(PUB) Investing 2015

7

December 2015

Morningstar FundInvestor

Data through November 30, 2015 FINRA members: For internal or institutional use only. T. Rowe Price Dividend Growth

Ticker PRDGX

Yield 1.6%

Total Assets $4,755 mil

Mstar Category Large Blend

Benchmark 1: Russell 1000 TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 11-10-15 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Below Avg QQQQ Above Avg

4 4 4 4 4 4 4 4

20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

) & * & ( ( & ( ( * & 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11-15 22.78 25.36 25.50 16.51 20.48 22.88 23.34 26.34 33.65 36.13 36.96 3.35 16.45 7.07 -33.26 26.15 13.26 3.53 14.85 30.35 12.34 3.65 -2.92 0.99 1.30 4.34 -2.28 -2.84 2.03 -1.57 -2.76 -0.90 0.88 -1.56 0.66 1.58 3.74 -0.31 -1.80 1.42 -1.16 -2.03 -1.35 0.64 1.14 1.56 1.51 1.39 1.83 1.42 1.49 1.94 1.56 1.40 1.31 2.21 14.89 5.56 -34.65 24.32 11.84 2.04 12.91 28.79 10.93 2.34 0.26 0.35 0.38 0.35 0.30 0.29 0.34 0.45 0.41 0.47 0.47 0.65 0.77 1.25 0.30 0.00 0.00 0.00 0.00 0.22 1.16 0.00 0.75 0.72 0.69 0.73 0.72 0.68 0.68 0.67 0.66 0.65 0.64 1.09 1.48 1.40 1.71 1.72 1.47 1.53 1.77 1.37 1.33 1.98 82 14 35 15 58 60 11 58 69 40 15

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 11-30-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

5.90 0.96 -13.63 12.11 3.53 10.16 -1.90 5.64 0.61 14.85 10.48 2.76 5.05 9.31 30.35 1.49 3.94 0.08 6.41 12.34

. .

23

20

16

23

14

16

10

12

13

19

773

871

884

682 1,004 1,659 2,047 2,584 3,823 4,360

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 09-30-15 Total Stocks: 107 Share change since 06-30-15

1.77 -0.42 -5.81

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T T. Rowe Price Reserve Inv

—

— 5.06

1 Yr 3 Yr 5 Yr

3.80

3 Mo 6 Mo

6.40 0.92 0.34 0.25 1.10 0.46 3.80 1.27 1.05 15.24 -0.86 -0.85 14.03 -0.29 -0.36 7.96 0.35 0.48 6.45 0.99 2.81

8 10,640 11 10,025 12 10,380 43 15,305 21 19,282 11 21,504 15 25,531

T Danaher Corp

Industrl

12.93 2.39 8.80 2.34 21.21 2.32 21.30 2.25 12.85 2.16 8.10 2.15 19.78 2.04 9.24 2.00 9.26 1.72 10.82 1.70 6.59 1.59 -8.28 1.59 24.39 1.51 9.74 1.49 11.00 1.46 -6.29 1.43 3.20 1.43 29.23 1.41 34.46 1.03 3.23 1.12 11.72 0.96 18.57 1.24 0.94 0.28 32.65 0.82 4.09 1.02 3.99 0.60 15.54 1.36 9.03 0.51 32.90 1.23 10.88 1.20 18.62 1.27 3.40 1.10 % of Stocks Rel Bmark 1

-Avg QQQ -Avg QQQQ -Avg QQQQQ

15.24 14.03

Avg

T Pfizer Inc

Hlth Care

+Avg

1 Yr

T General Electric Co Y Visa Inc Class A

Industrl

10 Yr Incept

7.96 9.44

High

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Finan Svcs Hlth Care Cnsmr Def Technology Finan Svcs

UnitedHealth Group Inc

T PepsiCo Inc T Microsoft Corp

Other Measures

Standard Index

Best Fit Index

Alpha

0.0

-0.1 0.95

T JPMorgan Chase & Co T Becton Dickinson & Co T Thermo Fisher Scientific T Comcast Corp Class A

