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T. Rowe Price Changes Value Fund Manager

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April 1, 2003 — Brian Rogers stepped down yesterday as manager of the $1.1 billion T Rowe Price Value Fund (TRVLX), which he had run since its inception in 1994. He was succeeded by John Linehan, who previously oversaw institutional accounts for the firm, Price said.

Rogers decided to gave up running the Value fund “in order to focus full-time on” managing the T Rowe Price Equity Income Fund (PRFDX) and “institutional large-cap value portfolios,” the company said in a statement.

Linehan said in the statement that he and Rogers “have very similar styles, so investors should not expect to see any noticeable changes.” Linehan, who joined Price as an analyst in 1998, has worked with Rogers in managing the institutional portfolios, a company spokesman added.

Classified as a mid-cap value fund by Standard & Poor’s, the Value fund was off 7.1% this year through February, while its peer funds lost 5%. The Value fund posted a three-year average annualized return of 1.1% through February, compared to a 4% gain by similar funds.

The $8.7 billion Equity Income fund lost 6.2% through February, while the average large-cap value fund fell 4.9%. The Equity Income fund returned an average annualized 2.4% for the three years ended that month, versus a loss of 5.1% by its peers.