Dear Shareholder:Thank you for choosing electronic deliveryURGENT
Your vote is needed today!
Joint Special Meeting of your T. Rowe Price Fund(s) documents. You are receiving this email because you consentedFunds
Dear Shareholder:
The Joint Special Meeting of Shareholders to receive your proxy materials online,be held on July 25, 2018, at 8 a.m. ET, is quickly approaching, and our records indicate that we have not yet received your vote. This email provides the information you will needPlease take a few moments to view the proxy materials online, access your proxy card, and vote your shares.
shares today.
YOUR FUND’S BOARD RECOMMENDS THAT YOU VOTE "FOR" EACH PROPOSAL
Voting now helps minimize additional costs to the funds, avoids additional mailings, and eliminates phone calls to shareholders.
The Joint Special Shareholder Meeting will take place at 8:00 a.m. ET, July 25, 2018, atProxy Statement we sent you contains important information regarding the headquarters of T. Rowe Price, 100 East Pratt Street, Baltimore, MD 21202. As the T. Rowe Price Fundsproposals that you and other shareholders are owned by the shareholders, your participation as a shareholder in the proxy process is extremely important. For your convenience, electronic versionsbeing asked to consider. A copy of the Proxy Statement Information and Frequently Asked Questions Document, and Sample Ballot are availablemay be viewed or downloaded at the below website for you to view or download.https://www.proxy-direct.com/trp-29734 [proxy-direct.com]After you have reviewed the materials, please submit your vote promptly. Voting promptly can help limit additional costs to the Funds associated with soliciting your vote.VOTING YOUR PROXY ONLINEOnline voting is a convenient and secure way to vote your proxy. You may accesslisted on your proxy card and vote your proxy by clicking on the link(s) provided below. The link will take you directly to the proxy voting site where you can submit your vote.The control number and security code shown below will auto-populate when you click on the link(s) provided.
Fund: T. Rowe Price Balanced FundFund: T. Rowe Price Blue Chip Growth FundFund: T. Rowe Price Capital Appreciation FundFund: T. Rowe Price Capital Appreciation & Income FundFund: T. Rowe Price Capital Opportunity FundFund: T. Rowe Price Corporate Income FundFund: T. Rowe Price Credit Opportunities FundFund: T. Rowe Price Diversified Mid-Cap Growth FundFund: T. Rowe Price Dividend Growth FundFund: T. Rowe Price Equity Income FundFund: T. Rowe Price Blue Chip Growth PortfolioFund: T. Rowe Price Blue Chip Growth Portfolio IIFund: T. Rowe Price Equity Income PortfolioFund: T. Rowe Price Equity Income Portfolio IIFund: T. Rowe Price Equity Index 500 PortfolioFund: T. Rowe Price Health Sciences PortfolioFund: T. Rowe Price Health Sciences Portfolio IIFund: T. Rowe Price Mid-Cap Growth PortfolioFund: T. Rowe Price Mid-Cap Growth Portfolio IIFund: T. Rowe Price New America Growth PortfolioFund: Personal Strategy Balanced PortfolioFund: T. Rowe Price Financial Services FundFund: T. Rowe Price Limited-Term Bond PortfolioFund: T. Rowe Price Limited-Term Bond Portfolio IIFund: T. Rowe Price Government Money PortfolioFund: T. Rowe Price Floating Rate FundFund: T. Rowe Price Global Allocation FundFund: T. Rowe Price Global Multi-Sector Bond FundFund: T. Rowe Price Global Real Estate FundFund: T. Rowe Price Global Technology FundControl Number: 73499999001000Security Code: 99999999
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Fund: T. Rowe Price GNMA FundFund: T. Rowe Price Government Money FundFund: T. Rowe Price Growth & Income FundFund: T. Rowe Price Growth Stock FundFund: T. Rowe Price Health Sciences FundFund: T. Rowe Price High Yield FundFund: T. Rowe Price U.S. High Yield FundFund: T. Rowe Price Equity Index 500 FundFund: T. Rowe Price Extended Equity Market Index FundFund: T. Rowe Price Mid-Cap Index FundFund: T. Rowe Price Small-Cap Index FundFund: T. Rowe Price Total Equity Market Index FundFund: T. Rowe Price Inflation Protected Bond FundFund: Institutional Large-Cap Core Growth FundFund: T. Rowe Price Institutional Large-Cap Growth FundFund: T. Rowe Price Institutional Large-Cap Value FundFund: Institutional Mid-Cap Equity Growth FundFund: T. Rowe Price Institutional Small-Cap Stock FundFund: Institutional U.S. Structured Research FundFund: T. Rowe Price Institutional Cash Reserves FundFund: T. Rowe Price Institutional Core Plus FundFund: T. Rowe Price Institutional Credit OpportunitiesFund: T. Rowe Price Institutional Floating Rate FundFund: Institutional Global Multi-Sector Bond FundFund: T. Rowe Price Institutional High Yield FundFund: T. Rowe Price Institutional Long Duration CreditFund: T. Rowe Price Institutional Africa & Middle EastFund: Institutional Emerging Markets Bond FundFund: Institutional Emerging Markets Equity FundFund: Institutional Frontier Markets Equity FundControl Number: 73499999002000Security Code: 99999999
