What you need to know about upcoming retirement plan changes

Plan. Save. Retire. June 2012 What you need to know about upcoming retirement plan changes Dear Physiotherapy Associates 401(k) Plan Participant: By now you ve heard that Physiotherapy Associates is making changes to the Physiotherapy Associates 401(k) Plan starting in August 2012. To help you prepare, here is a brief overview of what you can expect, what you need to do, and when changes will happen. What you can expect As part of the transition to T. Rowe Price, your new plan service provider, you have between July 9, 2012, and July 20, 2012, at 4 p.m. eastern time to choose among your plan s do-it-yourself investment options or the pre-assembled T. Rowe Price Retirement Funds. If you do not make an active election by July 20, 2012, at 4 p.m. eastern time, your existing account balance and future contributions will be automatically invested into a preassembled T. Rowe Price Retirement Fund with a target date closest to the year in which you will turn 65. As part of the conversion process, it will be necessary to suspend account activity for a short period of time. This is referred to as a blackout period. During this blackout period from July 25, 2012 through the week of August 20, 2012, you will not be able to make any changes to your account even if the investment options that you are invested in go up or down in price. What you need to do You are not required to take any action regarding your plan account at this time. However, if you are not sure whether you want your account balance and future contributions to transfer to the Qualified Default Investment Alternative (QDIA) which is called the T. Rowe Price Retirement Fund, it may be worthwhile for you to review your options and make a decision before July 20, 2012 (the last day to make an investment change until the conversion is complete). Read on for more information about the Retirement Funds and the other investments offered through your plan. Also, carefully review the time line to see when changes will happen. If you do not want to be invested in a Retirement Fund, contact T. Rowe Price at 1-800-922-9945 or by logging in to rps.troweprice.com between July 9, 2012, and July 20, 2012, at 4 p.m. eastern time to choose other options using the new fund lineup. Once the conversion is complete, you will also be able to make investment changes by calling T. Rowe Price at 1-800-922-9945 or by logging in to rps.troweprice.com. T. Rowe Price also offers a free mobile website for Android and iphone where you can view account balances and fund prices and receive investment insights. You can access the mobile website at troweprice.mobi using your current T. Rowe Price user name and password. Are pre-assembled T. Rowe Price Retirement Funds right for you? If you re like the estimated 80% of retirement plan investors who do not have the time or desire to select and keep track of their investments, then a T. Rowe Price Retirement Fund may be an appropriate investment. Each Retirement Fund is a mutual fund made up of other mutual funds. That means you get a mix of different investments in large and small companies, both domestic and foreign. Other advantages include: One-step convenience, so you don t need to mix and match them with other options. Professional diversification that may help reduce the impact of the market s ups and downs on your account. Diversification does not ensure a profit or protect against a loss in declining markets. Stock exposure that can help your retirement account outpace inflation and maintain its buying power. Automatic rebalancing among stocks, bonds, and conservative bonds helps the funds allocations stay on track. Plus, the funds risk/return objectives change over time, slowly reducing their exposure to risk as the target retirement date nears. (over, please)

