<PAGE>
FUND PROFILE
July 1, 1999
T. Rowe Price Tax-Free Funds
Tax-Exempt Money Fund
Tax-Free Short-Intermediate Fund
Tax-Free Intermediate Bond Fund
Tax-Free Income Fund
Tax-Free High Yield Fund
A family of municipal bond and money funds seeking income that is exempt from
federal income taxes.
This profile summarizes key information about each fund that is included in
each fund's prospectus. The fund's prospectus includes additional information
about the fund, including a more detailed description of the risks associated
with investing in the fund that you may want to consider before you invest. You
may obtain the prospectus and other information about each fund at no cost by
calling 1-XXX-XXX-XXXX, or by visiting our Web site at www.troweprice.com.
<TABLE>
Differences Among Funds
<CAPTION>
<S> <C> <C> <C> <C> <C>
Expected
share price Expected average
Fund Credit-quality categories Income fluctuation maturity
Money Two highest Low Stable 90 days or less
--------------------------------------------------------------------------------
Short-Intermediate Predominately four highest Low to moderate Low to 2 to 5 years
moderate
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Intermediate Two highest Moderate Moderate 5 to 10 years
--------------------------------------------------------------------------------
Income Predominately four highest Moderate Higher Over 15 years
--------------------------------------------------------------------------------
High Yield Generally upper-medium to High Higher Over 15 years
low quality
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</TABLE>
(LOGO)
<PAGE>
1. What is each fund's objective?
The Tax-Exempt Money Fund seeks to provide preservation of capital,
liquidity, and consistent with these objectives, the highest current income
exempt from federal income taxes.
The Tax-Free Short-Intermediate Fund seeks to provide, consistent with modest
price fluctuation, a high level of income exempt from federal income taxes by
investing primarily in short- and intermediate-term investment-grade
municipal securities.
The Tax-Free Intermediate Bond Fund seeks to provide a high level of income
exempt from federal income taxes consistent with moderate price fluctuation
by investing primarily in municipal securities.
The Tax-Free Income Fund seeks to provide a high level of income exempt from
federal income taxes by investing primarily in long-term investment-grade
municipal securities.
The Tax-Free High Yield Fund seeks to provide a high level of income exempt
from federal income taxes by investing primarily in long-term low- to
upper-medium-grade municipal securities.
2. What is each fund's principal investment strategy?
The Tax-Exempt Money Fund invests in municipal securities that mature in 397
days or less. The fund's weighted average maturity will not exceed 90 days.
While the fund's yield will fluctuate with changes in interest rates, its
share price is managed to remain stable at $1.00. The fund buys securities
within the two highest money market categories as rated by established
agencies or, if unrated, by T. Rowe Price. All securities in the fund present
minimal credit risks, in T. Rowe Price's opinion.
The Tax-Free Short-Intermediate Fund invests primarily in short- and
intermediate-term municipal securities. Its weighted average maturity
normally ranges from two to five years and is not expected to exceed five
years. The fund generally buys investment-grade securities, which means their
ratings are within the four highest credit categories (AAA, AA, A, BBB) as
determined by a national rating organization or, unrated, by T. Rowe Price.
The fund may invest up to 5% of assets in below-investment-grade securities
with ratings of BB (or the T. Rowe Price equivalent).
The Tax-Free Intermediate Bond Fund invests at least 95% of assets in
municipals rated AAA or AA by at least one rating agency or, if unrated, by
T. Rowe Price. Up to 5% of assets may be rated A at the time of purchase. The
fund's weighted average maturity is expected to range between five and 10
years.
<PAGE>
The Tax-Free Income Fund invests primarily in long-term investment-grade
municipal securities, and its weighted average maturity is expected to exceed
15 years. The fund may invest up to 5% of assets in below-investment-grade
securities, including those with the lowest rating or, if unrated, believed
by T. Rowe Price to be noninvestment grade. The fund is also managed to seek
capital appreciation and cushion losses from interest rate movements.
The Tax-Free High Yield Fund invests a substantial portion of assets in
below-investment-grade municipal or "junk" bonds and may buy bonds in default
as long as they do not exceed 10% of assets. The fund's weighted average
maturity is expected to exceed 15 years.
