible foreign securities depository, which are further defined as follows:

(a) "qualified U.S. Bank" shall mean a qualified U.S. bank as defined in Rule

17f-5 under the Investment Company Act of 1940;

(b) "eligible foreign custodian" shall mean (i) a banking institution or

trust company incorporated or organized under the laws of a country other

than the United States that is regulated as such by that country's

government or an agency thereof and that has shareholders' equity in

excess of $200 million in U.S. currency (or a foreign currency equivalent

thereof), (ii) a majority owned direct or indirect subsidiary of a

qualified U.S. bank or bank holding company that is incorporated or

organized under the laws of a country other than the United States and

that has shareholders' equity in excess of $100 million in U.S. currency

(or a foreign currency equivalent thereof)(iii) a banking institution or

trust company incorporated or organized under the laws of a country other

than the United States or a majority owned direct or indirect subsidiary

of a qualified U.S. bank or bank holding company that is incorporated or

organized under the laws of a country other than the United States which

has such other qualifications as shall be specified in Instructions and

approved by the Bank; or (iv) any other entity that shall have been so

qualified by exemptive order, rule or other appropriate action of the SEC;

and

depository or clearing agency, incorporated or organized under the laws of

a country other than the United States, which operates (i) the central

system for handling securities or equivalent book-entries in that country,

or (ii) a transnational system for the central handling of securities or

equivalent book-entries.

The Customer represents that its Board of Directors has approved each of the

Subcustodians listed in Schedule B to this Agreement and the terms of the

subcustody agreements between the Bank and each Subcustodian, which are attached

as Exhibits I through of Schedule B, and further represents that its Board

----

has determined that the use of each Subcustodian and the terms of each

subcustody agreement are consistent with the best interests of the Fund(s) and

its (their) shareholders. The Bank will supply the Customer with any amendment

to Schedule B for approval. As requested by the Bank, the Customer will supply

the Bank with certified copies of its Board of Directors resolution(s) with

respect to the foregoing prior to placing Assets with any Subcustodian so

approved.

Section 11. Instructions.

-------------

Add the following language to the end of Section 11:

Deposit Account Payments and Custody Account Transactions made pursuant to

Section 5 and 6 of this Agreement may be made only for the purposes listed

below. Instructions must specify the purpose for which any transaction is to be

made and Customer shall be solely responsible to assure that Instructions are in

accord with any limitations or restrictions applicable to the Customer by law or

as may be set forth in its prospectus.

(a) In connection with the purchase or sale of Securities at prices as

confirmed by Instructions;

(b) When Securities are called, redeemed or retired, or otherwise become

payable;

securities and cash pursuant to any plan or merger, consolidation,

reorganization, recapitalization or readjustment;

(d) Upon conversion of Securities pursuant to their terms into other

securities;

(e) Upon exercise of subscription, purchase or other similar rights

represented by Securities;

(f) For the payment of interest, taxes, management or supervisory fees,

distributions or operating expenses;

(g) In connection with any borrowings by the Customer requiring a pledge of

Securities, but only against receipt of amounts borrowed;

(h) In connection with any loans, but only against receipt of adequate

collateral as specified in Instructions which shall reflect any

restrictions applicable to the Customer;

(i) For the purpose of redeeming shares of the capital stock of the Customer

and the delivery to, or the crediting to the account of, the Bank, its

Subcustodian or the Customer's transfer agent, such shares to be purchased

or redeemed;

(j) For the purpose of redeeming in kind shares of the Customer against

delivery to the Bank, its Subcustodian or the Customer's transfer agent of

such shares to be so redeemed;

(k) For delivery in accordance with the provisions of any agreement among the

Customer, the Bank and a broker-dealer registered under the Securities

Exchange Act of 1934 (the "Exchange Act") and a member of The National

Association of Securities Dealers, Inc. ("NASD"), relating to compliance

with the rules of The Options Clearing Corporation and of any registered

national securities exchange, or of any similar organization or

organizations, regarding escrow or other arrangements in connection with

transactions by the Customer;

