More Investment Choices Through Your Plan
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- Louise Stone
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2 More Investment Choices Through Your Plan
3 More Ways for the Experienced Investor to Diversify T. Rowe Price s TradeLink* allows you to invest a portion** of your retirement plan savings in a wide range of investments. These additional investments offer a spectrum of strategies and objectives beyond those available in the core investments of your employer s retirement plan. By using TradeLink, you can more broadly diversify your retirement portfolio. This brochure explains how TradeLink works. Here s what it covers: The relationship between TradeLink and your core plan investments TradeLink services and guidelines Steps to open a TradeLink account As you review the information in this kit, please consider the following: This service is designed for plan participants who have experience and confidence in their own investment abilities. TradeLink investment choices may be subject to greater volatility and risk of loss than core plan investments offered by your employer. Potential investment gains may be offset by account and transaction fees. * Brokerage services offered by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. TradeLink brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC, which acts as a clearing broker for T. Rowe Price Investment Services, Inc. ** See your plan s TradeLink Specifics section in the back of this kit for the maximum percentage of your savings you may invest through TradeLink. Table of Contents How TradeLink Works...3 How to Make a TradeLink Trade...4 Additional TradeLink Activity...7 How TradeLink Affects Your Retirement Account...8 How to Get Information About Your Account...8 Fees...9 Commission Schedule...10 Customer Account Agreement...11 Take Advantage of TradeLink
4 How TradeLink Works With TradeLink, your retirement plan account consists of three types of investments: Core Investments Your employer offers a menu of core investment choices for your retirement savings. TradeLink Sweep Fund* The sweep fund is a money market fund selected by your plan sponsor that allows you to transfer your money between your core investments and your TradeLink investments. An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. You must maintain at least a zero balance in your sweep fund. If your sweep fund balance is less than zero, TradeLink investments will be liquidated to cover the negative balance. TradeLink Investments You can choose from over a thousand investments available through TradeLink. You can obtain a list of available no-load mutual funds by going online to the Mutual Fund Gateway SM or by calling your plan s toll-free number. Information about other investments can also be obtained by speaking with a TradeLink representative. To access the Mutual Fund Gateway: 1. Go to 2. Go to Individuals. 3. Click on Individual Investor. 4. From the homepage, under Products & Services select Brokerage. 5. Click on Mutual Fund Gateway. * See your plan s TradeLink Specifics section, which explains which investment will be used as your sweep fund. Your Account To establish a TradeLink account, you will need to complete: Participant authorization Account application Accounts that do not have a balance and have not had activity for at least 18 months will be automatically purged. If you want to begin trading again after your account has been purged, you will need to complete new paperwork. Additional investments available through TradeLink offer a spectrum of strategies and objectives beyond those available in the core investments of your plan. 3
5 How to Make a TradeLink Trade You may exchange dollars into or out of your TradeLink sweep account by logging in to the website at rps.troweprice.com or by calling your plan s toll-free number and speaking with a representative. Representatives are available any business day between 7 a.m. and 10 p.m. eastern time to assist you with trading. Online Trading Your plan may allow you to trade brokerage holdings online through the Internet. If you are comfortable using your computer for investing purposes, you may find online trading more convenient. You will be required to speak with a representative to trade load mutual funds. Online Features You can access balances, positions, and history online. Holdings are valued as of the prior business day s market close. You can place orders yourself at any time. However, representatives will be available during regular business hours to answer your questions or to assist with any of your transactions. Generally, you ll pay less to perform your stock trades electronically than you would through the TradeLink telephone representatives. You ll be able to access stock quotes quickly and easily. Online Security Matters to T. Rowe Price As a security precaution, all data are encrypted. In addition, as a TradeLink account holder, you must use a password to access your account online. This password is the same as your website password. While this may seem like an additional step or another thing to remember, we strongly believe passwords help to secure your account and keep individual information private. Online Access to TradeLink 1. Go to rps.troweprice.com. 2. Enter your user name and password. 3. Click on TradeLink Brokerage Account. 1 Transfer savings to your sweep fund To request a transfer: 1. Go to rps.troweprice.com. 2. Click on My Account. 3. Click on Change Current Balances. 4. Select Investment Exchange. You will need to know the: amount (dollars, shares, or percentage) you want to transfer, name of the investment from which you want to move money, and type of money (based on plan specifics). Depending on the core investment you are exchanging out of, it may take one to five business days before the funds are available in your sweep account. There are limits on how much you can invest. Your plan determines the maximum percentage that you may invest in TradeLink. See your plan s TradeLink Specifics section of this kit for details. If your TradeLink assets exceed the percentage designated, no further exchanges from core investments will be allowed. If your core investment balance increases or your TradeLink investment balance decreases, exchanges will once again be allowed. Your plan may allow you to include the sweep account in your investment election for future money coming in to the account. From the My Account Tab, click on Transactions and then select Change Investment Election. TradeLink will be listed as an option if this feature is offered by your plan. Equity wash is a provision of a Stable Value product (which may be available in your plan) whereby direct transfers between certain competing funds, such as the sweep fund, must be directed to an equity fund or other non-competing funds for 90 days before transferring to any other competing fixed income fund in the plan. These restrictions are not imposed by T. Rowe Price but the issuers of the contracts that make up a stable value fund product. Please consult with a representative if you have questions regarding equity wash provisions within your plan. 4