In selecting securities for the money fund, fund managers may examine
relationships among yields on various types and maturities of money market
securities in the context of their outlook for interest rates. Similarly,
investment decisions for the bond funds reflect the managers outlook for
interest rates and the economy as well as the prices and yields of various
securities. For example, if we expect rates to fall, we may buy longer-term
securities within each fund's maturity range to provide higher yield (and, in
the case of the bond funds, greater appreciation potential). Conversely,
shorter maturities may be favored if rates are expected to rise. In addition,
if our economic outlook is positive, we may take advantage of the bond fund's
"basket" for noninvestment-grade bonds. The funds may sell holdings for a
variety of reasons, such as to adjust the portfolio's average maturity or
quality or to shift assets into higher-yielding securities.
Further information about each fund's investments, including a review of
market conditions and fund strategies and their impact on performance, is
available in the annual and semiannual shareholder reports. To obtain free
copies of any of these documents, call 1-XXX-XXX-XXXX.
3. What are the main risks of investing in the funds?
Any of the following could cause a decline in a fund's price or income:
. Interest rate This risk refers to the decline in bond prices that
accompanies a rise in the overall level of interest rates. (Bond prices and
interest rates move in opposite directions.) Generally, the longer the
maturity of a fund or security, the greater its interest rate risk. This risk
is minimal for the money fund.
. Credit risk This is the chance that any of a fund's holdings will have its
credit rating downgraded or will default (fail to make scheduled interest or
principal payments), potentially reducing the fund's income level and share
price. This risk is reduced for the money fund because of the high-rated
securities in its portfolio. Credit risk is reduced for the money fund
because of the high-rated securities in its portfolio. On the other hand, the
Tax-Free High Yield Fund is most exposed to this risk because of its high
component of noninvestment-grade bonds, which carry a greater risk of
default. Lower-quality municipals are vul-
<PAGE>
nerable to real or perceived changes in the business climate and can be less
liquid and more volatile.
While generally considered to be of medium quality, securities in the BBB
category are more susceptible to adverse economic or investing conditions,
and some BBB securities have speculative characteristics. The funds may
retain a security whose credit quality is downgraded after purchase.
. Political risk The chance that a significant restructuring of federal
income tax rates, or even serious discussion on the topic in Congress, could
cause municipal bond prices to fall. The demand for municipal securities is
strongly influenced by the value of tax-exempt income to investors. Broadly
lower income tax rates could reduce the advantage of owning municipals.
. Other risks Each fund may invest in certain sectors with special risks,
such as health care, which could be affected by federal or state legislation,
electric utilities subject to governmental regulation, and private activity
bonds without governmental backing.
. Derivatives risk (bond fund only) To the extent the fund uses these
instruments, it may be exposed to additional volatility and potential losses.
. Year 2000 risk Organizations, governmental entities, and markets in which
the funds invest will be affected by the Year 2000 problem. While at this
time the funds cannot predict the degree of impact, it is possible that fund
returns could be adversely affected as a result.
. Risks of the money fund An investment in the money market fund is not
insured or guaranteed by the FDIC or any other government agency. Although
the fund seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the fund. The fund has
maintained a constant share price since its inception, and fund managers will
make every effort to continue to meet this objective.
As with any mutual fund, there can be no guarantee the funds will achieve
their objectives.
. The yield of each fund will fluctuate with changes in market conditions and
interest rate levels. The bond funds' share prices will fluctuate as interest
rates change, so when you sell your shares, you may lose money. An investment
in each fund is not a deposit of a bank and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
4. How can I tell which fund is most appropriate for me?
Consider your investment goals, your time horizon for achieving them, and
your tolerance for risk. The funds can be used to generate income or to
diversify a stock portfolio. The higher your tax bracket, the more likely
tax-exempt securities
<PAGE>
are appropriate. If you are investing for maximum tax-free income and can
accept sharp price declines in an effort to achieve income exempt from
federal income taxes and capital appreciation, the High Yield Fund could be
an appropriate part of your overall investment strategy. If you are looking
for high income with less volatility and risk, the Income Fund may be more
appropriate. If you seek moderate income with still less volatility, the
Intermediate Fund could be the proper choice. If you are seeking more income
than a money fund offers with low volatility, the Short-Intermediate Fund
would be a possibility. Finally, if you are investing for principal stability
and liquidity, you should consider the money market fund.
