1. Copyright 2013. T. Rowe Price. All Rights Reserved. T. Rowe Price Retirement Funds Date Copyright 2015. T. Rowe Price. All Rights Reserved.

2. Copyright 2013. T. Rowe Price. All Rights Reserved. 2 What we’ll cover today T. Rowe Price Retirement Funds overview Differentiating features of the T. Rowe Price Retirement Funds Copyright 2015. T. Rowe Price. All Rights Reserved.

3. Copyright 2013. T. Rowe Price. All Rights Reserved. 3 T. Rowe Price Retirement Funds Professionally managed portfolios Convenient for retirement investing Diverse portfolios combining stocks and bonds Automatic adjustments for approximately 30 years after the target retirement date The funds’ investment in many underlying funds means that they will be exposed to the risks of different areas of the market Copyright 2015. T. Rowe Price. All Rights Reserved.

4. Copyright 2013. T. Rowe Price. All Rights Reserved. 4 T. Rowe Price Retirement Funds Retirement 2060 Retirement 2055 Retirement 2050 Retirement 2045 Retirement 2040 Retirement 2035 Retirement 2030 Retirement 2025 Retirement 2020 Retirement 2015 Retirement 2010 Retirement 2005 Retirement Balanced The principal value of the Retirement Funds 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 fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds’ allocations among a broad range of underlying T. Rowe Price stock and bond funds will change over time. 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 on supporting an income stream over a long- term postretirement withdrawal horizon. The funds are not designed for a lump- sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons. Copyright 2015. T. Rowe Price. All Rights Reserved.

5. Copyright 2013. T. Rowe Price. All Rights Reserved. 5 T. Rowe Price Retirement Funds Funds of Funds Mutual funds made up of other mutual funds Diverse mix of investments—large and small companies, domestic and foreign Funds chosen for both individual performance and how well they work together The performance and risks of each Retirement Fund corresponds to the performance and risks of the underlying funds in which it invests. Diversification cannot assure a profit or protect against loss in a declining market. Copyright 2015. T. Rowe Price. All Rights Reserved.

6. Copyright 2013. T. Rowe Price. All Rights Reserved. 6 One-step Retirement Funds Copyright 2015. T. Rowe Price. All Rights Reserved.

7. Copyright 2013. T. Rowe Price. All Rights Reserved. 7 How your investment mix changes over time Copyright 2015. T. Rowe Price. All Rights Reserved.

8. Copyright 2013. T. Rowe Price. All Rights Reserved. 8 Choose a Retirement Fund If you were born… You might consider the following Retirement Fund… In 1993 or after Retirement 2060 1988  1992 Retirement 2055 1983  1987 Retirement 2050 1978  1982 Retirement 2045 1973  1977 Retirement 2040 1968  1972 Retirement 2035 1963  1967 Retirement 2030 1958  1962 Retirement 2025 1953  1957 Retirement 2020 1948  1952 Retirement 2015 1943  1947 Retirement 2010 1942 or before Retirement 2005 OR, you can pick the fund that matches the year in which you turn age 65 Depending on your risk tolerance and time horizon, you may consider a Retirement Fund with a different target retirement date. Copyright 2015. T. Rowe Price. All Rights Reserved.

9. Copyright 2013. T. Rowe Price. All Rights Reserved. 9 Asset allocation strategy Years to Retirement Years Past Retirement 2515505 152530+ Bonds1021364554657480 Stocks9079645546352620 Percentage of Fund Holdings Retirement Funds do not reach a static mix at or near the target retirement date. Continues to reallocate to more conservative allocations up to 30 years past the target retirement date. Minimum equity exposure of approximately 20% reached at 30 years after the target retirement date. Copyright 2015. T. Rowe Price. All Rights Reserved.

10. Copyright 2013. T. Rowe Price. All Rights Reserved. 10 Asset allocation strategy The Asset Allocation Committee may overweight or underweight asset classes based upon their outlook for the stock and bond markets: Stocks ± 5% Bonds ± 5% Copyright 2015. T. Rowe Price. All Rights Reserved.

11. Copyright 2013. T. Rowe Price. All Rights Reserved. 11 Retirement Funds investment team Asset Allocation Committee Senior managers from both the fixed income and equity divisions Oversight of all T. Rowe Price asset allocation products Approves all strategic and tactical changes within the Retirement Funds Committee has been providing asset allocation oversight for T. Rowe Price since 1990 Retirement Funds investment management team Lead portfolio manager, associate manager and asset allocation analyst Complementary investment expertise Lead portfolio manager is responsible for day-to-day management/oversight of the Retirement Funds Copyright 2015. T. Rowe Price. All Rights Reserved.

12. Copyright 2013. T. Rowe Price. All Rights Reserved. 12 Key benefits of T. Rowe Price Retirement Funds Maintain equity allocations based on proprietary asset allocation modeling and research Allocations continue to shift during retirement Tactical allocations to incorporate market outlook Solid performance record of underlying funds No asset allocation overlay fee and competitive expenses Copyright 2015. T. Rowe Price. All Rights Reserved.

13. Copyright 2013. T. Rowe Price. All Rights Reserved. 13 In summary T. Rowe Price Retirement Funds provide a convenient, one-step approach to investing Each T. Rowe Price Retirement Fund offers: Convenience Professional diversification Stock exposure Automatic rebalancing Contact your financial advisor or call 1-800-638-7780 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. 2014-US-11193 6/15 Copyright 2015. T. Rowe Price. All Rights Reserved.