TRowe Price Investment Management 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). 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 IM 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 IM 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 IM.
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 IM 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 IM is permitted to select. Clients generally also pay fees to the
sponsor/adviser of such STIF. Price IM 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 Price IM 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 IM 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 IM 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

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

which are provided to clients, and formally acknowledged by clients in their agreements prior to
investment. Price IM 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. Please see additional information regarding commission expenses in Item 12 –

Item 7 – Types of Clients

Price IM’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, 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.