The funds are inappropriate for tax-deferred accounts, such as IRAs.
. The fund or funds you select should not represent your complete investment
program or be used for short-term trading purposes.
5. How has each fund performed in the past?
The bar charts and the average annual total return table indicate risk by
illustrating how much returns can differ from one year to the next. Each
fund's past performance is no guarantee of its future returns.
<TABLE>
INPUT BAR CHARTS HERE
<CAPTION>
Calendar Year Total Returns
Fund 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <S>
Tax-Exempt
Money 5.93% 5.38% 3.89% 2.53% 2.01% 2.46% 3.40% 3.05% 3.24% 3.08%
Tax-Free
Short-Intermediate 6.89 6.04 7.88 6.02 6.32 0.33 8.11 4.01 5.30 4.97
Tax-Free
Intermediate
Bond -- -- -- -- 12.66 -2.62 13.00 4.15 7.24 5.72
Tax-Free Income 9.19 5.85 12.18 9.38 12.77 -5.47 17.69 3.27 9.33 5.98
Tax-Free High 10.51 7.11 11.74 9.56 12.97 -4.39 16.60 4.98 10.17 5.55
Yield
--------------------------------------------------------------------------------------------------------
</TABLE>
The funds can also experience short-term performance swings. The Tax-Exempt
Money Fund's best calender quarter return during the years depicted in the
chart was 1.58% in the second quarter of 1989, and the worst was -0.45% in
the first quarter of 1993. The Tax-Free Short-Intermediate Fund's best
calender quarter return during the years depicted in the chart was 2.67% in
the first quarter of 1995, and the worst was -1.25% in the first quarter of
1994. The Tax-Free Intermediate Bond Fund's best calender quarter return
during the years depicted in the chart was 5.01% in the first quarter of
1995, and the worst was
<PAGE>
-3.97% in the first quarter of 1994. The Tax-Free Income Fund's best calender
quarter return during the years depicted in the chart was 6.85% in the first
quarter of 1995, and the worst was -5.07% in the first quarter of 1994. The
Tax-Free High Yield Fund's best calender quarter return during the years
depicted in the chart was 6.15% in the first quarter of 1995, and the worst
was -4.28% in the first quarter of 1994.
<TABLE>
Average Annual Total Returns
<CAPTION>
Periods ended December 31, 1998
Inception
1 year 5 years Since inception date
-----
<S> <C> <C> <C> <S> <S>
Tax-Exempt Money Fund 3.08% 3.05% 4.39% 04/08/80
Lipper Tax-Exempt Money
Market Funds 2.92 2.93 4.33
Lipper Tax-Exempt Money 3.04 3.06 --
Market Funds Index
---------------------------------------------
Tax-Free
Short-Intermediate Fund 4.97 4.51 5.57 12/23/83
Lipper Short Intermediate
Municipal Debt Funds
Average 4.55 4.22 5.80
Lipper Short Intermediate
Municipal Debt Funds
Index 4.89 4.30 --
Lehman 3 Year GO 5.17 4.93 6.20
Municipal Bond Index
---------------------------------------------
Tax-Free Intermediate
Bond Fund 5.72 5.38 6.71 11/30/92
Lipper Intermediate
Municipal Debt Funds
Average 5.40 5.22 6.25
Lipper Intermediate
Municipal Debt Funds
Index 5.62 5.13 5.99
Lehman 7 Year Municipal 6.22 5.78 6.56
Bond Index
---------------------------------------------
Tax-Free Income Fund 5.98 5.89 7.85 10/26/76
Lipper General Municipal
Bond Funds Average 5.32 5.44 7.68
Lipper General Municipal
Bond Index 5.64 5.70 7.75
Lehman Municipal Bond 6.48 6.23 8.22
Index
---------------------------------------------
Tax-Free High Yield Fund 5.55 6.36 9.30 03/01/85
Lipper High Yield
Municipal Debt Funds
Average 5.25 5.98 8.79
Lehman Brothers Municipal
Bond Revenue Index 6.33 6.39 9.90
Lipper High Yield
Municipal Debt Funds 5.56 5.93 --
Index
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</TABLE>
These figures include changes in principal value, reinvested dividends, and
capital gain distributions, if any.