(l) For release of Securities to designated brokers under covered call

options, provided, however, that such Securities shall be released only

upon payment to the Bank of monies for the premium due and a receipt for

the Securities which are to be held in escrow. Upon exercise of the

option, or at expiration, the Bank will receive from brokers the

Securities previously deposited. The Bank will act strictly in accordance

with Instructions in the delivery of Securities to be held in escrow and

will have no responsibility or liability for any such Securities which are

not returned promptly when due other than to make proper request for such

return;

(m) For spot or forward foreign exchange transactions to facilitate security

trading, receipt of income from Securities or related transactions;

(n) For other proper purposes as may be specified in Instructions issued by

an officer of the Customer which shall include a statement of the purpose

for which the delivery or payment is to be made, the amount of the payment

or specific Securities to be delivered, the name of the person or persons

to whom delivery or payment is to be made, and a certification that the

purpose is a proper purpose under the instruments governing the Customer;

and

o) Upon the termination of this Agreement as set forth in Section 14(i).

Section 12. Standard of Care; Liabilities.

------------------------------

Add the following subsection (c) to Section 12:

inquiry, the established procedures to be followed by each of its

branches, each branch of a qualified U.S. bank, each eligible foreign

custodian and each eligible foreign securities depository holding the

Customer's Securities pursuant to this Agreement afford protection for

such Securities at least equal to that afforded by the Bank's established

procedures with respect to similar securities held by the Bank and its

securities depositories in New York.

Section 14. Access to Records.

------------------

Add the following language to the end of Section 14(c):

Upon reasonable request from the Customer, the Bank shall furnish the

Customer such reports (or portions thereof) of the Bank's system of internal

accounting controls applicable to the Bank's duties under this Agreement. The

Bank shall endeavor to obtain and furnish the Customer with such similar reports

as it may reasonably request with respect to each Subcustodian and securities

depository holding the Customer's assets.

GLOBAL CUSTODY AGREEMENT

WITH

-----------------------------------

DATE

-----------------------------------

SPECIAL TERMS AND CONDITIONS RIDER

----------------------------------

January, 1994

SUB-CUSTODIANS EMPLOYED BY

--------------------------

THE CHASE MANHATTAN BANK, N.A. LONDON, GLOBAL CUSTODY

-----------------------------------------------------

COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK

ARGENTINA The Chase Manhattan Bank, The Chase Manhattan

N.A., Main Branch Bank, N.A.

25 De Mayo 130/140 Buenos Aires

Buenos Aires

ARGENTINA

AUSTRALIA The Chase Manhattan Bank, The Chase Manhattan Bank

Australia Limited Australia Limited Sydney

36th Floor

World Trade Centre

Jamison Street

Sydney

New South Wales 2000

AUSTRALIA

AUSTRIA Creditanstalt - Bankvereln Credit Lyonnais Vienna

Schottengasse 6

A - 1011, Vienna

AUSTRIA

BANGLADESH Standard Chartered Bank Standard Chartered Bank

18-20 Motijheel C.A. Dhaka

Box 536,

Dhaka-1000

BANGLADESH

BELGIUM Generale Bank Credit Lyonnais Bank

3 Montagne Du Parc Brussels

1000 Bruxelles

BELGIUM

BOTSWANA Standard Chartered Bank Standard Chartered Bank

Botswana Ltd. Botswana Ltd.

4th Floor Commerce House Gabarone

The Mall

Gaborone

BOTSWANA

BRAZIL Banco Chase Manhattan, S.A. Banco Chase Manhattan

Chase Manhattan Center S.A., Sao Paolo

Rua Verbo Divino, 1400

Sao Paulo, SP 04719-002

BRAZIL

CANADA The Royal Bank of Canada Toronto Dominion Bank

Royal Bank Plaza Toronto

Toronto

Ontario M5J 2J5

CANADA

Canada Trust Toronto Dominion Bank

Canada Trust Tower Toronto

BCE Place

161 Bay at Front

Toronto

Ontario M5J 2T2

CANADA

CHILE The Chase Manhattan Bank, The Chase Manhattan

N.A., Agustinas 1235 Bank, N.A., Santiago

Casilla 9192

Santiago

CHILE

COLOMBIA Cititrust Colombia S.A. Cititrust Colombia S.A.

