Q2 2026
Earnings Release SupplementA copy of this presentation, which includes additional information, is available at investors.troweprice.com. Data as of June 30, 2026, unless otherwise noted.
All figures are USD, unless otherwise noted.
Financial Highlights | |||
Key Metric | Q2 2025 | Q1 2026 | Q2 2026 |
AUM, Flows, & Investment Advisory Effective Fee Rate (EFR) | |||
Net Flows | ($14.9B) | ($13.7B) | ($6.5B) |
Assets Under Management (AUM)1 | $1.68T | $1.71T | $1.89T |
Average AUM | $1.59T | $1.78T | $1.84T |
EFR without Performance-Based Fees | 39.6 bps | 38.4 bps | 38.1 bps |
EFR with Performance-Based Fees | 39.7 bps | 38.6 bps | 38.2 bps |
GAAP Basis | |||
Investment Advisory Fee Revenue | $1,567.6M | $1,683.0M | $1,744.8M |
Net Revenues | $1,723.3M | $1,857.0M | $1,907.4M |
Operating Expenses | $1,245.0M | $1,176.5M | $1,366.9M |
Diluted Earnings per Share (EPS) | $2.24 | $2.23 | $2.88 |
Non-GAAP Basis | |||
Adjusted Net Revenues2 | $1,761.6M | $1,861.3M | $1,912.3M |
Adjusted Operating Expenses3 | $1,147.2M | $1,155.2M | $1,203.2M |
Adjusted Diluted EPS3 | $2.24 | $2.52 | $2.57 |
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 managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. Includes fee earning assets in which T. Rowe Price 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 15.
3 For the reconciliation between GAAP and adjusted (non-GAAP) operating expenses and diluted EPS, see the current earnings release.
Investment Performance Overview% of Funds/ U.S. Funds Outperforming Morningstar U.S. Funds Outperforming Morningstar Composites Outperforming Composites Median1,2 Passive Peer Median1,3 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 | 54% | 56% | 42% | 60% | 47% | 42% | 45% | 41% | 31% | 29% | 24% | 43% |
Fixed Income | 55% | 57% | 55% | 62% | 38% | 52% | 52% | 56% | 58% | 61% | 51% | 69% |
Multi-Asset | 49% | 58% | 32% | 62% | 53% | 40% | 24% | 52% | NA | NA | NA | NA |
All | 53% | 57% | 44% | 61% | 47% | 44% | 40% | 48% | 43% | 43% | 35% | 53% |
% of AUM U.S. Funds Outperforming Morningstar U.S. Funds Outperforming Morningstar Composites Outperforming Median1,2 Passive Peer Median1,3 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 | 33% | 48% | 37% | 74% | 23% | 25% | 26% | 31% | 34% | 24% | 21% | 34% |
Fixed Income | 78% | 81% | 77% | 83% | 48% | 63% | 83% | 63% | 65% | 73% | 46% | 64% |
Multi-Asset | 70% | 76% | 52% | 93% | 52% | 50% | 24% | 94% | NA | NA | NA | NA |
All | 44% | 57% | 43% | 79% | 31% | 33% | 29% | 47% | 40% | 33% | 26% | 40% |
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 17 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.
Assets Under ManagementU.S. $ billions
Ending AUM
$1,893
$1,688
$1,776
$1,607
$1,471
$1,445
$1,207
$1,275
$991
$962
$692
$747
$763
$811
$489
$577
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 June
2026
Market Change ($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 | +138.0 |
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 | -20.2 |
Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates.
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 our quarterly releases and 10Qs.
Distributions, net of reinvestments, are included in the market change figure.Starting in 2022, net flows include manager-driven distributions related to our alternative products. Includes fee earning assets in which T. Rowe Price and its affiliates have full discretionary authority along with managed account - model delivery assets.
Assets Under Management and Net FlowsU.S. $ billions
Asset Class Client Type Geography
Assets Under Management Assets Under Management Assets Under Management
Assets Under Management
As of June 30, 2026
Retirement assets are 65% of AUM1
Alts
$55
$56 $59 $60
$62
APAC,
$145
$153
$156
$147
$172
U.S. defined contribution AUM of
Multi-Asset Fixed Income
Equity
$583
$200
$618
$208
$627
$212
$625
$215
$690
$222
Inst.
$993
$1,041 $1,049
$1,016
$1,115
EMEA,
Canada
U.S.
