An important notice about your retirement plan and the new benefits coming to you.

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1 An important notice about your retirement plan and the new benefits coming to you. You re receiving this letter because you currently participate in one of these three plans: the NDO America, Inc. 401(k) Plan, the XPO Logistics Supply Chain, Inc. 401(k) Plan, or the Jacobson Companies 401(k) Profit Sharing Plan. Today we have good news for you starting January 3, 2017, your plan will merge into the single XPO Logistics 401(k) Plan. Once your account transitions, you ll immediately start receiving these benefits: Lower fees and a better company match The XPO Logistics 401(k) Plan is recordkept by T. Rowe Price an asset management firm focused on delivering global investment management excellence and retirement services that investors can rely on now, and over the long term. By moving you to our company s primary 401(k) Plan, XPO can use its size to lower the plan management fees associated with your account while delivering more investment options to you. Furthermore, we re excited to announce that the company match formula has been revised to give all XPO employees the opportunity to receive a 3% company match! T. Rowe Price best-in-class services Here are some of the services you can expect from your new recordkeeper : A variety of new investment choices Access to your account and transactions by telephone or web anytime, day or night Knowledgeable investment representatives who can answer your questions every business day from 7 a.m. to 10 p.m. eastern time Account statements and educational newsletters sent to you after the end of each quarter Access to helpful information about investing for retirement Automated services that can be set up to gradually increase your contribution rate over time if you want, and keep your investment within the parameters you choose Watch for important information All employees will transition to the XPO Logistics 401(k) Plan by January 3, In November, we ll send you information about key dates and the transfer process. You ll also receive an information packet in the mail from T. Rowe Price explaining your plan s new features, services, and investment options. If you have questions regarding this change, please contact the Benefits Office at (800) , using option 7. Thank you.

2 1 XPO Logistics, Inc. 401(k) Plan Plan and Investment Disclosure January 2017 The Department of Labor requires disclosure of certain information that is intended to help you understand the investments offered by the plan referenced above ( Plan ) and the fees and expenses you may pay as a participant in the Plan. In conjunction with this requirement, this document provides information about the Plan, the investments in the Plan, and applicable fees and expenses. This document has two sections: A. Plan Information and B. Investment Information. Please review this information carefully to learn about the Plan's investments, fees and expenses, and where to go for more information. This disclosure should be retained for future reference. If you need help understanding this document, please log in to rps.troweprice.com/participantnoticehelp. A. Plan Information This section provides information regarding your Plan and, if applicable, fees and expenses to which you may be subject. You can find out more about the Plan in the Summary Plan Description ("SPD"). Part I. General Information How to Give Investment Instructions. You may direct the investment of your account balance and future contributions among a range of investments available in the Plan. Although balances will not yet be transferred, you may contact the Plan Account Line with any questions you may have beginning December 5th, Additional information may also be found at rps.troweprice.com/xpo. To provide investment instructions after balances have been transferred, log in to the participant website at rps.troweprice.com, or call the toll-free Plan Account Line at Limitations on Investment Instructions. The Fidelity Managed Income Portfolio is only available