I CLASS EXPENSE LIMITATION AGREEMENT

  THIS EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of _______, 2015, isentered into between T. Rowe Price Associates, Inc., a corporation organized and existing under the lawsof the State of Maryland (the “Manager”), and each ofthe funds listed on Exhibit A, each of which is a corporation organized and existing under the lawsof the State of Maryland or a business trust organized under the laws of the Commonwealth of Massachusetts(each a “Fund” and collectively,the “Funds”). 

  WHEREAS, theManager is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment AdvisersAct of 1940, as amended;

  WHEREAS, each Fund is an open-end management investment companyregistered as such with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”);

  WHEREAS, eachFund’s Articles of Incorporation or Master Trust Agreement, as appropriate, authorizes the issuanceof new classes of shares upon approval by the Fund’s Board of Directors/Trustees;

  WHEREAS, pursuantto each Fund’s Investment Management Agreement with the Manager (each, a “Management Agreement”), the Fund pays the Manager amanagement fee for investment management services and bears the costs of its operating expenses withcertain exceptions; and

  WHEREAS, the Board of Directors/Trustees of each Fund listedon Exhibit A has approved issuing a separate class of shares known as the I Class and the Manager hasagreed to limit the operating expenses (excluding management fees; interest; expenses related to borrowings,taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) of eachFund’s I Class to 0.05% of the Class’s average daily net assets.

  NOW, THEREFORE,the Manager and each Fund hereby agree as follows:

1. Operating Expenses Limitation

 (a) The Manageragrees to pay all of the I Class’s operating expenses excluding management fees; interest; expensesrelated to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fundfees and expenses (collectively, “IClass Operating Expenses”) or reimburse the I Class for I Class Operating Expenses to theextent such I Class Operating Expenses exceed 0.05%, on an annualized basis, of the Class’s averagedaily net assets for the period commencing on the inception date of each Fund’s respective I Class.  

 (b)Each Fund’s management fee, and any expense limitation with respect to the total expense ratio ofany other classes, shall continue to be computed in accordance with the Fund’s Management Agreementand any such class’ expense limitation agreement; provided, that in the event that the payment orreimbursement with respect to I Class Operating Expenses of a Fund pursuant to paragraph (a) above resultsin the payment or reimbursement of Fundwide Expenses (as such term is defined in Rule 18f-3 

under the 1940 Act) that have been allocated to the I Class, theManager shall also pay or reimburse such Fundwide Expenses that have been allocated to the other classesof the Fund.

2. Amendment and Termination of Agreement

 This Agreementwill continue with respect to each Fund until the termination date set forth in Exhibit A (the “Initial Termination Date”). Thereafter,this Agreement may continue with respect to a Fund for such period of time beyond the Initial TerminationDate and for such limit on I Class Operating Expenses as the Manager may agree, provided that the Boardof Directors/Trustees of the Fund, including a majority of the directors/trustees who are not interestedpersons of the Fund or the Manager, approves such continuation and new I Class Operating Expenses expenselimitation with respect to the Fund. This Agreement may be terminated at any time beyond the InitialTermination Date with respect to a Fund with approval by the Fund’s Board of Directors/Trustees,including a majority of the directors/trustees who are not interested persons of the Fund or the Manager.This Agreement will terminate automatically with respect to a Fund upon termination of its ManagementAgreement. Amendment or termination of this Agreement does not require approval by shareholders of theFund or its I Class of shares.

3. Reimbursement ofExpenses

 (b)Any I Class Operating Expenses paid by the Manager pursuant to this Agreement are subject to reimbursementto the Manager by the Fund or Class whenever a Fund’s I Class Operating Expenses are below 0.05%.However, no reimbursement will be made more than three years after the payment of I Class Operating Expensesby the Manager or if such reimbursement would result in the I Class Operating Expenses exceeding 0.05%.

4. Separate Agreement

ThisAgreement shall be deemed to constitute a separate agreement between the Manager and each Fund.

