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Earnings Release Supplement Q3 2026 A copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data at September 30, 2026, unless otherwise noted. All figures are USD, unless otherwise noted.
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2T. R O W E P R I C E This presentation, and other statements that T. Rowe Price may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to T. Rowe Price’s future financial or business performance, strategies, or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “assume,” “outlook,” “continue,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” and similar expressions. Forward-looking statements in this presentation may include, without limitation, information concerning future results of our operations, revenues, expenses, liquidity, cash flows and capital expenditures, net income and earnings per common share, amount or composition of assets under management, dividends, stock repurchases, flows into our investment funds, regulatory developments, changes in our effective fee rate, demand for and pricing of our products, new products and services, effective income tax rates, future transactions, our strategic initiatives, industry trends, general economic environment, and other market conditions. T. Rowe Price cautions that forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements, and future results could differ materially from historical performance. Forward-looking statements speak only as of the date they are made, and T. Rowe Price assumes no duty to and does not undertake to update forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K filed with the Securities and Exchange Commission. Commentary and supplemental material are provided in the context of T. Rowe Price Group, Inc. (NASDAQ:TROW). Information provided may include references to investment strategies and affiliated funds, including historical performance results and product launches. Past performance is no guarantee of future results and products may not launch. T. Rowe Price mutual funds and ETFs are offered through T. Rowe Price Investment Services, Inc. (TRPIS), an SEC-registered broker-dealer and a member of FINRA. Discussion related to the funds is intended to exemplify their contribution to the organization's strategy, operations and financial results. This material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation concerning investments, investment strategies or account types in any jurisdiction nor to conduct any particular investment activity by any T. Rowe Price affiliate. Forward-Looking Statement
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3T. R O W E P R I C E Key Metric Q3 2025 Q2 2026 Q3 2026 Flows, AUM, & Investment Advisory Effective Fee Rate (EFR) Net Flows ($7.9B) ($6.5B) ($28.3B) Assets Under Management (AUM)1 $1.77T $1.89T $1.86T Average AUM $1.72T $1.84T $1.89T EFR without Performance-Based Fees 39.1 bps 38.1 bps 37.8 bps EFR with Performance-Based Fees 39.3 bps 38.2 bps 37.9 bps U.S. GAAP Basis Investment Advisory Fees $1,698.7M $1,744.8M $1,796.4M Net Revenues $1,893.5M $1,907.4M $2,004.9M Operating Expenses $1,250.3M $1,366.9M $1,235.1M Diluted Earnings per Share (EPS) $2.87 $2.88 $2.79 Non-GAAP Basis Adjusted Net Revenues2 $1,908.5M $1,912.3M $2,009.3M Adjusted Operating Expenses3 $1,134.4M $1,203.2M $1,200.1M Adjusted Diluted EPS3 $2.81 $2.57 $2.86 Dividends Dividend per share $1.27 $1.30 $1.30 Quarterly financial results included in this earnings release supplement are unaudited. 1 Firmwide AUM includes assets in which T. Rowe Price Group, Inc. and its affiliates have full discretionary authority along with managed account - model delivery assets. 2 For the reconciliation between GAAP and adjusted (non-GAAP) net revenues, see page 16. 3 For the reconciliation between GAAP and adjusted (non-GAAP) operating expenses and diluted EPS, see the current earnings release. Financial Highlights
