US Growth Stock SMA

QUARTERLY SUMMARY As of June 30, 2019 US Growth Stock SMA

PORTFOLIO MANAGER: STRATEGY HIGHLIGHTS Joseph B. Fath The portfolio generated positive returns but underperformed the Russell 1000 Growth Index during the three-month period ended June 30, 2019. JOINED FIRM: 2002 Relative performance drivers: . Stock choices in the financials sector detracted from relative returns. . Stock selection in the health care sector also hurt relative results. INVESTMENT APPROACH . On the positive side, stock picks in the information technology sector boosted relative . Focus on companies with double-digit earnings and cash flow growth - emphasize performance. sustainable growth, not momentum growth. Additional highlights: . Integrate fundamental research - seek high-quality earnings, strong free cash flow . Domestic equity markets ended the quarter near record highs, although growth, and seasoned management teams with a demonstrated history of thoughtful macroeconomic and geopolitical developments drove significant bouts of volatility capital allocation. during the period. . Capitalize on differences between cyclical and secular growth - essential to successful . From a positioning standpoint, the largest overweight sector relative to the growth investing. benchmark is communication services as we feel the changing media, entertainment, . Avoid overpaying for growth, while broadly diversifying portfolios, to help manage and communications landscape is creating clear winners and losers. portfolio risk. . Concerns about the strength of U.S. and global economic growth returned in the . Integrate non-U.S. stocks in a measured fashion to add value versus the benchmarks. second quarter of 2019, and U.S. earnings growth decelerated. However, we feel the select firms that are best leveraging innovation will continue to enjoy robust growth in PORTFOLIO CONSTRUCTION earnings and revenues as they exploit new markets and seize share in existing ones. . The portfolio maintains positions in 45 to 60 stocks. Indeed, the disruption caused by these innovators is likely to continue widening the . Active position sizes typically range from 0.75% to 8.00% relative to the Russell 1000 gap between winning firms and losing ones, making careful stock selection Growth Index. increasingly important. . For primary sectors in the Russell 1000 Growth Index (i.e., those weighted approximately 10% or higher), the portfolio's sector weights vary from 0.25X to 2.5X the index weight.

Annualized PERFORMANCE Three Year-to- One Three Since Inception Months Date Year Years 4/30/2016 US Growth Stock SMA Composite (“Pure” Gross)1 3.71% 20.81% 9.48% 21.70% 20.71% US Growth Stock SMA Composite (Net - Wrap Fee)1 2.94 19.06 6.26 18.15 17.17 Russell 1000 Growth Index 4.64 21.49 11.56 18.07 17.61 Value Added (“Pure” Gross) -0.93 -0.68 -2.08 3.63 3.10 Value Added (Net - Wrap Fee) -1.70 -2.43 -5.30 0.08 -0.42 Past performance is not a reliable indicator of future performance. ¹ Net annual returns reflect the deduction of a 3.00% annual wrap fee which is the maximum anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains.

1 US Growth Stock SMA Composite As of June 30, 2019 Figures shown in US Dollars

CALENDAR YEAR PERFORMANCE TOP HOLDINGS %of Rep. . 20162 2017 2018 YTD 2019 Issuer Industry Portfolio US Growth Stock SMA Composite (“Pure” Gross)1 8.16% 38.10% 0.57% 20.81% Amazon.com Internet & Direct Marketing Retail 10.8% US Growth Stock SMA Composite (Net - Wrap Fee)1 6.04 34.12 -2.41 19.06 Microsoft Software 6.8 Russell 1000 Growth Index 7.27 30.21 -1.51 21.49 Facebook Interactive Media & Services 6.7 Value Added (“Pure” Gross) 0.89 7.89 2.08 -0.68 Alphabet Interactive Media & Services 6.2 Value Added (Net - Wrap Fee) -1.23 3.91 -0.90 -2.43 Visa IT Services 4.5 Past performance is not a reliable indicator of future performance. Boeing Aerospace & Defense 4.1 ¹ Net annual returns reflect the deduction of a 3.00% annual wrap fee which is the maximum MasterCard IT Services 3.6 anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include Alibaba Group Holding Internet & Direct Marketing Retail 2.7 transaction costs. Returns include reinvestment of dividends and capital gains. Tencent Holdings Interactive Media & Services 2.5 2April 30, 2016 through December 31, 2016 Stryker Health Care Equipment & Supplies 2.5 RISK RETURN CHARACTERISTICS Active Share* Annualized (as of Std. R- Information Sharpe Tracking 6/30/2019) Deviation Alpha Beta Squared Ratio Ratio Error US Growth Stock SMA 61.9% 13.97% 3.01% 1.01 0.91 0.84 1.43 4.27% Representative Portfolio PORTFOLIO CHARACTERISTICS Russell 1000 Growth Index - 13.21 0.00 1.00 1.00 0.00 1.25 0.00 Representative Russell 1000 *Active Share is a snapshot in time as of the indicated date. Portfolio Growth Index Statistics based on monthly gross returns. Returns would have been lower as the result of the Number of Holdings 49 546 deduction of applicable fees. Past performance is not a reliable indicator of future performance. Investment Weighted Average Market Cap $360,997 $309,498 (mm)(USD) SECTOR DIVERSIFICATION Investment Weighted Median Market Cap $204,803 $112,399 Representative Portfolio Russell 1000 Growth Index Over/Underweight (mm)(USD) Price to Earnings (12 Months Forward) 40 27.0X 23.3X (IBES)1,2 1 30 Price to Book 8.6X 8.9X Projected Earnings Growth Rate (IBES)1,2 15.3% 13.1% 20 Return on Equity (Last 12 Months excl. 27.7% 31.4% charges)1 10 Average Company Yield (Inv Wtd Avg) 0.8% 1.3% Percent Top 20 Holdings as Percent of Total 68.6% 44.9% 0 Percent of Portfolio in Cash 1.7% -- -10 Portfolio Turnover 27.1% --