If you do not make an active investment election between July 9, 2012, and July 20, 2012, at 4 p.m. eastern time, here s how your account balance and future contributions will be invested in the Plan s default investment (the T. Rowe Price Retirement Fund): Participants born... Will be invested in... In 1988 or after T. Rowe Price Retirement Fund 2055 (TRRNX) 1983 1987 T. Rowe Price Retirement Fund 2050 (TRRMX) 1978 1982 T. Rowe Price Retirement Fund 2045 (TRRKX) 1973 1977 T. Rowe Price Retirement Fund 2040 (TRRDX) 1968 1972 T. Rowe Price Retirement Fund 2035 (TRRJX) 1963 1967 T. Rowe Price Retirement Fund 2030 (TRRCX) 1958 1962 T. Rowe Price Retirement Fund 2025 (TRRHX) 1953 1957 T. Rowe Price Retirement Fund 2020 (TRRBX) 1948 1952 T. Rowe Price Retirement Fund 2015 (TRRGX) 1943 1947 T. Rowe Price Retirement Fund 2010 (TRRAX) 1938 1942 T. Rowe Price Retirement Fund 2005 (TRRFX) In 1937 or before T. Rowe Price Retirement Income Fund (TRRIX) The principal value of the Retirement Funds is not guaranteed at any time, including at or after the target date, which is the approximate date when investors turn age 65. The funds invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The funds 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 more on income and principal stability during retirement. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility. Would you prefer to create your own strategy? If you prefer a hands-on approach to investing, you can build your own portfolio by choosing investments from the new investment lineup. This do-it-yourself option is ideal for those who enjoy the process of investing and who are willing to spend time creating and monitoring their portfolios and strategies. Stock Investments Higher Risk/Return Potential Bond Investments Lower Risk/Return Potential Money Market/ Stable Value Investments AllianceBern Small Cap Growth Fund, Adv. (QUAYX) Allianz NFJ International Value Fund, A (AFJAX) Columbia Acorn International Fund, Z (ACINX) Columbia Dividend Opportunity Fund, Z (CDOZX) Diamond Hill Large Cap Fund, A (DHLAX) Fidelity Contrafund Fund (FCNTX) Fidelity Puritan Fund (FPURX) Fidelity Select Materials Fund (FSDPX) Harbor Capital Appreciation Fund, I (HCAIX) JPMorgan Mid Cap Value Fund, Select (JMVSX) Oppenheimer Developing Markets Fund, Y (ODVYX) Prudential Jennison Mid Cap Growth Fund, Z (PEGZX) T. Rowe Price Equity Index 500 Fund (PREIX) T. Rowe Price International Equity Index Fund (PIEQX) Vanguard REIT Index Fund, I (VGSIX) Victory Small Company Opportunity Fund, A (SSGSX) Loomis Sayles Strategic Income Fund, Y (NEZYX) Metropolitan West Total Return Bond Fund, M (MWTRX) PIMCO Commodity Real Ret. Strat. Fund, Admin. (PCRRX) Prudential High Yield Fund, Z (PHYZX) T. Rowe Price Stable Value Fund, E* * The T. Rowe Price Stable Value Common Trust Fund (the Trust ) is not a mutual fund. It is a common trust fund established by T. Rowe Price Trust Company under Maryland banking law, and its units are exempt from registration under the Securities Act of 1933. Investments in the Trust are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company. Although the Trust seeks to preserve the value of your investment at $1.00 per unit, it is possible to lose money by investing in the Trust. To create your portfolio using these investments, call T. Rowe Price at 1-800-922-9945 or log in to the website at rps.troweprice.com between July 9, 2012, and July 20, 2012, at 4 p.m. eastern time. Any investment changes you make during this time will apply to both your balance at the time of conversion and your future contributions.

