Release Date: 09-30-2014 T. Rowe Price Retirement 2015 Active Trust A .................................................................................................................................................................................................................................................................................................................................................... Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk S&P Target Date 2015 TR USD . . . Out of 146 Target Date 2011-2015 Investments. A fund's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Investment Information Allocation of Assets Investment Objective & Strategy The objective of the Retirement 2015 Active Trust is to provide the highest total return over time consistent with an emphasis on both capital growth and income. The trust invests in a diversified portfolio of T. Rowe Price common trust funds that represent various asset classes and sectors. Over time, the Trust's allocation to bonds will increase and its allocation to stocks will decrease. Thirty years after its target date, the trust's allocation to stocks will remain fixed at approximately 20%. Fees and Expenses as of 09-30-14 Expense Ratio Total Annual Operating Exp per $1000 Maximum Sales Charge 12b-1 Fee Redemption Fee/Term 0.58% $5.80 . . . Portfolio Manager(s) Jerome A. Clark, CFA (1999). B.S., United States Naval Academy. M.S., Naval Postgraduate School. M.B.A., Johns Hopkins University. Operations and Management Inception Date Management Company Telephone Web Site Issuer 01-13-12 T. Rowe Price Trust Company 410-345-2000 www.troweprice.com T. Rowe Price Trust Company % Allocation Bonds 100 80 Stocks 60 Cash 40 Other 20 0 45 35 Years Until Retirement -5 -10 Performance as of 09-30-14 Trailing Returns Investment Return % Benchmark Return % Category Average % YTD 1 Year 3 Year 5 Year 10 Year Since Inception 4.04 3.58 3.26 9.39 7.74 6.88 . . . . . . . . . 11.33 9.07 8.17 The performance data quoted reflects past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower than the performance data quoted. For the most recent month end performance information, please call 1-800-922-9945, or visit rps.troweprice.com. Portfolio Analysis Composition as of 09-30-14 % Assets Morningstar Style Box™ Equity (as of 09-30-14) US Treasury TIP 04-15-18 US Treasury TIP 04-15-17 US Treasury TIP 04-15-16 US Treasury Note 1.25% 10-31-18 Apple Inc % Assets 3.06 2.26 2.00 1.53 0.84 Low Value Blend Growth Top 5 Holdings as of 09-30-14 Fixed Income (as of 09-30-14) Med 38.8 17.8 41.4 0.8 1.3 High U.S. Stocks Non-U.S. Stocks Bonds Cash Other Ltd Mod Morningstar Equity Super Sectors as of 09-30-14 Ext % Fund Cyclical 39.37 Sensitive 37.27 Defensive 23.37 ........................................................................................................... Moderate High Category Best 3 Month Return Worst 3 Month Return 7.34% (Sep '13 - Nov '13) -4.34% (Mar '12 - May '12) RD1 0 Small Low 5 Large Mid Volatility and Risk 15 Target-date investment options typically invest in other investments and are designed for investors who plan to retire during the target date year. The investment's target date is the approximate date when investors expect to begin withdrawals. A Target-date investment's objective/strategy typically becomes more conservative over time by reducing its allocation to equity investments and increasing its allocations in fixed-income investments. An investor's principal value in a target-date investment option is not guaranteed at anytime, including at the investment's target date. Category Description: Target Date 2011-2015 Target-date portfolios provide diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind (in this case, the years 2011-2015) for retirement. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Management adjusts the allocation among asset classes to more-conservative mixes as the target date approaches, following a preset glide path. A target-date portfolio is part of a series of funds offering multiple retirement dates to investors. 25 Total Number of Stock Holdings Total Number of Bond Holdings Turnover Ratio % Total Assets ($mil) Principal Risks 1713 2291 22.80 484.80 For more information on the risks presented, please refer to http://rps.troweprice.com/riskglossary Credit and Counterparty, Foreign Securities, Loss of Money, Not FDIC Insured, Capitalization, Active Management, Interest Rate, Market/Market Volatility, Depositary Receipts, Distressed Investments, Equity Securities, IPO, Inverse Floaters, Restricted/Illiquid Securities, Pricing, Shareholder Activity, Compounding, Reliance on Trading Partners ©2014 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.