Sociedad Fiduciaria Sociedad Fiduciaria

Av. Jimenez No 8-89 Santafe de Bogota

Santafe de Bogota, DC

COLOMBIA

CZECH Ceskoslovenska Obchodni Ceskoslovenska

REPUBLIC Banka, A.S.; Na Prikoope 14 Obchodni Banka, A.S.

115 20 Praha 1 Praha

CZECH REPUBLIC

DENMARK Den Danske Bank Den Danske Bak

2 Holmens Kanala DK 1091 Copenhagen

Copenhagen

DENMARK

EUROBONDS Cedel S.A. A/c No. 17817

67 Blvd Grande Duchesse ECU:Lloyds Bank PLC

Charlotte LUXEMBOURG International Banking

Dividion

A/c Chase Manhattan Bank, London

N.A. London For all other

currencies: see

relevant country

EURO CDS First Chicago Clearing Centre ECU:Lloyds Bank PLC

27 Leadenhall Street Banking Division London

London EC3A 1AA For all other

UK currencies: see

relevant country

FINLAND Kansallis-Osake-Pankki Kanasallis-Osake-Pankki

Aleksanterinkatu 42

00100 Helsinki 10

FINLAND

FRANCE Banque Paribas Societe Generale Paris

Ref 256

BP 141

3, Rue D'Antin

75078 Paris

Cedex 02

FRANCE

GERMANY Chase Bank A.G. Chase Bank A.G.

Alexanderstrasse 59 Frankfurt

Postfach 90 01 09

60441 Frankfurt/Main

GERMANY

GREECE National Bank of Greece S.A. National Bank of Greece

38 Stadiou Street S.A. Athens

Athens A/c Chase Manhattan

GREECE Bank, N.A., London

A/c No. 040/7/921578-68

HONG KONG The Chase Manhattan Bank,NA The Chase Manhattan

40/F One Exchange Square Bank, N.A., Hong Kong

8, Connaught Place

Central, Hong Kong

HONG KONG

HUNGARY Citibank Budapest Rt. Citibank Budapest Rt.

Vaci Utca 19-21 Budapest

1052 Budapest V

HUNGARY

INDIA The Hongkong and Shanghai The Hongkong and

Banking Corporation Limited Shanghai Banking

52/60 Mahatma Gandhi Road Corporation Limited,

Bombay 400 001 Bombay

INDIA

INDONESIA The Hongkong and Shanghai The Chase Manhattan

Banking Corporation Limited Bank, N.A., Jakarta

World Trade Center

J1. Jend Sudirman Kav. 29-31

Jakarta 10023

INDONESIA

IRELAND Bank of Ireland Allied Irish Bank Dublin

International Financial Services Centre

1 Hargourmaster Place

Dublin 1

IRELAND

ISRAEL Bank Leumi Le-Israel B.M. Bank Leumi Le-Israel

19 Herzi Street B.M., Tel Aviv

65136 Tel Aviv

ISRAEL

ITALY The Chase Manhattan Bank, The Chase Manhattan

N.A., Piazza Meda 1 Bank, N.A., Milan

20121 Milan

ITALY

JAPAN The Chase Manhattan Bank, The Chase Manhattan

N.A.,1-3 Marunouchi 1-Chome Bank, N.A., Tokyo

Chiyoda-Ku

Tokyo 100

JAPAN

JORDAN Arab Bank Limited Arab Bank Limited

P.O. Box 950544-5 Amman

Amman

Shmeisani

JORDAN

LUXEMBOURG Banque Generale du Luxembourg Banque Generale du

S.A., 27 Avenue Monterey Luxembourg S.A.

LUXEMBOURG Luxembourg

MALAYSIA The Chase Manhattan Bank, The Chase Manhattan

N.A., Pernas International Bank, N.A., Kuala Lumpur

Jalan Sultan Ismail

50250, Kuala Lumpur

MALAYSIA

MEXICO The Chase Manhattan Bank, No correspondent Bank

N.A., Hamburgo 213, Piso 7 (Equities)

06660 Mexico D.F.

MEXICO

(Government Banco Nacional de Mexico, Banque Commerciale du

Bonds) Avenida Juarez No. Maroc

104-11 Piso Casablanca

06040 Mexico D.F.

MEXICO

NETHERLANDS ABN AMRO N.V. Credit Lyonnais

Securities Centre Bank Nederland N.V.

