• David Giroux, portfolio manager of the T. Rowe Price Capital Appreciation Fund (PRWCX), has been named by Morningstar as the 2017 U.S. Allocation/Alternatives Fund Manager of the Year.
• Mr. Giroux was one of four nominees for the award.
• Mr. Giroux has managed the T. Rowe Price Capital Appreciation Fund and related portfolios since July 1, 2006. The fund is closed to new investors, though current investors may continue to add to their accounts.
• This is Mr. Giroux's second win as Morningstar Fund Manager of the Year. He also won the award in 2012 (then for the Allocation category) and he was nominated in 2013, 2014, and 2015.

T. ROWE PRICE CAPITAL APPRECIATION FUND DETAILS AND MORNINGSTAR RATINGS

• The fund's investment objective is to seek long-term capital appreciation by investing primarily in the common stocks of established U.S. companies believed to have above-average potential for capital growth.
• Common stocks typically make up at least half of the fund's total assets. The remaining assets are generally invested in convertible securities, corporate and government bonds, foreign securities, and futures and options.
• The fund has a five-star Morningstar Overall Rating™ and for the 3-, 5-, and 10-year periods ended November 30, 2017.i It carries a Morningstar Analyst RatingTM of Gold.
• The fund had a one-year annual total return in 2017 of 15.38%.
• Under Mr. Giroux's management, the fund has outperformed its Morningstar benchmark (Morningstar Allocation – 50-70% Equity) in the 1-, 3-, 5-, and 10-year periods through December 31, 2017. The fund's average annual total returns were 15.38%, 9.59%, 12.59%, and 9.00% respectively, compared to 13.22%, 6.02%, 7.92% and 4.96% for the Morningstar benchmark.
• Since Mr. Giroux's tenure on the fund began on July 1, 2006, through December 31, 2017, the fund's average annual total return has been 9.19%. This compares with 5.60% for the Morningstar Allocation Fund – 50-70% Equity.
• The fund's expense ratio is 0.70% and its assets totaled $29.3 billion as of December 31, 2017. Including institutional assets, Mr. Giroux manages a total of $45.2 billion as of September 30, 2017.
• Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or less when you sell your shares. For the most recent month-end performance, call 1-800-537-1936 or visit troweprice.com.

QUOTES

Laura Pavlenko Lutton, Morningstar's director of manager research, North America, from Morningstar's press release:

• "Strong healthcare picks such as Abbott Laboratories and UnitedHealth Group and a bias toward corporate bonds in the fixed-income sleeve contributed to the fund's success in 2017. As valuations have trended higher, Giroux has maintained his disciplined, risk-aware approach. He has demonstrated keen asset-allocation skills, shifting the portfolio opportunistically."

Eric Veiel, Head of U.S. Equity, T. Rowe Price:

• "To win Morningstar's Fund Manager of the Year is a rare and distinguishing event in the career of any portfolio manager. With his 2017 win added to his 2012 win, David steps into a unique and differentiated realm, an honor he richly deserves. T. Rowe Price is a firm built on delivering investment excellence to our clients to help them reach their financial goals. A global team of over 500 investors work every day in pursuit of that objective. David epitomizes our culture of collaboration-driven investment excellence and dedication to our clients, as do fellow 2017 T. Rowe Price nominees Larry Puglia and Henry Ellenbogen. We are grateful to Morningstar for this recognition, and for David's win."

ABOUT THE MORNINGSTAR FUND MANAGER OF THE YEAR AWARDS

Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Managers' funds must currently have a Morningstar Analyst Rating™ of Gold or Silver. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. For more information about Morningstar Awards, visit https://go.morningstar.com/Morningstar-Awards.

ABOUT T. ROWE PRICE

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. is a global investment management organization with $991 billion in assets under management as of December 31, 2017. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, and Facebook sites.