Corporate Actions

New regulations effective January 1, 2012, require us to report to the IRS organizational actions affecting the basis of securities, including items such as mergers, fund liquidations, and reclassifications that affect cost basis, commonly referred to as "corporate actions." The corporate actions are reported on Form 8937—Report of Organizational Actions Affecting Basis of Securities. The cost basis we will report to you on Form 1099-B will have incorporated necessary adjustments that resulted from the corporate actions listed below.

Please view IRS Form 8937 for the respective funds reporting corporate actions. Please consult your tax advisor for the impact on your tax return. For more information, please visit the IRS website.

Corporate Actions
Date	T. Rowe Price Fund	Corporate Action	IRS Form 8937
01/04/13	Emerging Markets Local Currency Bond Fund1	Reclassification of dividend to return of capital
01/04/13	Institutional International Bond Fund	Reclassification of dividend to return of capital
02/06/13	T. Rowe Price Real Estate Fund	Reclassification of dividend to return of capital
03/13/13	T. Rowe Price Real Assets Fund	Reclassification of dividend to return of capital - Corrected2

Information on Return of Capital Distributions