 INWITNESS WHEREOF, the parties hereto have executed this Agreement, as of date stated in the preamble.

|                  |                                                                                                                |
|-----------------------|---------------------------------------------------------------------------------------------------------------------|
|                  | T. ROWE PRICE ASSOCIATES, INC.                                                                                      |
| Date:________________ | By:___________________________________      Darrell N. Braman

       Vice President, T. Rowe Price Associates,Inc. |

|                  |                                                                                                      |
|-----------------------|-----------------------------------------------------------------------------------------------------------|
|                  | EACHFUND LISTED ON EXHIBIT A                                                                              |
| Date:________________ | By:___________________________________      David Oestreicher

       Vice President, T. Rowe Price Funds |

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EXHIBIT A

|                                                   |               |
|--------------------------------------------------------|--------------------|
| Fund                                                   | Termination Date   |
| T.Rowe Price Balanced Fund                             | April 30,2018      |
| T. Rowe Price Blue Chip Growth Fund                    | April 30, 2018     |
| T.Rowe Price Capital Appreciation Fund                 | April 30, 2018     |
| T.Rowe Price Corporate Income Fund                     | September 30, 2018 |
| T.Rowe Price Dividend Growth Fund                      | April 30, 2018     |
| T.Rowe Price Emerging Markets Bond Fund                | April 30, 2018     |
| T.Rowe Price Emerging Markets Corporate Bond Fund      | April 30, 2018     |
| T.Rowe Price Emerging Markets Local Currency Bond Fund | April 30, 2018     |
| T.Rowe Price Emerging Markets Stock Fund               | February 28, 2018  |
| T.Rowe Price Equity Income Fund                        | April 30,2018      |
| T. Rowe Price Equity Index 500 Fund                    | April 30, 2018     |
| T.Rowe Price Global Allocation Fund                    | February 28, 2018  |
| T.Rowe Price Global High Income Fund                   | April 30, 2018     |
| T.Rowe Price Global Unconstrained Bond Fund            | April 30, 2018     |
| T.Rowe Price Growth Stock Fund                         | April 30,2018      |
| T. Rowe Price Health Sciences Fund                     | April 30, 2018     |
| T.Rowe Price High Yield Fund                           | September30, 2017  |
| T. Rowe Price Inflation Focused Bond Fund              | September 30, 2017 |
| T.Rowe Price Inflation Protected Bond Fund             | September 30, 2018 |
| T.Rowe Price International Bond Fund                   | April 30, 2018     |
| T.Rowe Price International Discovery Fund              | February 28, 2018  |
| T.Rowe Price International Growth & Income Fund    | February 28, 2018  |
| T.Rowe Price International Stock Fund                  | February 28, 2018  |

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|                                             |               |
|--------------------------------------------------|--------------------|
| T. Rowe Price Media &Telecommunications Fund | April 30, 2018     |
| T.Rowe Price Mid-Cap Growth Fund                 | April 30,2018      |
| T. Rowe Price Mid-Cap Value Fund                 | April 30, 2018     |
| T.Rowe Price New America Growth Fund             | April 30, 2018     |
| T.Rowe Price New Asia Fund                       | February28, 2018   |
| T. Rowe Price New Income Fund                    | September 30, 2017 |
| T.Rowe Price New Era Fund                        | April 30,2018      |
| T. Rowe Price New Horizons Fund                  | April 30, 2018     |
| T.Rowe Price Overseas Stock Fund                 | February28, 2018   |
| T. Rowe Price Personal Strategy Balanced Fund    | September 30, 2018 |
| T.Rowe Price Personal Strategy Growth Fund       | September 30, 2018 |
| T.Rowe Price Personal Strategy Income Fund       | September 30, 2018 |
| T.Rowe Price Real Assets Fund                    | April 30,2018      |
| T. Rowe Price Real Estate Fund                   | April 30, 2018     |
| T.Rowe Price Science & Technology Fund       | April 30, 2018     |
| T.Rowe Price Short-Term Bond Fund                | September 30, 2018 |
| T.Rowe Price Small-Cap Stock Fund                | April 30, 2018     |
| T.Rowe Price Small-Cap Value Fund                | April 30, 2018     |
| T.Rowe Price Spectrum Growth Fund                | April 30, 2018     |
| T.Rowe Price Spectrum Income Fund                | April 30, 2018     |
| T.Rowe Price Strategic Income Fund               | September 30, 2018 |
| T.Rowe Price Ultra Short-Term Bond Fund          | September 30, 2018 |
| T.Rowe Price Value Fund                          | April 30,2018      |

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