to those participants that are coming from XPO Supply Chain. The Wells Fargo Stable Value Fund is only available to those coming from Jacobson. Both the Fidelity Managed Income Portfolio and the Wells Fargo Stable Value fund will be closed to new money, meaning no new contributions and/or exchanges-in. Existing balances in the funds may remain. Investment instructions may be subject to an investment's trading guidelines and restrictions. Refer to section "B. Investment Information" under "Part II. Fee and Expense Information" of this document for an investment's limitations, if any. Investments Available in the Plan. American Funds Europac Grw R6 T. Rowe Price Ret Hyb 2010 Tr T6 Baird Core Plus Bond Inst T. Rowe Price Ret Hyb 2015 Tr T6 Fidelity Managed Income Portfolio T. Rowe Price Ret Hyb 2020 Tr T6 JPMorgan Small Cap Equity R6 T. Rowe Price Ret Hyb 2025 Tr T6 MassMutual Select Blue Chip Gr T. Rowe Price Ret Hyb 2030 Tr T6 State Street Global All Cap Equity T. Rowe Price Ret Hyb 2035 Tr T6 State Street S&P 500 Ind NL N T. Rowe Price Ret Hyb 2040 Tr T6 State Street Sm Md Cap Ind NLC T. Rowe Price Ret Hyb 2045 Tr T6 State Street US Bond Indx NL C T. Rowe Price Ret Hyb 2050 Tr T6 T. Rowe Price Ret Hyb 2005 Tr T6 T. Rowe Price Ret Hyb 2055 Tr T _ Page 1 of 6

3 2 T. Rowe Price Ret Hyb 2060 Tr T6 Vanguard Shrt-Trm Inv Grd, Adm TRP Stable Value Fund Sched N. Vanguard Strategic Equity Vanguard Equity Income Adm Wells Fargo Stable Value Fund Log in to the participant website at rps.troweprice.com or call the toll-free Plan Account Line at to request fund prospectuses, financial statements, annual reports, and other information that is furnished to the Plan on the investments. These materials include investment objectives, risks, fees, expenses, and other information that you should read and consider before investing. Part II. Administrative Expenses Plan Related Fees and Expenses. This chart shows fees and expenses for general Plan administrative services that may be charged to and withdrawn from your account and are not included in the total annual operating expenses of any investments in the Plan. Plan Administrative Service Recordkeeping Fees and Expenses A $7.50 fee will be charged to and withdrawn quarterly from participants', alternate payees' and beneficiaries' accounts. Part III. Individual Expenses Individual Fees and Expenses. This chart shows fees and expenses for services provided to you on an individual basis that may be charged to and withdrawn from your account and are not included in the total annual operating expenses of any investments in the Plan. Individual Service Express Delivery Service Fee Loan Maintenance Service Fee Loan Origination Qualified Domestic Relations Order (QDRO) Processing Fees and Expenses A $30.00 service fee will be charged to and withdrawn from participants' and beneficiaries' accounts for each use of the express delivery service. $25.00 per loan per year. $25.00 per loan. QDRO consultants $ per DRO. $ for participant and $ for alternate payee. B. Investment Information Investments in the Plan as of January 3, 2017 This section includes important information to help you compare the investments in the Plan and is comprised of two parts: Part I reflects performance information indicating how well the investments have performed in the past. Part II outlines the fees and expenses applicable to each investment. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. If you want additional information about your investment options available in the Plan, including more current performance information, log in to the participant website at rps.troweprice.com and click on the Investments tab. Investment Fact Sheets Page 2 of 6