6 2 Buying and selling TradeLink investments* Once dollars are available in your sweep fund, you can make a purchase. You will need to: 1. Go to rps.troweprice.com. 2. Enter your user name and password. 3. Click on TradeLink Brokerage Account. You should be aware that: some investments are not available or are closed to new investors; some funds require a minimum trade amount (for purchases and/or redemptions); some funds require that a minimum balance be maintained; all no-transaction-fee mutual funds must be held for 3 six months otherwise, an early redemption fee is imposed at the time of sale; if you attempt to use all the money available in your sweep account to make an online mutual fund purchase, when the system calculates the cash available for such a purchase, the amount available will be reduced by $35 in order to cover the fee that is imposed on transaction fee funds. The system will make this reduction even if the mutual fund you are purchasing does not impose a transaction fee. Please note that you will only be charged the $35 fee if you are in fact purchasing a transaction fee fund. Otherwise, the $35 will remain in your sweep account; most securities on the New York and domestic over the counter exchanges, as well as other regional exchanges, are available through TradeLink; precious metals, options, futures, commodity contracts, IPOs, private placements, and foreign securities not traded on domestic exchanges are excluded. Your plan does not allow you to purchase foreign securities that are not traded on a domestic exchange for your TradeLink account. Holding such securities in your account could raise compliance issues for your plan, and we are not able to block the acquisition of such securities. Therefore, it is your responsibility to make the necessary inquiries if you choose to purchase foreign securities. One indicator that you are placing a trade in a foreign security not traded on a domestic exchange is that at the time you place such a trade, you are notified that the trade is subject to a foreign security fee. If you receive such a notice, you should cancel the trade. Your employer s stock and bonds, if applicable, are also excluded; investing in certain investments such as limited partnerships may have unintended tax consequences for your plan. You should make such investments only with the authorization and consent of your plan administrator; U.S. citizens living abroad may be restricted from purchasing some investments. Transfer savings to your core investments You will need to: Liquidate some or all of your TradeLink investments. Ensure that all trades have settled into your sweep account. Request a transfer from TradeLink to your core investments. To request a transfer: 1. Go to rps.troweprice.com. 2. Click on My Account. 3. Click on Change Current Balances. 4. Select Investment Exchange. 5. Enter an exchange for a specific dollar amount or 100%. When a request is made to move assets from TradeLink to core, depending on the core investment you are exchanging into, it may take one to five business days before the funds are available in your core account. * Mutual fund trades are executed at the next available close of business price after receipt of your order. To receive the current day s price, your order must be received before the transaction cutoff time. (Orders generally cannot be changed or canceled after this time.) For most funds, the cutoff time is 4 p.m. eastern time. Some funds have an earlier cutoff, generally between 2:30 p.m. and 3:30 p.m. eastern time. Occasionally, some funds have a cutoff time as early as noon eastern time. 5
7 Securities Orders Various types of orders can be specified when buying and selling securities. Market order: A market order is placed and executed immediately at the prevailing market price and is subject to fluctuations of the market. Most market orders execute within 60 seconds and cannot be canceled. Day-limit order: A day-limit order is placed at a specified price and stays in effect until executed or until the close of business on the day it is entered (or until the next business day if it is entered after the market s closing). The order cannot be executed above the buy limit or below the sell limit. There is no guarantee when and if a limit order will be executed. If your order is not executed within the trading day, the order becomes null. You may wish to reenter the order the following business day. 90-day good-till-canceled order: A 90-day-limit order acts the same as a day-limit order, but stays in effect for 90 days. If your order is not executed within 90 days, the order will become null. You may wish to reenter the order the next business day for an additional 90 days. Sell-stop and buy-stop orders: Sell-stop orders are entered at a price below the stock s current value. If the stock s bid price falls to or below your sell-stop price, your order will become a market order and will execute at the next available price. This generally helps protect you against a large loss even if you re not constantly watching the market. Buy-stop orders are entered above the current market price. If the stock s ask price rises to or above your buy-stop price, your order will become a market order and will execute at the next available price. This enables you to take advantage of a stock s sudden upward movement. Stop-limit sell and stop-limit buy orders: Stop-limit sell orders are the same as sell-stop orders except when the stock s bid price is the same as the stop price, the order becomes a limit order instead of a market order. Stop-limit buy orders are the same as buy-stop orders except when the stock s ask price is the same as the stop price, the order becomes a limit order instead of a market order. There is no guarantee that the order will be executed if it cannot be filled at the stop-limit price. Qualifiers: You can add the following qualifiers to your order to distinguish how you would like your trade executed: All-or-none (AON): An order to buy or sell more than one round lot of stock or more than one bond at a designated price or better. It is executed only when both conditions can be satisfied simultaneously. Do-not-reduce (DNR): A limit order to buy, a stop order to sell, or a stop-limit order to sell that is not to be reduced by the amount of a cash dividend on the ex-dividend date. Make an informed choice. Call your plan s toll-free number to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. 6
