• David Wallack, portfolio manager of the T. Rowe Price Mid-Cap Value Fund (TRMCX), has been named by Morningstar as the 2016 U.S. Domestic-Stock Fund Manager of the Year.
• Mr. Wallack was one of five individuals or teams nominated for the award.
• Mr. Wallack has managed the T. Rowe Price Mid-Cap Value Fund and related portfolios since December 31, 2000. The fund is closed to new investors, though current investors in the fund may continue to add to their accounts.

T. ROWE PRICE MID-CAP VALUE FUND DETAILS AND MORNINGSTAR RATINGS

• The fund's investment objective is to provide long-term capital appreciation by investing primarily in mid-size companies believed to be undervalued. The fund's value approach seeks to identify companies whose stock prices do not appear to reflect their underlying values.
• The fund is rated five stars (highest) for the Morningstar Overall Rating and for the 3-, 5-, and 10-year periods ended November 30, 2016.i It carries a Morningstar Analyst RatingTM of Gold.
• The fund had an average annual total return in 2016 of 24.32%. This compares to 18.26% for its competitive benchmark – the Lipper Mid-Cap Value Funds Average – and 20.00% for its index benchmark – the Russell Midcap Value Index.ii
• Under Mr. Wallack's management, the fund has outperformed its industry-competitor average (Lipper Mid-Cap Value Funds Average) and its index benchmark (Russell Midcap Value Index) in each of the 1-, 3-, 5-, and 10-year periods through December 31, 2016. The fund's returns were 24.32%, 9.92%, 15.88%, and 8.38% respectively, compared to 18.26%, 6.57%, 13.66%, and 6.37% for the industry-competitor average and 20.00%, 9.45%, 15.70%, and 7.59% for the index benchmark.
• Since Mr. Wallack's tenure on the fund began on December 31, 2000, through December 31, 2016, the fund's average annual total return has been 10.78%. This compares with 8.30% for the Lipper Mid-Cap Value Funds Average and 9.77% for the Russell Midcap Value Index.iii
• The fund's net expense ratio is 0.80% as of its most recent prospectus and its net assets totaled $13.2 billion as of December 31, 2016.
• Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or less when you sell your shares. For the most recent month-end performance, call 1-800-537-1936 or visit troweprice.com.

QUOTES

Laura Pavlenko Lutton, Morningstar's director of manager research, North America, from Morningstar's press release:

• "David's success in stock picking is mainly the result of his careful research and thoughtfulness dedicated to each company he invests in. The fund landed in the category's top decile and outpaced the benchmark by more than 4 percentage points in 2016. It maintained an edge on a risk-adjusted basis, landing in the category's sixth percentile for the same period."

David Wallack, portfolio manager, T. Rowe Price Mid-Cap Value Fund:

• "It's an honor to receive this recognition from Morningstar, but it reflects hard work and collaboration over a long period of time by a large group of people. We are fortunate to have an outstanding research team, whose efforts underlie everything that I and other portfolio managers do. The T. Rowe Price Mid-Cap Value Fund is just one of many T. Rowe Price portfolios that have consistently delivered strong risk-adjusted performance over time."
• "We claim no special insight into the stock market's short-term direction. Instead, we focus on identifying individual companies whose shares trade below their underlying value and on investing for the long term. We are committed to our approach of leveraging the talents of our research team, investing in fundamentally attractive companies that are trading below their intrinsic worth, and maintaining a focus on long-term value."

ABOUT THE MORNINGSTAR FUND MANAGER OF THE YEAR AWARD

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. The Fund Manager of the Year award winners are chosen based on research and in-depth qualitative evaluation by Morningstar's Manager Research Group. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst RatingTM of Gold, Silver, or Bronze.

ABOUT T. ROWE PRICE

Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (troweprice.com) is a global investment management organization with $812.9 billion in assets under management as of September 30, 2016. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.