4 3 can be located by clicking on Investment Documents. You can also call the toll-free Plan Account Line at , or you can contact T. Rowe Price Retirement Plan Services, Inc., P.O. Box 17215, Baltimore, MD A free paper copy of the additional information available on the website can be obtained by contacting your plan administrator. Part I. Performance Information Table 1 focuses on the performance of investments in the Plan that do not have a fixed or stated rate of return. This table shows how these alternatives have performed over time and allows you to compare them with an appropriate benchmark for the same time periods. Past performance does not guarantee how the investments will perform in the future. Your investment in these alternatives could lose money. Information about an investment's principal risks is available on the participant website at rps.troweprice.com. Table 1 - Variable Return Investments Investment Name Type of Investment Retirement Funds T. Rowe Price Ret Hyb 2005 Tr T6 Target-Date T. Rowe Price Ret Hyb 2010 Tr T6 Target-Date T. Rowe Price Ret Hyb 2015 Tr T6 Target-Date 2015 T. Rowe Price Ret Hyb 2020 Tr T6 Target-Date 2020 T. Rowe Price Ret Hyb 2025 Tr T6 Target-Date 2025 T. Rowe Price Ret Hyb 2030 Tr T6 Target-Date 2030 T. Rowe Price Ret Hyb 2035 Tr T6 Target-Date 2035 T. Rowe Price Ret Hyb 2040 Tr T6 Target-Date 2040 T. Rowe Price Ret Hyb 2045 Tr T6 Target-Date 2045 T. Rowe Price Ret Hyb 2050 Tr T6 Target-Date 2050 T. Rowe Price Ret Hyb 2055 Tr T6 Target-Date 2055 T. Rowe Price Ret Hyb 2060 Tr T6 Target-Date Stocks American Funds Europac Grw R6 Foreign Large Growth JPMorgan Small Cap Equity R6 Small Blend Average Annual Total Return as of 09/30/ yr./ 1 yr. 5 yr. Inception Inception Date Page 3 of 6 Benchmark 1 yr. 5 yr. 10 yr./ Inception 9.50% 7.89% 5.58% 06/20/ % 5.67% 4.43% S&P Target Date Retirement Income 9.95% 8.71% 5.77% 06/20/ % 6.90% 4.86% S&P Target Date 2010 Index 10.73% 9.83% 6.08% 06/20/ % 8.07% 5.25% S&P Target Date 2015 Index 11.57% 10.77% 6.31% 06/20/ % 9.05% 5.52% S&P Target Date 2020 Index 12.20% 11.60% 6.49% 06/20/ % 9.83% 5.68% S&P Target Date 2025 Index 12.65% 12.29% 6.63% 06/20/ % 10.57% 5.77% S&P Target Date 2030 Index 13.06% 12.77% 6.73% 06/20/ % 11.14% 5.84% S&P Target Date 2035 Index 13.38% 12.99% 6.84% 06/20/ % 11.55% 5.91% S&P Target Date 2040 Index 13.31% 12.97% 6.83% 06/20/ % 11.87% 5.88% S&P Target Date 2045 Index 13.42% 12.99% 6.87% 06/20/ % 12.13% 5.98% S&P Target Date 2050 Index 13.33% 12.95% 6.82% 06/20/ % 12.33% - S&P Target Date Index 13.13% % 01/05/ % % S&P Target Date Index 8.52% 9.11% 9.18% 05/01/ % 6.04% 7.64% MSCI AC World Index Ex USA (Net) % 05/31/ % Russell 2000 Index

5 Investment Name Type of Investment Stocks (continued) MassMutual Select Blue Chip Gr Large Growth State Street Global All Cap Equity Foreign Large Blend State Street S&P 500 Ind NL N Large Blend State Street Sm Md Cap Ind NLC Mid-Cap Blend Vanguard Equity Income Adm Large Value Vanguard Strategic Equity Mid-Cap Blend Bonds Baird Core Plus Bond Inst Intermediate-Term Bond State Street US Bond Indx NL C Intermediate-Term Bond Vanguard Shrt-Trm Inv Grd, Adm Short-Term Bond Money Market/Stable Value Fidelity Managed Income Portfolio Stable Value TRP Stable Value Fund Sched N. Stable Value Wells Fargo Stable Value Fund Stable Value 4 Average Annual Total Return as of 09/30/ yr./ 1 yr. 5 yr. Inception Inception Date Benchmark 1 yr. 5 yr. 10 yr./ Inception 14.57% % 04/01/ % % Russell 1000 Growth Index 10.09% 6.82% 1.91% 03/31/ % 6.85% - MSCI ACWI Ex USA IMI Index 15.43% 16.34% 7.24% 09/30/ % 16.37% 7.24% S&P 500 Index 13.44% 16.11% 8.11% 06/30/ % 16.18% 8.09% Russell Small Cap Completeness 17.35% 15.67% 7.73% 08/13/ % 16.15% 5.85% Russell 1000 Value Index 10.62% 18.17% 7.36% 08/14/ % 16.81% 8.37% Spliced Small & Mid Cap Index 6.39% 4.37% 5.91% 09/29/ % 3.62% 5.00% Barclays US Universal Index 5.18% 3.04% 4.83% 11/01/ % 3.08% 4.79% Barclays U.S. Aggregate Bond Index 3.39% 2.56% 3.56% 02/12/ % 2.74% 4.08% Barclays 1-5 Yr US Credit 1.24% 1.14% 1.87% 09/07/ % 0.12% 0.96% Barclays US 3 Month Treasury Bell Index 1.77% 2.16% 3.21% 05/31/ % 0.08% 0.84% Citigroup 3 Month Treasury Bill Index 1.49% 1.50% 2.52% 10/01/ % 0.08% 0.84% Citigroup 3 Month Treasury Bill Index All returns for periods greater than one year are annualized; all returns for periods less than one year are cumulative. Investment returns and the comparablebenchmark returns are generallycalculatedusing performance information over the same period of time. However, in some