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Fund: Institutional Global Focused Growth Equity FundFund: T. Rowe Price Institutional Global Growth EquityFund: T. Rowe Price Institutional Global Value Equity FdFund: T. Rowe Price Institutional International Bond FdFund: Institutional International Concentrated Equity FdFund: Institutional International Core Equity FundFund: Institutional International Growth Equity FundFund: T. Rowe Price Intermediate Tax-Free High Yield FdFund: T. Rowe Price Africa & Middle East FundFund: T. Rowe Price Asia Opportunities FundFund: T. Rowe Price Dynamic Global Bond FundFund: T. Rowe Price Emerging Europe FundFund: T. Rowe Price Emerging Markets Bond FundFund: Emerging Markets Corporate Bond FundFund: Emerging Markets Local Currency Bond FundFund: T. Rowe Price Emerging Markets Stock FundFund: T. Rowe Price Emerging Markets Value Stock FundFund: T. Rowe Price European Stock FundFund: T. Rowe Price Global Consumer FundFund: T. Rowe Price Global Growth Stock FundFund: T. Rowe Price Global High Income Bond FundFund: T. Rowe Price Global Industrials FundFund: T. Rowe Price Global Stock FundFund: T. Rowe Price International Bond FundFund: T. Rowe Price International Bond Fund (USD Hedged)Fund: International Concentrated Equity FdFund: T. Rowe Price International Discovery FundFund: T. Rowe Price International Stock FundFund: T. Rowe Price International Value Equity FundFund: T. Rowe Price Japan FundControl Number: 73499999003000Security Code: 99999999
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Fund: T. Rowe Price Latin America FundFund: T. Rowe Price New Asia FundFund: T. Rowe Price Overseas Stock FundFund: T. Rowe Price International Equity Index FundFund: T. Rowe Price International Stock PortfolioFund: Limited Duration Inflation Focused Bond FundFund: T. Rowe Price Communications & Technology FundFund: T. Rowe Price Mid-Cap Growth FundFund: T. Rowe Price Mid-Cap Value FundFund: Emerging Mkts Corp Multi-Sector Acct PortFund: Emerging Markets Local Multi-Sector Acct PortFund: Floating Rate Multi-Sector Account PortfolioFund: High Yield Multi-Sector Account PortfolioFund: Investment-Grade Corp Multi-Sector Acct PortFund: Mortgage-Backed Securities Multi-Sector Acct PortFund: T. Rowe Price Multi-Strategy Total Return FundFund: T. Rowe Price New America Growth FundFund: T. Rowe Price New Era FundFund: T. Rowe Price New Horizons FundFund: T. Rowe Price New Income FundFund: T. Rowe Price Personal Strategy Balanced FundFund: T. Rowe Price Personal Strategy Growth FundFund: T. Rowe Price Personal Strategy Income FundFund: T. Rowe Price QM Global Equity FundFund: QM U.S. Small-Cap Growth Equity FundFund: QM U.S. Small & Mid-Cap Core Equity FundFund: T. Rowe Price QM U.S. Value Equity FundFund: T. Rowe Price Real Assets FundFund: T. Rowe Price Real Estate FundFund: T. Rowe Price Government Reserve FundControl Number: 73499999004000Security Code: 99999999
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Fund: T. Rowe Price Short-Term FundFund: T. Rowe Price Treasury Reserve FundFund: T. Rowe Price Retirement 2005 FundFund: T. Rowe Price Retirement 2010 FundFund: T. Rowe Price Retirement 2015 FundFund: T. Rowe Price Retirement 2020 FundFund: T. Rowe Price Retirement 2025 FundFund: T. Rowe Price Retirement 2030 FundFund: T. Rowe Price Retirement 2035 FundFund: T. Rowe Price Retirement 2040 FundFund: T. Rowe Price Retirement 2045 FundFund: T. Rowe Price Retirement 2050 FundFund: T. Rowe Price Retirement 2055 FundFund: T. Rowe Price Retirement 2060 FundFund: T. Rowe Price Retirement Balanced FundFund: T. Rowe Price Retirement I 2005 FundFund: T. Rowe Price Retirement I 2010 FundFund: T. Rowe Price Retirement I 2015 FundFund: T. Rowe Price Retirement I 2020 FundFund: T. Rowe Price Retirement I 2025 FundFund: T. Rowe Price Retirement I 2030 FundFund: T. Rowe Price Retirement I 2035 FundFund: T. Rowe Price Retirement I 2040 FundFund: T. Rowe Price Retirement I 2045 FundFund: T. Rowe Price Retirement I 2050 FundFund: T. Rowe Price Retirement I 2055 FundFund: T. Rowe Price Retirement I 2060 FundFund: T. Rowe Price Retirement Balanced I FundFund: T. Rowe Price Retirement Income 2020 FundFund: T. Rowe Price Target 2005 FundControl Number: 73499999005000Security Code: 99999999
