Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond and Global High Income Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. Mike's investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income Division. Prior to this, Mike was cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mike also was employed by Muzinich & Company as a senior analyst and assistant portfolio manager in London. Mike earned an LL.B. and a B.Com. in finance from the University of New South Wales and a Graduate Diploma in Legal Practice from the University of Technology, Sydney. He also was admitted as a solicitor to the Supreme Court of New South Wales.

Mr. Muaddi has been chairman of the committee since 2015. Mr. Muaddi joined T. Rowe Price in 2006 and his investment experience dates from that time. Throughout the past five years, he has served as a credit analyst and portfolio manager (beginning in 2015). The Statement of Additional Information provides additional information about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of the fund’s shares.

Mike Connelly is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. He is a portfolio manager/credit analyst in the Fixed Income Division, responsible for high yield investments and credit research. Prior to joining T. Rowe Price in 2005, Mike worked as an equity research analyst at Robert W. Baird & Co., Inc., in Milwaukee, Wisconsin. He earned a B.A. in finance and marketing from Marquette University and an M.B.A. in finance from the University of Wisconsin-Madison. Mike also has earned the Chartered Financial Analyst designation.