P.O. Box 3200 Rotterdam

4800 De Breda

NETHERLANDS

NEW ZEALAND National Nominees Limited National Bank of New Zealand

Level 2 BNZ Tower Wellington

125 Queen Street

Auckland

NEW ZEALAND

NORWAY Den Norske Bank Den Norske Bank

Kirkegaten 21 Oslo

Oslo 1

NORWAY

PAKISTAN Citibank N.A. Citibank N.A.

State Life Building No.1 Karachi

I.I. Chundrigar Road

Karachi

PAKISTAN

PERU Citibank, N.A. Citibank N.A. Lima

Camino Real 457

CC Torre Real - 5th Floor

San Isidro, Lima 27

PERU

PHILIPPINES The Hongkong and Shanghai The Hongkong and Shaghai

Banking Corporation Limited Banking Corporation

Hong Kong Bank Centre 3/F Limited, Manila

San Miguel Avenue

Ortigas Commercial Centre

Pasig Metro Manila

PHILIPPINES

POLAND Bank Polska Kasa Opieki Bank Potska Kasa Opieki

S.A., 6/12 Nowy Swiat Str S.A., Warsaw

00-920 Warsaw

POLAND

PORTUGAL Banco Espirito Santo & Banco Pinto &

Comercial de Lisboa Sotto Mayor

Servico de Gestaode Titulos Avenida Fontes

R. Mouzinho da Silvelra, Pereira de Melo

36 r/c, 1200 Lisbon 1000 Lisbon

PORTUGAL

SHANGHAI The Hongkong and Shanghai The Chase Manhattan

(CHINA) Banking Corporation Limited Bank, N.A.,Hong Kong

Shanghai Branch

Corporate Banking Centre

Unit 504, 5/F Shanghai Centre

1376 Hanjing Xi Lu

Shanghai

THE PEOPLE'S REPUBLIC OF CHINA

SCHENZHEN The Hongkong and Shanghai The Chase Manhattan

(CHINA) Banking Corporation Limited Bank, N.A., Hong Kong

1st Floor

Central Plaza Hotel

No. 1 Chun Feng Lu

Shenzhen

THE PEOPLE'S REPUBLIC OF CHINA

SINGAPORE The Chase Manhattan Bank, The Chase Manhattan

N.A. Bank, N.A.

Shell Tower Singapore

50 Raffles Place

Singapore 0104

SINGAPORE

SOUTH KOREA The Hongkong & Shanghai The Hongkong & Shanghai

Banking Corporation Limited Banking Corporation

6/F Kyobo Building Limited, Seoul

#1 Chongro, 1-ka Chongro-Ku,

Seoul

SOUGH KOREA

SPAIN The Chase Manhattan Bank, Banco Zaragozano, S.A.

N.A.,Calle Peonias 2 Madrid

7th Floor

La Piovera

28042 Madrid

SPAIN

URUGUAY The First National Bank The First National Bank

of Boston of Boston

Zabala 1463 Montevideo

Montevideo

URUGUAY

U.S.A The Chase Manhattan Bank, The Chase Manhattan

N.A. Bank, N.A.

1 Chase Manhattan Plaza New York

New York

NY 10081

U.S.A.

VENEZUELA Citibank N.A. Citibank N.A.

Carmelitas a Altagracia Caracas

Edificio Citibank

Caracas 1010

VENEZUELA

AMENDMENT AGREEMENT

AMENDMENT AGREEMENT, dated as of April 18, 1994 (the "AMENDMENT AGREEMENT")

to the Global Custody Agreement, effective January 3, 1994 (the "CUSTODY

AGREEMENT") by and between each of the Entities listed in Attachment A hereto,

separately and individually (each such entity referred to hereinafter as the

"CUSTOMER") and THE CHASE MANHATTAN BANK, N.A. (the "BANK"). Terms defined in

the Custody Agreement are used herein as therein defined.

WITNESSETH:

WHEREAS, the Customer wishes to appoint the Bank as its global custodian

and the bank wishes to accept such appointment pursuant to the terms of the

Custody Agreement;

NOW, THEREFORE, the parties hereto agree as follows:

1. Amendment. Section I of Schedule A of the Custody Agreement ("SCHEDULE

---------

A") shall be amended to add each Customer listed in Attachment A hereto. The

revised Schedule A incorporating these changes in the form attached hereto as

Attachment B shall supersede the existing Schedule A in its entirety.

