Three T. Rowe Price Portfolio Managers Nominated For The Morningstar 2017 U.S. Fund Manager Of The Year Awards

• Three portfolio managers from T. Rowe Price have been nominated as candidates for the Morningstar 2017 U.S. Fund Manager of the Year awards in two categories.
• David Giroux, portfolio manager of the T. Rowe Price Capital Appreciation Fund, was nominated in the Allocation/Alternatives category. Henry Ellenbogen, portfolio manager of the T. Rowe Price New Horizons Fund, and Larry Puglia, portfolio manager of the T. Rowe Price Blue Chip Growth Fund, were nominated in the U.S. Domestic-Stock category.
• Mr. Giroux won the award in 2012, and has been nominated five times (2012, 2013, 2014, 2015, and 2017). This is the first nomination for Mr. Ellenbogen and the second nomination for Mr. Puglia (2013).
• These 2017 nominations follow Morningstar's selection of T. Rowe Price's David Wallack as the 2016 U.S. Domestic-Stock Fund Manager of the Year. Mr. Wallack is the portfolio manager of the T. Rowe Price Mid-Cap Value Fund.
• The T. Rowe Price New Horizons Fund and the T. Rowe Price Capital Appreciation Fund are closed to new investors, though current investors in the funds may continue to add to their accounts. The T. Rowe Price Mid-Cap Value Fund is also closed to new investors.
• Morningstar expects to announce 2017 award winners on January 24, 2018.

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

"We're extremely proud of David's, Henry's, and Larry's nominations as Morningstar's Fund Manager of the Year in their respective categories.  This recognition speaks to their established, long-term performance and skill as portfolio managers.  In addition, it reflects the strength of our entire research team, whose success is rooted in our culture of collaboration and dedication to investment excellence.  David Giroux's nomination demonstrates the firm's investment acumen across all asset classes.  Henry's and Larry's nominations this year, paired with David Wallack's win last year, exemplify the breadth of T. Rowe Price's expertise across the spectrum of small-, mid-, and large-cap stocks as well as both the growth and value styles of investing.  We are grateful to Morningstar for these nominations."

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.

The strategies, products, and services mentioned are offered via subsidiaries of T. Rowe Price Group, Inc.  This does not constitute a distribution, an offer, an invitation, a recommendation, or a solicitation to sell or buy any securities in any jurisdiction.

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ADDITIONAL INFORMATION
The Morningstar Analyst Rating is not a credit or risk rating.  It is a subjective evaluation performed by the manager research analysts of Morningstar.  Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price.  Analysts use this five-pillar evaluation to determine how they believe funds are likely to perform over the long term on a risk-adjusted basis.  They consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary.  The Analyst Rating scale is Gold, Silver, Bronze, Neutral, or Negative.  A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects an analyst's conviction in a fund's prospects for outperformance.  Analyst Ratings are continuously monitored and reevaluated quarterly.

For more detailed information about the Morningstar Analyst Rating for funds, including its methodology, please click here.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a fund.  Morningstar Analyst Ratings involve unknown risks and uncertainties, which may cause Morningstar's expectations not to occur or to differ significantly from what was expected.

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Morningstar's Manager Research Group consists of various wholly owned subsidiaries of Morningstar, Inc., including, but not limited to, Morningstar Research Services LLC.  Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions.  Analyst Ratings are based on Morningstar's Manager Research Group's current expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected.  Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund's or the fund's underlying securities' creditworthiness. 

All funds are subject to market risk, including the possible loss of principal.  Past performance is not a guarantee of future results.

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SOURCE T. Rowe Price Group

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