T Rowe Price International Ltd

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 International Ltd 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 International Ltd 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 International Ltd generally bills clients in arrears based on quarter-end
portfolio valuations and may at the request of the client make alternate billing arrangements.

PART 2A OF FORM ADV: FIRM BROCHURE                           T. ROWE PRICE INTERNATIONAL LTD
MARCH 31, 2026                                                      (Price International Ltd)

Fees are calculated using either the Price International Ltd 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
International Ltd. 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 International Ltd
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 International Ltd 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 International Ltd is permitted to select. Clients
generally also pay fees to the sponsor/adviser of such STIF. Price International Ltd 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.

Certain clients authorize the Price Advisers 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.

Non-Advisory Fees and Expenses. Price International Ltd may include one or more of the
Price Funds in client portfolios, as authorized in client guidelines. Except as noted below, Price
International Ltd 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, copies of which are provided
to clients prior to investment. Price International Ltd generally excludes the value of Price Fund
shares held in a client account when the advisory fee is computed. However, certain fixed
income TRP Mutual Funds and common trust funds do not charge an advisory fee at the fund
level and they are included in the portfolio’s market value for billing purposes. Please see
additional information regarding commission expenses in Item 12 – Brokerage Practices.

Institutional Separate Accounts and Subadvisory Mutual Fund Management. The
following is a general description of the maximum investment advisory fee for investment
strategies offered by Price International Ltd for Institutional Separate Account and Subadvised
Mutual Fund management. Some strategies may only be available in certain regions or to
investors that meet certain legal criteria. The fee schedules are subject to change, may be
negotiated under certain circumstances and may differ across regions. Institutional Separate
Accounts are generally subject to a minimum asset size of $50 million, although certain

PART 2A OF FORM ADV: FIRM BROCHURE                         T. ROWE PRICE INTERNATIONAL LTD
MARCH 31, 2026                                                    (Price International Ltd)

strategies require a higher amount. Price International Ltd may waive such minimums in its sole
discretion. Additional fee breakpoints are available at higher asset levels. Contact your
relationship manager for additional information. To provide clients some protection from large
fee swings around fee breakpoints, Price International Ltd will apply a transitional fee credit. A
transitional fee credit is applied to the fee schedule as assets approach or fall below the asset
tiers or breakpoints. All fees are shown in basis points (bps) and stated in U.S. Dollars except
as otherwise noted.

                         Investment Suite                               Maximum Fee
       Equity - Active Core                                                 20 bps
...

Item 7 – Types of Clients

Price International Ltd’s global client base includes banks and/or thrift institutions, corporations
or other business entities, governmental entities, insurance companies, investment companies,
other investment advisers, pension and profit-sharing plans, pooled investment vehicles,
charitable organizations, and non-U.S. collective investment funds, among others.

PART 2A OF FORM ADV: FIRM BROCHURE                          T. ROWE PRICE INTERNATIONAL LTD
MARCH 31, 2026                                                     (Price International Ltd)

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.