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4T. R O W E P R I C E % of Funds/ Composites U.S. Funds Outperforming Morningstar Median1,2 U.S. Funds Outperforming Morningstar Passive Peer Median1,3 Composites Outperforming Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equity 61% 56% 44% 58% 55% 40% 40% 44% 35% 25% 22% 38% Fixed Income 64% 52% 52% 62% 59% 48% 52% 56% 59% 61% 47% 68% Multi-Asset 56% 55% 48% 62% 57% 39% 38% 41% NA NA NA NA All 60% 55% 48% 61% 57% 42% 42% 46% 45% 41% 32% 49% Past performance is not a guarantee nor a reliable indicator of future results. The investment performance reflects that of the T. Rowe Price-sponsored mutual funds, ETFs, and composites. 1 Source: © 2026 Morningstar, Inc. All rights reserved. Please see page 18 for more information. 2 Primary share class only. Excludes T. Rowe Price passive funds, funds that are clones of other funds, and fund categories not ranked by Morningstar. 3 Primary share class only. Excludes T. Rowe Price passive funds and funds that are clones of other funds. Funds are measured against the most appropriate strategy benchmark used for portfolio manager evaluation, which may not always be the regulatory benchmark. 4 Net returns for composites are calculated using the highest applicable separate account fee schedule and compared to official GIPS composite primary benchmark. Excludes money market composites. % of AUM U.S. Funds Outperforming Morningstar Median1,2 U.S. Funds Outperforming Morningstar Passive Peer Median1,3 Composites Outperforming Benchmarks4 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Equity 48% 58% 37% 60% 43% 21% 19% 29% 32% 21% 19% 30% Fixed Income 85% 74% 76% 82% 85% 63% 81% 73% 70% 65% 47% 51% Multi-Asset 77% 75% 53% 93% 79% 18% 26% 77% NA NA NA NA All 57% 62% 44% 69% 53% 23% 25% 43% 39% 30% 24% 34% Investment Performance Overview
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5T. R O W E P R I C E Firmwide AUM includes assets in which T. Rowe Price Group, Inc. and its affiliates have full discretionary authority along with managed account - model delivery assets. OHA’s fee-basis AUM of $46.9B acquired on December 29, 2021, is reflected in 2021 ending AUM. All periods after 2021 reflect the related activity. Other acquisition of AUM is detailed in the firm's quarterly releases and 10-Qs. Distributions, net of reinvestments, are included in the market change figure. Starting in 2022, net flows include manager-driven distributions related to alternative products. Effective July 2025, SMA model delivery assets are included. U.S. $ billions Assets Under Management Market Change ($B) -6.6 +70.1 +127.6 +50.7 +14.7 +50.5 +166.3 -42.0 +231.3 +256.9 +198.9 -351.4 +251.6 +205.3 +216.7 +135.6 Net Flows ($B) +14.1 +17.2 -12.0 +3.7 +1.6 -2.8 +14.0 +13.2 +13.2 +5.6 -28.5 -61.7 -81.8 -43.2 -56.9 -48.5 Ending AUM $489 $577 $692 $747 $763 $811 $991 $962 $1,207 $1,471 $1,688 $1,275 $1,445 $1,607 $1,776 $1,863 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 September 2026
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6T. R O W E P R I C E Firmwide AUM includes assets in which T. Rowe Price Group, Inc. and its affiliates have full discretionary authority along with managed account - model delivery assets. Institutional includes defined contribution assets, including assets sourced from intermediaries and the firm's full-service recordkeeping business. Retail includes the firm's direct-marketed business and financial intermediaries. Unfunded capital commitments that do not earn fees are included in assets under management as capital is called and deployed. 1 See page 14 for further details on retirement assets. Assets Under Management and Net Flows U.S. $ billions ▪ Retirement assets are 64% of AUM1 ▪ U.S. defined contribution AUM of $842B ▪ Target date AUM of $614B ▪ Alternatives AUM includes private markets ($27B), CLOs ($23B), and liquid strategies ($14B) ▪ $19.0B in unfunded capital commitments compared to $21.6B at December 31, 2025 ▪ Target date net outflows of $6.5B in Q3 2026, including a large redemption from a defined contribution plan ▪ Alternatives flows include $1.2B in manager-driven distributions Firmwide net flows by quarter ($B) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 (7.9) (25.5) (13.7) (6.5) (28.3) Net Flows Q3 2026 Assets Under Management At September 30, 2026Asset Class Client Type Geography Equity $ (14.4) $ (23.2) $ (22.6) $ (13.5) $ (25.6) FI 4.4 1.5 3.5 4.6 3.4 MA 1.3 (5.9) 4.1 0.4 (7.6) Alts 0.8 2.1 1.3 2.0 1.5 Inst. $ (5.7) $ (17.3) $ (5.5) $ (10.8) $ (18.8) Retail (2.2) (8.2) (8.2) 4.3 (9.5) U.S. $ (8.3) $ (24.7) $ (12.0) $ (10.6) $ (28.6) APAC, EMEA, Canada 0.4 (0.8) (1.7) 4.1 0.3 Retail Inst. U.S. APAC, EMEA, Canada $885 $879 $811 $919 $896 $208 $212 $215 $222 $222 $618 $627 $625 $690 $681 $56 $59 $60 $62 $64 Q3'25Q4'25Q1'26Q2'26Q3'26 Fixed Income Multi-Asset Alts Equity $726 $727 $694 $778 $766 $1,041$1,049$1,016$1,115$1,097 Q3'25Q4'25Q1'26Q2'26Q3'26 $1,614$1,619$1,562$1,721$1,689 $153 $156 $147 $172 $173 Q3'25Q4'25Q1'26Q2'26Q3'26 Assets Under Management Assets Under Management Assets Under Management Net Flows Net Flows Net Flows Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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7T. R O W E P R I C E $97.7 $0.9 $6.9 $11.0 ($5.1) Q3 2025 Investment Advisory Fees Performance- Based Advisory Fees CABI (Change in Accrued Carried Interest) CABI (Amortization & Impairment) Administrative, Distribution, Servicing & Other Q3 2026 Quarterly Net Revenues U.S. $ millions ▪ Investment advisory fees represent about 90% of net revenue in the periods presented ▪ CABI (change in accrued carried interest) was $63M in Q3 2026 compared to $56M in Q3 2025, and $15M in Q2 2026 Q3 2026 compared to Q2 2026 Q3 2026 compared to Q3 2025 $51.6 $0.8 $47.9 $0.1 ($2.9) Q2 2026 Investment Advisory Fees Performance- Based Advisory Fees CABI (Change in Accrued Carried Interest) CABI (Amortization & Impairment) Administrative, Distribution, Servicing & Other Q3 2026 Capital allocation-based income (CABI) $111.4 / 5.9% $97.5 / 5.1% $1,893.5 $2,004.9 $2,004.9$1,907.4
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8T. R O W E P R I C E ($11.2) $16.3 $4.9 $1.4 ($3.8) ($0.8) ($9.9) Q2 2026Compensation & Related CABI Compensation Distribution & Servicing Ad/Promo Product & Recordkeeping Tech, Occ, & Facility G&A&OtherQ3 2026 Quarterly Adjusted Operating Expenses U.S. $ millions Q3 2026 compared to Q3 2025 $32.2 $2.0 $15.2 $0.4 $0.6 $7.8 $7.5 Q3 2025Compensation & Related CABI Compensation Distribution & Servicing Ad/Promo Product & Recordkeeping Tech, Occ, & Facility G&A&OtherQ3 2026 Q3 2026 compared to Q2 2026 For the reconciliation between GAAP and adjusted (non-GAAP) expenses, see the current earnings release. Capital allocation-based income (CABI) compensation represents the portion of CABI (carried interest) that is passed through to certain associates as compensation. $65.7 / 5.8% $1,134.4 ($3.1) / (0.3)% $1,203.2 $1,200.1 $1,200.1 Nine months ended 9/30/2026 9/30/2025 Change (%) Adjusted Operating Expenses $3,558.5 $3,416.7 4.2% Adjusted CABI Compensation (45.8) (39.8) n/m Adjusted Operating Expenses, ex CABI Compensation $3,512.7 $3,376.9 4.0% n/m - the percentage change is not meaningful. Basis for Operating Expense Guidance U.S. $ millions
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9T. R O W E P R I C E 1 Operating margin is equal to operating income divided by net revenues; adjusted operating margin is equal to adjusted operating income divided by adjusted net revenues. For the reconciliation between GAAP and adjusted (non-GAAP) operating income and operating margin, see page 16. For the reconciliation between GAAP and adjusted (non-GAAP) net income and EPS, see the current earnings release. Net Income U.S. $ millions, (except EPS) Quarterly Operating Income and Net Income U.S. GAAP Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income $646.1 $445.3 $498.2 $632.0 $612.3 Diluted EPS $2.87 $1.99 $2.23 $2.88 $2.79 Operating Income U.S. GAAP Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating Income $643.2 $471.0 $680.5 $540.5 $769.8 Operating Margin1 34.0% 24.4% 36.6% 28.3% 38.4% Adjusted Operating Income Adjusted Operating Margin1 $774.1 $591.7 $706.1 $709.1 $809.2 40.6% 35.6% 37.9% 37.1% 40.3% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted Net Income Adjusted EPS $631.7 $547.1 $562.0 $565.0 $629.5 $2.81 $2.44 $2.52 $2.57 $2.86 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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10T. R O W E P R I C E Capital Returned to Stockholders Cash and Investments1 1 Cash and investments include cash and investments in T. Rowe Price sponsored products. This display does not include non-controlling interests in seed investments, which the firm normally consolidates due to ownership. Capital returned to stockholders may not add up due to rounding. U.S. $ millions Capital Management Data through September 30, 2026 Q3 2025 Q4 2025 Q3 2026 Cash and Cash Equivalents $3,634.8 $3,378.2 $3,774.3 Discretionary Investments $643.6 $463.7 $1,151.7 Cash and Discretionary Investments $4,278.4 $3,841.9 $4,926.0 Redeemable Seed Capital $1,054.5 $1,144.1 $1,245.2 Investments used to Hedge Deferred Compensation Liabilities $1,158.6 $1,317.3 $1,350.1 285 1,142 3,417 — 638 1,559 Q3 2026 Last 12 months Last 36 months $4,976 $1,781 $285 Dividends Share Repurchases
