ESG
2022

CORPORATE ANNUAL REPORTHow ESG impacts our corporate actions

Corporate Environmental, Social, and Governance Annual Report, Issued August 2023

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

02
03

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD Report

18

About This ESG Corporate Report		

Our ESG JourneySocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

ENVIRONMENTAL
Task Force on Climate-Related
Financial Disclosures (TCFD) Report
Governance04

A Letter From Our CEO

05

Corporate ESG Summary07

External ESG Ratings

09

Sustainability Accounting Standards
Board (SASB) Report

Strategy
Risk Management
Metrics and Targets

41
		

SOCIAL
Social Impacts and Safeguards
Our Associates Drive Our Success
Data Responsibility

Transparent Information and Fair Advice for Customers

Sustainable Procurement

Employee Diversity and Inclusion

Community Investment

Incorporation of ESG Factors in Investment
Management and Advisory

60

Business Ethics
Activity Metrics
Addendum

01		

GOVERNANCE
Our Governance Framework

66

To Find Out More

67

Final Verification Statement

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD Report

About This ESG Corporate Report
Sustainability is an integral part of our operations
and our culture. It is central to how we do business.
Since 2012, we have shared our work and commitments
related to corporate environmental, social, andgovernance (ESG) matters as part of our effort to embedsustainability into everything we do.

specifically focusing on the following goals: quality
education (SDG4), gender equality (SDG5), decent
work and economic growth (SDG8), and climate action(SDG13). Wherever our efforts have supported these
SDGs, the corresponding icon will be displayedin the appropriate section of this report.

This 2022 ESG Corporate Report provides a wellrounded picture of our organizational initiatives related
to our corporate environmental footprint, our socialand human capital, and our leadership andgovernance framework.

Our firm’s ESG Corporate Report is part of a suiteof annual publications. Our aim is to provide a thoughtful
and comprehensive view of our commitment to ESG,
corporate responsibility, and sustainability across several
publications, including our 2022 Annual Report and 2023
Annual Proxy Statement. T. Rowe Price also publishes
the ESG Investing Annual Report, which is focusedon our approach to responsible investing.

We detail how we pursue our corporate ESG objectives
by developing and implementing comprehensive
policies, goals, and programs, allowing us to better
respond to the needs of our clients, associates,
shareholders, and other stakeholders.
We continued to enhance our ESG disclosures, centering
them on the frameworks proposed by the Task Forceon Climate-Related Financial Disclosures (TCFD) andthe Sustainability Accounting Standards Board (SASB).
We have focused on these two reporting standards
given their focus on financial materiality. The TCFD
standards have been adopted by some regulators
around the world, and the principles of both standards
have been incorporated in International Sustainability
Standards Board (ISSB).
As participants in the United Nations Global Compact(UNGC), we also strengthened our alignment with
the UNGC’s Sustainable Development Goals (SDGs),

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out MoreWE SUPPORT THE UNITED
NATIONS SUSTAINABLE
DEVELOPMENT GOALS

We are proud to provide this update on our ESG journey and,most importantly, our commitment to advancing progress.
For additional details on T. Rowe Price’s community
impact, please refer to the To Find Out More section inthis report to access links to publicly released informationon our efforts in these spaces.
The information included in this report is representativeof all T. Rowe Price investment advisory entities except
Oak Hill Advisors, L.P. (OHA), unless otherwise noted.
OHA is an alternative credit manager that T. Rowe Price
Group, Inc., acquired on December 29, 2021. All data
points within this report are as of December 31, 2022,
unless otherwise noted. All disclosures and data are
unaudited, with the exception of the firm’s greenhousegas (GHG) inventory.
02

Source: United Nations.
The trademarks shown are the property of their respective
owners.
T. Rowe Price is not endorsed, sponsored, or otherwise
authorized by or affiliated with any of the trademark owners
represented by these trademarks.

Final Verification
StatementOur ESG
Journey

About This ESG
Corporate Report

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB ReportSocial Impacts
and Safeguards

TCFD Report

Our Governance
Framework

Final Verification
Statement

To Find Out MoreOur ESG Journey
As of December 31, 2022

NZAM
Signatory of the Net Zero AssetManagers (NZAM) initiative
ESG Enablement
Established head of ESG Enablement
team to optimize ESG initiatives
and drive ESG strategy

TRPIM*** RIIM Corporates
Rollout of proprietary ESG research toolthat builds an ESG profile for companies
within TRPIM’s U.S. investment universe
Launch of Global Impact Equity
and Global Impact Credit Strategies
PRI*

Governance
Established dedicatedCorporate Governancefunction

2006

2007

2008

Signatory to
the Principles
for Responsible
Investment (PRI)2010

Diversity andInclusion

Corporate
Responsibility

Established Diversity
and Inclusion function
and team in Human
Resources

Investment policy on
corporate responsibility
established2012“E” and “S”
Research

Responsible
Investing

RIIM Sovereigns

Sustainalytics appointed
as specialized ESG
research provider

Established dedicatedResponsible Investingteam

Rollout of proprietary
ESG rating system
for sovereigns

2013

2014

2017

2018

2019

2020

Launch of first impact strategies
UN Global Compact
Became a signatory

2021

CSR Report

Sustainalytics

RIIM Corporates**

RIIM Municipal Bonds/RIIM Securitized Bonds

First Corporate Social
Responsibility (CSR)
Report issued

Sustainalytics ESG
ratings are embedded incompany note templates

Rollout of proprietary
ESG rating system forequity and credit

Rollout of proprietary ESG rating system for
municipal bonds and securitized bonds
ESG Reporting
Implementation of portfolio-level ESG reporting
Launch of ESG Enhanced Products
Launch of first suite of funds with ESG characteristics
in Europe
Corporate ESG
Established dedicated Corporate ESG team
TCFD Supporter
Became a supporter of the Task Forceon Climate-Related Financial Disclosures

Not all vehicles are available in all jurisdictions.
*
The PRI is an independent investor initiative supported by, but not part of, the United Nations.
**
RIIM = Responsible Investing Indicator Model.
***
T. Rowe Price Investment Management, Inc. (TRPIM).

SASB Alliance
Became a member of the Sustainability AccountingStandards Board Alliance

03

2022

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD Report

A Letter From Our CEO
As T. Rowe Price celebrated its 85th anniversary in 2022,
I am reminded of the firm’s enduring values that havesustained it through various market cycles and societal
changes. To call out a few of our values, we put clientsfirst, act with integrity and accountability, and embrace
diversity and collaboration.

 We announced a new scope 1 and 2 greenhousegas emission reduction target to reach net zeroby year-end 2040.

Our commitment to ESG has long been embeddedin these values and predates the creation of the acronym
in 2005. While new insights and science will inform theevolution of our ESG strategy, the core values that havedefined our commitment will remain steadfast.

 We reached our goals of increasing diversity in our
global workforce and the percentage of senior roles
held by underrepresented minorities three years aheadof schedule.

As the ESG landscape evolves, with increasing regulatory
scrutiny and stakeholder expectations, the work we didin 2022 has positioned us well to navigate these changes
and continue to advance our ESG strategy. We are proudof our progress.
You will learn more about our ESG strategy in thisreport, but I want to take a moment to highlighta few notable advancements:
 We consolidated responsibility for ESG investing
and corporate sustainability under Eric Veiel,head of Global Equity, chief investment officer,
and a member of the Management Committee.
This strengthens our governance of ESG risks andopportunities and increases accountability for them.

 We committed to doubling our spending to foster
economic inclusion for underrepresented suppliersin the U.S. by 2025.

 We were named to Forbes’ Best Employers
for Women 2022—the first time our firm has received
this designation.
We progressed important work in 2022—deepening
the impact we have on our clients, our associates,and our communities. Our commitment to continuing
our progress is unwavering.
Sincerely,

ROBERT W. SHARPS
Chief Executive Officer and President

 We established the ESG Enablement teamand the global ESG Oversight Committee to ensure
a consistent vision and global strategy for ESG,
with better coordination across functions.

04

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out MoreCorporate ESG Summary

ENVIRONMENTALWE ARE COMMITTED TO THE FOLLOWING GOALS:

We support the goals of the Paris Climate Agreement to limit theincrease of global temperatures to 1.5˚C. Our environmental impact
strategy is focused on greenhouse gas (GHG) emission reduction
and operational waste reduction.

Greenhouse Gas Emissions:
Reduce scope 1 and 2 greenhousegas emissions1 by 75% by yearend 2030 and achieve net zeroby year-end 2040.

We are proud to announce a new scope 1 and 2 GHG emission1
reduction target to reach net zero by year-end 2040, which is supported
by an interim target to reduce GHG emissions by 75% by year-end
2030 compared with our 2021 baseline. Both of these targets place
us below the emissions reduction trajectory required to stay within
a 1.5°C warming scenario as outlined by the United Nations'Intergovernmental Panel on Climate Change.

1
2

Waste Reduction:2
Achieve zero operational waste
in our global facilities by year-end
2025.
Phase out all single-use plastics
from our facilities, with the goalof eliminating all single-use
plastics by year-end 2025.

Scope 1 (direct emissions from owned or controlled sources), scope 2 (indirect emissions from the generation of purchased electricity, steam, or cooling), and scope 3 (all other indirect emissions).
The information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021, unless otherwise noted..

05

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

SOCIAL

GOVERNANCE

We are committed to supporting the well-being of our associates, clients,
communities, and stakeholders at large. This commitment is intrinsic
to our mission, vision, and values and can impact the sustainability andlong-term success of our business. Moreover, it is a decisive factor
in attracting, retaining, developing, and progressing talent in the asset
management industry.