instances, the period of time used for these calculations may vary slightly for an investment and the comparablebenchmark where benchmark return data is not availableon the investment's inception date. The 1 yr. and 5 yr. investment Average Annual Total Returns and Benchmark returns in Table 1 Variable Return Investments will report a "-" when an investment incepted less than one year ago and, accordingly, return information is not applicablefor the 1- and 5- year periods. Benchmark returns will be reported as a "-" when the associated investment incepted prior to the inception date of the benchmark. Inception benchmark returns are typically only provided for a single broad-basedsecurities market index benchmark ("broad-basedbenchmark"). Thus, if the associated investment incepted less than 10 years ago, benchmark return information relative to that investment may not be provided in the 10 yr./inception column other than for one broad-basedbenchmark. For more information about the investments availablein the plan, log in to the participantwebsite at rps.troweprice.comto access fund prospectuses, financial statements, annual reports, current performance returns and other investment information. Page 4 of 6

6 5 Part II. Fee and Expense Information Table 2 shows fee and expense information for the investments listed in Table 1. Table 2 shows the Total Annual Operating Expenses of the investments in Table 1. Total Annual Operating Expenses are expenses that reduce the rate of return of the investment. Table 2 also shows Shareholder-Type Fees. These fees are in addition to Total Annual Operating Expenses. Table 2 - Fees and Expenses Investment Name Type of Investment Retirement Funds T. Rowe Price Ret Hyb 2005 Tr T6 Target-Date T. Rowe Price Ret Hyb 2010 Tr T6 Target-Date T. Rowe Price Ret Hyb 2015 Tr T6 Target-Date 2015 T. Rowe Price Ret Hyb 2020 Tr T6 Target-Date 2020 T. Rowe Price Ret Hyb 2025 Tr T6 Target-Date 2025 T. Rowe Price Ret Hyb 2030 Tr T6 Target-Date 2030 T. Rowe Price Ret Hyb 2035 Tr T6 Target-Date 2035 T. Rowe Price Ret Hyb 2040 Tr T6 Target-Date 2040 T. Rowe Price Ret Hyb 2045 Tr T6 Target-Date 2045 T. Rowe Price Ret Hyb 2050 Tr T6 Target-Date 2050 T. Rowe Price Ret Hyb 2055 Tr T6 Target-Date 2055 T. Rowe Price Ret Hyb 2060 Tr T6 Target-Date Stocks American Funds Europac Grw R6 Foreign Large Growth JPMorgan Small Cap Equity R6 Small Blend MassMutual Select Blue Chip Gr Large Growth State Street Global All Cap Equity Foreign Large Blend State Street S&P 500 Ind NL N Large Blend State Street Sm Md Cap Ind NLC Mid-Cap Blend Total Annual Operating Expenses Per As a % $1,000 As of Date Shareholder-Type Fees and Restrictions 0.50% $ /31/2016 Subject to a 30-Day Purchase Block* 0.77% $ /31/ % $ /30/ % $ /30/ % $.30 12/31/2013 Subject to a 30-Day Purchase Block* 0.06% $.60 12/31/2013 Subject to a 30-Day Purchase Block* Page 5 of 6

7 Investment Name Type of Investment Stocks (continued) Vanguard Equity Income Adm Large Value Vanguard Strategic Equity Mid-Cap Blend Bonds Baird Core Plus Bond Inst Intermediate-Term Bond State Street US Bond Indx NL C Intermediate-Term Bond Vanguard Shrt-Trm Inv Grd, Adm Short-Term Bond Money Market/Stable Value Fidelity Managed Income Portfolio Stable Value TRP Stable Value Fund Sched N. Stable Value Wells Fargo Stable Value Fund Stable Value 6 Total Annual Operating Expenses Per As a % $1,000 As of Date Shareholder-Type Fees and Restrictions 0.17% $ /30/2015 Subject to a 30-Day Purchase Block* 0.21% $ /30/2015 Subject to a 30-Day Purchase Block* 0.30% $ /31/ % $.60 12/31/2013 Subject to a 30-Day Purchase Block* 0.10% $ /31/ % $ /14/ % $ /31/ % $ /31/2012 * This investment restricts a participant's exchange into an investment for a period of 30 calendar days after the participant has exchanged out of the same investment (the "30-Day Purchase Block"). Pre-authorized, systematic purchases and redemptions are exempt from the 30-Day Purchase Block. The initial exchange that occurs when adding automatic rebalance to your account is not considered a systematic transaction and is subject to the 30-Day Purchase Block; however, the