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Dividend Reinvestment Service Disclosure Statement

Summary

The T. Rowe Price Brokerage Dividend Reinvestment Service is made available to your account through Pershing LLC (Pershing), a subsidiary of The Bank of New York Mellon Corporation. Pershing is carrying your account as a clearing broker by arrangement with T. Rowe Price Brokerage. If you elect to participate, T. Rowe Price Brokerage will automatically reinvest your cash dividends (and certain other cash distributions) paid on eligible securities in your account in additional nonpublicly traded shares of the same securities. You may request automatic dividend reinvestment for all eligible securities in your account, or you may select individual stocks for dividend reinvestment. Pershing will act on your behalf on instruction from your T. Rowe Price Brokerage registered representative. This service is provided to customers free of charge.*

Provision of Dividend Reinvestment Services
Your enrollment in our Dividend Reinvestment Service becomes effective on the first business day after you elect to enroll and we receive your account application. When your enrollment becomes effective, you agree to be bound by these Dividend Reinvestment Service Terms and Conditions as well as any other Account Agreements that you have with T. Rowe Price Brokerage.

You may choose the Dividend Reinvestment Service for all eligible securities in your account, or you may select individual securities for automatic dividend reinvestment by calling T. Rowe Price Brokerage. If you request automatic dividend reinvestment for all eligible securities in your account, this standing instruction will apply to all present and future eligible securities. If, however, your original instructions were to reinvest dividends on specific eligible securities, and you purchase or deposit a new stock(s) into your account, you must give new instructions to enroll the stock(s) in Dividend Reinvestment or dividends will not be reinvested. Any stock(s) not specified for Dividend Reinvestment will not be enrolled in the service. To add or remove the service with respect to securities in your account, you must notify a registered representative at least five business days prior to the day on which dividends or other eligible cash distributions are payable for those securities. Dividends are reinvested on all securities you have selected that you own on the record date for determining shareholders eligible to receive dividends, as long as you still own any whole shares of such securities on the dividend payable date. Dividend reinvestment does not assure profits on your investments and does not protect against loss in declining markets.
Eligible Securities
Most securities listed on the New York Stock Exchange, the American Stock Exchange, or traded on the National Association of Securities Dealers Automated Quotation System (Nasdaq) are eligible for the Dividend Reinvestment Service. Non-listed foreign securities, American Depositary Receipts, nonpublicly traded limited partnerships, preferred issues, and short positions are not eligible. However, Pershing reserves the right to make certain currently noneligible securities eligible in the future without prior notification.
Eligible Cash Distribution for Reinvestment
Most cash distributions on eligible securities (eligible cash distributions) selected for participation in our Dividend Reinvestment Service may be reinvested, including ordinary dividends and capital gain distributions. Cash-in-lieu payments and certain special dividend payments, however, cannot automatically be reinvested. You may not combine eligible cash distributions with any funds you deposit into your account to make automatic reinvestment purchases.
Dividend Reinvestment Transactions in Eligible Securities
If the record date for the dividend is at least five business days prior to the dividend pay date, on the payable date, your account will be credited the amount of the cash distribution. This amount will then be debited from your account and the appropriate number of full and fractional shares will be credited to your account. However, if the record date for the dividend is less than four business days prior to the dividend pay date, Pershing will attempt to purchase the reinvestment shares on the first trading day after the record date. On the settlement date, your account will be credited the amount of the cash distribution, debited the amount equal to the cost of the whole and fractional shares purchased, and subsequently allocated the appropriate number of reinvested shares. If shares cannot be purchased after three attempts, you will receive a cash distribution. You will not receive a confirmation for these transactions. You will be able to review all of the information about each transaction that would normally appear on your confirmation, along with your current reinvestment instructions, on your Brokerage statement. You may also contact us on the payable date (or any date thereafter) for current information regarding the transactions.

