TRowe Price Hong Kong Limited

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 Hong Kong 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 Hong Kong 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 Hong Kong 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 Hong
Kong. 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 Price Hong Kong provides 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 Hong Kong 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 Hong Kong is permitted to select. Clients generally also pay
fees to the sponsor/adviser of such STIF. Price Hong Kong oversees client STIF vehicle

PART 2A OF FORM ADV: FIRM BROCHURE                          T. ROWE PRICE HONG KONG LIMITED
MARCH 31, 2026                                                       (Price Hong Kong)

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 Hong Kong may include one or more of the Price
Funds in client portfolios, as authorized in client guidelines. Except as noted below, Price Hong
Kong 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 Hong Kong 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 Hong Kong 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
strategies require a higher amount. Price Hong Kong 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 Hong Kong 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
       Equity - Integrated                                                     55 bps
       Equity - Sector                                                         70 bps
       Global Equity                                                           60 bps
       International Equity - Developed Markets                                95 bps
...

Item 7 – Types of Clients

Price Hong Kong’s global client base includes banks and/or thrift institutions, corporations or
other business entities, governmental entities, high-net worth individuals, 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.

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.