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T. Rowe Price CIO to Retire

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Dec. 18, 2003 — T. Rowe Price (TROW) said, as part of a planned succession, vice chairman and chief investment officer M. David Testa will turn over his CIO duties to Brian C. Rogers at the end of this year and will retire from the firm and its board in April 2004. Upon his retirement, Testa’s management responsibility for the firm’s investment divisions will move to T. Rowe Price chairman and president George A. Roche.

Rogers, who joined the firm in 1982 and has managed the $12.7-billion T Rowe Price Equity Income Fund/Adv (PAFDX) since its 1985 inception, as well as other institutional equity portfolios, will retain his portfolio management responsibilities.


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