8 Additional TradeLink Activity Settlement Dates Transactions generally settle on the first or third business day after the trade date. Certain funds and exchanges within some fund families settle on the trade date. To purchase funds, the proceeds must be available either through a prior sale of brokerage assets or through your sweep fund prior to placement of your trade. Please note if you are using proceeds from a prior sale to purchase new funds, you may not sell the new funds until the original sale settles or your account will be charged with an unsettled liquidation (see Trading Violations below). Please note that variations in fund settlement periods may affect your ability to buy shares with proceeds from a sale or to transfer proceeds to your core investments. The example below shows the relationship between settlement and proceeds-available dates for a Monday trade. Trade date: Monday* Settlement Schedule Same Day Next Day Third Day Settlement date Monday Tuesday Thursday Proceeds-available date Tuesday Wednesday Friday * Settlement and proceeds-available dates will change according to the day of the week on which you trade. Gains, Losses, and Corporate Action Depending on the terms of your retirement plan, you may be responsible for responding to any corporate action related to your TradeLink investments, including proxies, rights offerings, and tender offers. You are also responsible for your investment decisions, which could result in a loss of principal on investments in your TradeLink account(s). Dividends All dividends and capital gain distributions from your eligible investments will be directed to the sweep fund unless you make a dividend election. Only certain investments participate in the dividend reinvestment program. Any dividend or capital gain not eligible for reinvestment will be invested in the sweep fund. Sweep Earnings Income from your sweep fund is earned daily and automatically reinvested monthly, free of charge. No minimum balance is required. Terms and Definitions Free Ride Definition: Occurs when you sell a security to cover a debit balance that was created by the purchase of that same security. Restriction: Immediate 90-day cash restriction. Liquidation Definition: Occurs when you sell a security to cover a debit balance created the previous day. Unlike a free ride, a liquidation is caused by selling a different security than the one that created the debit balance. Restriction: If three liquidation violations occur in a rolling 12-month period, the account will be restricted to settled funds for 90 days. Unsettled Liquidation Definition: Occurs when you sell a security that was purchased with proceeds from a previous security sale that has not yet settled. Restriction: If three unsettled liquidation violations occur in a rolling 12-month period, the account will be restricted to settled funds for 90 days. Restriction Details Liquidation vs. Unsettled Liquidation: If you are charged with two unsettled liquidation violations and one liquidation violation in a rolling 12-month period, there is no restriction. All three violations in a 12-month period must be the same type of violation. Reason for Restrictions: Each violation creates a situation by which you have purchased a security with funds that do not belong to you. In these instances, money is loaned to you by the broker. This is not permitted in a cash account. Many fund families enforce excessive trading policies for their funds. It is important to consult each fund s prospectus before making any investment decisions, as excessive trading restrictions may apply. 7
9 How TradeLink Affects Your Retirement Account Because you have TradeLink, transactions within your retirement account may be affected. 8 Loans and Withdrawals Refer to your plan documents for information about rules governing loans and withdrawals. Loans and in-service withdrawals (if permitted in your employer s plan) will be made only from eligible core investments. You will be responsible for any fees and charges associated with the sale of TradeLink assets. Such sales include, but are not limited to, the liquidation of holdings to maximize your loan or withdrawal amount available and to satisfy a return of excess contributions made to the plan. Qualified Domestic Relations Orders (QDROs) If you are involved in a QDRO and T. Rowe Price is instructed to distribute some of your assets, you must agree to direct the sale of any TradeLink positions necessary to comply with the order. At the discretion of the plan administrator, failure to provide instructions may result in a pro-rata sale of investments from all TradeLink holdings, whereby you absorb any related commissions and fees on the trades. Distributions In order to receive a final distribution, you will need to decide how to handle your TradeLink investments. You may need to liquidate some or all of your positions. You will be responsible for any fees and charges associated with the sale of TradeLink assets. In order to initiate a withdrawal for installments or required minimum distributions, you may be required to sell all or a portion of your TradeLink investments. To initiate a liquidation of TradeLink investments, contact a T. Rowe Price representative who will process your sell order(s). Or, if your plan allows online trading, you may enter the transaction online. If your plan allows in-kind transfers, TradeLink investments eligible for rollover may be transferred in kind to an individual retirement account (IRA) or another retirement plan offering a self-directed account service. Certain money types, such as after-tax and Roth, may not be eligible for in-kind transfer. You will need to complete a rollover form indicating the investments to be transferred, the receiving broker, and your account number. Any remaining partial shares will be liquidated automatically with proceeds going into your sweep fund. Once all sell trades have settled and inkind rollovers are completed, you will need to transfer any remaining balance in your sweep fund to a core investment. Upon receipt of your final distribution instructions, T. Rowe Price will verify that your TradeLink balance is zero and will proceed accordingly. How to Get Information About Your Account Clear, Timely Reports When a trade is executed in your account, you will receive a separate confirmation for each transaction within each TradeLink account. Trade confirmations are generally mailed on the business day following the execution of your buy or sell order. You will receive a detailed TradeLink statement for each brokerage account. Statements are mailed quarterly and in any month when trading activity occurs. In addition, your plan s quarterly statement will reflect your total TradeLink balance. Account Access You can gain access to your account online for balance or transaction requests by visiting our website: 1. Go to rps.troweprice.com. 2. Enter your username and password. 3. Click on the TradeLink Brokerage Account link from the homepage. The automated phone service Tele-Trader provides access to your TradeLink account information. You can review your sweep balance, the market value of your TradeLink account and receive quotes. You can reach Tele-Trader by following these steps: 1. Call your plan s toll-free number. 2. Enter your Social Security number and PIN. 3. Press star 9 for the main menu or say Tele-Trader at any time. 4. Press 3 (fund information). 5. Press 6 (Tele-Trader). 6. Enter your TradeLink account number and PIN.