1 Investment Weighted Median. 2 Based on the Representative Portfolio’s underlying holdings and is not a projection of future portfolio performance. Actual results may vary.

2 US Growth Stock SMA Composite As of June 30, 2019 Figures shown in US Dollars

QUARTERLY SECTOR ATTRIBUTION: US GROWTH STOCK SMA REPRESENTATIVE PORTFOLIO VS. RUSSELL 1000 GROWTH INDEX (Three months ended June 30, 2019) Over/Underweight

Percent of Value Added Percent of Over/Underweight 2 10 Total Value Added

1 5

Value Added from Group Weight 0 0

Value Added from -1 -5 Stock Selection

-2 -10 Comm. Real Industr. & Cons. Cons. Health Total Info. Tech Utilities Srvcs. Energy Estate Bus. Srvcs. Materials Staples Discret. Care Financials Over/Underweight 0.00% -4.01% 2.09% 7.17% -0.69% -2.35% -2.90% -1.86% -4.53% 6.82% -0.52% -0.88% Portfolio Performance 3.70 7.09 7.93 4.22 0.00 0.00 1.65 -5.44 -9.07 3.98 -1.21 2.35 Benchmark Performance 4.64 6.61 0.00 3.62 -3.32 3.61 2.69 7.96 4.80 5.49 0.18 8.86 Value Add - Stock Selection -0.81 0.14 0.00 0.10 0.00 0.00 -0.10 -0.07 -0.20 -0.26 -0.19 -0.24 Value Add - Group Weight -0.13 -0.07 0.05 -0.05 0.05 0.02 0.06 -0.04 -0.00 0.04 -0.06 -0.03 Total Contribution -0.94 0.08 0.05 0.05 0.05 0.02 -0.04 -0.11 -0.20 -0.22 -0.26 -0.27

Past performance is not a reliable indicator of future performance. Numbers may not total due to rounding; all numbers are percentages. Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested. Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees. Performance returns are in USD.

3 US Growth Stock SMA Composite As of June 30, 2019 Figures shown in US Dollars

12 MONTH SECTOR ATTRIBUTION: US GROWTH STOCK SMA REPRESENTATIVE PORTFOLIO VS. RUSSELL 1000 GROWTH INDEX (12 months ended June 30, 2019) Over/Underweight

Percent of Value Added Percent of Over/Underweight 4 10 Total Value Added

2 5

Value Added from Group Weight 0 0

Value Added from -2 -5 Stock Selection

-4 -10 Industr. & Health Real Cons. Comm. Cons. Total Info. Tech Energy Bus. Srvcs. Utilities Care Estate Materials Staples Financials Srvcs. Discret. Over/Underweight 0.00% -4.01% -0.69% -2.90% 2.09% -0.52% -2.35% -1.86% -4.53% -0.88% 7.17% 6.82% Portfolio Performance 9.45 25.85 0.00 12.80 22.66 6.99 10.94 -22.06 4.07 1.04 -1.58 -0.64 Benchmark Performance 11.56 19.52 -24.92 10.21 0.00 6.68 21.12 9.07 15.16 12.06 -1.08 11.19 Value Add - Stock Selection -1.52 1.28 0.00 0.20 0.00 0.15 0.06 -0.19 -0.13 -0.42 -0.06 -2.43 Value Add - Group Weight -0.59 -0.42 0.34 0.05 0.23 -0.05 -0.08 0.03 -0.04 -0.04 -0.45 -0.02 Total Contribution -2.11 0.86 0.34 0.26 0.23 0.10 -0.02 -0.16 -0.17 -0.45 -0.51 -2.45