Our ESG framework is centered on a strong foundation of governanceand ethics, with our governance structure designed to ensure the Board’s
engagement and appropriate oversight of ESG across the organization.6

WE ARE ADVANCING PROGRESS
IN THE FOLLOWING AREAS: 3

WE HAVE IMPLEMENTED THE FOLLOWINGGOVERNANCE INITIATIVES:

By 2025, increase
the diversity of ourglobal workforce
to 46% womenfrom 44% in 2022.

By 2025, 10%of senior roles in
the U.S. to be heldby underrepresented
minorities.4

We have achieved ourgoal to increase womenin global senior roles to33%, meeting our 2025
goal three years early.

19% of our U.S. workforce
are underrepresented
minorities,4 meetingour 2025 goal three
years early.

Foster economic
inclusion forunderrepresented
suppliers5 in the U.S.
by increasing our spend
from USD 22 million in
2022 to USD 50 million
by 2025 annually.

Established a new team,
ESG Enablement, to drive
cross-functional consistency
and coordination of our ESG
strategy in alignment withbusiness strategies and ESG
investing capabilities.

Established the ESG
Oversight Committee asa central and global oversight
body to support governancearound our ESG activities.

2021 is the baseline year. The information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021, unless otherwise noted.
Underrepresented minorities include Black, Hispanic, and/or Native Americans.
5
Underrepresented suppliers include women, ethnic minorities, veterans, service-disabled veterans, disabled, LGBTQ+, and small disadvantaged-owned business enterprises.
6
Additional information can be found in our sites dedicated to Corporate Governance policies, committees, 2023 Annual Proxy Statement, and other Investor Relations materials.
3406

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

External ESG
Ratings
Disclosures are a significant driver of ESG ratings performance. Throughout
2022, we continued to refine our disclosures and engage with ratings agencies
and stakeholders, providing detailed information on our positions and policy
statements. This contributed to greater transparency and an enhanced
understanding of frameworks and methodologies. Across a set of key
ESG ratings, our performance remained stable year on year.

07About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

RATINGS7

RUSSELL FTSE4GOOD
In June 2022, FTSE Russell (the trading nameof FTSE International Limited and Frank Russell
Company) confirmed that T. Rowe Price Group, Inc.,
had been independently assessed according to the
FTSE4Good criteria and satisfied the requirements tobecome a constituent of the FTSE4Good Index Series.

SUSTAINALYTICS

MSCI

17.1

A

In October 2022, T. Rowe Price Group, Inc., received
an ESG Risk Rating of 17.1 out of 100, with 0 being
the best possible score. Sustainalytics assessed thecompany to be at low risk of experiencing financial
impacts from ESG factors.9

In May 2022, T. Rowe Price Group, Inc., received
a rating of A (on a scale of AAA–CCC, with AAA
being the best possible score) in the MSCI ESG
Ratings assessment.10

Created by global index provider FTSE Russell,
the FTSE4Good Index Series is designed to measure
the performance of companies demonstratingstrong ESG practices. The FTSE4Good indices
are used by a wide variety of market participants
to create and assess responsible investment funds
and other products.8

The trademarks shown are the property of their respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise authorized by or affiliated with any of the trademark owners represented by these trademarks.
FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that T. Rowe Price Group, Inc., has been independently assessed according to the FTSE4Good criteria and has satisfied the requirements to become a constituentof the FTSE4Good Index Series.
9
Copyright ©2023 Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary to Sustainalytics and/or its third-party suppliers (Third Party Data) and areprovided for informational purposes only. They do not constitute an endorsement of any product or project, nor investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available
at https://www.sustainalytics.com/legal-disclaimer.
10
The use by T. Rowe Price Group, Inc., of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of
T. Rowe Price Group, Inc., by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
7
808

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

Sustainability
AccountingStandards Board(SASB) Report
Improving sustainability disclosures is an ongoing, iterative process that
we continue to evaluate and enhance. We started reporting SASB metrics
in 2019, recognizing its importance among our stakeholders.
For the fourth year, we are following SASB’s topical recommendations
for our industry. All data presented in this iteration of our SASB Report
are as of or for the year ended December 31, 2022, unlessotherwise noted.

09

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

ASSET MANAGEMENT AND CUSTODY ACTIVITIESSUSTAINABILITY ACCOUNTING STANDARD

TCFD Report

FN – AC – 270A.2

The contents presented in this section of our ESG Corporate

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

Total amount of monetary losses as a result oflegal proceedings associated with marketing andcommunication of financial product-related information
to new and returning customers

Report should not be interpreted as an opinion on the materiality
For the year ended December 31, 2022, T. Rowe Price did not sustain any monetarylosses as a result of legal proceedings associated with marketing and communicationof financial product-related information to new and returning customers.

or financial impact of this information. Please see our Form 10-K
filed on February 15, 2023. T. Rowe Price is committed to providing
stakeholders with meaningful, relevant, and decision-usefulsustainability information. Therefore, we use SASB standards

FN – AC – 270A.3

to provide industry-specific disclosures of material ESG issues.
SASB connects businesses and investors on the financial impacts

We are a fiduciary to many of our clients. It’s critical that we provide timely information
to our clients and prospects.

of sustainability. SASB guides disclosure of financially material
sustainability information by companies to their investors.

Every communication must be:

TRANSPARENT INFORMATION AND FAIRADVICE FOR CUSTOMERSFN – AC – 270A.1

12

 Accurate Balanced

 Clear Not misleading in any way

We distribute this information through troweprice.com to 29 country-specific websites.
Communications are tailored to each country’s audience, which may include:(1) Number and (2) percentage of covered employeeswith a record of investment-related investigations,consumer-initiated complaints, private civil litigations,or other regulatory proceedings

 Institutional clients

 Retail clients

 Consultants

 Financial intermediaries

Email and regular mail messages, along with in-person or virtual meetings, are thefoundation of our communication strategy. In addition to our website, we provide
ongoing communications through our social media channels.

Fourteen of our registered representatives (covered employees11) employed as ofDecember 31, 2022, had disclosures of investment-related investigations, client-initiatedcomplaints, private civil litigations, or other regulatory proceedings.12 This represents
1% of our total “covered employee” population as of year-end.

11

Description of approach to informing customers about
products and services“Covered employees” is defined by SASB as employees subject to filing the following forms: Form U4, Form U5, Form U6, Form BD, and Form BDW, which are filed with the Central Registration Depository of the Financial Industry Regulatory Authority (FINRA).
Covered employees with the identified disclosures referenced above on their Form U4 or Form U5 were included, regardless of the date of the event or whether they were employed by T. Rowe Price at the date of incident.

10About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

Our sales and marketing communications are reviewed by specially trained associates
to ensure the communications comply with local regulatory requirements and firm
policies for the intended audience. These associates also confirm that risks are clearlystated—not minimized—and that content is not too complex for the intended audience.
All communications are produced in the appropriate language. We are committed
to ensuring our data collection, use, and disclosure practices are transparent
by publishing updated Privacy Notices on our websites, applicable for each region.

We maintain written policies and procedures that form our Compliance Manual.
This applies to all T. Rowe Price advisers. Depending on an associate’s responsibilities
and/or location, they may need to register with the relevant securities authority.
For example, registration in the U.S. as a securities representative and/or a principal,
with the Financial Industry Regulatory Authority and appropriate state regulatory
agencies through our broker-dealer, T. Rowe Price Investment Services, Inc. (TRPIS)
may be required.

We recognize that availability is key. Therefore, we’ve made the following productspecific documents available in many jurisdictions on our websites and through links

TRPIS also maintains written supervisory procedures (WSPs) to stay in compliancewith applicable rules and regulations. These WSPs require certain associates to:in product-related communications: Submit their fingerprints to FINRA

 Pass all qualifying examinations

 File an application for registration
as an agent (Form U4)

 File all required registration updates
in a timely manner Prospectuses

 Annual reports

 Key investor information documents

 Other legal documents relevantto the products and the countries
where they’re distributed

In the UK and EU, associates may be subject to minimum knowledge and competence
standards and/or other fitness and propriety standards to engage clients. These
requirements stem from the Markets in Financial Instruments Directive (MiFID) and, froma UK perspective, are contained in the Financial Conduct Authority (FCA) Handbook.
Because we have always believed that honesty, candor, and fairness are the best
approach, we maintain a robust Global Code of Conduct, which sets standards of ethicalconduct expected of all our associates. It also provides the framework for conducting
business in a fair and ethical manner.

Additional information
Advisory clients of U.S.-registered advisers can also find our Forms
ADV at adviserinfo.sec.gov.
Our Global Code of Conduct sets out basic principles to guide
employee conduct. Our code is supported by other policies, programs,
and employee training.

11About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB ReportSocial Impacts
and Safeguards

TCFD Report

Our Governance
Framework

Final Verification
Statement

To Find Out MoreEMPLOYEE DIVERSITY AND INCLUSION
FN – AC – 330A.1

Investing in these efforts is in the best interest of our associates, our clients, andthe communities where we work and live. Our diversity makes us stronger and more
resilient for the future. And we will continue to do more. While we acknowledge that
the SASB seeks to measure diversity and inclusion, we want to reference our journeyand highlight that we have deliberately chosen to add “equity” to our global DEI
vernacular. We have always had a mindset of equity in our strategies and programs,
and it is important that we formally enunciate our commitment. For more detailed
information on our policies and programs for fostering equitable employee
representation across our global operations, please refer to the “Social Impacts
and Safeguards” section of this report.

