Capital Appreciation Fund (PRWCX)

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a "Gold" rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a "Silver" rating has notable advantages across several, but perhaps not all, of the five pillars—strengths that give the analysts a high level of conviction. A "Bronze" rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a "Neutral" rating isn't seriously flawed across the five pillars, nor does it distinguish itself very positively. A "Negative" rated fund is flawed in at least one pillar, if not more, and is considered an inferior offering to its peers. Analyst Ratings are reevaluated every 14 months. For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to http://corporate.morningstar.com.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties, which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

²The T. Rowe Price Capital Appreciation Fund received the Lipper Mixed-Asset Target Allocation Growth Funds Classification Award based on its risk-adjusted performance. The fund was ranked #1 of 259 eligible Mixed-Asset Target Allocation Growth funds for the 10-year period ended November 30, 2012. Past performance cannot guarantee future results.

Lipper also ranked the fund 16 of 521 and 4 of 476 for the 3- and 5-year periods ended 11/30/12, respectively. The Lipper 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.

³For funds with at least a 3-year history, a Morningstar Rating^TM is based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees) with emphasis on downward variations and consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10% 1 star. Each share class is counted as a fraction of 1 fund within this scale and rated separately. The Morningstar Rating^TM is for the retail share class only; other classes may have different performance characteristics.

©2013 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.

⁴In determining the funds on the Money 70^®, the staff of MONEY^® Magazine based its decision on each fund's fees, stewardship, experienced managers, and performance. The ending date for performance was 12/10/12. From MONEY^® Magazine, January/February 2013 ©2013 Time Inc. MONEY and MONEY 70 are registered trademarks of Time Inc. and are used under license. MONEY and Time Inc. are not affiliated with, and do not endorse products or services of, T. Rowe Price.

^†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." Morningstar selected the 2012 Allocation Fund Manager of the Year based on the performance of the manager's fund in 2012 and its risk-adjusted performance over longer time periods (i.e. 3, 5, and 10 years as applicable), and a history of aligning the fund's interests with shareholders'. In addition, all nominated funds must have received a Morningstar Analyst Rating of Gold, Silver, or Bronze; these ratings are based on an evaluation of 5 key pillars: process, performance, people, parent, and price, which Morningstar's analysts use to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. (For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to corporate.morningstar.com.) Nominated funds in the Allocation Funds category invest in multiple asset classes, such as stocks, bonds, and cash, etc. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and in-depth qualitative evaluation by its fund analysts.

Morningstar Awards ©2013. Morningstar, Inc. All Rights Reserved. Awarded to David Giroux for Morningstar 2012 Allocation Fund Manager of the Year, United States.