<PAGE>
6. What fees or expenses will I pay?
The funds are 100% no load. There are no fees or charges to buy or sell fund
shares, reinvest dividends, or exchange into other T. Rowe Price funds. There
are no 12b-1 fees.
<TABLE>
Fees and Expenses of the Funds
<CAPTION>
Annual fund operating expenses
(expenses that are deducted from fund assets)
Management Other Total annual fund
Fund fee expenses operating expenses
---------------------------------------------------------------------------------
<S> <C> <C> <C> <S>
Tax-Exempt Money 0.42% 0.10% 0.52%
---------------------------------------------------
Tax-Free Short-Intermediate 0.42 0.11 0.53
---------------------------------------------------
Tax-Free Intermediate 0.38 0.27 0.65
Bond/a/
---------------------------------------------------
Tax-Free Income 0.47 0.08 0.55
---------------------------------------------------
Tax-Free High Yield 0.62 0.09 0.71
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</TABLE>
/a/
To limit the Intermediate Bond Fund's expenses, T. Rowe Price contractually
obligated itself to waive its fees and bear any expenses from March 1, 1996,
through February 28, 1998, which would have caused the fund's ratio of
expenses to average net assets to exceed 0.65%. Fees waived or expenses paid
or assumed under this agreement are subject to reimbursement to T. Rowe Price
by the fund whenever the fund's expense ratio is below 0.65%. However, no
reimbursement will be made after February 29, 2000, or if it would result in
the expense ratio exceeding 0.65%. Any amounts reimbursed will have the
effect of increasing fees otherwise paid by the fund.
Example. The following table gives you a rough idea of how expense ratios
may translate into dollars and helps you to compare the cost of investing in
these funds with that of other funds. Although your actual costs may be
higher or lower, the table below shows the expenses you would pay if
operating expenses remain the same, the expense limitations currently in
place is not renewed (if applicable), you invest $10,000, you earn a 5%
annual return, and you hold the investment for the following periods:
<TABLE>
<CAPTION>
Fund 1 year 3 years 5 years 10 years
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <S>
Tax-Exempt Money $53 $167 $291 $653
------------------------------------
Tax-Free Short-Intermediate 54 170 296 665
------------------------------------
Tax-Free Intermediate Bond 66 208 362 810
------------------------------------
Tax-Free Income 56 176 307 689
------------------------------------
Tax-Free High Yield 73 227 395 883
-----------------------------------------------------------------------
</TABLE>
7. Who manages the funds?
Each fund is managed by T. Rowe Price Associates, Inc. (T. Rowe Price).
Founded in 1937, T. Rowe Price and its affiliates manage investments for
individual and institutional accounts. The company offers a comprehensive
array of stock, bond, and money market funds directly to the investing
public.
<PAGE>
Patrice L. Berchtenbreiter Ely manages the Tax-Exempt Money Fund day-to-day
and has been chairman of its Investment Advisory Committee since 1992. She
joined T. Rowe Price in 1972 and has been managing investments since 1987.
Charles B. Hill manages the Tax-Free Short-Intermediate Fund day-to-day and
has been chairman of the Investment Advisory Committee since 1997. He joined
T. Rowe Price in 1991 and has been managing investments since 1986.
Charles B. Hill manages the Tax-Free Intermediate Bond Fund day-to-day and
has been chairman of the Investment Advisory Committee since 1997. He joined
T. Rowe Price in 1991 and has been managing investments since 1986.
Mary J. Miller manages the Tax-Free Income Fund day-to-day and has been
chairman of its Investment Advisory Committee since 1997. She joined T. Rowe
Price in 1983 and has been managing investments since 1987.
William F. Snider manages the Tax-Free High Yield Fund day-to-day and was
appointed chairman of its Investment Advisory Committee in 1999. He joined T.
Rowe Price in 1991 and has been managing investments since 1993. Patricia S.
Deford is co-manager of the fund. She joined T. Rowe Price in 1990. Until
June 1998 she was the director of municipal credit research. Since that time,
she has been responsible for municipal high-yield credit research.
8. How can I purchase shares?
Fill out and return a New Account Form in the postpaid envelope, along with
your check. The minimum initial purchase is $2,500 or $50 if investing
through Automatic Asset Builder. The minimum subsequent investment is $100.
You can also open an account by bank wire, by exchanging from another T. Rowe
Price fund, or by transferring assets from another financial institution.