Percentage of gender and racial/ethnic grouprepresentation for (1) executive management,(2) non-executive management, (3) professionals,
and (4) all other employees

Building on progress accomplished over the past few years, we have continued
to look across our entire organization for ways to further diversify our firm, working
toward racial and gender equity and strengthening a sense of belonging. With thatin mind, we made significant progress on our diversity, equity, and inclusion (DEI)efforts, particularly in attracting and retaining diverse associates and fostering
an inclusive culture for all.

The table below shows a breakdown of representation for U.S. employees.13

Men

Women
NativeHawaiianBlack or or Other
African
Pacific
American Islander

AsianNativeAmericanor Alaska
NativeTwo or
More
Races

Total
Men

Hispanicor LatinoWhite

NativeHawaiianBlack or or Other
African
Pacific
American Islander

AsianNativeAmericanor Alaska
NativeTwo or
More
Races

Total
Women

Hispanicor LatinoWhite

1.1 Executive/Senior-Level
Officials and Managers

1

58

6

–

4

–

1

70

–

37

4

–

3

–

1

45

1.2 First-/Mid-level
Officials and Managers

18

682

41

1

135

2

15

894

16

504

61

–

48

–

15

644

2 Professionals

59

1,104

131

4

291

3

39

1,631

54

797

146

3

146

–

38

1,184

3 Technicians

–

1

–

–

–

–

–

1

–

1

–

–

–

–

–

1

4 Sales Workers

26

285

40

–

19

1

13

384

10

104

14

–

9

–

2

139

5 Administrative Support
Workers

27

260

119

1

16

1

16

440

60

361

317

2

30

2

41

813

U.S. Total

131

2,390

337

6

465

7

84

3,420

140

1,804

542

5

236

2

97

2,826

EEO Classification

13

Definitions are based on the U.S. Equal Employment Opportunity Commission’s EEO-1 Survey. As of December 31, 2022, our U.S. associate population (regular associate population, excluding interns, fixed terms, and contingent workers) represents 84% of ourglobal workforce. The information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021, unless otherwise noted.

12About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

INCORPORATION OF ESG FACTORS IN INVESTMENT MANAGEMENT AND ADVISORYFN – AC – 410 A.1

FN – AC – 410 A.2

Amount of assets under management, by asset class,that employ (1) integration of ESG issues, (2) sustainability
themed investing, and (3) screening

Description of approach to incorporation of ESG factors
in investment and/or wealth management processes
and strategies

We integrate ESG factors into our investment analysis for the purpose of maximizing
investment performance across virtually all strategies managed by a T. Rowe Priceinvestment adviser.14 With ESG integration, fiduciary duty remains a top priority
and is applied to all of our applicable investment products.

ESG considerations form part of our overall investment decision-making process
alongside other factors to identify investment opportunities and manage investment
risk. At T. Rowe Price, this is known as ESG integration and is applied across ourinvestment platform.

We offer select investment products that carry binding ESG commitments for clients
whose investment goals also include sustainable objectives. These select investment
products promote ESG characteristics through the use of exclusions, alignment
to sustainable investments, and positive tilts to Responsible Investing Indicator
Model (RIIM)15 scores.

The process of ESG integration takes place on two levels: first, with our researchanalysts as they incorporate ESG factors into security valuations and ratings,
and second, with the portfolio managers as they balance ESG factor exposure
at the portfolio level. Both the analysts and portfolio managers are able to leverage
dedicated, in-house resources to assist them in analyzing ESG criteria.

We are currently refining our methodology to calculate our assets under managementin sustainability-themed accounts and accounts that apply ESG screens. Many of theseassets are in separate accounts, which allow our clients to choose specific mandates
and exclusions that align with their values. We will publish our assets under managementin sustainability-themed accounts and accounts with ESG screens when the new
calculation is complete, most likely in the fourth quarter of 2023.

We have 37 investment staff dedicated to ESG research at T. Rowe Price Associates(TRPA) and T. Rowe Price Investment Management (TRPIM), who provide investment
research on ESG issues at the security level and on thematic topics. They have built
tools to help proactively and systematically analyze the environmental, social, andgovernance factors that could impact our investments. One such tool is a proprietaryscoring system is RIIM, which forms the foundation of our ESG integration process.
The RIIM frameworks provide two key benefits: a uniform standard on due diligenceof ESG factors across our investment platforms and a common language among
our analysts, portfolio managers, and ESG specialists to discuss ESG performanceand compare securities.

We launched the firm’s first impact investing strategies in 2021, which are consideredsustainability-themed investments. As of December 31, 2022, we managed USD 94.4
million in impact strategies. This included USD 57.1 million in equities and USD 37.3
million in fixed income. These strategies are aligned to the United Nations Sustainable
Development Goals to direct capital to specific impact outcomes.

14
15

We have developed RIIM frameworks across asset classes covering equities andcorporate bonds, sovereign bonds, municipal bonds, and securitized bonds. The RIIM
frameworks are unique for each asset class as the level and type of ESG data available
vary across asset classes.

ESG integration is not applied to strategies in instances when it would not be appropriate, such as passively managed strategies and cash.
Effective March 7, 2022, RIIM analysis at TRPIM was separated from other parts of T. Rowe Price and is different across advisers. TRPIM has a separate ESG team from that of TRPA, and TRPIM RIIM covers equities and corporate bonds only. TRPA and TRPIM ESG
teams are both dedicated to supporting investment decisions and leverage a similar approach, framework, and philosophy.

13

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

Investment Products With ESG Mandates

We rolled out our proprietary RIIM framework for corporate securities (both equity andcredit) in 2018, followed by similar frameworks for sovereigns in 2019 and for municipal
bonds and securitized bonds in 2020.

Some clients’ investment goals are not purely financial. As such, we offer selectinvestment products that promote ESG characteristics through use of exclusions,alignment to sustainable investments, and positive tilts to RIIM scores. Additionally,
we manage separate accounts that promote ESG factors selected by the client. While
RIIM forms the cornerstone of our ESG analysis, it is supplemented by several otherproprietary frameworks that we have developed in-house to evaluate securities
for investment products seeking to deliver on ESG-related objectives.

For equities, corporate bonds, and sovereign bonds, we are able to leverage ESG
data sets and feed those directly into our RIIM framework. This allows us to generate
a quantitative RIIM profile for a wide breadth of issuers. This quantitative set of scoresis an important starting point in our ESG evaluation process as it helps us quickly
identify any outliers, both positive and negative. Additionally, it creates a baselineof understanding of our investment universe from which we delve deeper using
fundamental analysis on a narrower universe of securities. Having the breadthof coverage provided by using this quantitative data as a first step is also
instrumental in informing our engagement program.
For municipal and securitized issuers, the ESG data universe is still developing. As wehave not yet found ESG data sets that we believe are robust enough to directly integrate
into the RIIM framework, we have a three-step ESG integration process: (1) identification,(2) analysis, and (3) integration. Our credit analysts conduct ESG analysis at a security
level. To do this, they utilize the RIIM framework to ensure that a uniform standardof ESG due diligence is conducted at a security level. Our credit analysts leverage
our in-house ESG specialists, third-party research, and their own fundamental
research to develop a RIIM profile for each issuer.

14

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

Description of proxy voting and investee engagement
policies and procedures

To Find Out More

Final Verification
Statement

Throughout 2022, we continued disclosing each U.S.-regulated mutual fund’s fullproxy voting record semiannually, instead of annually. Vote disclosures for the firstand second halves of each year were posted eight weeks after each period-end.
In addition, we publish a report for our clients each autumn, highlighting important
corporate governance trends from the prior 12 months and aggregating our proxyvoting decisions into categories. We also provide our institutional clients witha customized record of their portfolios’ voting activities upon request.

Portfolio managers are ultimately responsible for making the voting decisions within
the strategies they manage. To fulfill this responsibility, they receive recommendations
and support from a range of sources, including: Our global industry analysts

Our Governance
Framework

We offer extensive public disclosure around proxy voting. Under U.S. securities
regulation, the voting policies, procedures, and decisions of T. Rowe Price’s U.S.regulated mutual fund portfolios are required to be disclosed on an annual basis.

Proxy voting is an investment function within T. Rowe Price and is subject to theoversight of the Boards of Directors of the various T. Rowe Price investment advisers.
T. Rowe Price advisers have fiduciary responsibilities. Our view is that proxy voting
is a key element of the stewardship responsibilities we execute on behalf of our clients.
It is a responsibility we take seriously, centered on investments. In casting votes onbehalf of clients, our goal is to foster long-term success for the company and its investors.

 The T. Rowe Price ESG Investing
Committees (TRPA and TRPIM)

Social Impacts
and Safeguards

In total, T. Rowe Price portfolios voted on 64,056 proposals, including 62,592
management proposals and 1,464 shareholder proposals, across all regions in 2022.
Among the shareholder proposals, 583 were situations where shareholders were
nominating directors to a company’s board or technical proposals related to suchnominations. Another 401 were resolutions asking companies to adopt specificcorporate governance practices, and 480 were environmental and social resolutions.

Additional research and insights into our approach to sustainable
investing may be accessed here.

FN – AC – 410 A.3

TCFD Report

Within our content, we provided not only voting decisions, but rationales for key votes.
These included votes against management, votes on shareholder proposals, and anyother votes deemed controversial, informative, or significant.