When changes will happen The time line below gives you a detailed look at what will happen during the blackout period and the transfer of your plan records to T. Rowe Price. Early July 2012 July 2012 July 9, 2012 July 9, 2012, through July 20, 2012, at 4 p.m. eastern time july 25, 2012, at 4 p.m. eastern time Personal identification number (PIN) mailed: You will receive your PIN for access to the automated phone system (1-800-922-9945) and the T. Rowe Price website at rps.troweprice.com. When you contact T. Rowe Price, be sure to name your beneficiary and provide your e-mail address to get full use of online services, including timely e-nnouncements and paperless e-statements. Employee meetings held: If you are currently employed by Physiotherapy Associates, you can attend an informational session. Here you can learn more about the plan changes and see how to take advantage of them. Meetings will be available on site and/or through a Web-based format. Watch for more information about these upcoming meetings and when you can attend. Phone and online service open: Now you can call T. Rowe Price at 1-800-922-9945 or visit the website at rps.troweprice.com to get information on your plan and investment options. T. Rowe Price representatives are available on business days between 7 a.m. and 10 p.m. eastern time. Time to make an active election for the new plan: This is your window of opportunity, prior to the conversion, when you will have access to your lineup of new investment options. You may call T. Rowe Price at 1-800-922-9945 or visit the website at rps.troweprice.com to select investments from the do-it-yourself options. If you do not, your existing account balance and future contributions will be automatically invested in a T. Rowe Price Retirement Fund based on your age. Any investment changes you make during this time will apply to both your balance at the time of conversion and your future contributions. BLACKOUT PERIOD BEGINS Last day to initiate a loan or withdrawal: This is the last day Prudential can receive paper or paperless requests for a loan or withdrawal. You may resume these transactions once the blackout period ends during the week of August 20, 2012, by contacting T. Rowe Price. Last day to make investment changes in your existing plan with Prudential: This is the last day to contact Prudential by phone at 1-877-778-2100 or online at prudential.com/online/retirement to change your contribution amount, to move money from one investment to another within your existing account balance, or to change how your future contributions are invested. Any changes you make before this date will only apply to your existing plan until your balance is moved either into a T. Rowe Price Retirement Fund or into your active election. You may resume these transactions once the blackout period ends during the week of August 20, 2012, by contacting T. Rowe Price. August 1, 2012 This means that even if one or more of your selected investment options experience a significant price fluctuation in either direction, you will not have access to your account until the transition is complete. Account balances moved: Your existing account balance will be automatically transferred into an age-appropriate T. Rowe Price Retirement Fund unless you call T. Rowe Price between July 9, 2012, and July 20, 2012, at 4 p.m. eastern time to select investments from the plan s do-it-yourself options. At this time, you can make certain changes to your account, including your contribution amounts and how your future contributions are invested. However, you cannot make changes to your existing account balance until the blackout period ends. During the time your money is being moved, contributions and loan repayments (if applicable) will come out of your paycheck. Week of August 20, 2012 BLACKOUT PERIOD ENDS All services available: You now have full access to your account and all of the investment options and services. Contact T. Rowe Price online (rps.troweprice.com) or by phone (1-800-922-9945) to view your account, change how much you contribute, change your investment options (subject to excessive trading guidelines), name your beneficiary, and more. T. Rowe Price representatives are available on business days between 7 a.m. and 10 p.m. eastern time. (over, please)

October 2012 Early October 2012 Final statements from Prudential: You will receive your final account statement with your ending account balance from Prudential. Account statement and newsletter: You will receive your first quarterly account statement and newsletter from T. Rowe Price. The statement gives you a quick and convenient overview of your account and your investments performance. Important information about excessive trading and redemption fees To help deter the practice of excessive trading (frequent trades into and out of an investment), T. Rowe Price enforces an excessive trading policy. Potential consequences of excessive trading include the suspension of trading privileges and possible redemption fees (fees designed to discourage short-term trading behavior and protect the funds and their long-term investors). For more information about excessive trading and redemption fees, please call 1-800-922-9945. More about T. Rowe Price Established in 1937, T. Rowe Price is an investment management firm headquartered in Baltimore, Maryland. The company is a recognized leader in retirement plan services and currently helps more than 1.8 million people save and invest through their employers retirement plans. Here are a few of the services you can expect once the conversion is complete: Diverse investment selection Choose from among your plan s do-it-yourself investment options or a one-step, premixed, professionally managed portfolio. 