URGENTIPC Email Template: USI Proxy Followup Email

Your vote is needed today!Subject Line: Please Vote: Upcoming Mutual Fund Shareholder Meeting and Proxy Vote

Joint Special Meeting ofWe recently sent you proxy materials concerning important proposals affecting your T. Rowe Price Funds

Dear Shareholder:

fund(s). The Joint Special Meeting of Shareholders toproposals will be heldconsidered at an upcoming joint special shareholder meeting on July 25, 2018, at 8 a.m. ET, is quickly approaching,2018. The proposals include the election of new directors of the funds’ boards, as well as investment objective and/or policy changes for various T. Rowe Price funds.

As the date of the shareholder meeting approaches, we have not yet received the required votes on the two proposals below and are asking our clients to please vote their shares as soon as possible. Our records indicate that we have not yet received your vote.

Please take·Amend the fundamental policy on commodities of nine funds

The proposed policy is intended to clarify the funds’ authority to enter into a few momentsvariety of derivative transactions relating to vote your shares today.commodities and would essentially “modernize” the current policy, which only discusses commodity-related futures and options. Under the proposed policy, the term “physical commodities” would be changed to “commodities,” but direct investments in commodities would still be prohibited. This change would align the funds’ policy on commodities with other T. Rowe Price funds.

· Reclassify the diversification status of ten sector funds from diversified to nondiversified

Sector funds tend to have more concentrated benchmarks with limited investable opportunity sets. The proposed change to each fund’s diversification policy will provide each sector fund with greater flexibility, but will not substantially affect the way each fund is managed.

YOUR FUND’S BOARD RECOMMENDS THAT YOU VOTE "FOR" EACH PROPOSAL

Voting now helps minimize additional costs toFor more information on the funds, avoids additional mailings, and eliminates phone calls to shareholders.shareholder meeting, including information on the specific proposals, please review the proxy materials by clicking here.

The Proxy Statement we sent you contains important information regarding the proposals that you and other shareholders are being asked to consider. A copy of the Proxy Statement may be viewed or downloaded at the website listed onTo vote your proxy card. If you have any questions regarding the proposals, or need assistance with voting, you mayshares, please call Computershare, Fund Services, the Funds’our 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 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.

3. Speak with a Proxy Specialist.

Call 1-866-436-5968 with any questions.1 (866) 436-5968. Specialists can assist with voting. Available Monday to Fridayquestions and voting and are available Monday-Friday from 9 a.m. to– 11 p.m. ET and Saturday from 12 p.m. to– 6 p.m. ET.

4. Vote by Mail.We appreciate your continued business and partnership. If you have any additional questions, please feel free to contact us.

Mail your signed proxy voting card(s) in the postage-paid envelope included with your proxy materials.Regards,

[Insert Sales Associate Name and Outlook Signature]