Earning Release Supplement Q3 2026 Updated

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.

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.

U.S. $ billions

$1,688

$1,776

$1,607

$1,471

$1,445

$1,207

$1,275

$991

$962

$692

$747

$763

$811

$489

$577

Ending AUM

$1,863

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 September

2026

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 Assets Under Management Assets Under Management

$56 $59 $60

Assets Under Management

At September 30, 2026

• Retirement assets are 64% of AUM1

  Alts

  Multi-Asset Fixed Income

  $618

  $208

  $627

  $212

  $625

  Inst.

  $1,041 $1,049 $1,016

  $1,115 $1,097

  APAC, EMEA,

  Canada

  $153

  $156

  $147

  $172

  $173

• U.S. defined contribution AUM of

  $842B

• Target date AUM of $614B

  Equity

  $885

  $879

  $215

  $811

  Retail

  $726

  $727

  $694

  $778

  $766

  U.S.

  $1,614 $1,619 $1,562 $1,721 $1,689

  • Alternatives AUM includes private markets ($27B), CLOs ($23B), and liquid strategies ($14B)

    Q3'25 Q4'25 Q1'26

    Q3'25

    Q4'25

    Q1'26

    Q2'26

    Q3'26

    Q3'25 Q4'25 Q1'26 Q2'26 Q3'26

    • $19.0B in unfunded capital

Net Flows Net Flows

Net Flows

commitments compared to $21.6B at December 31, 2025

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

Net Flows

Q3 2026

• 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

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,

manager-driven distributions

EMEA,

Canada

0.4 (0.8) (1.7) 4.1 0.3

Firmwide net flows by quarter ($B)

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.

U.S. $ millions

$111.4 / 5.9%

• Investment advisory fees

  $1,893.5

  $97.7 $0.9 $6.9 $11.0

  ($5.1)

  $2,004.9

  represent about 90% of net revenue in the periods presented

  • CABI (change in accrued

Q3 2025 Investment Advisory Fees

Performance-Based Advisory Fees

CABI

(Change in Accrued Carried Interest)

CABI

(Amortization & Impairment)

Administrative, Distribution, Servicing & Other

Q3 2026

$63M in Q3 2026

compared to $56M in Q3

$97.5 / 5.1%

2025, and $15M in Q2 2026

$1,907.4

$51.6 $0.8 $47.9 $0.1

($2.9)

$2,004.9

Q2 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

Q3 2026

U.S. $ millions

$65.7 / 5.8%

Basis for Operating

$1,134.4

$32.2 $2.0 $15.2 $0.4 $0.6 $7.8 $7.5

$1,200.1

Expense Guidance

U.S. $ millions

Q3 2025 Compensation

CABI

Distribution

Ad/Promo Product &

Tech, Occ, &

G&A&Other Q3 2026

Adjusted Operating Expenses

Nine months ended 9/30/2026 9/30/2025 Change

(%)

$3,558.5 $3,416.7 4.2%

& Related Compensation & Servicing

Recordkeeping

Facility

Adjusted CABI

(45.8) (39.8) n/m

($3.1) / (0.3)%

Compensation

Adjusted Operating

$1,203.2

($11.2)

$16.3 $4.9 $1.4

($3.8) ($0.8) ($9.9)

$1,200.1

Expenses, ex CABI

Compensation

$3,512.7 $3,376.9 4.0%

n/m - the percentage change is not meaningful.

Q2 2026 Compensation

CABI

Distribution

Ad/Promo Product &

Tech, Occ, &

G&A&Other Q3 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.

U.S. $ millions, (except EPS)

GAAP

Income Margin1

GAAP

EPS

Adjusted Operating Margin1

40.6%

40.3%

Adjusted EPS

$2.81

$547.1

$562.0

$565.0

$631.7

$2.86

$2.44

$2.52

$2.57

$629.5

Adjusted Operating Income

Adjusted Net Income

37.9%

35.6%

37.1%

$774.1

$809.2

$691.7

$706.1

$709.1

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 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 16.

For the reconciliation between GAAP and adjusted (non-GAAP) net income and EPS, see the current earnings release.

U.S. $ millions

Data through September 30, 2026

$4,976

Share Repurchases

Investments

$285

-

$1,781

Dividends

Compensation Liabilities

Q3 2026 Last 12 months Last 36 months

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, unless otherwise noted

CABI $59.9

• At September 30, 2026, $23B of alternatives fee-basis assets under management are eligible to earn carried interest

  $381.1

  $63.1

  ($3.2) ($0.1)

  $440.9

  • In general, approximately 50% of accrued carried interest is expected to be retained in operating income, with the remainder recognized as compensation expense

    Q2 2026 Change in accrued carried interest

    Acquisition-related amortization and impairments

    Net Distributions Q3 2026

  • Absolute performance of the following indices are an

    Non-controlling interests (NCI) in consolidated entities

    CABI Comp $23.1

    $24.6

    $0.6 $184.7

    indicator of changes in accrued carried interest related

    $161.0

    ($1.5)

    to private credit strategies

    Q2 2026 Change in accrued carried interest compensation

    Acquisition-related amortization and impairments

    Net Distributions Q3 2026

    Q3 2026 returns1

    ICE Bank of America U.S. High Yield Index: (1.8)% S&P UBS Leveraged Loan Index: 2.0%

    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.

    Past performance is not a guarantee nor a reliable indicator of future results.

    1See slide 18 for additional legal notices and disclaimers

    Appendix ETF AUM and Flows

    U.S. $ billions

    Flows

    Assets

    $0.4 $0.4

    $0.6 $0.8

    $1.4

    $2.5

    $5.4

    $8.7

    $10.5

    $21.1

    $11.0

    $33.8

    • 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

    2021 2022 2023 2024 2025 YTD

    Sept 2026

    ETF AUM and flows include T. Rowe Price multi-asset product allocations to ETFs.

    Assets Under Management - by Account Type

    	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

    U.S. $ billions

    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

U.S. $ millions

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.

Three months ended September 30, 2026

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 https://www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

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.

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