 Insights from RIIM
 Institutional Shareholder Services,
our external proxy advisory firm

In the 2022 proxy season, the number of environmental and social resolutions voted
on at companies within the S&P 1500 Index rose by almost 70% from the previous
year. This increase in volume coincided with a decrease in the overall quality of theresolutions. We observed more inaccuracies in proposals last year, more poorly targeted
resolutions, and more proposals addressing non-core issues. In addition, we observeda marked increase in the level of prescriptive requests, such as requesting that acompany immediately cease doing business with clients in certain sectors.

 Our corporate governance andresponsible investing specialists
The ESG Investing Committees are made up of experienced investment professionals,
from our Equity, Fixed Income, and Multi-Asset Divisions, as well as senior membersof equity management. The ESG Investing Committees meet twice a year. The firstmeeting, held in the first quarter, focuses on proxy voting activity from the year before,
reassesses the suitability of our voting guidelines, and considers amendments
to the guidelines. The second meeting, which is typically held midyear, focuseson environmental and social issues.

In fact, the category with the largest increase in volume was anti-ESG resolutions,which request that companies unwind their investments in environmental and social
improvements. In 2021, TRPA voted only nine of these resolutions; in 2022 it was 46.
TRPA did not support any anti-ESG resolutions in 2021 or 2022. Additional information
is available in For or Against: The Year in Shareholder Proposals 2022.

Where proxy voting is concerned, our overarching objective is to vote our clients’ sharesin a thoughtful, investment-centered way—in support of the path most likely to foster
long-term, sustainable success for the company and its investors.
15

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report Engagement with management
on ESG issues
 Meetings with senior management,
offering our candid feedback Meetings with members of theBoard of Directors

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

BUSINESS ETHICS

Our proxy voting program is one element of our overall relationship with corporate issuers.
We use our voting power in a way that complements the other aspects of our relationshipwith these companies. Other contexts in which we might use our influence include: Regular, ongoing investment diligence

TCFD Report

FN – AC – 510 A.1

 Decisions to initiate or eliminate
an investment
 On rare occasions, issuing a publicstatement about a company—either
to support the management teamor to encourage it to change coursein the long-term best interests ofthe company

Total amount of monetary losses as a result of legal
proceedings associated with fraud, insider trading,anti-trust, anti-competitive behavior, market
manipulation, malpractice, or other related
financial industry laws or regulations

For the year ended December 31, 2022, T. Rowe Price did not sustain any monetarylosses as a result of legal proceedings associated with fraud, insider trading, antitrust,anti-competitive behavior, market manipulation, malpractice, or other related financial
industry laws or regulations.

 Decisions to increase or decrease theweight of an investment in a portfolio

FN – AC – 510 A.2

However, in an environment where large institutional shareholders are often rated
by third parties according to how frequently they vote against board recommendations,
we wish to be clear—it is not our objective to use our vote to create conflict withthe companies in which our clients are invested. Instead, our objective is to use our
influence—through the various avenues listed above—to increase the probability thatthe company will outperform its peers, helping to enable our clients to achieve theirinvestment goals. A proxy vote is an important shareholder right, but its power is limited
to the one day per year when a company convenes its annual meeting. Influence—earned over time and applied thoughtfully—is a tool we use every day.

Description of whistleblower policies and procedures

Any associate worldwide can report potential or actual violations of laws or regulations,regardless of location. Questionable conduct can be reported: Directly to their line manager.
Managers should escalate issues
to the Legal, Compliance, & Audit
Department as necessary; Anonymously, via the Whistleblower
Hotline (administered by anindependent, external third party); or

Our investment-driven engagement program frequently identifies targets throughour proprietary RIIM analyses, governance screening, and analysts’ fundamental
research. ESG engagement meetings are carried out by portfolio managers andanalysts from our equity and fixed income teams, as well as by our ESG specialists.

 To the general counsel, respective chiefcompliance officer, senior compliancemanager, or regional head of Human
Resources verbally or in writing. Thiscan be done on an anonymous basis
in writing using internal mail and aconfidential envelope.

Reports from the hotline go to our Legal, Compliance, & Audit Department, which
promptly investigates the matter. The general counsel provides an annual summaryof all complaints to our Audit Committee. No adverse action will be taken against
anyone who in good faith reports a violation, or a potential violation, of a law,a regulation, or our Global Code of Conduct.

While we engage with companies in a variety of investment contexts, ESG engagement
focuses on learning about, guiding, or exchanging perspectives on the environmental
practices, corporate governance, or social issues affecting their businesses.
Throughout the course of 2022, TRPA engaged with companies on 778 separate
occasions on ESG topics. TRPIM undertook 96 ESG engagements. We classify thesemeetings as ESG engagements, as they contained a notable discussion on ESG issues.
16About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

ACTIVITY METRICS16
FN – AC – 000.A(1) Total registered and (2) total unregistered assets
under management (AUM) as of December 31, 2022

Total Registered AUM:17

USD 1,085.2 Billion

Total Unregistered AUM:18

USD 189.5 Billion

Total AUM:

USD 1,274.7 Billion

Includes Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on
December 29, 2021.
17
Registered AUM is defined in the SASB Asset Management & Custody Activities Standard. For our purposes, registered AUM
includes a variety of pooled investment funds, including U.S. common trust funds, Luxembourg SICAVs and FCPs, non-U.S.
unit investment trusts, and other non-U.S. subadvised funds, as well as U.S. mutual funds, variable insurance product funds,
Canadian pooled funds, and UK open-ended investment companies.
18
Total unregistered AUM is total AUM minus total registered AUM. This includes AUM of accounts classified as separate
accounts, distribution management services, and alternative investment funds. Some of these accounts may be subject toregulations of the Investment Company Act of 1940, managed under the Employee Retirement Income Security Act of 1974,
subject to non-U.S. regulations like UCITS, or managed under the Commodity Futures Trading Commission regulations.
16

17

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More2022 SASB REPORT ADDENDUM
This addendum to T. Rowe Price Group’s 2022 Sustainability Accounting Standards
Board (SASB) Report, published in December 2023, provides information about thefirm’s amount of assets under management, by asset class, that employ integrationof ESG issues, sustainability themed investing, and screening (FN – AC – 410 A.1).

used more than one ESG strategy (e.g., screening and ESG integration).
Our criteria for screening is that the account needs to apply exclusion lists aimed
at ESG considerations (e.g., tobacco, gambling) or positive ESG screening criteria(e.g., sustainable investment alignment targets, GHG reduction targets), while
sustainability themed includes impact products. Many of these assets are separate
accounts, which allow our clients to choose specific screening criteria that alignwith their values and/or sustainability-related objectives.

As of December 31, 2022, USD 65 billion assets (5% of total assets under management)
were deemed to be in accounts with a mandate that includes ESG criteria, defined by
portfolios that apply screening or are sustainability themed. The entire USD 65 billion

Equity AUM $Billions(USD)

Fixed Income AUM $Billions(USD)

Cash AUM $Billions(USD)

Other AUM $Billions(USD)

Totals $Billions(USD)

ESG Integration19

$648

$135

$0

$30520$1,089Sustainability themed

<$0.1

<$0.1

$0

$0

<$0.1

ESG Screening

$45

$19

$0

<$1

$65

Portfolios may be assigned to multiple ESG categories.

ESG AUM data are not audited. The ESG integration, Sustainability themed, and ESG Screening AUM exclude Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc. acquired on December 29, 2021.
19
The AUM reflects portfolios where the portfolio manager uses ESG Integration. However, some of the asset classes or financial instruments in these portfolios are not part of the ESG Integration process due to the type or nature of those financial instruments orasset classes and/or lack of data (e.g., cash, currency positions, and particular types of derivatives).
20
This represents the underlying sub-investment strategies of our Multi-Asset products (e.g., target date portfolios, SICAV) that utilize ESG Integration, not the total AUM of those Multi-Asset products.

18

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

ENVIRONMENTAL

Task Force on
Climate-Related
Financial Disclosures(TCFD) Report
The following section contains our report aligning to the TCFD recommendations
in our third year of disclosure. These disclosures reflect our current understandingof our risks and opportunities related to climate change.

19About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

TCFD Report

SASB ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

GOVERNANCE

Our support of the
TCFD demonstrates
that we acknowledge
climate as a material
risk and understandthe need for improved
disclosures across theasset management
ecosystem.

A

Describe the Board’s oversight of climate-related risks and opportunities.

We recognize that ESG touches all parts of our business. To ensure we are appropriately
identifying and managing potential ESG-related risks and opportunities, such as climate
risk, we have incorporated ESG considerations into our core business functions,
including those of our Board of Directors.

Nominating and Corporate Governance Committee
The Nominating and Corporate Governance Committee (NCGC) oversees ESG acrossthe firm. This includes ESG factors related to the firm’s operations and investment activities.
In 2020, amendments were introduced for the NCGC charter to monitor performance
objectives and progress against our corporate goals and targets for climate-related
issues. Additionally, the NCGC receives updates on the firm’s ESG activities fromthe ESG Enablement team.

Audit Committee
The Audit Committee of the Board considers ESG matters as they impact any
disclosures in our financial statements, including climate-related risks. In addition,
the Audit Committee receives updates from the company’s chief risk officer (CRO)on these topics and regularly discusses ESG legal and regulatory developments with
our general counsel.

Executive Compensation and Management
Development Committee
The Executive Compensation and Management Development Committee (ECMDC)
is responsible for considering how ESG matters may impact the compensationof management. The ECMDC considers the firm’s ESG efforts when reviewing
and approving general salary and compensation policies for management.
Placeholder for Images

20About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

TCFD Report

SASB ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

Accountability*
The following chart illustrates the firm's ESG accountability framework.

Provide regular
updates to theNominating andCorporate GovernanceCommittee.

