Trading

Subject to certain exceptions, each T. Rowe Price fund restricts a shareholder's purchases or exchanges into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account for an amount greater than $5,000 (the "30-Day Purchase Block").

Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund's portfolio management strategies, increasing a fund's trading costs, and negatively affecting its performance. Short-term traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to an anticipated difference between the price of the funds' shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of Directors/Trustees of the T. Rowe Price funds have adopted the trading policy designed to deter such activity and protect the funds' shareholders.

For online redemption or exchange transactions, there will be a warning message to indicate that purchase transactions for that fund will be restricted for a period of 30 calendar days if the trade amount is greater than $5,000. For redemption or exchange transactions over the phone or at a T. Rowe Price Investor Center, the associate will indicate that purchase transactions for that fund will be restricted for a period of 30 calendar days. For purposes of computing the period before another purchase may be made, the calendar day after the date of redemption is considered Day 1.

For example, if the redemption takes place on September 1 and the amount is greater than $5,000, then the first day of the block is September 2, and the account would be eligible to trade again on October 2.

Shareholders will be alerted to a 30-Day Purchase Block as follows:

• If you transact online, transaction screens on our secure website will alert shareholders of actions that result in a 30-Day Purchase Block.
• If you transact by phone, our associates will inform you that the action will result in a 30-Day Purchase Block.

The following types of transactions generally are not subject to the 30-Day Purchase Block:

• Shares purchased or redeemed in money market funds;
• Shares purchased or redeemed through a systematic purchase or withdrawal plan;
• Checkwriting redemptions from money market and certain bond funds;
• Shares purchased through the reinvestment of dividends or capital gain distributions;
• Shares redeemed by the fund to pay fund fees or shareholder account fees;
• Transfers and changes of account registration within the same fund;
• Shares purchased by asset transfer or direct rollover;
• Shares purchased or redeemed through IRA conversions and recharacterizations;
• Shares converted from one share class to another share class in the same fund; and
• Shares of T. Rowe Price funds that are purchased by another T. Rowe Price fund, including shares purchased by T. Rowe Price fund-of-fund products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price fund are still subject to the policy).

Transactions in certain rebalancing, asset allocation, wrap programs and other advisory programs, as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.

For additional information and details on Intermediary and Retirement Plan accounts, please refer to the prospectus or the Offering Circular for the common trust funds.

Please call customer service at 1-800-225-5132 to discuss any questions or concerns you have regarding this policy.