24/7 account access Connect with your account online at rps.troweprice.com or by phone at 1-800-922-9945 to get plan information or make a change. Direct assistance Talk to a retirement plan specialist who can answer your questions on business days from 7 a.m. to 10 p.m. eastern time. Retirement planning tools Log in to the website to access interactive retirement planning tools that can help you determine your goals and a strategy to reach them. More information coming soon You will receive further details about your new plan and how it can help make saving and investing for your future easier. Once the conversion is complete, be sure to take full advantage of the new investment options, financial planning tools, and account access that the plan will offer. Remember, be sure to contact T. Rowe Price to name your beneficiary and provide your e-mail address to get full use of online services, including timely e-nnouncements and paperless e-statements. Call 1-800-922-9945 to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. T. Rowe Price Investment Services, Inc., distributor, T. Rowe Price mutual funds. 105925_ltr_cnv_v2_0412 6/12 117751

Q UALIFIED D EFAULT I NVESTMENT A LTERNATIVE (QDIA) NOTICE FOR THE P HYSIOTHERAPY A SSOCIATES 401(K) PLAN (PLAN) The Physiotherapy Associates 401(k) Plan allows you to invest your account in a number of different investment options. With the change of the 401(k) provider to T. Rowe Price Retirement Plan Services, Inc., a new default investment has been designated under the Plan. Starting August 1, 2012, the Plan s default investment is the T. Rowe Price Retirement Fund with the target date closest to the year in which you turn 65. Your account balance will be moved, and future contributions will be allocated to either a T. Rowe Price Retirement Fund based on your age or into the investment(s) you selected during the July 9, 2012 through July 20, 2012, election period (see the enclosed letter What you need to know about upcoming retirement plan changes ). 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, 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 1-800-922-9945 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. 117568

CURRENT DEFAULT INVESTMENT Your plan offers a number of different investment options, including 12 retirement funds (Retirement Funds) managed by T. Rowe Price. If you have not made or do not make an affirmative investment election, the Retirement Fund in which your account is invested is the fund whose stated date is closest to the date you will turn 65. The Retirement Funds invest in a diversified portfolio of stocks and bonds that are rebalanced to maintain their asset allocation and progressively become more conservative over time until reaching their final asset allocation 30 years after the stated retirement date. The funds 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 fund gradually after retirement. RETIREMENT FUND OBJECTIVE: The objective of each Retirement Fund is the highest total return over time consistent with an emphasis on both capital growth and income. This objective is pursued by investing in a diversified portfolio of T. Rowe Price stock and bond funds whose allocation (with the exception of the Income Fund) changes over time. The Income Fund pursues this objective by investing in a diversified portfolio consisting of about 40% stocks and 60% bonds whose allocation is fixed over time. Table 1: The following table shows the default fund that corresponds to your age and details the way in which each fund s portfolio is allocated among the various asset classes. The table also lists the relative risk/reward potential and expense ratio for each fund. If you were born You are defaulted into Your default fund s neutral investment allocation (as of 9/1/2011) is Stocks Bonds Relative Risk/Reward Potential Expense Ratio* (as of 5/31/2011) In 1988 or after Retirement 2055 90.0% 10.0% Higher 0.76% 1983 1987 Retirement 2050 90.0% 10.0% Higher 0.76% 1978 1982 Retirement 2045 90.0% 10.0% Higher 0.76% 1973 1977 Retirement 2040 90.0% 10.0% Higher 0.76% 1968 1972 Retirement 2035 89.0% 11.0% Higher 0.76% 1963 1967 Retirement 2030 84.0% 16.0% Higher 0.74% 1958 1962 Retirement 2025 78.0% 22.0% Moderate-Higher 0.72% 1953 1957 Retirement 2020 70.5% 29.5% Moderate-Higher 0.69% 1948 1952 Retirement 2015 62.5% 37.5% Moderate-Higher 0.65% 1943 1947 Retirement 2010 53.0% 47.0% Moderate 0.61% 1938 1942 Retirement 2005 44.5% 55.5% Moderate 0.58% In 1937 or Retirement Income 40.0% 60.0% Moderate 0.56% before * The expense ratio, expressed as an annualized percentage of total assets, is what participants pay for