subsequent automatic rebalances are considered systematic and are exempt from the 30-Day Purchase Block. In addition, the investment sponsor reserves the right to cancel or reject, without further notice, any exchange that is deemed to result in excessive or short-term trading. In the Fees and Expenses table, the As of Date provided for non-t. Rowe Price ("non-trp")investments is the most recent fiscal year end date for each investment as provided by a third party vendor. The Total Annual Operating Expenses for non-trp investments may reflect the Total Annual Operating Expense for a period that is earlier than the As of Date. For T. Rowe Price investments, the As of Date for each investment is the fiscal year end date that corresponds with the Total Annual Operating Expenses reported. The Total Annual Operating Expenses do not reflect any fee waivers and/or expense reimbursements that may be in effect. Helpful References: Visit the Department of Labor's website at dol.gov/ebsa/publications/401k_employee.html for an example showing the long-term effect of fees and expenses. You may also want to consider whether an investment in a particular investment type, along with your other investments, will help you achieve your financial goals. Log in to the participant website at rps.troweprice.com to learn more about the Plan and investment alternatives. For a glossary of investment terms relevant to the investments in the Plan, visit rps.troweprice.com/glossary. Page 6 of 6

8 Important Changes Coming to the Jacobson Companies 401(k) Profit Sharing Plan Dear Participant: Effective January 3, 2017, the Jacobson Companies 401(k) Profit Sharing Plan will move from Wells Fargo Bank, N.A. to T. Rowe Price into the new XPO Logistics, Inc. 401(k) Plan (Plan). T. Rowe Price is a major investment management firm, is a leader in the 401(k) industry, and has been recognized worldwide for its financial services and ethical business standards since Enclosed for your review are the following materials: 1. Blackout Notice provides information on when transactions will be restricted due to the change in recordkeepers. 2. Qualified Default Investment Alternative Notice provides an overview of the XPO Logistics, Inc. 401(k) Plan s default investment with the transition to T. Rowe Price. If you have any questions regarding the notices, please contact T. Rowe Price at Representatives are available on business days between 7 a.m. and 10 p.m. eastern time. In the coming weeks, there will be more information provided, including a mailing to your home with a transition time line, any new investment options, and more. Also, mark your calendars! Employee meetings will be held the week of December 5, You can attend a Plan meeting conducted by a T. Rowe Price representative. Each meeting provides the opportunity to learn more about the Plan transition to T. Rowe Price and what it means for you. Meetings will be available through a Web-based format. Webinar meetings will be held on the following dates and times: Dates Monday, December 5, 2016; Wednesday, December 7, 2016; and Friday, December 9, 2016 Tuesday, December 6, 2016, and Thursday, December 8, 2016 Times 10 a.m., 2 p.m., and 5 p.m. ET 10 a.m., 2 p.m., 5 p.m., and 8 p.m. ET Ensure you register at the following link to reserve your preferred date and time: rpstrowepricereg120.fugent.com. CO8NSI8CU_ / AX-22402

9 Important notice about the Jacobson Companies 401(k) Profit Sharing Plan. November 2016 Dear Participant or Beneficiary: We wanted to let you know that we re making changes to the Jacobson Companies 401(k) Profit Sharing Plan(the Plan ). Effective January 3, 2017, T. Rowe Price will be the new recordkeeping provider for the Plan. You should retain a copy of this notice with other information you have received regarding your Plan account. DO I NEED TO TAKE ANY ACTION? No. All Plan account balances will be transferred from the existing recordkeeper, Wells Fargo Bank, N.A., to the new recordkeeper, T. Rowe Price, as described below. IMPACT ON PLAN ACCESS Transfer of your Plan account balance to the new recordkeeper requires a transition