$1,532 $1,614 $1,619
$1,562 $1,721
$861B
Target date AUM of $622B
Alternatives AUM includes private
$839
$885
$879
$811
$919
Retail
$684
$726
$727
$694
$778
markets ($25B), CLOs ($23B), and liquid strategies ($14B)
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Q2'25
Q3'25
Q4'25
Q1'26
Q2'26
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
$21.0B in unfunded capital
Net Flows Net Flows
Net Flows
commitments compared to $21.6B at December 31, 2025
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Equity | $ (18.1) $ | (14.4) $ | (23.2) $ (22.6) $ | (13.5) |
FI | 1.2 | 4.4 | 1.5 3.5 | 4.6 |
MA | 0.9 | 1.3 | (5.9) 4.1 | 0.4 |
Alts | 1.1 | 0.8 | 2.1 1.3 | 2.0 |
Inst. | $ (5.7) $ | (5.7) $ | (17.3) $ | (5.5) $ (10.8) | U.S. | $ (10.6) $ | (8.3) $ (24.7) $ (12.0) $ | (10.6) |
Retail | (9.2) | (2.2) | (8.2) | (8.2) 4.3 | APAC, | |||
EMEA, (4.3) 0.4 (0.8) (1.7) 4.1 Canada | ||||||||
Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Numbers may not add due to rounding. Includes fee earning assets in which T. Rowe Price 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 our full-service recordkeeping business. Retail includes our direct-marketed business and financial intermediaries. Unfunded capital commitments will transition to fee basis assets under management or assets under advisement as capital is called and deployed. 1 See page 13 for further details on retirement assets.
Net Flows
Q2 2026
Target date net inflows of $1.7B in Q2 2026
Alternatives flows include $0.5B in manager-driven distributions
Firmwide net flows by quarter ($B)
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
(14.9) (7.9) (25.5) (13.7) (6.5)
Quarterly Net RevenuesU.S. $ millions
Q2 2026 compared to Q2 2025
$1,723.3
$177.2 $0.1
$184.1 / 10.7%
($21.3)
$33.6
($5.5)
$1,907.4
Investment advisory fees represent more than 90% of net revenue in the periods presented
Q2 2026 investment
Q2 2025 Investment Advisory Fees
Performance-Based Advisory Fees
CABI
(Change in Accrued Carried Interest)
CABI
(Amortization & Impairment)
Administrative, Distribution, Servicing & Other
Q2 2026
advisory revenue was
$1,745M
CABI (change in accrued
Q2 2026 compared to Q1 2026
$50.4 / 2.7%
carried interest) was
$15M in Q2 2026
$1,857.0
$61.8
($1.0) ($16.1) ($0.1)
$5.8
$1,907.4
compared to $37M in Q2 2025, and $31M in Q1 2026
Q1 2026 Investment Advisory Fees
Capital allocation-based income (CABI)
Performance-Based Advisory Fees
CABI
(Change in Accrued Carried Interest)
CABI
(Amortization & Impairment)
Administrative, Distribution, Servicing & Other
Q2 2026
Quarterly Adjusted Operating Expenses
U.S. $ millions
Q2 2026 compared to Q2 2025
$56.0 / 4.9%
Basis for Operating
$1,147.2
$27.1
($5.0)
$13.6
($9.6)
$8.3 $10.9 $10.7
$1,203.2
Expense Guidance
U.S. $ millions
Q2 2025 Compensation
CABI
Distribution
Ad/Promo Product &
Tech, Occ, &
G&A&Other Q2 2026
Adjusted Operating Expenses
Six months ended 6/30/2026 6/30/2025 Change
(%)
$2,358.4 $2,282.3 3.3%
& Related Compensation & Servicing
Recordkeeping
Facility
Adjusted CABI
(21.2) (17.2) n/m
Q2 2026 compared to Q1 2026
$48.0 / 4.2%
Compensation
Adjusted Operating
$1,155.2
$20.8
($4.6)
$6.8 $1.9 $8.8 $1.5 $12.8
$1,203.2
Expenses, ex CABI
Compensation
$2,337.2 $2,265.1 3.2%
n/m - the percentage change is not meaningful.
Q1 2026 Compensation
CABI
Distribution
Ad/Promo Product &
Tech, Occ, &
G&A&Other Q2 2026
& Related
Compensation
& Servicing
Recordkeeping
Facility
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.
