Information contained in the T. Rowe Price website is not intended for investors in any jurisdiction in which distribution or purchase is not authorised, including the jurisdiction of the reader of this information, where applicable. For example, the information herein is not for distribution to and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons.

Information obtained from this site is intended specifically for the individuals who have agreed to these Terms and Conditions and may not be redistributed without prior consent from the T. Rowe Price Legal department.

Past performance of the T. Rowe Price Funds SICAV and other securities is not a guide to future performance. The value of securities and any income generated from them might decrease as well as increase. Changes in rates of exchange may also have an adverse effect on the value, price or income of securities. Investors should also be aware of the additional risks associated with investments in emerging markets, high yield securities and smaller companies.

For EEA (excluding the Netherlands and the United Kingdom):

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The information is designed for professional investors, including financial intermediaries or members of the media, and is published for informational purposes only. In particular, the information is directed at only informing persons falling within one or more of the following categories:

(a) A government;

(b) A bank or insurance company;

(c) A pension fund or charity;

(d) Persons whose ordinary activities involve them, as principal or as agent, in acquiring, holding, managing or disposing of investments for the purposes of a business carried on by them or whom it is reasonable to expect will, acquire, manage or dispose of investments for the purpose of such a business;

(e) Persons whose ordinary business involves the giving of advice, which may lead to another person acquiring or disposing of an investment or refraining from so doing;

(f) Representatives of the media for corporate and background information about T. Rowe Price.

Persons who do not fall into one of the above categories should not act upon the information contained herein.

Certain persons may have access to information regarding the T. Rowe Price Funds SICAV, an investment company incorporated as “Société d’Investissement à Capital Variable” (‘SICAV’) under the laws of Luxembourg. The T. Rowe Price Funds SICAV sub-funds referred to on the site are only offered by the current prospectus. The prospectus contains more complete information about the sub-funds, including investment objectives, charges and expenses. However, the prospectus and other information relating to the sub-funds will not be intentionally distributed to persons in any country where such distribution would be contrary to local law or regulation.

Raiffeisen Bank International AG, Austria, acts as the paying and information agent for the sub-funds of the SICAV that are approved for public distribution in Austria or from Austria, and Deloitte Tax Wirtschaftsprüfungs GmbH acts as the tax representative for these sub-funds in Austria. Nordea Bank Danmark A/S, is the representative agent of the sub-funds of the SICAV which are approved for public distribution in or from Denmark. J.P. Morgan AG, Germany, is the representative and paying agent of the sub-funds of the SICAV that are approved for public sale in or from Germany. Société Générale Securities Services S.p.A (Italy) is the paying agent of the sub-funds of the SICAV admitted to public distribution in or from Italy. RBC Investor Services España, S.A.U., Spain, is the representative agent of the SICAV sub-funds that are approved for public distribution in or from Spain. Skandinaviska Enskilda Banken AB is the paying agent of the sub-funds of the SICAV which are approved for public distribution in or from Sweden.

This information herein does not constitute investment advice and the products described may not be available to or suitable for all investors. You should consider, if appropriate, obtaining independent professional advice before making an investment decision.

For EEA (excluding the Netherlands and the United Kingdom), the content appearing in this Section of the T. Rowe Price website has been issued by T. Rowe Price (Luxembourg) Management S.à r.l. 35 Boulevard du Prince Henri L-1724 Luxembourg which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier.

For Switzerland:

This website is intended for investment intermediaries and contains advertising.

I have read, understood and accept the following general terms and conditions and confirm that I am a qualified investor based in Switzerland within the meaning of Swiss law regarding collective investment schemes and will not pass on any of the information available on this website or downloaded from this website to third parties.

By accessing this website, you consent to T. Rowe Price collecting information by way of cookies. To find out more please read our cookie policy.

The information in the T. Rowe Price website is exclusively directed at qualified investors within the meaning of the Federal Act on Collective Investment Schemes (‘CISA’) and its implementing ordinance as well as according to the most recent interpretation of the Swiss Financial Market Supervisory Authority FINMA with domicile in Switzerland.

In particular the following are considered qualified investors within the meaning of CISA: supervised financial intermediaries (e.g. banks, securities dealers, fund management companies), supervised insurance institutions, public entities and pension schemes with professional treasury management, enterprises with professional treasury management, high net worth individuals who have elected in writing to be deemed qualified investors and independent asset managers who have declared in writing that they will be using the information herein only for clients that are qualified investors.

Certain persons may have access to information regarding the T. Rowe Price Funds SICAV (‘SICAV’), an investment company incorporated as “Société d’Investissement à Capital Variable” under the laws of Luxembourg. The SICAV and certain sub-funds have been approved for public distribution in other jurisdictions such as Switzerland. However, not all of the sub-funds accessible on this website may be registered for public distribution in or from Switzerland. The Swiss Financial Market Supervisory Authority FINMA publishes a list of foreign collective investment schemes which are approved for public distribution in or from Switzerland on their website. First Independent Fund Services Ltd., Zurich, is the representative of the sub-funds of the SICAV which are approved for public distribution in or from Switzerland and Helvetische Bank AG, acts as the paying agent in Switzerland of such sub-funds.

The T. Rowe Price Funds SICAV sub-funds referred to on the site may not be available to or suitable for you. Investment or other decisions should not be made solely on the basis of this website. In particular, you should not enter into any investment before you have read the corresponding fund documents such as the prospectus and the key investor information documents (KIIDs) as well as the annual and semi-annual reports in order to familiarize yourself with the specific risk associated with a specific sub-fund. The prospectus contains more complete information about the sub-funds, including investment objectives, charges and expenses. The prospectus, the key investor information documents (KIIDs), the articles, as well as the annual and semi-annual reports may be obtained free of charge from First Independent Fund Services Ltd., Zurich. However, the prospectus and other information relating to the sub-funds will not be intentionally distributed to persons in any country where such distribution would be contrary to local law or regulation.

The information on this website has been prepared for information purposes only and does neither constitute investment advice or other advertisement or recommendation nor an offer or solicitation to purchase or sell investment instruments, to effect any transaction or to enter into any legal relations. The investment instruments described may not be available to or suitable for all investors. You should consider, if appropriate, obtaining independent professional advice before making an investment decision and be aware of local laws governing investments.

Unless otherwise noted, the content appearing in this section of the T. Rowe Price website has been issued by T. Rowe Price (Switzerland) GmbH, Talstrasse 65, 6th Floor, 8001 Zurich, Switzerland. First Independent Fund Services Ltd, Klausstrasse 33, CH-8008 Zurich is Representative in Switzerland. Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich is the Paying Agent in Switzerland. The place of performance and the place of jurisdiction is at the registered office of the Swiss Representative.