period that is anticipated to begin at 4:00 p.m. ET (1:00 p.m. PT) on December 23, 2016, and is anticipated to end during the week ending January 20, For specific information about the status of the blackout period or how it may affect you, please call T. Rowe Price at During this transition period, you won t be able to access or make changes to your Plan account. The inability to access or make changes is why this transition period is sometimes called a blackout period. During the blackout period, you will not be able to: Change how future contributions will be invested; Change how your existing account balance is invested; Obtain a distribution, withdrawal or loan from the Plan; or Access Plan account information. If you want to request make changes to the current investment of your Plan account or take a distribution or loan from your Plan account before the blackout period, you must contact the Corporate Benefits department for additional information including the deadline to submit the request. Otherwise, you must wait until after the blackout period ends. WHAT TO CONSIDER BEFORE THE BLACKOUT PERIOD BEGINS Whether or not you are planning retirement or a distribution in the near future, we encourage you to carefully consider how this blackout period may affect your retirement and distribution planning, as well as your overall financial plan. For this reason, it is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income and investments. If your investments decline in value during the blackout period, your account balance will also decline because you will not be able to sell investments in your account during the blackout period.

10 HOW WILL MY ACCOUNT TRANSFER? During the blackout period, your existing Plan account balance will be transferred, or mapped, from your investments in place at the beginning of the blackout period from the investments available under the Plan with the Wells Fargo Bank, N.A. to the investments available under the Plan with T. Rowe Price. Any contributions made during and after the blackout period will be invested in mapped investments with T. Rowe Price. You shortly will receive a booklet from the Corporate Benefits office and T. Rowe Price that provides you with additional details about the new investment funds available under the plan at T. Rowe Price, including additional information concerning how your existing investment funds will be mapped to the new funds. If you make an election change before the beginning of the blackout period, then your existing balance will be mapped according to your new instructions. All future contributions will be made according to those instructions as well. After the blackout period ends, you can make new investment elections for both your existing account balance as well as for your future contributions. WHAT IF I TERMINATE EMPLOYMENT DURING THE BLACKOUT PERIOD? Distributions will not be processed during the blackout period. If you terminate employment with us during the blackout period, you ll have to wait until the blackout is lifted before you can take a distribution. WHO DO I CONTACT FOR MORE INFORMATION? If you have any questions regarding the blackout period, including whether the blackout period has started or ended, please contact T. Rowe Price at or contact: XPO Logistics Attn: Corporate Benefits 1717 NW 21st Avenue Portland, OR , option 7 Please note that the exact date of the Plan changes and the end of the blackout period depend on the accurate, timely transfer of data from Wells Fargo Bank, N.A. If this does not occur, the end of the blackout period could be delayed; in the event of a delay, you will receive a separate notice with details regarding whether and how the delay will impact the blackout period. CC9O7MT1O_ / AX-22421