BOARDS AND COMMITTEESIMPLEMENTATION TEAMS

T. ROWE PRICE GROUP BOARD
OF DIRECTORS

T. ROWE PRICE FUNDS/TRUSTS
BOARD OF DIRECTORS Audit Committee
 Executive Compensation and Management Development
Committee (ECMDC)
 Nominating and Corporate Governance Committee (NCGC)

MANAGEMENT COMPANIES/INVESTMENT ADVISERS

T. ROWE PRICE MANAGEMENT COMMITTEE

Eric Veiel, head of Global Equity and CIO, TRPA, has responsibility for ESG, including
investment, operations, and corporate activities.

Oversees corporate strategy and implementation.

INVESTMENT MANAGEMENT STEERINGCOMMITTEE (IMSC)ENTERPRISE RISK MANAGEMENTCOMMITTEE (ERMC)

Provide updates onproxy voting, exclusion
policies, and other ESG
investment processes.

INVESTMENT STEERING COMMITTEESESG OVERSIGHT COMMITTEE (ESGOC)

ESG INVESTING COMMITTEES

Oversees ESG operational activities, including development and implementation of ESG
strategy, initiatives, and corporate ESG activities.

Oversees ESG investing activities, including ESG policies, engagement program, proxy voting,exclusion lists, and ESG investment frameworks (such as RIIM, impact, net zero, etc.).

ESG ENABLEMENTRISKINVESTMENT PLATFORM (TRPA & TRPIM)

Responsible for developing and implementing the firm’s
ESG strategy. This includes ESG activities outside thoserelated to investment process, such as:

Monitors thefirm’s risks froman investment
and operational
perspective. This
includes climate risk
and other ESG risks.

Portfolio managers areaccountable for integrating
and monitoring ESG factors
across portfolio holdings,
engagement, and proxyvoting as appropriate
to their mandate.​

 T. Rowe Price’s ESG strategy
 Execution of ESG initiatives
 Product, marketing, and corporate ESG
 Fostering ESG collaboration across the organization* As of June 30, 2023. The information provided in this report and related materials does not include
content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group,
Inc., acquired on December 29, 2021, unless otherwise noted.

21

Investment analysts 
are accountable for
integrating ESG factors
into their research process
and investment analysis.

ESG specialists support
analysts and portfolio
managers by providing
ESG analytics, issuer
and thematic research,
portfolio analysis, andstewardship activities.

About This ESG
Corporate ReportB

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

The firm also created the ESG Enablement team in 2022 for the purpose of developing
and implementing T. Rowe Price’s firmwide ESG strategy as well as fostering ESG
collaboration across the organization.

Describe management’s role in assessing and managing risks
and opportunities.

Oversight of ESG investing policies, ESG integration, sustainable and impact investment,
engagement, and proxy voting processes resides with T. Rowe Price’s ESG Investing
Committees, made up of senior leaders, managers, analysts, and ESG specialists at the firm.

T. Rowe Price’s Management Committee assesses climate-related risks andopportunities via the ERMC which is chaired by the firm’s chief risk officer. The ERMC
was recently formed after the Risk and Operating Steering Committee was split into
the ERMC and the Strategic Operating Committee. The new governance structure
allows the ERMC to serve as a standalone committee dedicated to risk management.
Additionally, climate-related risks and opportunities related to investment processes
are monitored through the Investment Steering Committees for our Equity, Fixed
Income, and Multi-Asset Divisions.

T. Rowe Price’s Investment Policy on Climate Change sets out our governanceapproach for the integration of climate risks into our investment processes.21
Our practice at T. Rowe Price has been to embed ESG factors throughout ourinvestment research platforms, including climate-related risks and opportunities.
Our organization relies on additional resources to identify and assess climaterelated risks and opportunities and scope possible adaptation and mitigation
strategies. These include:

In 2022, responsibility for ESG investing and corporate sustainability was consolidated
under Eric Veiel, head of Global Equity, chief investment officer, and a member of theManagement Committee. Under Mr. Veiel, our ESG Enablement and ESG Investingteams are responsible for developing and managing the firm’s sustainability initiatives
in their respective areas of focus. Day-to-day tasks involve the identification, assessment,
tracking, and mitigation of climate risks and opportunities.

 Shareholder engagements
 Trade associations
 ESG benchmarking, surveys,
and ratings

In recognition that ESG activities are present across multiple operating functions forinvestment management firms, the firm created the ESG Oversight Committee in 2023.
Chaired by the firm’s head of ESG Enablement, the ESGOC, a new central and global
oversight body, will help support governance around our ESG activities and report into
the IMSC, with regular updates to the ERMC. Eric Veiel and the firm’s chief risk officer
serve on the ESGOC.

 ESG disclosures (such as SASB
and TCFD) and sustainability reporting
frameworks, which we believe provide
management, clients, and stakeholders
decision-useful information on material
ESG issues

The ESGOC is responsible for:
 Driving T. Rowe Price’s ESG strategy
 Ensuring coordinated, consistent, andprioritized execution of ESG initiatives
and management of ESG risks

21

Final Verification
Statement

 Fostering ESG collaboration acrossthe organization
 Embedding operational support for
ESG across the organization at scale

The information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021, unless otherwise noted.

22

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Addressing Climate Change as a Corporate Entity and as an Asset Manager

APPROACH &CAPABILITIESAS AN ASSET MANAGER

ESG Integration

Stewardship

Central, dedicated
ESG teams.

Advocate forindustry standards
regarding climate
disclosures.

Proprietary ESG
analytics andratings, which
include GHG
analysis and net
zero status.
ESG analysis
conducted at
the security andportfolio level.

Active stewardshipprogram thatincorporates
climate issues.
Publish ourengagement
and proxy voting
statistics.

AS A CORPORATE ENTITY

Products &Mandates

Corporate Net
Zero Strategy

WasteManagement

Emissions FromBusiness Travel

Scope 3, Category 15

Scope 1 and 2

Scope 3, Category 5

Scope 3, Category 6

Suite of Impact
products.

Net zero operations
by year-end 2040
(scope 1 & 2).

Zero operational
waste by yearend 2025.

Rail and air travelemissions offset
using Climate

Interim targets
to reduce GHG
emissions by 75%
by year-end 2030
and 80% by
year-end 2035,
compared with our

Phasing out singleuse plastic bySpecific offeringsfor clients withoverriding
climate or otherenvironmental
goals.

year-end 2025.

TRANSPARENCY &ACCOUNTABILITY

2021 base year.

Fund- and Mandate-Level Reporting

TCFD and SASB Reports

ESG Investing Report

Corporate ESG Report

Investment Policy on Climate Change

Environmental Policy

23

Vault.

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

STRATEGYA

We expect that financial market performance will experience more volatility in the eventof a delayed and/or disorderly transition as the likelihood for physical climate risk will
be greater and the regulatory impact may be more severe. While climate change risks
and opportunities are present across all geographies and sectors, they will likely
be more pronounced for issuers in regions taking limited action to address climate
risk from a regulatory standpoint; in those that, for geographic or economic reasons,are more likely to experience greater physical impacts; and in high-emitting sectors.
In the short and medium term, we believe that risk and opportunities that could stem

Describe the climate-related risks and opportunities the organization
has identified over the short, medium, and long term.

We identified the most significant climate risks to our business as:
1. Impact on investment performance,
2. Impact on client preferences forinvestment products, and

3. Impact of acute disruptions broughton by major weather events as well as
chronic implications of climate change.

from climate change impact on client preferences in our investment product offerings
are more material in Europe, Japan, and Australia.

Over the past several years, the corporate strategy has evolved in an effort to mitigate
climate risks and benefit from potential opportunities. In 2017, we strengthened ESG
analysis and stewardship as a core capability on our investment research platform,
which totaled 39 investment personnel dedicated full time to ESG, as of December 31,
2022. Given the data-intensive nature of ESG research and the fact that ESG data haveunique qualities that differ from traditional financial data, T. Rowe Price has also builta Technology team dedicated to supporting this effort. Recognizing the cross-functional
capabilities required to successfully implement an ESG strategy, the ESG Enablement
team was established in 2022, as mentioned above. It possesses expertise in strategy,
product, marketing, and legislative affairs, among other functions, and was designedwith the intent of fostering ESG collaboration across the organization.

While investments make up the majority of total greenhouse gas emissions for asset
managers, most of these investments are managed for clients with a mandate to deliver
financial performance. As a result, we have not set a binding net zero target for ourinvestments (scope 3, category 15) that would supersede the firm’s fiduciary duty to deliver
financial returns and manage risk, unless specified by the client or in an investment product.
Instead, the firm’s strategy has been to manage climate-related risks andopportunities by:
1. Considering climate and other environmental factors within the investment
analysis (for the purpose of maximizing performance) and2. Offering select investment products that haveenvironmental mandates.

The work done by these teams factors climate-related risks and opportunities into investment
processes and decisions relevant to the products and investment strategies offered by the firm.
In addition to growing its ESG Investment, Technology, and Enablement teams, we launchedinvestment products with specific climate-related mandates, such as the impact strategy range,
as well as other products and strategies that promote environmental and social objectives.

The first helps mitigate impact climate-related risks on financial
performance, while the second helps mitigate the riskof changing client preferences.