10 Fees The chart below details fee amounts and how they will be paid. Fee Type Amount Paid ADMINISTRATIVE FEES Inactive Account Fee $25.00 Annual fee deducted from your sweep account in the following year. Waived if two or more commission-generating trades are placed, or if there is an average monthly balance of $10,000 or more in T. Rowe Price or other no-transaction-fee funds that are held in your TradeLink account. In-Kind Rollover $35.00 Paid from your sweep account at the time of transfer. In-kind rollovers are not permitted in every plan. See your plan s TradeLink Specifics section of this kit for details. OPEN-END MUTUAL FUND TRADES No-Transaction-Fee Funds* $0.00 No fee deducted for no-transaction-fee, no-load fund purchases, sales, or exchanges (short-term trading fee applies). Short-Term Trading The greater of $50 or 1% of trade amount (not to exceed $250) Fee paid at time of sale of any no-load mutual fund if transaction occurs within six months of purchase (applies to all no-transaction-fee funds, except T. Rowe Price funds). Transaction-Fee Funds Buys or Sells** Exchanges Within Same Fund Family $35.00 Fee paid at time of trade for purchase or sale of a transaction-fee, no-load fund. $35.00 Fee paid at time of trade for exchange (sell and buy) of transaction-fee, no-load fund within the same mutual fund family. Load Funds*** Load amount Fee paid at time of trade for purchase or sale of a load fund. Fee is disclosed in fund prospectus. * T. Rowe Price Investment Services, Inc., may receive administrative fees from these no-transaction-fee funds for providing recordkeeping and shareholder services. These payments are based on a percentage (generally up to 0.40%) of plan assets invested in each of these funds through the TradeLink service. The total administrative expenses paid by a fund are described to shareholders in prospectus materials. You may request more detailed information concerning which funds pay fees and an estimate of how much T. Rowe Price Investment Services, Inc., may receive or has received during a particular time period by speaking to a T. Rowe Price representative at your plan s toll-free number. If the minimum purchase requirement is not satisfied, certain fees may apply. ** If a mutual fund holding is composed of a no-transaction-fee (NTF) and a transaction-fee position, the NTF portion will be liquidated first. *** Most load funds charge their stated load only. T. Rowe Price Investment Services, Inc., generally receives part of any load paid. Additionally, a $35 transaction fee is also charged on certain Fidelity load funds, part of which is retained by T. Rowe Price Investment Services, Inc. You may request information regarding the amount of load or the amount of the transaction fee paid to T. Rowe Price Investment Services, Inc., for any given transaction by speaking to a T. Rowe Price representative at your plan s toll-free number. 9
11 Commission Schedule Stocks and Closed-End Mutual Funds A commission fee is paid at the time of trade for purchase or sale, subject to the commission schedule below: A minimum commission of $40.00 applies on all representative-assisted trades, excluding principal transactions. Orders partially executed across multiple trading days are subject to a separate commission charge for each day the order partially executes. The commission charged for any stock trade will not exceed 3% of the principal value of the trade, subject to the applicable minimum. A nominal fee is charged on all sales transactions of equity securities to offset regulatory costs. This is not a tax or government fee. Further, this fee is not retained by T. Rowe Price Investment Services, Inc., or any affiliates. For more information, please contact a TradeLink representative. In addition to the stated commission, a charge of $75.00 is assessed on any transaction involving a foreign security not traded on a domestic exchange. T. Rowe Price reserves the right to review and change commissions and fees. Online Equity Trading Trades executed via the Internet: $9.95 commission per trade Trades executed via a representative: Principal Value (PV) Commission Charge (PV x% +$) $0 - $2, % + $30 $2,501 - $6, % + $57 $6,001 - $22, % + $73 $22,001 - $50, % + $100 $50,001 - $500, % + $175 $500,001 and over 0.08% + $275 Minimum: $0.08/share on first 1,000 shares $0.04/share thereafter Maximum: $0.50/share on orders for 100 shares or more Maximum: $50.00 on orders for 99 shares or fewer Penny Stocks ($0.99 or less per share) Principal Value (PV) Commission Charge (PV x % + $) $0 - $10, % + $35 $10,001 and over 3.0% + $35 Corporate Bonds Per $1,000 Face Value 1-7 Bonds $35 Flat Charge 8-25 Bonds $5/Bond Bonds Additional $4/Bond Over 35 Bonds Additional $3/Bond U.S. Treasuries Bills $50 Flat Charge Notes and Bonds: Agency transactions $24,000 $5/Bond Minimum: $35 Maximum: $100 Principal transactions $25,000 Commission included in price GNMAs, CDs, Government Zero Coupons, and CMOs Principal transactions Commission included in price 10
12 Customer Account Agreement T. ROWE PRICE INVESTMENT SERVICES, INC. The Customer Account Agreement contains important terms and conditions. Please read the Customer Account Agreement carefully and retain it for future reference. If you have any questions concerning the Agreement, please call T. Rowe Price at your plan s toll-free number. The words I, me, and my refer to the person who signed the Account Application form. The term Account includes any and all Plan accounts registered in the same name. The term Plan refers to my employer s retirement plan that is offering the Account as an investment option. The term Plan Sponsor refers to my employer, the sponsor of the retirement plan. Price refers to T. Rowe Price Investment Services, Inc. Pershing refers to the Pershing LLC, Price s clearing broker for my account. PREDISPUTE ARBITRATION CLAUSE. I agree to settle by arbitration any controversy between myself and Price, its parent or affiliates, and/or any such officers, directors, employees, agents, or Price s clearing broker, Pershing, LLC, relating to the Account Agreements, this account and all accounts with Price, or transactions, or in any way arising from my brokerage relationship with Price, whether entered into prior to, on, or subsequent to this date. Such arbitration will be conducted before and according to the arbitration rules of the Financial Industry Regulatory Authority (FINRA), unless the choice of another arbitrator forum is required by applicable state law. This agreement contains a predispute arbitration clause. By signing an arbitration agreement, the parties agree as follows: 1. All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed. 2. Arbitration awards are generally final and binding; a party s ability to have a court reverse or modify an arbitration award is very limited. 