Annualized PERFORMANCE

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1 QUARTERLY SUMMARY US Large-Cap Equity Income SMA As of December 3, 208 PORTFOLIO MANAGER: John D. Linehan JOINED FIRM: 998 INVESTMENT APPROACH Employ a conservative, value-oriented investment approach and typically invest in high quality, dividend-paying companies with strong brands, franchises, or assets we think are undervalued. To identify these companies, we let valuation be our guide and utilize a variety of different metrics and proprietary screens to assess valuation appeal. Leverage our global research platform to assist in uncovering companies with strong reward-to-risk characteristics. Maintain a long-term orientation to allow for full exploitation of valuation anomalies. Construct a diversified portfolio to help manage our risk profile. PORTFOLIO CONSTRUCTION Bottom-up fundamental approach Typically stock portfolio Individual positions will typically range from.00% to 5.00% Reserves will typically range from % to 5% STRATEGY HIGHLIGHTS The composite underperformed the Russell 000 Value Index during the three-month period ended December 3, 208. Relative performance drivers: The utilities sector was the greatest detractor from relative performance due to stock selection. The health care sector hindered relative results due to stock choices and an underweight position. The communication services sector was the leading contributor to relative performance due to stock selection and an overweight position. Additional highlights: Major U.S. stock indexes fell sharply, driven by rising interest rates, expectations for declining corporate earnings growth, signs of slowing global economic growth, and increased tensions between the U.S. and China. From a positioning standpoint, the portfolio is overweight to the communication services sector. Our holdings are primarily in the entertainment and media industries, where we favor companies that produce or distribute must-see content and typically generate strong cash flows. Entertainment company Twenty-First Century Fox is the portfolio s largest overall position. Conversely, the portfolio is underweight health care, although we like certain names within the sector. We have a diversified view of the sector, considering the myriad challenges and opportunities facing health care companies. We believe the recent market volatility may persist until there is more clarity into how the U.S.-China trade situation will be resolved. Annualized PERFORMANCE Three Months Year-to- Date Since Inception 2/3/207 U.S. Large-Cap Equity Income SMA Composite ( Pure Gross).42% -5.9% -5.9% U.S. Large-Cap Equity Income SMA Composite (Net - Wrap Fee) Russell 000 Value Index Value Added ( Pure Gross) Value Added (Net - Wrap Fee) ¹ Net annual returns reflect the deduction of a 3.00% annual wrap fee which is the maximum anticipated wrap fee deducted from the pure gross composite returns. Actual fees may vary. Pure gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains. Supplemental information.

2 US Large-Cap Equity Income SMA Composite As of December 3, 208 CALENDAR YEAR PERFORMANCE RISK RETURN CHARACTERISTICS This exhibit will be available after three years of performance history. YTD 208 U.S. Large-Cap Equity Income SMA Composite ( Pure Gross) -5.9% U.S. Large-Cap Equity Income SMA Composite (Net - Wrap Fee) -8.7 Russell 000 Value Index Value Added ( Pure Gross) 2.36 Value Added (Net - Wrap Fee) ¹ Net annual returns reflect the deduction of a 3.00% annual wrap fee which is the maximum anticipated wrap fee deducted from the pure gross composite returns. Actual fees may vary. Pure gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains. Supplemental information. TOP HOLDINGS % of Rep. Issuer Industry Portfolio Twenty-First Century Fox Entertainment 6.4% DowDuPont Chemicals 4.7 Total Oil, Gas & Consumable Fuels 4.5 JPMorgan Chase Banks 4.3 Wells Fargo Banks 4.0 Anthem Health Care Providers & Services Microsoft Software 3.5 Verizon Communications Diversified Telecommunication Services 3.4 Southern Company Electric Utilities 3.3 Boeing Aerospace & Defense SECTOR DIVERSIFICATION Representative Portfolio Russell 000 Value Index Over/Underweight PORTFOLIO CHARACTERISTICS Representative Portfolio Russell 000 Value Index Number of Holdings Investment Weighted Average Market Cap (mm)(usd) $32,069 $20,888 Investment Weighted Median Market Cap (mm)(usd) $80,96 $67,302 Price to Earnings (2 Months Forward),2 4.0X 4.0X Price to Book 2.2X 2.2X Projected Earnings Growth Rate (IBES),2 9.7% 9.5% Return on Equity (Last 2 Months excl..8% 4.3% charges) Average Company Yield (Inv Wtd Avg) 3.% 2.9% Top 20 Holdings as Percent of Total 69.% 35.4% Percent of Portfolio in Cash.6% -- Investment Weighted Median. 2 Based on the Representative Portfolio s underlying holdings and is not a projection of future portfolio performance. Actual results may vary. 2

3 US Large-Cap Equity Income SMA Composite As of December 3, 208 QUARTERLY SECTOR ATTRIBUTION: U.S. LARGE-CAP EQUITY INCOME SMA REPRESENTATIVE PORTFOLIO VS. RUSSELL 000 VALUE INDEX (Three months ended December 3, 208) Over/Underweight Total Value Added Percent of Value Added Percent of Over/Underweight 4 Group Weight Stock Selection Total Comm. Srvcs. Industr. & Bus. Srvcs. Discret. Staples Energy Info. Tech Materials Financials Real Estate Health Care Utilities Over/Underweight 0.00% 4.49% 3.4% -3.69% -0.42% 0.84% 0.2%.86% 0.25% -3.25% -4.85% -0.30% Portfolio Performance Benchmark Performance Value Add - Stock Selection Value Add - Group Weight Total Contribution Numbers may not total due to rounding; all numbers are percentages. Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested. Sources: Financial data and analytics provider FactSet. Copyright 209 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees. Performance returns are in USD. Supplemental Information. 3