mutual fund operating expenses and management fees. The expense ratio is disclosed in the prospectus. RISK AND RETURN CHARACTERISTICS: The principal value of the Retirement Funds is not guaranteed at any time, and you may experience losses, including losses near, at, or after the target date, which is the approximate date when investors turn age 65. The funds 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 more on income and principal stability during retirement. There is no guarantee that the funds will provide adequate income at and through your retirement. The Retirement Funds invest in a broad range of underlying mutual funds that include stocks and bonds and are subject to the risks of different areas of the market. The funds maintain a substantial allocation to stocks both prior to and after the target date, which can result in greater volatility. The more a Retirement Fund allocates to stock funds, the greater the expected risk. For further details on all risks associated with investment in a fund, please refer to the Retirement Funds prospectus. HOW THE FUNDS ASSET ALLOCATIONS CHANGE OVER TIME: Each fund s allocation between T. Rowe Price stock and bond funds 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 Income Fund.) weighted % 100 80 60 40 20 0 40 Stocks 35 30 YEARS TO RETIREMENT 25 20 15 10 5 0 5 10 15 Bonds YEARS PAST RETIREMENT As the illustration shows, each fund s asset mix becomes more conservative both prior to and after age 65 as time elapses. Once a fund (other than the Income Fund) reaches its most conservative planned allocation approximately 30 years after its stated target retirement date, its allocation to stocks will remain fixed at approximately 20% of assets. The remainder will be invested 80% in bonds. The target allocations for bonds are not expected to vary from the glide-path 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. FEES AND EXPENSES: Table 2: As shown in the following table, there are no fees or charges to buy or sell fund shares, reinvest dividends, or exchange into other investment options. While the Retirement Funds themselves impose no fees or charges, they will indirectly bear their pro-rata share of the expenses of the underlying T. Rowe Price stock and bond funds they hold. Expense Ratios See Table 1 Redemption Fees 12b-1 Fees 0.0% Front-End Load 0.0% Back-End Load 0.0% Transaction Fees No For details showing the expenses each fund will bear based on the expected allocation to, and the expected average expense ratio of, the underlying funds in future years, please refer to the Retirement Funds prospectus. Call 1-800-922-9945 to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. You can obtain additional information about the fund, including its glide path, on the T. Rowe Price website at rps.troweprice.com. T. Rowe Price Investment Services, Inc., Distributor. 20 25 30 35 40 05169-1449 OCT58-RDF12 10/11 110590

I MPORTANT N OTICE A BOUT Y OUR R IGHTS U NDER THE P HYSIOTHERAPY A SSOCIATES 401(K) PLAN. June 2012 Please note that the Physiotherapy Associates 401(k) Plan will be changing the 401(k) provider. As a result of these changes, you will be temporarily unable to direct or diversify investments in your individual accounts, obtain a loan from the Plan, or obtain a withdrawal or distribution from the Plan. During this time, called a blackout period, you will be unable to exercise certain rights available under the Plan. Regardless of when you are planning to retire, we encourage you to carefully consider how this blackout period may affect your retirement planning and your overall finances.* The blackout period for the Plan is expected to begin on Wednesday, July 25, 2012, at 4 p.m. eastern time, and end during the week of August 20, 2012. For specific information about the status of the blackout period or how it may affect you, please call T. Rowe Price at 1-800-922-9945. During the blackout period, you will be unable to direct or diversify the assets held in your Plan account. So it is very important that you review and consider the appropriateness of your current investments before the blackout period starts. 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 of your assets, income, and investments. You should be aware that there is a risk to holding substantial portions of your assets in the securities of any one company, as individual securities tend to have wider price swings (up and down, over short periods of time) than investments in diversified funds. Stocks that have wide price swings might have a large loss during the blackout period, and you would not be able to direct the sale of such stocks from your account during the blackout period. If you have any questions concerning this notice, contact: Angela McClure Vice President, Human Resources Physiotherapy Associates 855 Springdale Drive, Suite 200 Exton, Pennsylvania 19341 610-884-4817 angela.mcclure@physiocorp.com * During the blackout period, your retirement assets will transfer to T. Rowe Price on August 01, 2012 and be invested in your conversion investment election until the end of the blackout period. Once the blackout period has expired, you will have full access to your account.. 117569