3. The ability of the parties to obtain documents, witness statements, and other discovery is generally more limited in arbitration than in court proceedings. 4. The arbitrators do not have to explain the reason(s) for their award. Unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date. 5. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry. 6. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court. 7. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this agreement. 8. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any predispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class action who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein. Price or I may initiate arbitration by serving or mailing a written notice. If I do not designate the arbitration forum in my notice, or respond in writing within five days after receipt of your notice, I authorize you to designate the arbitration forum on my behalf. Judgment on any arbitration award may be entered in any court having jurisdiction, and I submit myself and my personal representative(s) to the jurisdiction of such court. The following Customer Account Agreement incorporates the Predispute Arbitration Clause by reference. I agree as follows with respect to all of my Accounts: Authority/Plan Restrictions. I am at least 18 years of age, have the required legal capacity to enter into this Agreement, and have or will provide Price with all necessary authorizations (from third parties, if necessary) to open an Account and effect transactions in securities under this Agreement. I have accurately completed my Account Application form and will notify Price or the Plan Sponsor promptly if the information contained therein changes. I understand that the Plan Sponsor is offering the Account as an investment option in the Plan and that I am subject to certain restrictions and limitations contained in the Plan, including restrictions on the types of securities eligible for investment in the Account and limits on the amount of my Plan balance contributions that may be invested in the Account. Appointment of Price as Agent. I appoint Price as my agent for the purpose of carrying out my directions with respect to the purchase or sale of securities. To carry out its duties, Price is authorized to open or close brokerage accounts, place and withdraw orders, provide information to third parties, and take such other steps as are reasonably necessary to carry out my directions. Clearing Broker. My Account is carried by Pershing, pursuant to a clearing agreement with Price. For a description of the functions performed for my Account by Price and Pershing, I may reference the Additional Clearing Broker Information section of this agreement. No Advice. Price does not provide tax, legal, or investment advice or offer any opinion with respect to the suitability or profitability of any security or order. All transactions will be executed only on my order or the order of my authorized delegate except as described in the Failure to Settle and Security Interest sections. Understanding Terms of Securities/Proxy Voting. Certain securities or transactions may offer rights that expire unless I take some action. For example, warrants and stock purchase rights typically may be exercised only on or before a specified expiration date. Some convertible redeemable securities will be redeemed automatically unless conversion rights are exercised before a specified date. Some bonds may be redeemed, at the holder s option, only during specified periods. Also, some securities may become the subject of tender or exchange offers, which are limited in time. I understand that I am responsible for knowing the rights and terms of my securities in my Account, for voting proxies related to my securities (as permitted in the Plan), and for taking action to realize any value on my securities. Money Market Sweep Fund Settlement Authorization. On settlement date, Price may debit my money market sweep fund ( Sweep Fund ) as designated by my Plan Sponsor for payment of securities purchased by me and may credit my sweep fund with proceeds from sales of securities. I agree, if requested by Price, to have sufficient funds available in my sweep fund on trade date for payment for all securities purchased for my Account, and that Price may refuse to execute an order, may cancel an order, or may automatically move funds from core investments, if such funds are not available. Commissions and Charges. I agree to the charges indicated on the fee chart and commission schedule that I received. If authorized by me via a trade order, Price may charge my Account for any fees or charges that I incur, if applicable. Price may change the fee/commission schedule from time to time. I understand and agree that Price may share with, remit to, or otherwise pay Pershing for its services from the commissions and/or fees charged by Price under this Agreement. I also understand that Price may receive remuneration from Pershing for over-the-counter transactions. Deposit of Equity. Price reserves the right to require full payment prior to the acceptance of any order. Failure to Settle. Upon the purchase or sale of any security, if Price is unable to settle the transaction by reason of my failure to make payment, I authorize Price to take steps necessary to complete or cancel the transaction to minimize its loss, and I agree to reimburse Price for any and all costs, losses, or liabilities incurred by Price, including attorney s fees. I recognize that Price may become liable to the clearing agent in connection with any Account by reason of various occurrences, including, but not limited to, my failure to make payment to settle transactions in my Account. Should Price become indebted to Pershing in connection with my Account, I become indebted to the clearing agent or to Price directly in the operation of my Account and I agree that I will repay such indebtedness upon demand. I agree that, if I fail to pay the indebtedness after demand, Price may close my Account and/or liquidate any assets in my Account or Accounts otherwise held by Price or any of its affiliates, including Price mutual funds, in an amount sufficient to pay my indebtedness. I agree to be responsible for the reasonable costs and expenses of the collection of any such indebtedness, including, but not limited to, attorney s fees. I understand that Price also reserves the right to provide information concerning my Account indebtedness to others, including credit reporting agencies. 11
