Commissions for Online Trading. Effective February 1, mutual funds

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1 Effective February, 006 >> commission and fee schedule Save money on every trade with our competitive rates and low fees. Check our pricing and see how you can pay less for a wide range of services. For more information, call our financial representatives at Commissions for Online Trading stocks $.95 per trade for up to,000 shares plus $.0 for each share thereafter for accounts with more than 30 executed trades in the prior months or customers who qualify for T. Rowe Price Personal or Enhanced Personal Services $9.95 per trade for up to,000 shares plus $.0 for each share thereafter for all other accounts The commission charged for any stock trade will not exceed 3% of the principal value of the trade, subject to the applicable minimum ($.95 or $9.95 for online stock trades) options $.95 plus $ per contract for accounts with more than 30 executed trades in the prior months or customers who qualify for T. Rowe Price Personal or Enhanced Personal Services $9.95 plus $ per contract for all other accounts No additional order handling fee for stop and limit orders. Orders partially executed across multiple trading days are subject to a separate commission charge for each day the order partially executes. mutual funds No-transaction-fee (NTF) funds Transaction-fee funds No charge 3 $35 Customers with $50,000 or more qualify for Personal Services, and customers with $,000,000 or more qualify for Enhanced Personal Services. Qualifying assets consist of T. Rowe Price mutual fund, Brokerage, variable annuity, and trust accounts. Assets held in estate, corporate, and 40(k) accounts and 59 plans are excluded. If fund minimums are not met, certain fees may apply. If you hold no-transaction-fee fund positions along with transaction-fee fund positions, the no-transaction-fee fund positions will liquidate first. 3 T. Rowe Price Investment Services, Inc., may receive administrative fees of up to.35% from these no-transaction-fee funds for providing recordkeeping and shareholder services. T. Rowe Price reserves the right to change the funds available with no transaction fees and reinstate the fees on any funds, as well as the right to charge a transaction fee if your short-term trading becomes excessive. See the Miscellaneous Fees section for more information about the short-term trading fee. If you purchased a fund and paid a transaction fee, one will be charged upon its sale even if it becomes a no-transaction-fee fund after your purchase. troweprice.com/brokerage T. Rowe Price Brokerage

2 Commissions for Tele-Trader Trading (Touch-Tone Trading System) stocks $35 per trade for up to,000 shares plus $.0 for each share thereafter The commission charged for any stock trade will not exceed 3% of the principal value of the trade, subject to the applicable minimum ($35.00 for stock trades made through Tele-Trader) options 0% off regular representative-assisted rates (subject to a minimum commission of $35) No additional order handling fee for stop and limit orders. Orders partially executed across multiple trading days are subject to a separate commission charge for each day the order partially executes. mutual funds No-transaction-fee (NTF) funds Transaction-fee funds No charge $35 If fund minimums are not met, certain fees may apply. If you hold no-transaction-fee fund positions along with transaction-fee fund positions, the no-transaction-fee fund positions will liquidate first. T. Rowe Price Investment Services, Inc., may receive administrative fees of up to.35% from these no-transaction-fee funds for providing recordkeeping and shareholder services. T. Rowe Price reserves the right to change the funds available with no transaction fees and reinstate the fees on any funds, as well as the right to charge a transaction fee if your short-term trading becomes excessive. See the Miscellaneous Fees section for more information about the short-term trading fee. If you purchased a fund and paid a transaction fee, one will be charged upon its sale even if it becomes a no-transaction-fee fund after your purchase. T. Rowe Price Brokerage

