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T. Rowe Price Real Estate Fund Manager Retiring

Sharing this for what value it may hold.

(September, 2018)

Dear Investor:

We are writing to inform you that after 25 successful years with the firm, David Lee has shared his intention to retire at the end of this year. Mr. Lee established our real estate franchise with the inception of the Real Estate Fund (TRREX) in 1997. He is a respected investor and mentor, and we are grateful for his many years of dedicated service to the firm and our clients.

Nina Jones will succeed Mr. Lee as portfolio manager of the Real Estate Fund on January 1, 2019. Ms. Jones has 10 years of investment experience, all of which have been with T. Rowe Price covering the real estate sector. She joined the firm in 2008 from Columbia Business School, after serving as a summer intern in 2007. Ms. Jones amassed a very strong track record as an analyst in the real estate sector before assuming her current responsibilities as portfolio manager of the Global Real Estate Fund in April 2015.

We are confident that Ms. Jones’ deep industry knowledge, strong analytical and portfolio management skills, and support from our global research platform will position her to carry on the success of the Real Estate Fund. Ms. Jones will continue to manage the Global Real Estate Fund and serve as the leader of our real estate sector strategy team.


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