Beta

0.95

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Hlth Care Hlth Care

R-Squared

98

98

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

14.15 13.15

34 20 10

0.94 0.78 0.85

43 49 59

Standard Deviation

10.10 15.24

Comm Svcs

7.04

Mean

Y McKesson Corp

Hlth Care

Sharpe Ratio

1.46

T Crown Castle Internationa

Comm Svcs 12.29 1.51

Potential Capital Gain Exposure: 39% of assets

Roper Technologies Inc

Industrl

Morningstar's Take by Katie Rushkewicz Reichart, CFA 11-10-15 T. Rowe Price Dividend Growth has several positive attributes. A long-tenured manager, low expenses, and good risk-adjusted results make the case for a Morningstar Analyst Rating of Silver.

T Bank of New York Mellon C T Philip Morris Internation

Finan Svcs Cnsmr Def Finan Svcs Finan Svcs Cnsmr Cyc

a muted risk profile. The fund has been less volatile than the S&P 500 and peers, as measured by standard deviation, and has performed better in market pullbacks, including 2015's third quarter. It's outperformed the benchmark by more than 2 percentage points annualized during Huber's tenure and has looked quite competitive relative to large-blend peers. While the fund has posted impressive results versus the broad market and peers, it hasn't gained a noticeable edge over a dividend-focused benchmark: the fund's risk- adjusted record is roughly in line with the Nasdaq US Dividend Achievers Select Index since that benchmark's 2006 inception. The fund has slightly underperformed it in market declines while edging it in more bullish environments. However, the fund remains a solid choice for risk- conscious investors, and with just over $4 billion in assets, it does not face capacity issues.

Y State Street Corp Y Wells Fargo & Co

Home Depot Inc

Tom Huber has run the fund since 2000. He uses a patient, low-turnover approach that focuses mostly on dividend-paying companies that are financially healthy enough to sustain or grow their payouts. Beyond the importance he places on free cash flow, he also looks for company management teams that allocate capital with shareholders' interests in mind, whether that's through dividends or buybacks. The fund is diversified across more than 100 holdings and has broad sector exposure, though there are some preferences.For instance,Huberhasshiedaway from the commodity-oriented energy sector, a good call as oil prices have slid. The fund is also typically light on technology names versus its broad S&P 500 benchmark, as those firms traditionally have been less likely to pay out dividends. This diversified nature and tendency to avoid more speculative names in favor of dividend payers has led to

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Market Cap % Giant 37.5 Large 45.8 Mid 16.4 Small 0.3 Micro 0.0 Avg $mil: 48,776

Value Blend Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings 18.14

1.06 1.11 1.10 1.15 1.03 0.98 0.90 1.76 1.03 1.19

Price/Book Price/Sales

2.57 1.68

Price/Cash Flow 10.99 Dividend Yield % 2.36

Growth Measures

% Rel Category

Long-Term Erngs 10.19

Book Value

5.37 7.07 6.34

Composition - Net

Sales

Cash 5.1 Stocks 94.7 Bonds 0.0 Other 0.2 Foreign 2.2 (% of Stock)

Address:

T. Rowe Price Dividend Gr Fund, Inc

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $100 IRA: $1000

Cash Flow

Baltimore MD 21202

Add: $100

Historical Erngs 7.29

800-638-5660

Sales Fees:

No-load

Web Address:

www.troweprice.com

Management Fee:

0.20%, 0.15%A

Profitability

%

Inception:

12-30-92

Actual Fees:

Mgt:0.49% Dist:0.00%

Return on Equity Return on Assets

18.33

Advisor:

T. Rowe Price Associates, Inc.

Expense Projections: Income Distribution:

3Yr:$208 5Yr:$362 10Yr:$810

6.87

Subadvisor:

None

Quarterly

Net Margin

13.31

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.