2. Agreement. The Customer agrees to be bound in all respects by all the

---------

terms and conditions of the Custody Agreement and shall be fully liable

thereunder as a "Customer" as defined in the Custody Agreement.

3. Confirmation of Agreement. Except as amended hereby, the Custody

-------------------------

Agreement is in full force and effect and as so amended is hereby ratified,

approved and confirmed by the Customer and the Bank in all respects.

4. Governing Law. This Amendment Agreement shall be construed in

-------------

accordance with and governed by the law of the State of New York without regard

to its conflict of law principles.

IN WITNESS WHEREOF, the parties have executed this Amendment Agreement as

of the day and year first above written.

THE CHASE MANHATTAN BANK, N.A.

By: /s/Alan P. Naughton

Alan P. Naughton

Vice President

EACH OF THE CUSTOMERS LISTED IN ATTACHMENT A HERETO,

SEPARATELY AND INDIVIDUALLY

By: /s/Carmen F. Deyesu

Carmen F. Deyesu

Treasurer

Attachment A

LIST OF CUSTOMERS

T. Rowe Price International Series, Inc. on behalf of the

T. Rowe Price International Stock Portfolio

T. Rowe Price Equity Series, Inc. on behalf of the

T. Rowe Price Equity Income Portfolio

T. Rowe Price New America Growth Portfolio

T. Rowe Price New America Growth Fund, Inc.

T. Rowe Price Income Series, Inc. on behalf of

T. Rowe Price Limited-Term Bond Portfolio

Attachment B

Schedule A

Page 1 of 2

LIST OF CUSTOMERS, EACH INDIVIDUALLY PARTIES TO

GLOBAL CUSTODY AGREEMENT WITH

THE CHASE MANHATTAN BANK, N.A.

DATED JANUARY 3, 1993

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY

AGREEMENT

I. INVESTMENT COMPANIES/PORTFOLIOS The Mutual Fund Rider is

REGISTERED UNDER THE INVESTMENT applicable to all Customers

COMPANY ACT OF 1940 listed under Section I of

this Schedule A.

Equity Funds

------------

T. Rowe Price Balanced Fund, Inc.

T. Rowe Price Blue Chip Growth Fund, Inc.

T. Rowe Price Capital Appreciation Fund

T. Rowe Price Dividend Growth Fund, Inc.

T. Rowe Price Equity Income Fund

T. Rowe Price Growth & Income Fund, Inc.

T. Rowe Price Growth Stock Fund, Inc.

Institutional International Funds, Inc. on behalf of:

Foreign Equity Fund

T. Rowe Price International Funds, Inc. on behalf of:

T. Rowe Price European Stock Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price International Series, Inc., on behalf of:

T. Rowe Price International Stock Portfolio

T. Rowe Price Mid-Cap Growth Fund, Inc.

T. Rowe Price New Era Fund, Inc.

T. Rowe Price New Horizons Fund, Inc.

T. Rowe Price OTC Fund, Inc. on behalf of:

T. Rowe Price OTC Fund

T. Rowe Price Science & Technology Fund, Inc.

T. Rowe Price Small-Cap Value Fund, Inc.

CUNA Mutual Funds, Inc. on behalf of:

CUNA Mutual Cornerstone Fund

T. Rowe Price Equity Series, Inc. on behalf of:

T. Rowe Price Equity Income Portfolio

T. Rowe Price New America Growth Portfolio

T. Rowe Price New America Growth Fund, Inc.

Attachment B

Schedule A

Page 2 of 2

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY

-------- --------------

AGREEMENT

----------

Income Funds

------------

T. Rowe Price Adjustable Rate U.S. Government Fund, Inc.

T. Rowe Price High Yield Fund, Inc.

T. Rowe Price New Income Fund, Inc.

T. Rowe Price Short-Term Bond Fund, Inc.

T. Rowe Price Summit Funds, Inc. on behalf of:

T. Rowe Price Summit Limited-Term Bond Fund

T. Rowe Price International Funds, Inc. on behalf of:

T. Rowe Price Global Government Income Fund

T. Rowe Price International Bond Fund

T. Rowe Price Short-Term Global Income Fund

T. Rowe Price Income Series, Inc. on behalf of:

T. Rowe Price Limited-Term Bond Portfolio

II. ACCOUNTS SUBJECT TO ERISA The ERISA Rider is applicable

to all Customers Under

Section II of this

Schedule A.