Investments
Asset managers have a significant impact on climate through the investments madeon behalf of clients. We believe that climate risks and opportunities can impact investment
performance and client demand for investment product offerings. The process for
identifying, assessing, and managing climate-related risks and opportunities is outlinedin the Risk Management section of this report.
24

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

Operations
Our climate risk strategy focuses on acute disruptions brought on by major weather
events and chronic implications of climate change. Our operations are exposed to physicalrisks and transition risks derived from climate change. The risks associated with new
climate-related regulations globally may result in increased energy and operational costs
based on the current regulatory environment. Furthermore, emerging regulatory and legal
requirements may be costly to implement from both a human resources and a budgetary
perspective. To help mitigate risks associated with the prospect of increased energy costs
and regulatory penalties for carbon emissions, we are seeking a long-term energy contract
Short-term risk (less than 1 year)		
Type

for our largest facilities in Maryland, U.S., that would develop a purpose-built solar arrayin the PJM region.
Various climate risks and opportunities are likely to manifest across different time
horizons and with different impacts. While some are present over a short-term time
horizon, we believe they have the potential to become more significant over the medium
and long term. The following table outlines the climate-related risks that might impact
the firm’s products, investment strategies, and corporate operations.

Medium-term risk (2–5 years)		

Long-term risk (5+ years)

Climate-Related Risks and Mitigation Strategies

Potential Financial Impact

Regulatory

 Change in client preferences for investment products

Changes in regulation could lead to increased compliance costs, enhanced reporting obligations,
regulation of existing products and/or services, and exposure to litigation.

 Increased compliance costs

Risks
Transition
Risks

 Carbon taxes levied or other environmental fines
 Increased costs for ESG data

Technology

 Substitution of obsolete assets

Transitioning to lower-emissions technologies for our own corporate footprint, along with the substitutionof existing assets and related services with lower-emissions options, may require additional expenditure.

 Capital investments in new technologies
 Costs to adopt lower-emissions processes

MarketInvestment Performance Related
Energy transition may drive volatility in financial market performance and/or deviation in performance acrossspecific regions and industries. This risk may be further exacerbated in the event of a disorderly transition.

 Volatile or unfavorable market conditions leading
to underperformance of investment portfolios

Product Related

 Lower market share if product suite does not alignwith client preferences

Climate change may influence client preferences by increasing the demand for investment productsoriented toward climate change mitigation. Clients may request more customization on their separate
accounts in order to align with their individual climate goals.

 Increased costs associated with providing morecustomized products Increased costs for ESG data25

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To Find Out MorePotential Financial Impact

Operations Related
Regulatory environmental standards may require participation in energy reduction initiatives, energy
efficiency programs, or renewable energy programs.

 Increased costs from carbon taxes or otherenvironmental levies

Reputation

 Drop in stock price due to negative
stakeholder feedback

If we fall short of stakeholder expectations on climate risks and sustainability, this may influenceclients’ willingness to do business with us and our workforce’s willingness to remain.

 Negative impact on workforce management(i.e., employee attraction and retention)
 Reduced assets under management due
to negative client feedback

Physical
Risks

Acute
External events, such as severe weather events or other natural disasters, receive ongoing attention, given
their potential impact on executing business activities, facilities, and related infrastructure and technologies.
An extreme weather event—such as a cyclone, wildfire, or flood—that impacts the firm’s locations or the locationof a vendor servicing the firm may affect our day-to-day operations, potentially resulting in increased costs
and workforce disruptions.

 Negative impact to valuations could result
in declines in asset values and potential lossof revenue

Chronic
Investment Performance Related
Within our investment portfolios, extreme weather-related events around the world can impact companies  Negative impact to valuations could result
in declines in asset values and potential
in which the firm invests on behalf of our clients. An extreme weather event may cause our investment
loss of assets under management
professionals to reevaluate investments in affected companies. Valuations may be impacted, resulting in
declines in asset values and potential loss of revenue. We incorporate climate-related investment analysis
into our investment process to mitigate the potential impact on our portfolios.
Operations Related
Rising sea levels may increase the risk of flooding to our Baltimore office, and increasing wildfires could
impact our operations in various locations. Additionally, because of extreme variability in weather patterns,
we may experience increased costs related to more frequent cooling and heating needs inside ourbuildings. Additionally, attracting and retaining talent in high-risk locations could become more challenging.
Short-term risk (less than 1 year)		

Medium-term risk (2–5 years)		

Long-term risk (5+ years)
26

 Increased operating and capital costs
 Increased insurance premiums and potential
for reduced availability of insurance Reduced ability to attract talent

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Climate-Related Risks and Mitigation Strategies

Potential Financial Impact

Exhibiting robust management of climate issues across the business may influence clients’ willingness
to do business with the firm and our workforce’s willingness to remain at the firm.

 Increased assets under management

Final Verification
Statement

Mitigation
Strategies
Reputation

Market Increased ability to attract and retain talent

Investment Performance Related
The large systematic change driven by technological advances and/or regulation presents an opportunity foralpha generation by using environmental analysis as part of the investment process. As predominantly active
investors, the firm is well positioned to evaluate the impact of this systematic change on a case-by-case basis.

 Ability to generate better investment research
insights could lead to better investment performance

Product Related
Changing client preferences may increase demand for investment products.

 Increased assets under management

Operations Related
Our firm is currently implementing an operational net zero strategy and action plan based on thesepillars: understanding our GHG footprint and trajectory; reducing our operational energy use; increasing
our renewable energy supply; and offsetting remaining emissions, which we anticipate will represent lessthan 5% of our current GHG inventory. We are targeting net zero scope 1 and 2 emissions by year-end
2040 and a 75% reduction by year-end 2030 compared with our 2021 baseline.
Our net zero strategy may help reduce long-term utility costs and avoid carbon penalties that would
be imposed on our Maryland and Colorado operations in 2031 and 2024, respectively.
Short-term risk (less than 1 year)		

Medium-term risk (2–5 years)		

Long-term risk (5+ years)

27 Reduced energy costs (e.g., through efficiency gains
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Our approach and consideration of climate-related factors are grounded in our existing
fundamental investment and engagement practices, where we consider climate risks
and opportunities as part of security selection, portfolio review, and discussions with

We use a combination of fundamental analysis, thematic research and our proprietary
Responsible Investing Indicator Model (RIIM) to assess an issuer’s net zero status andevaluate climate-related risks and opportunities. RIIM analysis provides two key benefits
for our analysts and portfolio managers. First, RIIM proactively searches for environmental
indicators and controversies on companies and sovereign issuers. This is an importantfeature as environmental data are not required to be disclosed nor are they standardized
like financial data. Second, RIIM provides a framework for evaluating environmental
factors, creating a common language for our analysts and portfolio managers to discuss
how an investment is performing on environmental factors, as well as compare securities
within the investment universe.

companies as well as sovereign, securitized, and municipal bond issuers. We believethat environmental and social factors, including climate change, can impact financial
performance of our investee companies and other issuers, and we therefore integrate
analysis of these factors into our research process for the purpose of maximizing
long-term risk-adjusted returns.

Our evaluation of climate-related factors focuses on energy transition and physicalrisk, but we also believe that an issuer’s environmental footprint and track record areimportant indicators that can help in a tightening regulatory environment. As such, our
RIIM framework includes a range of inputs, which are weighted by materiality, and theB

Describe the impact of climate-related risks and opportunities on theorganization’s business, strategy, and financial planning. Asset managers
should describe how climate-related risks and opportunities are factored
into relevant products or investment strategies.

Consideration in Investment Product and Strategies

weight applied to each factor will vary based on industry or asset class. We determinemateriality using the Global Industry Classification Standard (GICS), the Bloomberg
Industry Classification Standard (BICS), and the Bloomberg Classification System.
Materiality is initially assigned at the GICS subindustry level. If a GICS classification
is not available for a security, we use BICS.
When considering climate-related risks and opportunities at the portfolio or investment
universe level, we generally center on the five core evaluation metrics listed below.
Recently, we have engaged a third-party vendor to provide us with climate scenario
analysis and implied temperature rise (ITR) tools. While these new emerging evaluation
metrics add some investment insights, data availability and quality are an issue.
Core Evaluation Metrics:

Emerging Evaluation Metrics:

 RIIM environment scores Climate scenario analysis

 Net zero status

 Implied temperature rise

 GHG footprint Climate solutions alignment
 Engagement and proxy voting
stewardship28About This ESG
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How each of the evaluation metrics is considered within a portfolio context will vary
based on data availability and the investment strategy. For example, a portfolio with very
limited data availability may not find a GHG footprint, climate scenario analysis, and ITR
to be decision-useful metrics. Instead, that strategy may place a greater focus on RIIM
environmental scores and climate solutions alignment (both of which can be generated
through T. Rowe Price’s own fundamental research and, as such, do not have to be
dependent on third-party data providers), as well as stewardship. In other cases, data
availability may be good, but the portfolio’s investment strategy may be more alignedwith specific indicators, and that will determine which of the evaluation metrics
are weighted most heavily by the portfolio manager.

TCFD ReportSocial Impacts
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To Find Out MoreOur management of climate-related risks for a particular investment productis dependent upon the mandate given to us by the client. In the case where a client
has set a sole mandate to deliver financial performance, climate-related risk mitigation
is limited to evaluating environmental factors as part of our investment process
for the purpose of maximizing financial performance.
A small but growing number of clients have elected to apply various net zero or GHG
reduction targets to their investment portfolios. These clients have directed a dual
mandate to deliver on climate-related outcomes as well as financial performance—these types of mandates tend to fall into the three areas outlined below.

Net Zero Stewardship

Net Zero Mandate

Client-Specific Targets

The portfolio analyzes net zero factors for the purposeof maximizing investment performance and deploys
stewardship activities aimed at promoting a net
zero objective.

The portfolio has a specific objective to reach net zeroby 2050.