11 Qualified Default Investment Alternative (QDIA) Notice for the XPO Logistics, Inc. 401(k) Plan The XPO Logistics, Inc. 401(k) Plan (Plan) allows you to invest your account in a number of different investment options. With the change of recordkeeping services to T. Rowe Price Retirement Plan Services, Inc., a new default investment has been designated under the Plan. Starting January 3, 2017, the Plan s default investment will be the T. Rowe Price Retirement Hybrid Trust* with the target date closest to the year in which you turn 65. If you have not made investment elections and your assets are invested in your Plan s current default investment, your account balance will be moved and future contributions will be allocated to the T. Rowe Price Retirement Hybrid Trust based on your age. The chart below can help you understand which Retirement Hybrid Trust available in your Plan is closest to the year you will turn 65. If you were born... This is how you will be invested if the default rules described above apply to you... In 1993 or after Retirement Hybrid 2060 Trust Retirement Hybrid 2055 Trust Retirement Hybrid 2050 Trust Retirement Hybrid 2045 Trust Retirement Hybrid 2040 Trust Retirement Hybrid 2035 Trust Retirement Hybrid 2030 Trust Retirement Hybrid 2025 Trust Retirement Hybrid 2020 Trust Retirement Hybrid 2015 Trust Retirement Hybrid 2010 Trust In 1942 or before Retirement Hybrid 2005 Trust Depending on your risk tolerance, time horizon, and financial situation, you may consider a Retirement Hybrid Trust with a different target date. If you do not make an affirmative election for the investment of the assets in your Plan account, the provisions of Section 404(c) of the Employee Retirement Income Security Act of 1974 (ERISA), as amended, will apply. This means that Plan fiduciaries will be relieved from liability for any losses that occur as the result of the automatic investment of your Plan account in the Plan s QDIA. A brief description of the Plan s default investment, including the investment s objectives, risk and return characteristics, fees, and expenses (including any restrictions, fees, or expenses that apply when you transfer assets from the default investment), is included and made a part of this notice. You have the right to change how your Plan account is invested among the investments offered under the Plan at any time by calling the Plan Account Line at or by going to the website at rps.troweprice.com. Also refer to your Plan s summary plan description for any additional rules on changing your Plan investments. You can obtain investment information about the Plan s default investment and other investment options by calling the Plan Account Line or by going to the website at rps.troweprice.com. For Spanish-speaking participants: Si desea hablar con un representante en español, llame a T. Rowe Price al Los representantes están a su disposición los días laborales entre las 7 a.m. y las 10 p.m. hora local Este.

12 * The T. Rowe Price Retirement Hybrid Trusts are not mutual funds. They are common trust funds established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of Investments in the trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. C1FNCZDN9_ / AX-22429

13 T. ROWE PRICE RETIREMENT HYBRID TRUSTS (T6) Your plan offers a number of different investment options, including the Retirement Hybrid Trusts (Trusts) managed by T. Rowe Price Trust Company. The Retirement Hybrid Trusts invest in a diversified portfolio of stocks and bonds that is (with the exception of the Retirement Hybrid Balanced Trust) rebalanced to maintain its asset allocation and progressively becomes more conservative over time until reaching its final asset allocation 30 years after the stated retirement date. The Retirement Hybrid Trusts are designed for an investor who plans to retire at or around age 65 and withdraw the value of his or her account in the trust gradually after retirement. RETIREMENT HYBRID TRUST OBJECTIVE: The objective of each Retirement Hybrid Trust is the highest total return over time consistent with an emphasis on both capital growth and income. The Retirement Hybrid Trusts pursue their objectives by investing in other commingled T. Rowe Price trusts, each one emphasizing a different market sector. Table 1: The following table shows the Retirement Hybrid Trusts and details the way in which each Retirement Hybrid Trust s portfolio is allocated among the various asset classes. The