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Fund: T. Rowe Price Target 2010 FundFund: T. Rowe Price Target 2015 FundFund: T. Rowe Price Target 2020 FundFund: T. Rowe Price Target 2025 FundFund: T. Rowe Price Target 2030 FundFund: T. Rowe Price Target 2035 FundFund: T. Rowe Price Target 2040 FundFund: T. Rowe Price Target 2045 FundFund: T. Rowe Price Target 2050 FundFund: T. Rowe Price Target 2055 FundFund: T. Rowe Price Target 2060 FundFund: T. Rowe Price Science & Technology FundFund: T. Rowe Price Short-Term Bond FundFund: T. Rowe Price Ultra Short-Term Bond FundFund: T. Rowe Price Small-Cap Stock FundFund: T. Rowe Price Small-Cap Value FundFund: Spectrum Growth FundFund: Spectrum Income FundFund: Spectrum International FundFund: T. Rowe Price California Tax-Free Bond FundFund: T. Rowe Price California Tax-Free Money FundFund: T. Rowe Price Georgia Tax-Free Bond FundFund: Maryland Short-Term Tax-Free Bond FundFund: T. Rowe Price Maryland Tax-Free Bond FundFund: T. Rowe Price Maryland Tax-Free Money FundFund: T. Rowe Price New Jersey Tax-Free Bond FundFund: T. Rowe Price New York Tax-Free Bond FundFund: T. Rowe Price New York Tax-Free Money FundFund: T. Rowe Price Virginia Tax-Free Bond FundFund: T. Rowe Price Cash Reserves FundControl Number: 73499999006000Security Code: 99999999
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Fund: T. Rowe Price Summit Municipal Income FundFund: T. Rowe Price Summit Municipal Intermediate FundFund: T. Rowe Price Summit Municipal Money Market FundFund: T. Rowe Price Tax-Efficient Equity FundFund: T. Rowe Price Tax-Exempt Money FundFund: T. Rowe Price Tax-Free High Yield FundFund: T. Rowe Price Tax-Free Income FundFund: T. Rowe Price Tax-Free Short-Intermediate FundFund: T. Rowe Price Total Return FundFund: T. Rowe Price U.S. Bond Enhanced Index FundFund: T. Rowe Price U.S. Large-Cap Core FundFund: U.S. Treasury Intermediate FundFund: U.S. Treasury Long-Term FundFund: U.S. Treasury Money FundFund: T. Rowe Price Value FundControl Number: 73499999007000Security Code: 99999999
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You also can visit https://www.proxy-direct.com [proxy-direct.com] and enter your control numbers and security code exactly as they appear above. If multiple control numbers and security codes appear, you will need to vote each individually in order to capture your vote on all accounts.
card. If you have any questions about the proxy materials orregarding the proposals, or ifneed assistance with voting, you wish to request a paper copymay call Computershare Fund Services, the Funds’ proxy solicitor, toll-free at 1-866-436-5968.
For your convenience, please utilize any of the following methods to submit your vote:
1. Vote Online.
Visit the website noted on the enclosed proxy materials, please call us at 1-866-436-5968 or email us at voting card, and follow the instructions.
2. Vote by Phone.
Call the toll-free number printed on the enclosed proxy voting card, and follow the automated instructions. Available 7 days a week, 24 hours a day.
info@troweprice.com3. Speak with a Proxy Specialist.
Call Because regulations require that each fund receive a certain number of votes, you may be contacted1-866-436-5968 with any questions. Specialists can assist with voting. Available Monday to Friday from 9 a.m. to 11 p.m. ET and Saturday from 12 p.m. to 6 p.m. ET.
4. Vote by email or phone ifMail.
Mail your vote is not received. These calls and emails will cease as soon assigned proxy voting card(s) in the postage-paid envelope included with your vote is recorded.
proxy materials.
Thank you for investing withyour prompt attention to this matter and your continued confidence in T. Rowe Price Funds.Sincerely,Computershare Funds ServicesIndependent Tabulator for the Joint Special Shareholder Meeting of the T. Rowe Price Funds
Price. If you have already voted, we appreciate your participation, and you may disregard this notice.
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