4 US Large-Cap Equity Income SMA Composite As of December 3, MONTH SECTOR ATTRIBUTION: U.S. LARGE-CAP EQUITY INCOME SMA REPRESENTATIVE PORTFOLIO VS. RUSSELL 000 VALUE INDEX (2 months ended December 3, 208) Over/Underweight Total Value Added Group Weight Stock Selection Percent of Value Added Percent of Over/Underweight 4-5 Total Comm. Srvcs. Energy Industr. & Bus. Srvcs. Info. Tech Discret. Materials Staples Real Estate Utilities Health Care Financials Over/Underweight 0.00% 4.49% 0.84% 3.4% 0.2% -3.69%.86% -0.42% -3.25% -0.30% -4.85% 0.25% Portfolio Performance Benchmark Performance Value Add - Stock Selection Value Add - Group Weight Total Contribution Numbers may not total due to rounding; all numbers are percentages. Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested. Sources: Financial data and analytics provider FactSet. Copyright 209 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees. Performance returns are in USD. Supplemental Information. 4

5 US Large-Cap Equity Income SMA Composite As of December 3, 208 US Large Cap Equity Income SMA Composite Period Ended December 3, 208 Figures Shown in U.S. dollar GIPS Disclosure Net Annual Returns (%) "Pure" Gross Annual Returns (%) Russell 000 Value Index (%) Composite 3 Yr St. Dev Russell 000 Value Index 3 Yr St. Dev Composite Dispersion Comp. Assets (Millions) 3 # of Accts. in Comp. Total Firm Assets (Billions) SMA Portfolio (%) N/A N/A.9 N/A 0% Net annual returns reflect the deduction of the highest applicable wrap fee from the pure gross returns. Pure gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Supplemental information. Past performance cannot guarantee future results. Monthly composite performance is available uponrequest. 2 Three year annualized ex post standard deviation is not presented because 36 monthly returns are notavailable. 3 00% of composite assets are composed of non fee paying portfolios. T. Rowe Price (TRP) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS ). TRP has been independently verified for the 22 year period ended June 30, 208 by KPMG LLP. The verification report is available upon request. Verification assesses whether () the firm has complied with all the composite construction requirements of the GIPS standards on a firm wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S., international, and global strategies but excluding the services of the Private Asset Management group. The composite does not have a minimum size for composite inclusion. Valuations are computed and performance reported in U.S. dollars. "Pure" gross returns are presented before the deduction of expenses and all other fees, but may include transactions costs. "Pure" gross returns are presented as supplemental information. Net of fees performance reflects the deduction of the highest applicable wrap fee appropriate to you for this mandate from the "pure" gross composite return. Gross and net performance returns are net of nonreclaimable withholding taxes on dividends, interest income, and capital gains. Portfolio valuation and assets under management are calculated based on the closing price of the security in its respective market. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Dispersion is measured by the standard deviation across asset weighted portfolio returns represented within a composite for the full year. Dispersion is not calculated for the composites in which there are five or fewerportfolios. Some portfolios may trade futures, options, and other potentially high risk derivatives which generally represent less than 0% of a portfolio. Benchmarks are taken from published sources and may have different calculation methodologies, pricing times, and foreign exchange sources from the composite. The firm's list of composite descriptions and/or a presentation that adheres to the GIPS standards are available uponrequest. US Large Cap Equity Income SMA Composite. The US Large Cap Equity Income SMA Composite seeks substantial dividend income, primarily through investment in dividend paying common stocks of established companies. The strategy emphasizes companies that appear to be temporarily undervalued by various measures. Capital appreciation is a secondary objective for this strategy. This composite is comprised of a subset of the US Large Cap Equity Income Composite holdings. (Created January 208) FeeSchedule 3% on total assets 5

6 US Large-Cap Equity Income SMA Composite As of December 3, 208 ADDITIONAL DISCLOSURES T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Portfolio Construction: There is no guarantee that the investment will remain within the anticipated ranges of exposure. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and no assumptions should be made that investments in the securities identified and discussed were or will be profitable. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. The information shown does not reflect any ETFs that may be held in the portfolio. Diversification exhibits may not add to 00% due to exclusion or inclusion of cash. The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS disclosure page for additional information on the composite. Certain numbers in this report may not equal stated totals due to rounding. Unless otherwise stated, all data is as of the report date. Unless indicated otherwise the source of all data is T. Rowe Price. IMPORTANT INFORMATION Risks: All investments are subject to risks, including possible loss of principal. There is no assurance that the investment process will capture quality companies with attractive and sustainable dividend yields. Dividend-paying stocks may lag shares of smaller, faster-growing companies. Dividends are not guaranteed and are subject to change. This material being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction. Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction. USA - Issued in the USA by T. Rowe Price Associates, Inc., 00 East Pratt Street, Baltimore, MD, 2202, which is regulated by the U.S. Securities and Exchange Commission. 209 T. Rowe Price. All rights reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE and the bighorn sheep design are collectively and/or apart, trademarks of T. Rowe Price Group, Inc