4 US Growth Stock SMA Composite As of June 30, 2019 Figures shown in US Dollars US Growth Stock SMA Composite GIPS® Disclosure Period ended June 30, 2019 Figures Shown in U.S. dollar YTD 20162 2017 2018 2019 Net Annual Returns (%)1 6.04 34.12 -2.41 19.06 "Pure" Gross Annual Returns (%)1 8.16 38.10 0.57 20.81 Russell 1000 Growth Index (%) 7.27 30.21 -1.51 21.49 Composite 3‐Yr St. Dev. N/A N/A N/A N/A Russell 1000 Growth Index 3‐Yr St. Dev. 11.15 10.54 12.13 13.21 Composite Dispersion N/A N/A N/A N/A Comp. Assets (Millions) 3 2.2 4.3 65.4 35.0 # of Accts. in Comp. 1 5 54 32 Total Firm Assets (Billions) 817.2 1,000.2 972.7 1,136.44 SMA Portfolio (%) 0% 31% 95% 90%

1Net annual returns reflect the deduction of the highest applicable wrap fee from the “pure” gross returns. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Supplemental information. Past performance is not a reliable indicator of future performance. Monthly composite performance is available upon request. 2April 30, 2016 through December 31, 2016. 310% of composite assets are composed of non‐fee paying portfolios. 4Preliminary ‐ subject to adjustment.

T. Rowe Price (TRP) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the 22‐year period ended June 30, 2018 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm‐wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S., international, and global strategies but excluding the services of the Private Asset Management group. The composite does not have a minimum size for composite inclusion. Valuations are computed and performance reported in U.S. dollars. "Pure" gross returns are presented before the deduction of expenses and all other fees, but may include transactions costs. "Pure" gross returns are presented as supplemental information. Net of fees performance reflects the deduction of the highest applicable wrap fee appropriate to you for this mandate from the "pure" gross composite return. Gross and net performance returns are net of nonreclaimable withholding taxes on dividends, interest income, and capital gains. Portfolio valuation and assets under management are calculated based on the closing price of the security in its respective market. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Dispersion is measured by the standard deviation across asset‐weighted portfolio returns represented within a composite for the full year. Dispersion is not calculated for the composites in which there are five or fewer portfolios.Some portfolios may trade futures, options, and other potentially high‐risk derivatives which generally represent less than 10% of a portfolio. Benchmarks are taken from published sources and may have different calculation methodologies, pricing times, and foreign exchange sources from the composite. The firm's list of composite descriptions and/or a presentation that adheres to the GIPS® standards are available upon request.

US Growth Stock SMA Composite. The US Growth Stock SMA Composite seeks long‐term capital appreciation primarily through investment in large‐cap growth companies. This composite is comprised of a subset of the US Growth Stock Composite holdings. (Created May 2016)

Fee Schedule The maximum applicable wrap fee is 3% on total assets.

5 US Growth Stock SMA Composite As of June 30, 2019

ADDITIONAL DISCLOSURES The index weights shown in sector diversification exhibits exclude the annual Russell rebalancing which occurred on 28 June 2019. The index weights shown in attribution exhibits include the annual Russell rebalancing. T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Portfolio Construction: There is no guarantee that the investment will remain within the anticipated ranges of exposure. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and no assumptions should be made that investments in the securities identified and discussed were or will be profitable. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The information shown does not reflect any ETFs that may be held in the portfolio. Diversification exhibits may not add to 100% due to exclusion or inclusion of cash. The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® disclosure page for additional information on the composite. Certain numbers in this report may not equal stated totals due to rounding. Unless otherwise stated, all data is as of the report date. Unless indicated otherwise the source of all data is T. Rowe Price.

IMPORTANT INFORMATION Risks: All investments are subject to risks, including possible loss of principal. The strategy's growth approach to investing could cause it to underperform other stock portfolios that employ a different investment style. Growth stocks tend to be more volatile than value stocks and their prices usually fluctuate more dramatically than the overall stock market. This material being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction. Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. USA - Issued in the USA by T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD, 21202, which is regulated by the U.S. Securities and Exchange Commission. © 2019 T. Rowe Price. All rights reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. 201907-886988