After 38 years with T. Rowe Price Group, Chairman and President George A. Roche announced that he plans to retire in the fourth quarter of 2006.

To replace Roche, the board of directors has selected James A.C. Kennedy, currently director of equities. He will be given the titles of president and chief executive officer. The board of directors also plans to elect Brian C. Rogers as chairman of the board and Edward C Bernard as vice chairman. In addition, William J. Stromberg, co-director of equities, will succeed Kennedy upon his promotion.

"At T. Rowe Price we focus on helping clients achieve their investment goals," Kennedy said. "We have pursued this by building a collaborative organization of very talented associates who seek to deliver investment management excellence and world-class service to our clients. Over the past few decades, we have enhanced our position in the marketplace by thoughtfully entering multiple distribution channels around the world and developing a broad array of investment portfolios. I am extremely proud of our T. Rowe Price associates, our teamwork, our discipline and our culture, and I am confident that we are well positioned or the future to continue meeting client needs."

"T. Rowe Price is one of the premier investment management organizations in the world and I am proud to have played a role in that success," said Roche. "While my upcoming retirement represents the final step in a changing of the guard for T. Rowe Price, I am extremely confident that the firm will move forward from a position of strength, and that the organization and its clients will be well served by our next generation of leaders. T. Rowe Price's reputation for integrity and excellence will be sustained and enhance in the years ahead."

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