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ACCOLADES. We are recognized for our commitment to our clients, our associates, and our communities.

Equal Opportunity Magazine Ranked T. Rowe Price One of the "Top 50 Employers" in 2013

Equal Opportunity readers selected T. Rowe Price as one of the top companies in the country for which they would most prefer to work or believe would provide a positive working environment for members of minority groups.

SOURCE: Equal Opportunity, January 2013

FORTUNE Magazine's "Most Admired Companies"

For the third consecutive year, Fortune named T. Rowe Price one of the most admired securities/asset management companies in its annual "World's Most Admired Companies" list.1 According to Fortune, the list is "the definitive report card on corporate reputations." T. Rowe Price ranked first in people management and quality of management and ranked second in social responsibility.

SOURCE: Fortune, March 19, 2012

The Baltimore Sun's Best Place to Work List 2013

For the third consecutive year, The Baltimore Sun named T. Rowe Price one of Baltimore's best 10 large workplaces. The ranking is based on a survey covering topics such as the company's direction, career opportunities, working conditions, quality of managers, pay and benefits, and level of engagement. This year the firm earned a special honor in the category of ethics.

SOURCE: The Baltimore Sun, December 8, 2013

Morningstar Ranks T. Rowe Price #2

Morningstar ranked T. Rowe Price the #2 fund company among the 30 largest fund groups based on five criteria: five-year fund performance rankings, Morningstar Analyst Ratings of their funds, average portfolio manager tenure, average portfolio manager investment in their funds, and five-year portfolio manager retention rate.2

12 Lipper Classification Awards Given to T. Rowe Price Funds

Ten T. Rowe Price funds received 12 individual honors in the U.S. Lipper Classification Fund Awards 2013. Each fund placed first in their respective categories based on their risk-adjusted performance for the 3-, 5-, or 10-year periods ended November 30, 2012.3

1T. Rowe Price ranked second. The survey started with approximately 1,400 companies: the Fortune 1,000 (the 1,000 largest U.S. companies ranked by revenue); the non-U.S. companies in Fortune's Global 500 database with revenue of $10 billion or more; and the top foreign companies operating in the U.S. The companies were then sorted by industry and the 15 largest for each international industry and the 10 largest for each U.S. industry were selected. A total of 698 companies from 32 countries were surveyed. To create the 58 industry lists, Hay Group (Fortune's survey partner) asked executives, directors, and analysts to rate companies in their own industry on nine criteria: people management, use of corporate assets, innovation, social responsibility, quality of management, financial soundness, long-term investment, quality of products/services, and global competitiveness.

Fortune is a registered trademark of Time Inc. and is used under license. From FORTUNE Magazine, March 19, 2012 ©2012 Time Inc. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of, Licensee.

2Morningstar Fund Spy, November 6, 2012. Morningstar evaluated the 30 largest fund groups (based on asset size) on the following measures: 5-year asset-weighted relative performance rankings of all share classes; average tenure of portfolio managers (how long the portfolio managers have managed their funds); average fund managers' investment in the funds they manage; average fund manager retention rates over the last 5 years (how long the managers have been with the fund company); and Morningstar Analyst Ratings, which are based on Morningstar's subjective evaluation of a fund's process, performance, people, parent, and price to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. Morningstar does not assign an Analyst Rating to every fund offered by a fund company. For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to http://corporate.morningstar.com. Data used were as of September 30, 2012. ©2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

3The Lipper Fund Classification Awards are presented to funds that are the highest Lipper Leaders for Consistent Return within each eligible classification over 3, 5, or 10 years and that have at least 36 months of performance history as of November 30, 2012. Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Consistent Return metric over 3-, 5-, and 10-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. A high Lipper rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period.

Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper ratings and Lipper Fund Awards are not intended to predict future results. This does not constitute and is not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.

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