Quarterly Operating Income and Net Income
U.S. $ millions, (except EPS)
Operating IncomeU.S. Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
Operating $478.3 | $643.2 | $471.0 | $680.5 | $540.5 |
Operating 27.8% | 34.0% | 24.4% | 36.6% | 28.3% |
40.6% |
GAAP
Income Margin1
Net IncomeU.S. Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
Net Income $505.2 | $646.1 | $445.3 | $498.2 | $632.0 |
Diluted $2.24 | $2.87 | $1.99 | $2.23 | $2.88 |
GAAP
EPS
Adjusted Operating Margin1
34.9%
$706.1
$709.1
$614.4
$591.7
$774.1
35.6%
37.9% 37.1%
Adjusted EPS
$2.24
$2.81
$562.0
$565.0
$506.8
$547.1
$631.7
$2.44 $2.52 $2.57
Adjusted Operating Income
Adjusted Net Income
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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 15.
For the reconciliation between GAAP and adjusted (non-GAAP) net income and EPS, see the current earnings release.
Capital ManagementU.S. $ millions
Capital Returned to Stockholders Cash and Investments1Q2 2025 | Q4 2025 | Q2 2026 |
Cash and Cash Equivalents $3,058.9 | $3,378.2 | $3,234.3 |
Discretionary Investments $749.6 | $463.7 | $1,158.0 |
Cash and Discretionary $3,808.5 | $3,841.9 | $4,392.3 |
Redeemable Seed Capital $1,101.2 | $1,144.1 | $1,222.0 |
Investments used to Hedge Deferred $1,123.7 | $1,317.3 | $1,378.0 |
Data through June 30, 2026
3,412
1,141
284
795
1,665
$5,076
Share Repurchases
Investments
$441
157
$1,936
Dividends
Compensation Liabilities
Q2 2026 Last 12 months Last 36 months
1 Cash and investments includes our cash and investments in T. Rowe Price sponsored products. This display does not include the non-controlling interest of our seed investments, which we normally consolidate due to our ownership. Capital returned to stockholders may not add up due to rounding.
Quarterly Capital Allocation-Based Income (carried interest)U.S. $ millions, unless otherwise noted
Investments in affiliated private investment funds-carried interest
CABI $11.9
As of June 30, 2026, $22B of alternatives fee-basis assets under management are eligible to earn carried interest
In general, approximately 50%
$377.4 $15.2
($3.3) ($8.2)
$381.1
of accrued carried interest is expected to be retained in operating income, with the remainder recognized as compensation expense
Q1 2026 Change in accrued carried interest
Acquisition-related amortization and impairments
Net Distributions Q2 2026
Absolute performance of the following indices are an
Non-controlling interests (NCI) in consolidated entities
CABI Comp $6.8
indicator of changes in accrued carried interest
$157.6 $8.3
($1.5) ($3.4)
$161.0
Q1 2026 Change in accrued carried interest compensation
Acquisition-related amortization and impairments
Net Distributions Q2 2026
Q2 2026 returns1
ICE Bank of America U.S. High Yield Index:
2.5%
S&P UBS Leveraged Loan Index:
1.9%
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 as of 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.
Past performance is not a guarantee nor a reliable indicator of future results.
1See slide 17 for additional legal notices and disclaimers
Appendix Assets Under Management - by Account Type2024
2025
Jun-26
U.S. Defined Contribution - Investment only
$565.2
$633.2
$669.4
U.S. Retirement Plan Sponsors - Full-service recordkeeping
154.2
177.0
192.0
Total U.S. Defined Contribution (DC)
719.4
810.2
861.4
Other retirement accounts
349.1
355.5
367.3
Total U.S. DC and Other Retirement
1,068.5
1,165.7
1,228.7
Other accounts
538.1
609.9
664.7
Total AUM at end of period
$1,606.6
$1,775.6
$1,893.4
U.S. $ billions
Includes fee earning assets in which T. Rowe Price and its affiliates have full discretionary authority along with managed account - model delivery assets.
Full-service recordkeeping and plan administration services provided to:
$349 billion in assets under administration as of June 30, 2026
Over 9,000 U.S.