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11T. R O W E P R I C E $161.0 $24.6 ($1.5) $0.6 $184.7 Q2 2026 Change in accrued carried interest compensation Acquisition-related amortization and impairments Net Distributions Q3 2026 At the end of each reporting period, accrued carried interest reflects what would be due from each investment fund as if the fair value of the underlying investments were realized at such date, regardless of whether the amounts have been realized. The change in the carrying value of accrued carried interest reflects amounts that are (1) market-related adjustments recognized as capital allocation-based income in the income statement, (2) acquisition- related amortization and impairments, and (3) realized and distributed by the fund. The change in accrued carried interest will fluctuate quarter to quarter. Quarterly Capital Allocation-Based Income (carried interest) U.S. $ millions, unless otherwise noted ▪ At September 30, 2026, $23B of alternatives fee-basis assets under management are eligible to earn carried interest ▪ In general, approximately 50% of accrued carried interest is expected to be retained in operating income, with the remainder recognized as compensation expense ▪ Absolute performance of the following indices are an indicator of changes in accrued carried interest related to private credit strategies Non-controlling interests (NCI) in consolidated entities CABI Comp $23.1 Q3 2026 returns1 ICE Bank of America U.S. High Yield Index: (1.8) % S&P UBS Leveraged Loan Index: 2.0 % CABI $59.9 Past performance is not a guarantee nor a reliable indicator of future results. 1See slide 18 for additional legal notices and disclaimers Investments in affiliated private investment funds—carried interest $381.1 $63.1 ($3.2) ($0.1) $440.9 Q2 2026 Change in accrued carried interest Acquisition-related amortization and impairments Net Distributions Q3 2026
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Appendix
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13T. R O W E P R I C E ETF AUM and flows include T. Rowe Price multi-asset product allocations to ETFs. U.S. $ billions ETF AUM and Flows 2021 2022 2023 2024 2025 YTD Sept 2026 Flows Assets $0.4 $0.4 $1.4 $5.4 $0.6 $0.8 $2.5 $8.7 $11.0 $33.8 $10.5 $21.1 ▪ 13th largest active ETF manager ▪ 39 ETFs as of September 30, including six launched in Q3 2026 ▪ Equity strategies represent about 80% of ETF AUM, with the remainder offered as fixed income or multi-asset strategies ▪ 11 of the 39 ETFs have surpassed $1 billion in AUM ▪ YTD net inflows of $11 billion, including $3.8 billion in Q3 2026
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14T. R O W E P R I C E Assets Under Management – by Account Type U.S. $ billions 2024 2025 Sep-26 U.S. Defined Contribution - Investment only $565.2 $633.2 $656.7 U.S. Retirement Plan Sponsors - Full-service recordkeeping 154.2 177.0 185.4 Total U.S. Defined Contribution (DC) 719.4 810.2 842.1 Other retirement accounts 349.1 355.5 358.4 Total U.S. DC and Other Retirement 1,068.5 1,165.7 1,200.5 Other accounts 538.1 609.9 662.2 Total AUM at end of period $1,606.6 $1,775.6 $1,862.7 Full-service recordkeeping and plan administration services provided to: ▪ $346 billion in assets under administration at September 30, 2026 ▪ Over 9,000 U.S. retirement plans ▪ Over 2.4 million plan participants
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Non-GAAP Reconciliation
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16T. R O W E P R I C E 1 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC. 2 Operating margin is equal to operating income divided by net revenues. U.S. $ millions Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Revenues, GAAP Basis $1,893.5 $1,934.1 $1,857.0 $1,907.4 $2,004.9 Non-GAAP Adjustments1: Consolidated Investment Products 0.8 0.6 1.1 1.6 1.2 Investment Amortization and Impairments 14.2 6.8 3.2 3.3 3.2 Net Revenues, Non-GAAP Basis $1,908.5 $1,941.5 $1,861.3 $1,912.3 $2,009.3 Operating Income, GAAP Basis $643.2 $471.0 $680.5 $540.5 $769.8 Non-GAAP Adjustments1: Acquisition-Related 49.4 42.8 33.9 32.5 30.9 Deferred Compensation Liabilities 50.8 26.4 (21.0) 126.5 1.5 Restructuring Charge 28.5 148.8 10.0 6.7 4.0 Consolidated Investment Products 2.2 2.7 2.7 2.9 3.0 Operating Income, Non-GAAP Basis $774.1 $691.7 $706.1 $709.1 $809.2 Operating Margin, GAAP Basis2 34.0% 24.4% 36.6% 28.3% 38.4% Operating Margin, Non-GAAP Basis2 40.6% 35.6% 37.9% 37.1% 40.3% Non-GAAP Net Revenues and Operating Income Reconciliation