The shares are purchased through open market purchases prior to the payable date. Pershing will calculate the number of shares to be purchased for the selected security by determining the cash distribution to be received by each individual requesting reinvestment. Pershing will then combine your cash dividend with other individuals requesting reinvestment in the same underlying security and purchase the amount of whole and fractional shares required to satisfy each individual. If the transaction cannot be completed in one trade, you will receive the average weighted price paid by Pershing. When you sell your entire position, you will receive the same price on your fractional portion as you did for your whole share portion. For transfers, only the whole share portion will be moved, and you will receive the previous business day’s closing price for the fraction. Pershing may purchase the securities from Pershing LLC. Pershing may, without prior notification, choose to make a security eligible or ineligible.
Partial Shares
Automatic reinvestment of your eligible cash distributions may give you an interest in partial shares, which we will calculate to four decimal places. You will be entitled to receive dividend payments proportionate to your partial share holdings. If an account is transferred, if a stock undergoes a reorganization, or stock certificates are ordered out of an account, partial share positions, which cannot be transferred, reorganized, or issued in certificate form, will be liquidated at prevailing market prices. No commission will be charged for these transactions. Timing is subject to our discretion. You will also be entitled to receive proxy voting materials and voting rights proportionate to your partial shares. In mandatory corporate reorganizations, your partial shares will be handled according to the terms of the particular reorganization. In voluntary reorganizations, your instructions will be applied only to your whole shares. In the event of a rights offering to holders of an eligible security, we will cause the rights accruing to all partial shares of that security to be sold.
Confirmation and Statements
All transactions made through the Dividend Reinvestment Service will be confirmed on your regular account statement. Pershing acts as an agent in all dividend reinvestment transactions. You may obtain immediate information by calling a registered representative of T. Rowe Price Brokerage.

*Pershing and T. Rowe Price Brokerage may, in the future, charge a transaction fee for Dividend Reinvestment Services.

Estimated Annual Income and Estimated Current Yield Figures as Displayed on Brokerage Statements

The following disclosure pertains to estimated annual income (EAI) and estimated current yield (ECY) figures displayed on Brokerage account statements.

The EAI and ECY figures are estimates and for informational purposes only. These figures are not considered to be a forecast or guarantee of future results. These figures are computed using information from providers believed to be reliable; however, no assurance can be made as to their accuracy. Because interest and dividend rates are subject to change at any time and may be affected by current and future economic, political, and business conditions, they should not be relied on for making investment, trading, or tax decisions. These figures assume that the position quantities, interest and dividend rates, and prices remain constant. A capital gain or return of principal may be included in the figures for certain securities, thereby overstating them.

The EAI figure for U.S. government, corporate, and municipal securities is computed by multiplying the coupon rate by the quantity of the security and then dividing that figure by 100. The resulting figure is reflected on the brokerage account statement in the EAI field. The EAI for equity, mutual fund, unit investment trust, and exchange-traded fund securities is computed using either a historical methodology (HM) or a projected methodology (PM), depending on the information provided by the issuer. The PM annualizes the latest regular cash dividend. The HM accumulates the regular cash dividends over the past 12 months. If there is less than one year of dividend history, the accumulated dividends are annualized. The HM or PM figure, whichever is calculated, is then multiplied by the quantity of the security, and the resulting figure is reflected on the Brokerage account statement in the EAI field. The EAI for preferred securities is computed by using the PM.

The following are important caveats to the HM and PM figures:

The figure is denominated in the same currency as the dividend announcement.
The figure does not contemplate special or extra dividends.
When a security pays its first dividend with no specificity as to dividend frequency, the initial dividend will be the reported figure.
If a security announces a stock split and does not announce a new dividend rate, the figure will be adjusted on the ex-distribution/dividend date.
For a called security, the figure will remain unchanged until the payment date, at which point it will revert to zero.
The figure for Canadian securities is calculated the same way as for U.S. securities.
The figure for mutual funds only includes dividends that are treated as income.
The figure will be zero under the following scenarios: a security that has only paid capital gains during the preceding year; a security that has only had stock splits, stock (not cash) dividends, or reverse stock splits during the preceding year; a security other than an open-end mutual fund (excluding a money market fund), ADR preferred, or exchange-traded fund that rescinds or omits a dividend payment; and a security from an issuer that is in arrears and uncertain about its ability to make a dividend payment.

The ECY figure is computed by dividing the EAI figure by the current market price of the security, which may be higher or lower than the purchase price, and then the figure is multiplied by 100. The resulting figure is reflected on the Brokerage account statement in the ECY field. With specific regard to a fixed-income security, the initial purchase confirmation often reflects yield-to-maturity, yield-to-call, and/or yield-to-worst figures which are more relevant figures from the point of purchase.

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Brokerage accounts are offered by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon company, member NYSE/FINRA/SIPC.

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