T. Rowe Price Trust Company as Trustee for the

Johnson Matthey Salaried

Savings Plan

Common Trust Funds

------------------

T. Rowe Price Trust Company,

as Trustee for the International

Common Trust Fund on behalf of

the Underlying Trusts:

Foreign Discovery Trust

Foreign Discovery Trust-Augment

Pacific Discovery Trust

European Discovery Trust

Japan Discovery Trust

Latin American Discovery Trust

New York City International Common Trust Fund

III. OTHER No Riders are applicable to

the Customer listed under

RPFI International Section III of this

Partners, L.P. Schedule A.

AMENDMENT AGREEMENT

AMENDMENT AGREEMENT, dated as of August 15, 1994 (the "AMENDMENT

AGREEMENT") to the Global Custody Agreement, effective January 3, 1994, as

amended (the "CUSTODY AGREEMENT") by and between each of the Entities listed in

Attachment A hereto, separately and individually (each such entity referred to

hereinafter as the "CUSTOMER") and THE CHASE MANHATTAN BANK, N.A. (the "BANK").

Terms defined in the Custody Agreement are used herein as therein defined.

WITNESSETH:

WHEREAS, the Customer wishes to appoint the Bank as its global custodian

and the Bank wishes to accept such appointment pursuant to the terms of the

Custody Agreement;

NOW, THEREFORE, the parties hereto agree as follows:

1. Amendment. Section I of Schedule A of the Custody Agreement ("SCHEDULE

---------

A") shall be amended to add each Customer listed in Attachment A hereto. The

revised Schedule A incorporating these changes in the form attached hereto as

Attachment B shall supersede the existing Schedule A in its entirety.

2. Agreement. The Customer agrees to be bound in all respects by all the

---------

terms and conditions of the Custody Agreement and shall be fully liable

thereunder as a "Customer" as defined in the Custody Agreement.

3. Confirmation of Agreement. Except as amended hereby, the Custody

-------------------------

Agreement is in full force and effect and as so amended is hereby ratified,

approved and confirmed by the Customer and the Bank in all respects.

4. Governing Law. This Amendment Agreement shall be construed in

-------------

accordance with and governed by the law of the State of New York without regard

to its conflict of law principles.

IN WITNESS WHEREOF, the parties have executed this Amendment Agreement as

of the day and year first above written.

THE CHASE MANHATTAN BANK, N.A.

By: /s/Alan P. Naughton

Alan P. Naughton

Vice President

EACH OF THE CUSTOMERS LISTED IN ATTACHMENT A HERETO,

SEPARATELY AND INDIVIDUALLY

By: /s/Carmen F. Deyesu

Carmen F. Deyesu

Treasurer

Attachment A

LIST OF CUSTOMERS

T. Rowe Price Equity Series, Inc. on behalf of the

T. Rowe Price Personal Strategy Balanced Portfolio

T. Rowe Price Personal Strategy Funds, Inc. on behalf of

T. Rowe Price Personal Strategy Balanced Fund

T. Rowe Price Personal Strategy Growth Fund

T. Rowe Price Personal Strategy Income Fund

Attachment B

Schedule A

Page 1 of 2

LIST OF CUSTOMERS, EACH INDIVIDUALLY PARTIES TO

GLOBAL CUSTODY AGREEMENT WITH

THE CHASE MANHATTAN BANK, N.A.

DATED JANUARY 3, 1993

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY

AGREEMENT

I. INVESTMENT COMPANIES/PORTFOLIOS The Mutual Fund Rider is

REGISTERED UNDER THE INVESTMENT applicable to all Customers

COMPANY ACT OF 1940 listed under Section I of

this Schedule A.