3 Commissions for Representative-Assisted Trading stocks penny stocks Principal Value (PV) Commission Charge (PV x % + $) Principal Value (PV) Commission Charge (PV x % + $) $ 0 $, $30 $ 0 $ 0, $35 $,50 $ 6, $57 $ 0,00 and over.03 + $35 $ 6,00 $, $73 $,00 $ 50, $00 $ 50,00 $ 500, $75 $ 500,00 and over $75 Minimum: Maximum: Maximum: Minimum: $.08/share on first,000 shares, $.04/share thereafter $.50/share on orders for 00 shares or more $50 on orders for 99 shares or fewer $40 per transaction The commission charged for any stock trade will not exceed 3% of the principal value of the trade, subject to the applicable minimum ($40.00 for representative-assisted stock trades executed above a $0.99 price per share and $35.00 for representative-assisted stock trades executed at or below a $0.99 price per share). options mutual funds Principal Value (PV) Commission Charge (PV x % + $) No-transaction-fee (NTF) funds No charge $ 0 $, $7 Transaction-fee funds $35 $,50 $ 0, $44 Load funds Stated load only 3 $ 0,00 and over $84 Minimum: Maximum: $4/contract on first 0 contracts, $/contract thereafter $/contract All option assignments and/or exercises will be charged at the representative-assisted rate. Subject to a minimum commission of $35. No additional order handling fee for stop and limit orders. Orders partially executed across multiple trading days are subject to a separate commission charge for each day the order partially executes. If fund minimums are not met, certain fees may apply. If you hold no-transaction-fee fund positions along with transaction-fee fund positions, the no-transaction-fee fund positions will liquidate first. T. Rowe Price Investment Services, Inc., may receive administrative fees of up to.35% from these no-transaction-fee funds for providing recordkeeping and shareholder services. T. Rowe Price reserves the right to change the funds available with no transaction fees and reinstate the fees on any funds, as well as the right to charge a transaction fee if your short-term trading becomes excessive. See the Miscellaneous Fees section for more information about the short-term trading fee. If you purchased a fund and paid a transaction fee, one will be charged upon its sale even if it becomes a no-transaction-fee fund after your purchase. 3 Certain Fidelity funds are also charged a $35 transaction fee. troweprice.com/brokerage T. Rowe Price Brokerage 3

4 Commissions for Representative-Assisted Trading (continued) product quantity commission Gold and Silver Principal Value (PV) Commission Charge (PV x %) $ 0 $ 9,999 $ 0,000 $ 49,999 $ 50,000 $ 99,999 $ 00,000 and over Subject to a minimum commission of $35 product par amount commission Corporate Bonds $,000 $ 7,000 $ 8,000 $ 5,000 $ 6,000 $ 35,000 $ 36,000 and over Commercial Paper All $50 flat fee Treasury Auctions All $50 flat fee Treasury Bills All $50 flat fee Treasury and Agency Coupon Notes and Bonds $35 flat charge $5 per bond Additional $4 per bond Additional $3 per bond $,000 $ 4,000 $5 per bond (subject to minimum and maximum) $35 minimum $00 maximum product par amount sales charge per $,000 bond Agency (FNMA, FHLMC) TIPS, Treasury and Coupon Notes and Bonds Treasury 0% Coupon Bonds Municipals (Minimum of $5,000) GNMAs and CMOs (Minimum of $5,000) Certificate of Deposit (Minimum varies by issue) $ 5,000 $ 50,000 $ 5,000 $ 00,000 $ 0,000 $ 50,000 $ 5,000 $ 500,000 $ 50,000 and over $,000 $ 4,000 $ 5,000 $ 50,000 $ 5,000 $ 00,000 $ 0,000 $ 50,000 $ 5,000 $ 500,000 $ 50,000 and over $ 5,000 $ 4,000 $ 5,000 $ 50,000 $ 5,000 $ 00,000 $ 0,000 $ 50,000 $ 5,000 $ 500,000 $ 50,000 and over $ 5,000 $ 50,000 $ 5,000 $ 00,000 $ 0,000 $ 50,000 $ 5,000 $ 500,000 $ 50,000 and over All $3.75 $.50 $.5 $0.65 $0.33 $0.00 $7.50 $5.00 $3.00 $.50 $.00 $5.00 $0.00 $7.50 $5.00 $.50 $.00 $5.00 $0.00 $7.50 $5.00 $.50 CDs purchased at par ($,000) T. Rowe Price Brokerage