Clients with separate accounts may be more targetedon the specific net zero factors they want to contributeto their net zero mandate—e.g., GHG reduction along
specific trajectory, climate solutions, engagements, etc.

 Specific targets are set for engagement with portfolio
holdings that have a net zero status of Not Aligned
or No Data (minimum 70% of financed emissions) Proxy voting reflects net zero objective
 Engagement also takes place on net zero issues
with other holdings in the portfolio

Final Verification
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As part of this objective, the portfolio mandate: Sets firm targets on engagement with holdings thatare Not Aligned (minimum 70% of financed emissions) Sets firm target for 2050 that 100% of holdings
have to be Achieved on net zero status
 Sets firm target for 2040 that 100% of holdings
have to be Achieved or Aligned on net zero status
 Sets comply or explain target on net zero status
for five years forward Sets comply or explain target on GHG
emissions reduction
 Tracks climate solutions alignment

29

Some or all of the following are included in target setting
and data tracking: Net zero status
 GHG emissions
 Alignment to climate solutions
 Engagement

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Consideration in Operational Strategy

C

Reducing and managing our GHG emissions is our primary sustainability priority
from a corporate standpoint. We assessed the costs associated with continuing
to use brown power compared with working toward net zero in scope 1 and 2
by year-end 2040.

Social Impacts
and Safeguards

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Describe the resilience of the organization’s strategy, taking into considerationdifferent climate-related scenarios, including a 2˚C or lower scenario.

To quantify the potential financial impact of climate, our firm identified a vendor
to conduct climate scenario analysis. The climate scenario analysis will complement
our existing climate-related analysis of portfolios and their underlying securities
and will inform our mitigation and adaptation strategies moving forward.
We anticipate sharing the findings of a comprehensive scenario analysis
in the future.

Additionally, through our Corporate Real Estate and Workplace Services team,
we regularly seek energy efficiency measures to implement throughout our global
offices. Our firm aims to have at least 60% of its real estate by square footage
environmentally certified by year-end 2025. Our new global headquarters will aim
for excellence in terms of environmental sustainability and energy efficiency, with
our Baltimore offices striving for LEED Platinum status for commercial interiors fromthe U.S. Green Building Council. Additionally, our new London office has achieved
an Excellent standard in Building Research Establishment Environmental Assessment
Methodology (BREEAM) for the design phase.

30

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RISK MANAGEMENTAAs head of the Enterprise Risk Group (ERG), our chief risk officer (CRO) is primarily
responsible, with support from the ERMC, for anticipating and addressing new risks,
as well as ensuring the proper handling of risk across the firm. The CRO reports
to the firm’s chief operating officer (COO) and regularly updates the T. Rowe Price
Group Board of Directors. The ERG is an independent, global team with seasoned
experts specializing in enterprise and operational risk, investment risk, privacy,
and business resiliency.

Describe the organization’s processes for identifying and assessing
climate-related risks. Asset managers should describe, where appropriate,
engagement activity with investee companies to encourage better
disclosure and practices related to climate-related risks to improve data
availability and asset managers’ ability to assess climate-related risks.

Our Risk Framework

Our ERG conducts assessments of the risks that our firm faces in the short, medium,and long terms. The corporate risk profile informs the ERMC of the key risks the firm faces
to help prioritize how we focus on risk mitigation across the firm. The ERG is responsible
for leading our risk management efforts by partnering with business units to identify risks,
understand acceptable levels of risk, and implement solutions that mitigate exposure
to risk where appropriate. Individuals with functional expertise across the business
are required to identify and address potential climate-related risks for their areasof responsibility. This is supplemented by the Enterprise Risk and Global Compliancefunctions, as well as Legal, Finance, Tax, and HR, which provide insight on external risks
and existing and emerging regulatory requirements related to climate change. Review
and prioritization of identified climate-related risks are undertaken by the ERMC.

Our comprehensive approach to identifying and assessing risks and opportunities—
including climate change—is managed through established risk frameworks focusing
on reputational risk, strategic risk, operational risk, business continuity risk, humancapital risk, compliance risk, and financial risk. Identifying climate-related risks
includes the consideration of extreme weather events, uncertainty surrounding
regulation, reputational impacts, investment risk, and our product range.

This approach ensures quick identification and response to risks and opportunities,
reducing the impact on the firm and its clients.

Analyzing Investment Risks
Within our investments, the firm uses RIIM analysis, net zero status, GHG footprint,
and climate solutions alignment22 analysis to identify and assess climate-related risks.
Where data availability is adequate, the process has also started to incorporate climate
value at risk (CVaR) and ITR. However, this type of analysis was limited in scopein 2022. With the onboarding of an ESG data vendor providing CVaR and ITR data,
this analysis is expected to be incorporated more broadly as appropriate basedon data availability.
22

31

Percentage of revenues or use of proceeds aligned to economic activities that are climate solutions (e.g., renewable energy
generation, sustainable agriculture, etc.).

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Within the RIIM assessment, investments’ environmental characteristics are consideredholistically. At the issuer level, each area of focus is weighted in accordance with its
materiality to the industry or subindustry. Portfolio-level assessments can also include
a comparison with the benchmark. Key areas of focus include: Energy transition risk

 Exposure to climate solutions

 Net zero status

 Land use Physical risk

 Water use Biodiversity impact

 Track record on environment Circular economy contribution

 Accountability and transparency
for ESG (including climate change)

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Additionally, for smaller issuers of private credit and syndicated loan transactions that may
find SASB and TCFD difficult to achieve in the near term, we advocate using the ESG
Integrated Disclosure Project (ESG IDP) reporting template.
We strongly encourage all issuers to report their scope 1–3 GHG emissions. However, we
recognize that reporting scope 3 emissions adds much more complication than reporting
scope 1 and 2 emissions and that for some industries, estimating methodologies are still
evolving. Given these issues, we do not think it is appropriate for us to unilaterally expect
all issuers to report a full suite of scope 3 emissions; however, we do expect that thelandscape and our expectations will evolve over the next 12–36 months. In the interim,
we strongly encourage issuers to report the scope 3 emissions categories most material
to their business. For high-emitting companies, our minimum expectation is they disclose
absolute scope 1 and 2 GHG emissions on an annual basis. Failure by companies in theseindustries to disclose these data leaves investors unable to properly analyze their exposure
to climate change risk. For this transparency gap, we will generally oppose the reelectionsof all non-executive incumbent directors at the next shareholder meeting.

Climate StewardshipWe believe climate-related risks can be financially material, especially in high-emitting
industries, and, therefore, ongoing engagement with investee companies and otherissuers on this topic is one way to mitigate risk. For equity investments, engagement
can be supplemented with a proxy voting program that takes climate risk into account.

Engagement is only part of the stewardship toolbox. If we do not see sufficient progressin a reasonable time frame, then we will typically escalate the dialogue in a numberof ways. One option is to undertake collaborative engagement alongside our directconversation. Another would be to use our vote to encourage the company
to take a different approach. A third option would be to make a publicstatement, perhaps by pre-disclosing how we intend to vote before
or around the time of the meeting.

Engagement on climate change with management teams or boards of investee companies
is usually conducted as part of a multifaceted discussion on many investment considerations
for that particular company but occasionally could focus only on climate change implications.
Given that T. Rowe Price has predominantly actively managed portfolios, portfolio managers
may elect to screen out specific companies with onerous climate-related risk if they believe
it will negatively impact the investment case. As a result, the profile of invested companies
across portfolios may look meaningfully different from peers—particularly passive peers.
That is why engagements on specific ESG issues like climate change tend to be in-depth
discussions, where T. Rowe Price believes engagement can be effective.
One of the more difficult aspects of evaluating climate change risks and opportunities
in corporate securities is the lack of disclosure on key environmental metrics, strategy,
and accountability. T. Rowe Price expects companies to adopt industry best practicedisclosure standards. To this end, we advocate for disclosures aligned to SASB
and TCFD—both globally recognized frameworks that emphasize financial materiality.

32

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Medium-term risk (1–9 years)		

Type

Climate-Related Risks and Mitigation Strategies

Transition
Risks

MarketSocial Impacts
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The following table outlines the process for management of identified climate risks.
Similar to the risks and opportunities tables provided in the Strategy section, these
are considered in the context of the following time frames: short-term risk (less than
one year), medium-term risk (one to nine years), and long-term risk (10 or more years).

Describe the organization’s processes for managing climate-related risks.
Asset managers should describe how they manage material climate-relatedrisks for each product or investment strategy.

Short-term risk (less than 1 year)		

TCFD Report

Long-term risk (10+ years)

Related to Investment Performance
Analysts and portfolio managers are accountable for considering climate-related factors within their investment process as part of ESG integration. This is included
as part of their year-end evaluation and compensation. Additionally, the firm’s active stewardship program helps mitigate climate risks within investment portfolios.
Related to Product Offerings
The ESG Enablement team is responsible for working in partnership with the Product team to develop a strategy regarding investment product offerings withenvironmental and/or social mandates.
Related to Operations
These considerations are reflected in the firm’s environmental management planning strategy and influence ongoing planning and budgeting exercises.
Regulatory
The risk of litigation claims, as well as existing and emerging regulatory requirements related to climate change, are continuously evaluated by our Legal,
Compliance, & Audit Department and incorporated in the firm’s overall risk management program.
Technology
T. Rowe Price tracks costs inherent to transitioning to lower-emissions technologies for its own corporate footprint, along with the substitution of existing assets
and related services with lower-emissions options.
Reputation
T. Rowe Price has a comprehensive risk management program in place that is designed to quickly respond to any incident, minimize business interruption,and help reduce any impact on clients or the firm. The multilayered approach ensures that the firm routinely tracks shifts in consumer preferences and collects
feedback from stakeholders.

