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Information contained in the T. Rowe Price website is not intended for institutional 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.

The information is designed for institutional 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) banks licensed under the Singapore Banking Act;

(b) merchant banks approved under the Monetary Authority of Singapore Act;

(c) finance companies licensed under the Finance Companies Act;

(d) companies or societies licensed under the Insurance Act as an insurer;

(e) trust companies licensed under the Trust Companies Act;

(f) the Singapore government or statutory bodies;

(g) holders of capital markets services licences under the Securities and Futures Act for dealing in securities, fund management, providing custodial services for securities, securities financing or trading in futures contracts;

(h) persons (other than individuals) who carry on the business of dealing in bonds with accredited investors, or persons whose business involves the acquisition and the disposal or holding of capital markets products;

(i) pension funds or collective investment schemes; and

(j) trustees of such trusts as the Monetary Authority of Singapore may prescribe.

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 funds will not be intentionally distributed to persons in any country where such distribution would be contrary to local law or regulation.

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.

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.

Unless otherwise noted, the content appearing in this Section of the T. Rowe Price website has been issued by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC4N 4TZ, which is authorised and regulated by the U.K. FCA.

This website does not provide investment advice or recommendations. Nothing in this website shall be considered a solicitation to buy or an offer to sell a security, or any other product or service, to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.

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