retirement plans
Over 2.4 million plan participants
Non-GAAP Reconciliation Non-GAAP Net Revenues and Operating Income Reconciliation
U.S. $ millions
Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
Net Revenues, GAAP Basis | $1,723.3 | $1,893.5 | $1,934.1 | $1,857.0 | $1,907.4 |
Non-GAAP Adjustments1: | |||||
Consolidated Investment Products | 1.4 | 0.8 | 0.6 | 1.1 | 1.6 |
Investment Amortization and Impairments | 36.9 | 14.2 | 6.8 | 3.2 | 3.3 |
Net Revenues, Non-GAAP Basis | $1,761.6 | $1,908.5 | $1,941.5 | $1,861.3 | $1,912.3 |
Operating Income, GAAP Basis | $478.3 | $643.2 | $471.0 | $680.5 | $540.5 |
Non-GAAP Adjustments1: | |||||
Acquisition-Related Adjustments | 67.4 | 49.4 | 42.8 | 33.9 | 32.5 |
Deferred Compensation Liabilities | 66.3 | 50.8 | 26.4 | (21.0) | 126.5 |
Restructuring Charge | - | 28.5 | 148.8 | 10.0 | 6.7 |
Consolidated Investment Products | 2.4 | 2.2 | 2.7 | 2.7 | 2.9 |
Operating Income, Non-GAAP Basis | $614.4 | $774.1 | $691.7 | $706.1 | $709.1 |
Operating Margin, GAAP Basis2 | 27.8 % | 34.0 % | 24.4 % | 36.6 % | 28.3 % |
Operating Margin, as Adjusted2 | 34.9 % | 40.6 % | 35.6 % | 37.9 % | 37.1 % |
1 For a description of the non-GAAP adjustments, see the related earnings releases and/or prior 10Q or 10Ks filed with the SEC.
2 Operating margin is equal to operating income divided by net revenues.
Reconciliation of U.S. GAAP Results to Non-GAAP ResultsThree months ended June 30, 2026
(in US$ 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 | $ 1,744.8 | $ 1.6 | $ 1,746.4 | |||||||
Performance-based advisory fees | 6.5 | 6.5 | ||||||||
Capital allocation-based income | 11.9 | 3.3 | 15.2 | |||||||
Administrative, distribution, servicing, and other fees | 144.2 | 144.2 | ||||||||
Net revenues | 1,907.4 | 3.3 | - | - | 1.6 | - | 1,912.3 | |||
Expenses | ||||||||||
Compensation and related costs | 823.4 | (12.7) | (126.5) | 684.2 | ||||||
Distribution and servicing costs | 106.1 | 106.1 | ||||||||
Advertising and promotion costs | 20.3 | 20.3 | ||||||||
Product and recordkeeping related costs | 83.1 | 83.1 | ||||||||
Technology, occupancy, and facilities costs | 205.9 | 205.9 | ||||||||
General, administrative, and other costs | 104.9 | (1.3) | 103.6 | |||||||
Acquisition-related amortization and impairment costs | 16.5 | (16.5) | - | |||||||
Restructuring charge | 6.7 | (6.7) | - | |||||||
Total operating expense | 1,366.9 | (29.2) | (126.5) | (6.7) | (1.3) | - | 1,203.2 | |||
Net operating income | 540.5 | 32.5 | 126.5 | 6.7 | 2.9 | - | 709.1 | |||
Non-operating income (loss) | ||||||||||
Net gains on investments | 237.4 | (133.7) | (65.2) | 38.5 | ||||||
Net gains on consolidated investment products | 132.6 | (132.6) | - | |||||||
Other income | (0.9) | 0.9 | - | |||||||
Non-operating income (loss) | 369.1 | - | (133.7) | - | (132.6) | (64.3) | 38.5 | |||
Income before income taxes | 909.6 | 32.5 | (7.2) | 6.7 | (129.7) | (64.3) | 747.6 | |||
Provision for income taxes | 214.2 | 7.9 | (1.7) | 2.1 | (24.2) | (15.7) | 182.6 | |||
Net income | 695.4 | 24.6 | (5.5) | 4.6 | (105.5) | (48.6) | 565.0 | |||
Less: NCI | 63.4 | - | - | - | (63.4) | - | - | |||
Net income attributable to TRPG | $ 632.0 | $ | 24.6 | $ (5.5) | $ | 4.6 | $ (42.1) | $ | (48.6) | $ 565.0 |
Diluted EPS | $ 2.88 | $ | 0.11 | $ (0.03) | $ | 0.02 | $ (0.19) | $ | (0.22) | $ 2.57 |
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 $332B for 1 year, $331B for 3 years, $315B for 5 years, and $314B 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
$314B for 1 year, $273B for 3 years, $257B for 5 years, and $250B 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 $1,661B for 1 year, $1,661B for 3 years, $1,645B for 5 years, and $1,604B 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 https://www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Important InformationReferenced in the earnings call:
Source for Russell reconstitution turnover: https://ir.nasdaq.com/news-releases/news-release-details/record-trading-volume-nasdaq-closing-cross-during-june-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.
©2026 Morningstar, Inc. All Rights Reserved.
There is no guarantee that the strategies currently under evaluation will be launched. 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.
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