table also lists the relative risk/reward potential and trustee fee for each Retirement Hybrid Trust. Investment Name The Trust s Neutral Investment Allocation (as of 9/30/16) Is Stocks Bonds Relative Risk/Reward Potential Trustee Fee* (as of 7/1/16) Retirement Hybrid 2060 Trust 90.0% 10.0% Higher 0.39% Retirement Hybrid 2055 Trust 90.0% 10.0% Higher 0.39% Retirement Hybrid 2050 Trust 90.0% 10.0% Higher 0.39% Retirement Hybrid 2045 Trust 90.0% 10.0% Higher 0.39% Retirement Hybrid 2040 Trust 89.0% 11.0% Higher 0.39% Retirement Hybrid 2035 Trust 84.0% 16.0% Higher 0.39% Retirement Hybrid 2030 Trust 78.0% 22.0% Higher 0.39% Retirement Hybrid 2025 Trust 70.5% 29.5% Moderate-Higher 0.39% Retirement Hybrid 2020 Trust 62.5% 37.5% Moderate-Higher 0.39% Retirement Hybrid 2015 Trust 53.0% 47.0% Moderate-Higher 0.39% Retirement Hybrid 2010 Trust 44.5% 55.5% Moderate 0.39% Retirement Hybrid 2005 Trust 39.0% 61.0% Moderate 0.39% Retirement Hybrid Balanced Trust 40.0% 60.0% Moderate 0.39% RISK AND RETURN CHARACTERISTICS: The principal value of the Retirement Hybrid Trusts is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the Trust. If an investor plans to retire significantly earlier or later than age 65, the Trusts may not be an appropriate investment even if the investor is retiring on or near the target date. The Trusts are allocated among a broad range of underlying T. Rowe Price stock and bond portfolios. The allocations for the Trusts with a stated retirement date will change over time; these Trusts emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The Trusts are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The Trusts maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons. HOW THE TRUSTS ASSET ALLOCATIONS CHANGE OVER TIME: Each Retirement Hybrid Trust s allocation between stocks and bonds will change over time according to a predetermined glide path, as illustrated below. (The glide path represents the shifting of asset classes over time and does not apply to the Retirement Hybrid Balanced Trust.) Percent (%) Stocks As the illustration shows, each Retirement Hybrid Trust s asset mix becomes more conservative both prior to and after age 65 as time elapses. Once a Retirement Hybrid Trust reaches its most conservative planned allocation approximately 30 years after its stated target date, its allocation to stocks will remain fixed at approximately 20% of assets. The remainder will be invested approximately 80% in bonds. The target allocations for bonds are not expected to vary from the glidepath formula by more than plus or minus five percentage points. In the case of stocks, asset allocation is not expected to vary by more than plus or minus five percentage points for U.S. stocks and international stocks, respectively. The Retirement Hybrid Balanced Trust does not follow the glide path and will maintain a constant allocation of approximately 40% stock trusts and 60% bond trusts. FEES AND EXPENSES: Table 2: As shown in the following table, there are no fees or charges to buy or sell Retirement Hybrid Trust units or to exchange into other investment options. Trustee Fees See Table 1 Redemption Fees 12b-1 Fees 0.0% Front-End Load 0.0% Back-End Load 0.0% Transaction Fees YEARS TO RETIREMENT No 10 5 The T. Rowe Price Retirement Hybrid Trusts are not mutual funds. They are common trust funds established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. Note: Some of the investments listed in this sheet may not be available in your plan. Please see the attached document for the default investments available in your plan. *The trustee fee, expressed as an annualized percentage of total assets, is used to pay normal operating expenses of the Retirement Hybrid Trusts, including custodial, accounting, and investment management fees YEARS PAST RETIREMENT Bonds Call to request a trust fact sheet for more information about the Trusts. You can obtain additional information about the Trusts, including the glide path, on the T. Rowe Price website at rps.troweprice.com. C1UEGFQ3H OLT102-13T6 8/ AX-15314

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