13 Cash Accounts. Cash accounts may be subject, at Pershing s discretion, to interest on any debit balances resulting from failure to make payment in full for securities purchased, from failure to timely deliver securities sold, from proceeds of sales paid prior to settlement date, or for other charges that may be made to the account. Provision of Market Data. I understand that Price may convey to me through telephone, electronic, or other means, last sale transaction data, bid and asked quotations, and other information relating to securities and the securities markets (collectively referred to as market data ). Price may charge a fee for providing this market data. I understand that Price obtains market data from securities exchanges and markets from parties that transmit market data (collectively referred to as market data providers ). Price receives such market data from industry sources that are believed to be reliable. However, the accuracy, completeness, timeliness, or correct sequencing of the market data cannot be guaranteed either by Price or the market data providers. I understand that neither Price nor the market data providers will be liable for interruptions in the availability of market data or my access to market data. The market data is provided as is and on an as-available basis. There is no warranty of any kind, express or implied, regarding the market data. Order Entry Services. From time to time, Price may make available services (referred to in this section as the services ) that allow me to use telephone, electronic, or other means to place orders and obtain market data and other information. The services may require me to use a number or password to access my Account. I acknowledge that I am responsible for the confidentiality and use of my access number, password, and Account number, and for all securities and other transactions initiated through these means. I agree not to allow any other person or entity to use my Account for any purpose, including order entry, inquiry, or for quotes. Any orders communicated to Price through these means will be considered to have been sent by me. I agree to notify Price immediately if I: (1) fail to receive a message that an order has been received or executed; (2) fail to receive accurate written confirmation of an order or its execution; (3) receive confirmation of an order I did not place; or (4) become aware of any loss, theft, or unauthorized use of my access number, password, or Account number, or any unauthorized use of the services or the market data. Price will not be liable for lost profits, trading losses, or other damages resulting from the delay or loss of use of the services from defective or unavailable market data. In any case, Price s liability arising from legal claim (whether in contract or otherwise) relating to the services or market data will not exceed the amount I paid for use of the services or market data. Presumption of Receipt of Communications. Communications will be sent to my address provided on the Account Application form unless it is different from my address on record with the plan. If my plan address on record needs to be changed, I will follow the guidelines for changing address of record set forth by my Plan Sponsor. All communications, whether sent by mail, telegraph, messenger, or otherwise, shall be considered delivered to me personally, whether actually received or not. Custody of Securities. All of the securities in my Account shall be held by Pershing in street name. Restricted Securities. I will not buy or sell any securities of a corporation, or any of its affiliates under common control (subsidiaries, joint ventures, etc.) of which I am an affiliate, or sell any restricted securities except in compliance with applicable laws and regulations. Obligation to Pershing and Price. I understand that Pershing or Price will look to the assets of my Account to cover any financial obligation that I may have to Pershing or Price, respectively, with regard to the Account. Extraordinary Events. Price shall not be liable for loss or delay caused directly or indirectly by war, natural disasters, government restrictions, exchange or market rulings or conditions, interruptions of communications or data processing services, or other conditions beyond Price s control. Callable Securities. Securities that are held for my account and that are in street name, or are being held by a securities depository, are commingled with the same securities being held for other customers of financial institutions and for Pershing s own customers. My ownership of these securities is reflected in Price s records. The terms of many bonds allow the issuer to partially redeem or call the issue prior to maturity date. Certain preferred stocks are also subject to being called by the issuer. Whenever any such security being held by Price is partially called, Price or Pershing will determine, through a random selection procedure as prescribed by New York Stock Exchange Rules, the ownership of the securities to be submitted for redemption without regard to unsettled sales. In the event that such securities owned by me are selected and redeemed, my account will be credited with the proceeds. Lost Securities. If my periodic customer statement indicates that securities were forwarded to me and I have not received them, I should notify Price or Pershing immediately. If notification is received within 120 days after the mailing date, as reflected on my periodic statement, replacement will be made free of charge. Thereafter, a fee for replacement may apply. Account Insurance. Securities Investor Protection Corporation (SIPC) provides $500,000 of coverage, including $250,000 for claims for cash. The remaining coverage, on securities only, is provided by Pershing through Lloyd s of London to an overall aggregate level of $1 billion for assets in custody at Pershing and its London affiliate, Pershing Securities Limited, including $1.9 million in cash. The account protection applies when an SIPC member firm fails financially and is unable to meet obligations to securities customers, but it does not protect against losses from the rise and fall in the market value of investments. Information regarding SIPC, including a SIPC brochure, may be obtained by contacting SIPC via its website at or by telephone at Customer Asset Protection. Assets held by me at Pershing are protected in accordance with the Customer Protection Rule promulgated by the Securities and Exchange Commission. Unless otherwise agreed in a separate written document, securities fully paid for by me are not loaned to others. No-Transaction-Fee