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17T. R O W E P R I C E (in U.S. $ millions, except per share numbers) U.S. GAAP Acquisition- Related Costs Deferred Compensation Liabilities Restructuring Charge Consolidated Investment Products Other Non- Operating Income Non-GAAP Revenues Investment advisory fees $ 1,796.4 $ 1.2 $ 1,797.6 Performance-based advisory fees 7.3 7.3 Capital allocation-based income 59.9 3.2 63.1 Administrative, distribution, servicing, and other fees 141.3 141.3 Net revenues 2,004.9 3.2 — — 1.2 — 2,009.3 Expenses Compensation and related costs 703.5 (12.7) (1.5) 689.3 Distribution and servicing costs 111.0 111.0 Advertising and promotion costs 21.7 21.7 Product and recordkeeping related costs 79.3 79.3 Technology, occupancy, and facilities costs 205.1 205.1 General, administrative, and other costs 95.5 (1.8) 93.7 Acquisition-related amortization, impairment, and other costs 15.0 (15.0) — Restructuring charge 4.0 (4.0) — Total operating expense 1,235.1 (27.7) (1.5) (4.0) (1.8) — 1,200.1 Net operating income 769.8 30.9 1.5 4.0 3.0 — 809.2 Non-operating income (loss) Net gains on investments 32.3 4.4 (18.7) 18.0 Net gains (losses) on consolidated investment products (18.0) 18.0 — Other income 3.3 (3.3) — Non-operating income (loss) 17.6 — 4.4 — 18.0 (22.0) 18.0 Income before income taxes 787.4 30.9 5.9 4.0 21.0 (22.0) 827.2 Provision for income taxes 190.3 9.3 1.8 1.2 1.7 (6.6) 197.7 Net income 597.1 21.6 4.1 2.8 19.3 (15.4) 629.5 Less: NCI (15.2) — — — 15.2 — — Net income attributable to TRPG $ 612.3 $ 21.6 $ 4.1 $ 2.8 $ 4.1 $ (15.4) $ 629.5 Diluted EPS $ 2.79 $ 0.10 $ 0.02 $ — $ 0.02 $ (0.07) $ 2.86 Reconciliation of U.S. GAAP Results to Non-GAAP Results Three months ended September 30, 2026
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18T. R O W E P R I C E Figures may not total due to rounding. Investment performance overview (slide 4) 1 Source: © 2026 Morningstar, Inc. 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 this information. Past performance is no guarantee of future results. 2 Source: Morningstar. Primary share class only. Excludes money market mutual funds, funds with an operating history of less than one year, T. Rowe Price passive funds, and T. Rowe Price funds that are clones of other funds. The top chart reflects the percentage of T. Rowe Price funds with 1 year, 3 year, 5 year, and 10 year track record that outperformed the Morningstar category median. The bottom chart reflects the percentage of T. Rowe Price funds AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $319B for 1 year, $317B for 3 years, $302B for 5 years, and $299B for 10 years. 3 Passive Peer Median was created by T. Rowe Price using data from Morningstar. Primary share class only. Excludes money market mutual funds, funds with an operating history of less than one year, funds with fewer than three peers, T. Rowe Price passive funds, and T. Rowe Price funds that are clones of a retail fund. This analysis compares T. Rowe Price active funds with the applicable universe of passive/index open-end funds and ETFs of peer firms. The top chart reflects the percentage of T. Rowe Price funds with 1 year, 3 year, 5 year, and 10 year track record that outperformed the passive peer universe. The bottom chart reflects the percentage of T. Rowe Price funds AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $300B for 1 year, $259B for 3 years, $244B for 5 years, and $240B for 10 years. 4 Composite net returns are calculated using the highest applicable separate account fee schedule. Excludes money market composites. All composites compared to official GIPS composite primary benchmark. The top chart reflects the percentage of T. Rowe Price composites with 1 year, 3 year, 5 year, and 10 year track record that outperformed their benchmarks. The bottom chart reflects the percentage of T. Rowe Price composite AUM that has outperformed for the time periods indicated. Total AUM included for this analysis includes $1,637B for 1 year, $1,635B for 3 years, $1,621B for 5 years, and $1,578B for 10 years. Capital Allocation Based Income (slides 11) ICE Data Indices and S&P Dow Jones Indices LLC do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market- data-disclosures for additional legal notices & disclaimers. Additional Information