9. How can I sell shares?
You may redeem or sell any portion of your account on any business day.
Simply write to us or call. You can also access your account at any time via
Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
entire family of domestic and international funds. Restrictions may apply in
special circumstances, and some redemption requests need a signature
guarantee. A $5 fee is charged for wire redemptions under $5,000.
10. When will I receive income and capital gain distributions?
Each fund distributes income daily and capital gains, if any, at year-end.
Although most income will not be subject to federal income tax, short-term
gains are taxable at ordinary income rates and long-term gains are taxable at
the current capital gains rate. Income from certain "private activity" bonds
may be taxable for those investors subject to the alternative minimum tax
(AMT). Distri-
<PAGE>
butions are reinvested automatically in additional shares unless you choose
another option, such as receiving a check.
11. What services are available?
A wide range, including but not limited to:
. retirement plans for individuals and large and small businesses;
. automated information and transaction services by telephone or computer;
. electronic transfers between fund and bank accounts;
. automatic investing and automatic exchange;
. brokerage services; and
. asset manager accounts.
<PAGE>
To Open a Mutual Fund, Asset Manager, or Brokerage Account
Investor Services
1-XXX-XXX-XXXX
For Information on Existing Accounts
Shareholder Services
1-800-225-5132
For Yields and Prices and Account Transactions
Tele*Access/(R)/
1-800-638-2587 24 hours, 7 days
For Fund Information and Account Transactions on the Internet
www.troweprice.com
Investor Centers
101 East Lombard St. Baltimore, MD 21202
T. Rowe Price Financial Center 10090 Red Run Blvd. Owings Mills, MD 21117
Farragut Square 900 17th Street, N.W. Washington, D.C. 20006
Warner Center, Plaza 5
21800 Oxnard Street
Suite 270
Woodland Hills, CA 91367
4200 West Cypress St. 10th Floor Tampa, FL 33607
4410 ArrowsWest Drive
Colorado Springs, CO 80907
Headquarters
100 East Pratt St. Baltimore, MD 21202
<PAGE>
NEW ACCOUNT FORM (LOGO)
You may purchase shares of a T. Rowe Price fund after
reviewing the information in the profile or after requesting
and reviewing the fund's prospectus (and other information).
Please note: an IRA will not be established using this form.
If you want to open an IRA, call 1-800-638-5660 to request
an IRA New Account Form.
Mail this form to: T. Rowe Price
P.O. Box 17300, Baltimore, MD 21298-9353
For help with this form, call toll free 1-800-638-5660.
Please do not remove the mailing label from this form.
1 PROVIDE YOUR TAX IDENTIFICATION NUMBER
Owner's or Minor's Social Security or Tax ID Number
(Use Minor's Social Security Number for Custodial Account)
_ _ _ _ _ _ _ _ _
Joint Owner's or Custodian's Social Security or Tax ID Number
_ _ _ _ _ _ _ _ _
2 DESIGNATE TYPE OF ACCOUNT AND OWNER NAME(S)
Please print in CAPITAL LETTERS. Choose one:
__ Individual or Joint Account.*
*Joint tenancy with right of survivorship unless you instruct otherwise.
Owner's Name (First, Middle Initial, Last)
________________________________
Title: Mr. Ms. Mrs. Dr.
Joint Owner's Name (First, Middle Initial, Last)
________________________________
Title: Mr. Ms. Mrs. Dr.
__ Custodial Account.
Uniform Gift or Transfer to Minors Act (UGMA or UTMA)
Custodian's Name (First, Middle Initial, Last)
________________________________
Minor's Name (First, Middle Initial, Last)
________________________________
State of Residence (Minor's or Custodian's)
________________________________
__ Trust, Corporation, Business, or Other Entity Account.*
*Please attach the first and last pages of the trust agreement or a copy
of
the corporate resolution.
Name of Trust, Corporation, or Other Entity
_________________________________________________________
Trustee Names or Type of Entity
________________________________________________________
<PAGE>
Name of Trust Beneficiary (Optional) Date of Trust Agreement
________________ __-__-__
month day year
__ Check this box if your organization is incorporated or tax-exempt under
Section 501(a) of the Internal Revenue Code, a qualified retirement plan
under Section 401(a), or a custodial account under Section 403(b)(7),
and
you DO NOT want us to file information returns on your behalf.