Equity Funds

------------

T. Rowe Price Balanced Fund, Inc.

T. Rowe Price Blue Chip Growth Fund, Inc.

T. Rowe Price Capital Appreciation Fund

T. Rowe Price Dividend Growth Fund, Inc.

T. Rowe Price Equity Income Fund

T. Rowe Price Growth & Income Fund, Inc.

T. Rowe Price Growth Stock Fund, Inc.

Institutional International Funds, Inc. on behalf of:

Foreign Equity Fund

T. Rowe Price International Funds, Inc. on behalf of:

T. Rowe Price European Stock Fund

T. Rowe Price International Discovery Fund

T. Rowe Price International Stock Fund

T. Rowe Price Japan Fund

T. Rowe Price Latin America Fund

T. Rowe Price New Asia Fund

T. Rowe Price International Series, Inc., on behalf of:

T. Rowe Price International Stock Portfolio

T. Rowe Price Mid-Cap Growth Fund, Inc.

T. Rowe Price New Era Fund, Inc.

T. Rowe Price New Horizons Fund, Inc.

T. Rowe Price OTC Fund, Inc. on behalf of:

T. Rowe Price OTC Fund

T. Rowe Price Science & Technology Fund, Inc.

T. Rowe Price Small-Cap Value Fund, Inc.

CUNA Mutual Funds, Inc. on behalf of:

CUNA Mutual Cornerstone Fund

T. Rowe Price Equity Series, Inc. on behalf of:

T. Rowe Price Equity Income Portfolio

T. Rowe Price New America Growth Portfolio

T. Rowe Price Personal Strategy Balanced Portfolio

T. Rowe Price New America Growth Fund, Inc.

Income Funds

------------

T. Rowe Price Adjustable Rate U.S. Government Fund, Inc.

T. Rowe Price High Yield Fund, Inc.

T. Rowe Price New Income Fund, Inc.

T. Rowe Price Short-Term Bond Fund, Inc.

T. Rowe Price Summit Funds, Inc. on behalf of:

T. Rowe Price Summit Limited-Term Bond Fund

T. Rowe Price International Funds, Inc. on behalf of:

T. Rowe Price Global Government Income Fund

T. Rowe Price International Bond Fund

T. Rowe Price Short-Term Global Income Fund

T. Rowe Price Income Series, Inc. on behalf of:

T. Rowe Price Limited-Term Bond Portfolio

T. Rowe Price Personal Strategy Funds, Inc. on behalf of:

T. Rowe Price Personal Strategy Balanced Fund

T. Rowe Price Personal Strategy Growth Fund

T. Rowe Price Personal Strategy Income Fund

Attachment B

Schedule A

Page 2 of 3

APPLICABLE RIDERS TO

CUSTOMER GLOBAL CUSTODY

AGREEMENT

II. ACCOUNTS SUBJECT TO ERISA The ERISA Rider is applicable

to all Customers Under

Section II of this

Schedule A.

T. Rowe Price Trust Company as Trustee for the

Johnson Matthey Salaried

Savings Plan

Common Trust Funds

------------------

T. Rowe Price Trust company,

as Trustee for the International

Common Trust Fund on behalf of

the Underlying Trusts:

Foreign Discovery Trust

Foreign Discovery Trust-Augment

Pacific Discovery Trust

European Discovery Trust

Japan Discovery Trust

Latin American Discovery Trust

New York City International Common Trust Fund

III. OTHER No Riders are applicable to

the Customer listed under

RPFI International Section III of this

Partners, L.P. Schedule A.

AMENDMENT AGREEMENT

AMENDMENT AGREEMENT, dated as of November 28, 1994 (the "Amendment

Agreement") to the Global Custody Agreement, effective January 3, 1994, as

amended (the "Custody Agreement") by and between each of the Entities listed in

Attachment A hereto, separately and individually (each such entity referred to

hereinafter as the "Customer") and THE CHASE MANHATTAN BANK, N.A. (the "Bank").

Terms defined in the Custody Agreement are used herein as therein defined.

WITNESSETH:

WHEREAS, the Customer wishes to appoint the Bank as its global custodian

and the Bank wishes to accept such appointment pursuant to the terms of the

Custody Agreement;

NOW, THEREFORE, the parties hereto agree as follows:

1. Amendment. Section I of Schedule A of the Custody Agreement ("Schedule