5 Fees for T. Rowe Price Brokerage Services annual account maintenance fee $30 Fee The $30 fee is waived for: T. Rowe Price customers who qualify for Preferred, Personal, or Enhanced Personal Services, Brokerage accounts in which five or more commission-generating trades are executed over the previous -month period Brokerage customers who hold $50,000 or more in T. Rowe Price mutual funds Brokerage Advantage customers subject to the $40 cash management service fee (see below) cash management service fee $40 Fee The $40 fee will be charged: For Brokerage Advantage accounts approved or activated for debit card or checkwriting services In the anniversary month of account opening miscellaneous fees IRA Transfer Out or Termination $35 Non-IRA Transfer Out $35 Precious Metals Storage Fee.75% of market value per annum, prebilled quarterly Minimum of $5 per quarter Returned Deposit Checks $0 Annual Custody Fee for Special Products (Limited Partnerships and Direct Participation Programs) $35 per position Wire Transfer Out of Brokerage Account From Your Linked Money Market Account: $5,000 or more Less than $5,000 $5 No fee $5 per wire Foreign Securities Transfers Foreign Securities Orders $75 for each foreign security transferred to or from T. Rowe Price Brokerage $75 for each purchase or sale in addition to the commission Certificates (Register and Ships) $5 per item Short-Term Trading Fee T. Rowe Price Brokerage charges a short-term trading fee equal to the greater of $50 or %, not to exceed $50, for no-load, no-transaction-fee (NTF) fund shares held for less than six months. A short-term trading fee of $5 applies to those shares purchased systematically and held for less than six months. These fees are in addition to any redemption fee that a particular fund may charge. Short-term trading fees do not apply to T. Rowe Price funds; however, investors violating the T. Rowe Price fund excessive trading policy may be restricted from future purchases, as disclosed in the fund s prospectus. Customers with $00,000 or more qualify for Preferred Services, customers with $50,000 or more qualify for Personal Services, and customers with $,000,000 or more qualify for Enhanced Personal Services. Qualifying assets consist of T. Rowe Price mutual fund, Brokerage, variable annuity, and trust accounts. Assets held in estate, corporate, and 40(k) accounts and 59 plans are excluded. troweprice.com/brokerage T. Rowe Price Brokerage 5

6 Margin Schedule These services are available only to Brokerage and Brokerage Advantage account clients Debit Balances $ 0 $ 9,999 $ 0,000 $ 9,999 $ 30,000 $ 49,999 $ 50,000 and over Percentage Above Pershing s Base Lending Rate.75% above the Pershing base lending rate.5% above the Pershing base lending rate.75% above the Pershing base lending rate.5% above the Pershing base lending rate Fees for Brokerage Advantage Account Clients checking Check Amount Minimum Check Reorder Fee No charge for first 40 checks; $0 per 00 checks thereafter Copies of ATM, Sales, or Cash Advance Receipts Stop Payments $0 Returned Checks $5 Check Copies $.50 visa gold atm debit/check card None ATM Withdrawal Fee None $.50 Daily Maximum ATM Withdrawal Daily Maximum for VISA Gold Card Transactions The lesser of $500 or your available balance The lesser of $0,000 or your available balance Third-party ATM surcharges may apply to transactions performed at certain ATMs. Available balance includes a secured credit line backed by the value of the securities held in the margin account (provided account is approved for margin privileges). VISA is a registered trademark of VISA U.S.A., Inc. T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC (Pershing), member NYSE/FINRA/SIPC, a subsidiary of the Bank of New York Mellon Corporation. T. Rowe Price mutual funds not held as positions in your brokerage account are serviced by T. Rowe Price Services, Inc., and are not carried by Pershing. T. Rowe Price Brokerage K-65 4/