3 PROVIDE YOUR ADDRESS
Street Address or P.O. Box
__________________________________________________
__________________________________________________
City State
____________________ __
ZIP Code
_ _ _ _ _ - _ _ _ _
4 PROVIDE OTHER ACCOUNT DATA
Daytime Phone Ext.
_ _ _ _ _ _ - _ _ _ _ _ _ _ _
Evening Phone Ext.
_ _ _ _ _ _ - _ _ _ _ _ _ _ _
Date of Birth (Owner/Minor)
Date of Birth (Joint Owner/Custodian)
_ _ - _ _ - _ _ _ _ - _ _ - _ _
month day year month day year
__ U.S. Citizen __ Resident Alien
__ Nonresident Alien. My permanent foreign address for tax purposes is:
_____________________________________
_____________________________________
Owner's Occupation / Employer Name (Optional)
_____________________________________
Employer Address (Optional)
__________________________________________________________________________
5 SELECT YOUR FUND(S)
Please print the fund name(s) exactly as listed inside the Investment Kit you
received with this form. Fill in the amount of your investment for each fund.
The minimum initial investment is $2,500 per fund ($1,000 for UGMAs/UTMAs)
but is waived if you use Automatic Asset Builder (see Sections 6 and 7E).
Fund Name Amount
__________________________________ $________
Fund Name Amount
__________________________________ $________
Fund Name Amount
__________________________________ $________
<PAGE>
Fund Name Amount
__________________________________ $________
Total Investment$________
6 CHOOSE YOUR INVESTMENT METHOD
A. __ By check.
Make payable to T. Rowe Price Funds. (Otherwise it may be returned.)
B. __ By Automatic Asset Builder.
See Section 7E for instructions.
C. __ By wire.
Please call 1-800-225-5132 for the following information and wiring
instructions:
Account Number
_ _ _ _ _ _ _ _ _ _ - _
Date of Wire
_ _ - _ _ - _ _
month day year
(over, please)
7 SELECT YOUR ACCOUNT SERVICE OPTIONS
A. TO RECEIVE YOUR DISTRIBUTIONS
Your dividends and capital gains will be reinvested unless you indicate
------
otherwise.
__ Pay dividends and capital gains to me by check.
__ Transfer dividends and capital gains to my bank account.
(Please complete Section 7C if you elect this option.)
__ Pay dividends to me by check and reinvest capital gains.
B. TO EXCHANGE AND REDEEM FUND SHARES
You can use the telephone or your personal computer to check your account
balance, redeem shares, or make exchanges among any identically registered
accounts unless you check the boxes below.
------
__ I do NOT want telephone/computer exchange.
__ I do NOT want telephone/computer redemption.
C. TO MAKE TRANSFERS BETWEEN YOUR BANK AND T. ROWE PRICE
This service makes purchasing or redeeming fund shares even more convenient.
Simply call a T. Rowe Price representative or Tele*Access (R) and your
transaction
will be processed by electronically moving money between your bank
account and your mutual fund accounts.
Transfers occur only when you initiate them ($100 minimum) and are made
through the Automated Clearing House (ACH) network or by wire.* This service
becomes available approximately 20 days after your application is
processed. Since you initiate transfers by phone or computer, be sure that
you did not decline the phone/computer redemption service above.
<PAGE>
__ Check this box to set up this service. YOU MUST ALSO ATTACH A BLANK,
VOIDED CHECK (other than your investment check) from your bank
account to this form.
Any co-owner of your bank account who is not a co-owner of
---
your mutual fund account must sign below.
X___________________________________________
Bank Account Co-owner's Signature
*There is a $5 fee for wire redemptions under $5,000 but no fee for ACH
transactions.
ATTACH VOIDED CHECK HERE
D. TO SET UP CHECKWRITING
You can write checks for $500 or more on all T. Rowe Price money market and
bond fund accounts (except the High Yield and Emerging Markets Bond funds).
Those authorized to write checks should read the checking agreement and sign
below.