Mutual Funds. I understand that Price is able to offer certain mutual funds without transaction fees because the fund companies or their distributors compensate Pershing and Price for providing certain shareholder services to its customers, such as transaction and dividend processing, delivery of account statements and confirmations, and responding to shareholder inquiries. The compensation received by Pershing and Price is based upon a percentage of the total assets invested by its customers in the funds, and may range up to 0.35% of such assets on an annual basis. Fund companies may compensate Pershing and Price for the aforementioned shareholder services through an administrative fee, 12b-1 fee, or other shareholder service fee. I understand that I may request more detailed information concerning which funds pay fees and an estimate of how much Price may receive or has received during a particular time period by speaking to a plan representative at my Plan s toll-free number. Prospectuses for the mutual funds are available upon request. Also, a prospectus will be provided upon execution of an initial purchase order. I understand that it is my responsibility to read and understand the terms and conditions in the prospectus, including fees and charges which may apply, before placing mutual fund orders with Price. Modification of This Agreement. All transactions for the Account shall be subject to the constitution, rules, regulations, customs, and usages of the exchange or market (and its clearing house, if any) where the transactions are executed and to all applicable government acts and statutes (such as the Securities Exchange Act of 1934) and the rules and regulations promulgated under those governmental acts and statutes. No provision of this Agreement can be amended or waived except in writing, signed by an officer of Price. If any provision of this agreement becomes inconsistent with any present or future law or regulation of any entity having regulatory jurisdiction over it, that provision will be deemed superseded or amended to conform with such law or regulation, but the remainder of this Agreement will remain in full force and effect. I understand that Price is bound by any restrictions Pershing may impose and reserves the right to reject any transaction prior to my receipt of the confirmation statement. Separability. If any provisions or conditions of this Agreement shall be held to be invalid or unenforceable, all other provisions and conditions will remain in full force. Governing Law. This Agreement and its enforcement shall be governed by the laws of the State of New York, without giving effect to its conflicts of laws provisions, and shall both bind and inure to the benefit of Price, its successors, and assigns, whether by merger, consolidation, or otherwise. This Agreement shall also be binding upon my heirs, executives, administrators, successors, and assigns. Amendments and Termination. At its discretion, Price may amend this Agreement or terminate my brokerage services at any time, effective upon notice to me at my address of record with Price. Termination may include specific Account services as well as the Account itself. Termination of my Account will result in the cancellation of all open orders and other features and/or privileges associated with the Account. Such features and privileges include those associated with my money market sweep fund. I understand, however, that I will continue to be responsible for any obligation incurred by me prior to termination. In addition to other amendments, if any provision hereof is, or at any time should become, inconsistent with any present or future law, rule, or regulation of any securities exchange, or of any sovereign government or a regulatory body thereof, and if any of these bodies have jurisdiction over the subject matter of this Agreement, said provision shall be deemed to be superseded or modified to conform to such law, rule, or regulation, but in all other respects this Agreement shall continue and remain in full force and effect. 12
14 Alternate Periodic Reporting. I will not receive an immediate confirmation for systematic purchase and redemption transactions of mutual funds, or unit investment trusts; dividend reinvestment transactions; transactions into and out of my money market sweep account. These transactions will appear on my account statement. Payment for Order Flow Practices. The following statement is provided to you as required by Rule 607 of the Securities Exchange Act of Pershing sends certain equity orders to exchanges, Electronic Communication Networks, or broker-dealers during normal business hours and during extended trading sessions. Certain of these venues provide payments to Pershing or charge access fees to Pershing depending upon the characteristics of the order and any subsequent execution. In addition, Pershing may execute certain equity orders as principal. The details of these payments and fees are available upon written request. Pershing receives payments for directing listed options order flow to certain option exchanges. Compensation is generally in the form of a per option contract cash payment. Best Execution. Notwithstanding the previous paragraph regarding payment for order flow, Pershing selects certain market centers to provide execution of over-the-counter and exchange-listed securities transactions, which agree to accept orders transmitted electronically up to a specified size, and to execute them at or better than the national best bid or offer (NBBO). On certain larger orders, or if the designated market centers do not make a market in the subject security, Pershing directly contacts market centers to obtain an execution. The designated market centers to which orders are automatically routed are selected based on the consistent high quality of their executions in one or more market segments and their ability to provide opportunities for executions at prices superior to the NBBO. If an order for an exchange-listed security is not immediately executable in the marketplace to which it is routed, such order may be represented in the national marketplace using the various means available for price discovery. Pershing also regularly reviews reports for quality of execution purposes. Predispute Arbitration Clause. Refer to introduction. Additional Clearing Broker Information Disclosure required by FINRA Rule Price has retained Pershing to provide certain recordkeeping or operation services. These services such as the execution and settlement of securities transactions and custody of securities and cash balances are provided under a written Clearing Agreement between