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19T. R O W E P R I C E Important Information Referenced in the earnings call: T. Rowe Price 13th largest Active ETF Manager and ETF organic growth outpacing industry. Source: Strategic Insight Simfund data through 9/30/2026. Active Crypto ETF, see July 16, 2026 press release: https://investors.troweprice.com/news-releases/news-release-details/t-rowe-price-debuts-industrys-first-actively-managed-multi-token The T. Rowe Price Active Crypto ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Crypto assets are highly volatile, have limited operating history, and are subject to significant market, liquidity, and regulatory risks. About Robinhood Stock Tokens Stock Tokens would be issued and operated by Robinhood Assets (Jersey) Limited and would be available only to eligible investors outside the United States. Robinhood would develop and deploy the underlying technology and would be responsible for issuing and operating any Stock Tokens associated with this initiative as an independent third party. The Stock Tokens would be tokenized debt instruments separate from the underlying T. Rowe Price’s ETFs and are designed to provide economic exposure to the underlying reference asset on a 1:1 basis. Any investment in these Stock Tokens would not constitute a direct or indirect investment in T. Rowe Price or in any ETF issued or sponsored by T. Rowe Price. They would not grant investors any legal or beneficial rights in, or against the issuer of, those underlying securities. The Stock Tokens would remain subject to completion of its legal due diligence, issuer board approval, publication of final terms, receipt of all applicable regulatory approvals in each relevant jurisdiction, and related filings. No assurance can be given that the initiative will proceed, that approvals will be obtained, or that any resulting product will be available in any jurisdiction or at any time. These Stock Tokens would not be available in the United States or to U.S. persons and are subject to restrictions in other jurisdictions, including Canada, the United Kingdom, and Switzerland. A full list of restrictions is available on Robinhood’s website. T. Rowe Price does not issue, sponsor, endorse, or recommend Robinhood Stock Tokens. ©2026 Morningstar, Inc. All Rights Reserved. There is no guarantee that the strategies currently under evaluation will be launched. Separately Managed Account (SMA) – T. Rowe Price and its investment advisory affiliates have full discretionary authority for the models and earn asset-based investment management fees. The following entities may be referenced in the earnings supplement or the earnings call: ▪ TRPA – T. Rowe Price Associates, Inc. ▪ TRPIM – T. Rowe Price Investment Management, Inc. This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recordings provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only. Under no circumstances should the material, in whole or part, be copied or distributed without consent from T. Rowe Price. The views contained herein are as of the date of the presentation. The information and data obtained from third-party sources which is contained in the report were obtained from the sources deemed reliable; however, its accuracy and completeness is not guaranteed. The products and services discussed in this presentation are available via subsidiaries of T. Rowe Price Group as authorized in countries throughout the world. The products and services are not available to all investors or in all countries. Visit troweprice.com to learn more about the products and services available in your country and the T. Rowe Price Group subsidiary which is authorized to provide them. The material is not intended for use by persons in jurisdictions that prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. © 2026 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of the trademark owners.