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Rowe Price Group, Inc.


ENMIC 5VX2 The Price Fund Advisers have, along with their ENMIC 5VX2, T. The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote: Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

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Full, fair, accurate, timely and understandable disclosure in ENMIC 5VX2 and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds. Compliance with applicable governmental laws, rules and regulations.

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions. Although ENMIC 5VX2 not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser and its affiliates of which the Covered Officers may also be officers or employees.

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As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties whether formally for the Price Funds or for the Price Fund Advisers, or for bothbe involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers ENMIC 5VX2, it will be deemed to have been handled ethically.


Other conflicts of interest are covered by the Price Funds S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act. Handling of Specific Types of Conflicts. Each Covered Officer and close family members must not: Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings, including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code. Accept any gifts, except as permitted by the Group Code. Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

Taking Action at the Expense of a Price Fund. Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds. Use knowledge of portfolio transactions made or contemplated ENMIC 5VX2 a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions. Service as a Director or Trustee. Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase ENMIC 5VX2 any of the Price Funds, unless approval is obtained as required by the Group Code.

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Disclosure Requirements and Controls. Compliance with Applicable Law. It is the responsibility of each Covered Officer to promote compliance with all ENMIC 5VX2, rules and regulations applicable to the Price Funds and the Price Fund Advisers.

Each Covered Officer should, to the extent appropriate within ENMIC 5VX2 or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds. Initial and Annual Affirmations. Each Covered Officer must: Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. It is the Price Funds policy that no retaliation or other adverse action ENMIC 5VX2 be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee ENMIC 5VX2 the Price Funds at its next meeting. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function. The CLC will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her. The CLC, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: In addition, the violator may be required to surrender any profit realized or loss avoided from any activity that is in violation of the Price Funds S-O Code. Except as to the contents of Exhibit A and Exhibit B, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. NMC 5VxD; NMC 5VMe; NMC 5VMXe; NMC 5VX2; NMC 5V4AX; NMC 5V4AM; NMC 3VA; NMC 3VCX; NMC 3V4AX; NMC 6VBX; NMC 6VCX. Multiple choices to download and find latest enmic 3sx2.


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