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Cookies and Web Technologies

Information About How We Use Cookies and Other Technologies: Our Web site utilizes a variety of technologies to collect, store, and aggregate data about usage. We may use electronic tags called "cookies" or other technology to help us understand and analyze use of our site as described in our Online Privacy Practices. This work is either performed directly by us or by a third party we've hired to assist us. We collect information on what pages have been accessed and for how long, the country you are accessing the site from, and certain technical information regarding your computer and operating systems, such as your Internet protocol address, domain name and browser, etc. Cookies can also help in remembering certain user attributes.

Certain sections of our site require cookies to be enabled to enhance Web site performance. For example, they provide a secure way for us to verify your identity during your online session, they enable us to personalize your experience on our site, and they help enhance site navigation. Cookies also help us to understand how people use our site so that we can improve site functionality.

When you come to our Web site, our Web server sends a cookie to your computer. Standing alone, cookies do not identify you personally; they merely recognize your browser. For more information and circumstances under which personally identifiable information may be collected and used, please refer back to the Online Privacy Practices.

We use two types of cookies on our Web site, temporary cookies and persistent cookies. Temporary cookies are used to store information during a browser session and will expire automatically when you close your browser. Persistent cookies are used to store information between visits to our Web site and are stored permanently or for a specified length of time.

You can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies. You do this through your browser (e.g., Netscape Navigator or Internet Explorer) settings. Each browser is different, so review your browser's Help menu to learn the correct way to modify your cookies. If you disable cookies, you will not have access to many features that make your visit to the T. Rowe Price Web site fully functional.

A clear Gif, also known as a Web beacon, is another technology used and functions similar to a cookie. A Web beacon is a tiny invisible graphic that contains a unique identifier; it is very small, about the size of the period at the end of a sentence. Clear Gifs are primarily used in the following ways: 1) to track online Web movements of our users and inform us what content and/or ads are effective, and 2) to track receipt of e-mails to gauge the effectiveness of our communications.

Information About How Cookies and Other Technologies Are Used With Advertisements: We may use third parties to serve (i.e., place) advertisements for us on other Web sites, including banner advertisements. The third parties may collect anonymous information through the use of cookies and action tags (referred to as Web Beacons and GIF tags). The third parties do not collect identifiable information like name, address, phone number, or e-mail address, but instead collect, store, and use information relating to the effectiveness of online advertising such as the advertisement clicked on, pages visited, and the time spent on our Web site.

To assist us in measuring the effectiveness of our online advertising, the third parties may supply the anonymous information directly to us or they may use it to produce statistics and reports for us. The third parties may also use the information to service advertisements in the future. Cookies placed by third parties are subject to their respective privacy policies.

For information about opting out of third party cookies, you may visit the Network Advertising Initiative website.

Network Advertising Initiative Website

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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