B-1 STATEMENT OF ADDITIONAL INFORMATION Dated May 1 ...

Clients representing 0.0025 or more of assets under investment management across all affiliates owned byThe Capital Group Companies, Inc. (CGTC’s indirect parent company), are deemed to be “InterestedClients”. Each proxy is reviewed to determine whether the portfolio company, a proponent of ashareholder proposal, or a known supporter of a particular proposal is an Interested Client. If the votingdecision for a proxy involving an Interested Client is against such client, then it is presumed that therewas no undue influence in favor of the Interested Client. If the decision is in favor of the InterestedClient, then the decision, the rationale for such decision, information about the client relationship and allother relevant information is reviewed by the Special Review Committee (“SRC”). The SRC reviewssuch information in order to identify whether there were improper influences on the decision-makingprocess so that it may determine whether the decision was in the best interest of CGTC’s clients. Basedon its review, the SRC may accept or override the decision, or determine another course of action. TheSRC is comprised of senior representatives from CGTC’s and its institutional affiliates’ investment andlegal groups and does not include representatives from the marketing department.Any other proxy will be referred to the SRC if facts or circumstances warrant further review.CGTC’s Proxy Voting RecordUpon client request, CGTC will provide reports of its proxy voting record as it relates to the securitiesheld in the client’s account(s) for which CGTC has proxy voting authority.Annual AssessmentCGTC will conduct an annual assessment of this proxy voting policy and related procedures and willnotify clients for which it has proxy voting authority of any material changes to the policy andprocedures.Effective DateThis policy is effective as of November 21, 2007.T. ROWE PRICE ASSOCIATES, INCT. ROWE PRICE INTERNATIONAL, INCT. ROWE PRICE GLOBAL INVESTMENT SERVICES, LTDPROXY VOTING POLICIES AND PROCEDURESRESPONSIBILITY TO VOTE PROXIEST. Rowe Price Associates, Inc., T. Rowe Price International, Inc., and T. Rowe Price GlobalInvestment Services Limited (“T. Rowe Price”) recognize and adhere to the principle that one of theprivileges of owning stock in a company is the right to vote in the election of the company’s directors andon matters affecting certain important aspects of the company’s structure and operations that aresubmitted to shareholder vote. As an investment adviser with a fiduciary responsibility to its clients, T.Rowe Price analyzes the proxy statements of issuers whose stock is owned by the U.S.-registeredinvestment companies which it sponsors and serves as investment adviser (“T. Rowe Price Funds”) andby institutional and private counsel clients who have requested that T. Rowe Price be involved in theproxy process. T. Rowe Price has assumed the responsibility for voting proxies on behalf of the T. RowePrice Funds and certain counsel clients who have delegated such responsibility to T. Rowe Price. Inaddition, T. Rowe Price makes recommendations regarding proxy voting to counsel clients who have notdelegated the voting responsibility but who have requested voting advice.B-125