Pershing and Price. As a member of FINRA, Pershing is required to disclose to me the details of Pershing s Clearing Agreement with Price, which are summarized below. Responsibilities of Price. Price has general responsibility for servicing and supervising my securities account through its own personnel in accordance with its own policies and applicable laws and regulations. Price is responsible for approving the opening of my account and obtaining necessary account documentation. Price is responsible for knowing me and my stated investment objectives in the event Price determines to provide investment recommendations to me. Unless otherwise agreed to in writing by Price, Price does not make recommendations in connection with my Account, and all orders are unsolicited. Price is responsible for the acceptance and, in certain instances, execution of securities orders. Price is responsible for knowing the facts about any orders for the purchase or sale of securities for my account. If Price is a market maker in any securities or otherwise trades as principal with me, it is responsible for compliance with fair pricing and disclosure responsibilities to me. If Price obtains possession of any cash or securities intended for my account, it is responsible for correctly identifying and promptly forwarding the same to Pershing. Price is responsible for supervising the activities of the individual (if any) who services my account, for resolving any complaints regarding the handling of my account, and, in general, for the ongoing relationship that it has with me. In all of the above matters relating to the servicing of my account, Pershing has no involvement and assumes no responsibility. Responsibilities of Pershing. In general, Pershing is only responsible for those services provided at the request or direction of Price as contemplated by the Clearing Agreement. Pershing will create computer-based account records on my behalf in such name(s) and with such address(es) as Price directs. Pershing will process orders for the purchase, sale, or transfer of securities for my account as Price directs. Pershing is not obligated to accept orders for securities transactions for my account directly from me and will do so only in exceptional circumstances. Pershing will receive and deliver cash and securities for my account and will record such receipts and deliveries according to information provided by Price. Pershing will hold in custody securities and cash received for my account, and will collect and disburse dividends and interest and process reorganization and voting instructions with respect to securities held in custody. Pershing is responsible for the custody of my cash and securities only after it comes into Pershing s physical possession or control. Pershing will prepare and transmit to me or provide facilities to Price for the preparation and transmission of confirmations of trades. Pershing will prepare and transmit periodic account statements summarizing transactions processed for my account to me. In connection with all of the functions that Pershing performs, Pershing maintains the books and records required by law and by business practice. Pershing will provide Price with written reports of all transactions processed for my account to enable it to carry out its responsibilities under the Clearing Agreement. Pershing will assist me and Price with any discrepancies or errors that may occur in the processing of transactions for my account. PERSHING DOES NOT CONTROL, AUDIT, OR OTHERWISE SUPERVISE THE ACTIVITIES OF PRICE OR ITS EMPLOYEES. PERSHING DOES NOT VERIFY INFORMATION PROVIDED BY PRICE REGARDING MY ACCOUNT OR TRANSACTIONS PROCESSED FOR MY ACCOUNT OR UNDERTAKE RESPONSIBILITY FOR REVIEWING THE APPROPRIATENESS OF TRANSACTIONS ENTERED BY PRICE ON MY BEHALF. The Clearing Agreement does not encompass transactions in commodities futures contracts or investments other than marketable securities that Pershing normally processes on recognized exchanges and over-the-counter markets. In furnishing its services under the Clearing Agreement, Pershing may use and rely upon the services of clearing agencies, automatic data processing vendors, proxy processing, transfer agents, securities pricing services, and other similar organizations. This discussion addresses the basic allocation of functions regarding the handling of my account. It is not meant as a definite enumeration of every possible circumstance, but only as a general disclosure. T. Rowe Price Privacy Policy* T. Rowe Price recognizes the importance of protecting your personal and financial information when you visit our Web site. In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat this information as confidential and recognize the importance of protecting access to it. You may provide information when communicating or transacting with us in writing, electronically, or by phone. For instance, information may come from applications, requests for forms or literature, and your transactions and account positions with us. On occasion, such information may come from consumer reporting agencies and those providing services to us. We do not sell information about current or former customers to any third parties, and we do not disclose it to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law. We may share information within the T. Rowe Price family of companies in the course of providing or offering products and services to best meet your investing needs. We may also share that information with companies that perform administrative or marketing services for T. Rowe Price, with a research firm we have hired, or with a business partner, such as a bank or insurance company, with whom we are developing or offering investment products. When we enter into such a relationship, our contracts restrict the companies use of our customer information, prohibiting them from sharing or using it for any purposes other than those for which they were hired. We maintain physical, electronic, and procedural safeguards to protect your personal information. Within T. Rowe Price, access to such information is limited to those who need it to perform their jobs, such as servicing your accounts, resolving problems, or informing you of new products or services. Our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in strict confidence. * The Privacy Policy applies to the following T. Rowe Price family of companies: T. Rowe Price Associates, Inc.; T. Rowe Price Advisory Services, Inc.; T. Rowe Price Investment Services, Inc.; T. Rowe Price Savings Bank; T. Rowe Price Trust Company; and the T. Rowe Price Funds. 13
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