By signing this form, I agree to all of State Street Bank's checking account
rules, and to any conditions and limitations on redeeming checks from the
T. Rowe Price Funds. I also agree that:
(1) This form applies to any other identically registered T. Rowe Price
fund checking account I establish later;
(2) If I am subject to IRS backup withholding, I may write checks only on
money fund accounts;
(3) State Street Bank and the Fund reserve the right to change, revoke, or
close any checking account;
(4) The signatures are authentic, and, for organizations, I have submitted
an original or certified resolution authorizing the individuals with legal
capacity to sign and act on behalf of the organization.
(Do not detach this section from the rest of the form.)
_____________________________________________________
Fund Name Fund Name
_____________________________________________________
Print Name of Owner, Custodian, or Trustee
X___________________________________________________
Signature Date
_____________________________________________________
Print Name of Joint Owner, Co-trustee, Corporate Officer, etc.
X___________________________________________________
Signature Date
How many signatures do you require on checks?
__ Only one owner __ All owners
G00-008 6/30/98
<PAGE>
E. TO SET UP AUTOMATIC ASSET BUILDER
This service allows you to automatically invest in your fund account through
your
bank account and/or payroll deduction each month (minimum $50 per fund).
___ Check this box to invest from your bank account.
Be sure to complete Section 7C and fill in the information below.
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
__________________________________ ____
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
_____________________ ___
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
_____________________ ___
Fund Name
__________________________________________________________________________
Amount Day of Month You Would Like to Invest
_____________________ ___
____ Check this box to invest through payroll deduction.
T. Rowe Price will mail you instructions for this service.
8 SIGN YOUR NEW ACCOUNT FORM
By signing this form, I certify that:
- - I agree to be bound by the terms of the prospectus for each fund in which
I am investing. If I am purchasing shares after reviewing a fund profile, I
understand that I will receive the prospectus after I purchase shares in the
fund. I have the authority and legal capacity to purchase mutual fund shares,
am of legal age in my state, and believe each investment is suitable for me.
- - I authorize T. Rowe Price, the Funds, their affiliates and agents to act on
any
instructions believed to be genuine for any service authorized on this form,
including telephone/computer services. The Funds use reasonable procedures
(including shareholder identity verification) to confirm that instructions
given by telephone/computer are genuine, and the Funds are not liable for
acting on these instructions. (If these procedures are not followed, it is the
opinion of certain regulatory agencies that the Funds may be liable for any
loss that may result from acting on instructions given.) I understand that
anyone who can properly identify my account(s) can make phone/computer
transactions on my behalf.
- - The Funds can redeem shares from my account(s) to reimburse a fund for
any loss due to nonpayment or other indebtedness.
<PAGE>
- - By selecting the electronic transfer service in Section 7C, I hereby authorize
T. Rowe Price to initiate credit and debit entries to my (our) account at the
Financial Institution indicated and for the Financial Institution to credit or
debit the same to such account through the Automated Clearing House
(ACH) system, subject to the rules of the Financial Institution, ACH, and the
Fund. T. Rowe Price may correct any transaction error with a debit or credit
to my Financial Institution account and/or Fund account. THIS AUTHORIZATION,
including any credit or debit entries initiated thereunder, is in full
force and effect until I notify T. Rowe Price of its revocation by telephone
or in writing and T. Rowe Price has had sufficient time to act on it.
- - Under penalties of perjury, the tax identification number(s) shown on
this form is correct. If I fail to give the correct number or fail to sign this
form, T. Rowe Price may reject, restrict, or redeem my investment. I may
also be subject to IRS backup withholding (currently 31%) on all
distributions and redemptions, and I may be subject to a $50 IRS penalty.
- - Under penalties of perjury, I am NOT subject to IRS backup withholding
because 1) I have not been notified, or 2) notification has been revoked
(cross out "NOT" if you are currently subject to withholding), or 3) I have
indicated in Section 4 that I am a nonresident alien and certify that for
dividends I am not a U.S. citizen or resident (or I am filing for a foreign
corporation, partnership, estate, or trust).
- - For clarification on any of these certification issues, please contact us for
assistance.
- - The IRS does not require your consent to any provision of this document
other than the certifications required to avoid backup withholding.
PLEASE SIGN HERE
X__________________________________________________
Signature of Owner, Custodian, or Trustee Date
X__________________________________________________
Signature of Joint Owner, Co-trustee, Corporate Officer, etc. Date
Thank you for your investment. You will receive a confirmation shortly.
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