T Rowe Price Associates Inc

Item 5 – Fees and Compensation

Investment Advisory Fees and Expenses. Investment advisory fees are typically calculated
as a percentage of assets under management (AUM). There are no additional fees charged by
Price Associates for delegation of investment management services to the other Price Advisers.
Fees may be negotiated or modified in light of a client’s special circumstances, pre-existing
relationship, asset levels, service requirements, anticipated future funding levels, portfolio
complexity, product or investment program or other factors or requirements. We sometimes
choose to waive all or a portion of our fee for a given period. Also, for fee calculation purposes,
we may aggregate the assets of multiple accounts for a client, or related client accounts, as
determined by Price Associates in its discretion, for the purpose of meeting available
breakpoints and resulting in a lower effective fee rate. The Price Advisers offer performance-
based fee arrangements for certain investment strategies.

Billing Practices. Price Associates generally bills clients in arrears based on quarter-end
portfolio valuations and may at the request of the client make alternate billing arrangements.
Fees are calculated using either the Price Advisers market value, or the client’s custodian’s
value. If a client requests fees calculated using their custodian’s value, the Price Advisers relies
on the value provided and does not reconcile such value to the Price Advisers’ market value.

Our standard investment management agreement may be terminated by either party giving
notice to the other consistent with the terms set forth in the client’s agreement with Price
Associates. Fees payable will be prorated to the date of termination. Fees are also prorated for
the initial quarter of services to reflect the number of days the Price Advisers provided
investment management services.

Certain clients may pay fees in advance. In the event an investment management agreement
for a client paying fees in advance is terminated prior to the end of a quarter, clients will receive
a pro rata refund of prepaid fees for which advisory services were not provided.

If Price Associates is directed to invest an account’s cash reserves in a third-party short-term
investment fund or other pooled vehicle (collectively, STIF) offered by the custodian designated
by the client, the portion of the account invested in such STIF is included in the account’s
market value for billing purposes. In certain instances, the custodian may offer clients more
than one such STIF, of which Price Associates is permitted to select. Clients generally also pay
fees to the sponsor/adviser of such STIF. Price Associates oversees client STIF vehicle
investments and will alert clients if concerns about the performance or viability of the vehicle
arise. However, the availability of research and data on STIFs is generally limited. For
Managed Account Programs, Price Associates relies on participants and advisors to choose
cash sweep vehicles.

PART 2A OF FORM ADV: FIRM BROCHURE                              T. ROWE PRICE ASSOCIATES, INC.
MARCH 31, 2026                                                         (Price Associates)

Certain clients authorize Price Associates to invest in certain investment vehicles (such as
mutual funds or ETFs), which may be subject to third-party management fees. These assets
are generally included in the account’s market value for billing purposes.

Clients may direct the Price Advisers to send statements for advisory fees directly to the client’s
designated custodian for payment. In addition, certain clients (for example, clients serviced by
our PAM Group) may direct Price Associates to deduct advisory fees from a money market fund
for which we provide advisory services. In such instances, a copy of the statement for advisory
services is forwarded to clients prior to the withdrawal of advisory fees to allow for client review
prior to the deduction of such fees.

Non-Advisory Fees and Expenses. Price Associates may include one or more of the Price
Funds in client portfolios, as authorized in client guidelines; or may recommend Price Funds in
discussions with certain broker/dealers, investment advisors, banks and insurance companies
regarding potential asset allocation models. Except as noted below, Price Associates and its
affiliates receive advisory fees from each Price Fund based on the value of the Price Fund’s
assets as disclosed in the prospectuses, Declaration of Trust or applicable offering document,
copies of which are provided to clients, and formally acknowledged by clients in their
agreements prior to investment. Price Associates generally excludes the value of Price Fund
shares held in a client account when the advisory fee is computed. However, certain fixed
income Price Funds do not charge an advisory fee at the fund level and they are included in the
portfolio’s market value for billing purposes. Investments in the TRP Investment Funds for
clients of the PAM Group who invest in the Price Funds Allocation Services will be included in
the portfolio’s market value for billing purposes, although the client’s agreement will provide for
certain offsets. Please see additional information regarding commission expenses in Item 12 –

Item 7 – Types of Clients

Price Associates’ global client base includes banks and/or thrift institutions, corporations or
other business entities, governmental entities, individuals including high-net worth individuals,
insurance companies, investment companies, other investment advisers, pension and profit-
sharing plans, charitable organizations, pooled investment vehicles including both affiliated and
unaffiliated U.S. and non-U.S. registered and unregistered funds, among others.

Different strategies have different minimum account sizes. Please see Item 5 – Fees and
Compensation for minimum account sizes, which may be waived at our discretion.

PART 2A OF FORM ADV: FIRM BROCHURE                              T. ROWE PRICE ASSOCIATES, INC.
MARCH 31, 2026                                                         (Price Associates)