33About This ESG
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Type

Climate-Related Risks and Mitigation Strategies

Physical
Risks

Acute External Events

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The firm has local crisis management plans that ensure business continuity by mobilizing resources—employees and facilities—to address the fallout of an acute eventin order to sustain service levels for clients.
Chronic
Related to Investment Performance
Analysts and portfolio managers are accountable for considering climate-related factors within their investment process as part of ESG integration. This isincluded as part of their year-end evaluation and compensation. Additionally, the firm’s active stewardship program helps mitigate climate risks within investment
portfolios.
Related to Operations
The Business Continuity team is developing a long-term plan that seeks to assess and mitigate specific impacts over 10–30 years.

Short-term risk (less than 1 year)		

C

Medium-term risk (1–9 years)		

Long-term risk (10+ years)

Describe how processes for identifying, assessing, and managing climaterelated risks are integrated into the organization’s overall risk management.

We identify and assess climate risks as part of our overall risk architecture, as led by ourCRO. Our CRO manages the ERG and serves on the ERMC. Additionally, business unit
leaders are responsible for overseeing operations and managing risks specific to theirrespective business areas.
The ERMC oversees, monitors, and communicates the firm’s risk management structure,processes, and business unit risk management efforts. The ERMC monitors existing
policies, makes policy recommendations on matters related to risk management, andensures issues are elevated and risk is mitigated to acceptable levels. The committee
meets monthly and is composed of senior business leaders from across the organization.

34

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METRICS AND TARGETS
A

Key metrics:
 Scope 1 and 2 greenhouse gas
emissions in 2022 were 20,150 MT CO2e

Disclose the metrics used by the organization to assess climate-related risks
and opportunities in line with its strategy and risk management process.

To support the goals of the Paris Climate Agreement to limit the increase of global
temperatures to 1.5˚C, we are committed to reducing GHG emissions associated with ouroperations. We are focusing on actions that will have a real-world impact on emissions andare taking a comprehensive approach to achieve our 2040 net zero goal and 2030 interim
target to reduce GHG emissions by 75%, compared with our 2021 baseline. This includes,
but is not limited to, virtual power purchase agreements, project-specific renewable energy
credits, and energy efficiency improvements in our operations.

 Percentage of global renewableelectricity consumption in 2022 was 4%

Targets:
 Reduce scope 1 and 2 greenhouse gas
emissions by 75% by year-end 2030,
compared with our 2021 baseline,
and achieve net zero by year-end 2040

 Partnered with Climate Vault
to purchase carbon allowances
to address GHG emissions resulting
from business travel23

 Achieve zero operational waste inour global facilities by year-end 2025

While long-term targets are important, so are the short- and medium-term milestones
that test our strategy and progress along the way. The NCGC recently agreed to set
new short- and medium-term net zero climate targets designed to address ouroperational GHG emissions. This section provides an update of where we standwith each of our targets and their underlying metrics.

 Eliminate all single-use plastics
from our facilities by year-end 2025

23

35

T. Rowe Price purchased carbon allowances from Climate Vault during 2023 in order to address 5,081 metric tons of CO2e.
This amount approximates emissions from business travel during 2022, which includes air and rail transportation. It is basedon known business travel trips booked through the firm’s corporate travel portal. Travel that may have been booked outside
our corporate portal is not tracked.

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2022 EMISSIONS BY SCOPE 24

Disclose scope 1; scope 2; and, if appropriate, scope 3 GHG emissions
and the related risks.

Emissions reported in metric tons of CO2 equivalent (MT CO2e)
GHG Source Category

T. Rowe Price’s GHG emissions are calculated according to the methodology
set forth by the Greenhouse Gas Protocol. We are working to expand our reportingof scope 3 emissions and will add additional material categories in the future.

Emissions (MT CO2e)

Percent of Total

Scope 1 Emissions

941

2.7%

Stationary Combustion

636

1.8%

Mobile Combustion

3

0.0%

Refrigerants

302

0.9%

Scope 2 Emissions

19,21054.9%

Purchased Electricity

18,623

53.2%

Purchased Steam

586

1.7%

Scope 3 Emissions

14,826

42.4%

Category 5: Operational Waste25

193

0.6%

Category 6: Employee Business Travel26

5,081

14.5%

Category 7: Employee Commuting

8,595

24.6%

Category 13: Downstream Leased Assets

957

2.7%

34,976100.0%

Total GHG Emissions
Note: Totals may not sum due to independent rounding.

Unless otherwise noted, the information provided in this report and related materials does not include content relating to
Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021.
25
Underlying waste figures are unaudited and may be based on estimates. For owned facilities, waste is based on actuals. For
leased facilities that do not have reported data, waste is estimated per employee or square foot. Waste streams for building
operations include landfill waste, energy recovery, compost, and recycling.
26
Employee business travel includes known air and rail travel.
24

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To Find Out MoreYEAR-OVER-YEAR SCOPE 1 AND 2 GHG EMISSIONSGHG Emissions

Unit

2016

2017

2018

2019

2020

2021

2022

% Change2022 vs. 2021

Scope 1: Direct Emissions

MT CO2e

1,050

1,259

2,162

1,424

796

877

941

-7.3%

Scope 2: Indirect Emissions

MT CO2e

34,06528,87728,607

24,791

20,661

18,887

19,2101.7%

Total Scope 1 & 2 Emissions

MT CO2e35,11530,13530,76926,215

21,457

19,764

20,150

2.0%

Global Square Feet (SF)Thou. SF

2,303

2,356

2,386

2,392

2,320

2,212

2,246

1.5%

Scope 1 & 2 Emissions per Square FootMT CO2e/Thou. SF

15

13

13

11

9

9

9

0.4%

YEAR-OVER-YEAR OPERATIONAL WASTE MANAGEMENT 27
Scope

Unit

2016

2017

2018

2019

2020

2021

2022

% Change2022 vs. 2021

Landfill Waste

Tons

61

56

59

39

124

123

117

-4.3%

Recycling

Tons

465

572

573

604

216

232

335

44.4%

Compost

Tons

16

23

50

43

19

107

68

-36.0%

Energy Recovery

Tons

363

313

332

527

189

141

219

55.0%

Total Operational Waste

Tons

905

964

1,014

1,213

548

603

739

22.7%

27

Underlying waste figures are unaudited and may be based on estimates. For owned facilities, waste is based on actuals. For leased facilities that do not have reported data, waste is estimated per employee or square foot. Waste streams for building operations
include landfill waste, energy recovery, compost, and recycling.

37About This ESG
Corporate ReportC

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Furthermore, we have multiple leasing cycles for all of our leased sites before 2040,
and we plan to work closely with our landlords to procure green energy. As older
equipment becomes obsolete, we will install more efficient replacements, selectedto specifically support our net zero strategy.

Describe the targets used by the organization to manage climate-relatedrisks and opportunities and performance targets.

Scope 1 and 2 Targets

We share the view of the Science-Based Targets initiative and the Net Zero AssetManagers initiative that offsets involving long-term carbon removal should only
be used where there aren’t any technologically and/or financially viable
alternatives to eliminate emissions.

We have committed to reducing our scope 1 and 2 emissions by 75% by year-end
2030, compared with our 2021 baseline, and to net zero by year-end 2040. Additionally,
we are targeting zero operational waste in our facilities by year-end 2025.
Scope 2 emissions represent 55% of our total emissions. Our Baltimore-based
facilities generate the largest portion of our scope 2 emissions. Consequently, bringing
renewable energy to our Baltimore-based facilities represents the largest step toward
reducing our greenhouse gas emissions and is our first priority.
Our contract with our local energy provider in Baltimore expires in 2024, and we are
currently reviewing supplier bids to procure off-site renewable energy. While we do not
expect to fully transition our Baltimore locations to renewable energy by the contract
expiration in 2024, we anticipate that by year-end 2028 all the electricity in our owned
Maryland offices will be provided by renewable sources.
To address the remaining scope 2 emissions, we have developed a timeline to convert
most of our remaining global offices to green power from brown power. The mostimmediate example of this is our office move in London to Warwick Court, scheduled
for fall 2023, where our office will be powered by 100% renewable electricity from highquality contracts that meet UK Green Building Council requirements for net zero carbon
and RE10 requirements.
We have offices in select global locations that currently do not offer renewable energy.
While these offices represent less than 4% of our emissions, we are hopeful that
renewable energy options will become available in advance of our 2040 goal.

38

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

Net Zero Asset Managers Initiative
We are a fiduciary first and foremost. Our support for the Paris Climate Agreement
is driven by the belief that a smooth climate transition will create a more stable economic
environment, reduce uncertainty, and enable business investment. This should result
in better long-term financial outcomes for the companies and other securities in which
we invest on behalf of our clients.

Our Governance
Framework

To Find Out More

Final Verification
Statement

We exclude: Accounts invested in asset classes
where there is no agreed net zero
methodology today, such as sovereigns,
municipal bonds, and securitized bonds.

In becoming a signatory to the Net Zero Asset Managers initiative (NZAM),
we committed to two overarching goals:

 Accounts where the investment style andtime frame are incompatible with net zeroby 2050, such as quantitative, index,
and money market accounts.

 Review the interim target at least every
five years, with a view to ratchetingup the proportion of AUM covered
until 100% of assets are included,
in line with fiduciary duty.

 Multi-asset accounts managed outsideof T. Rowe Price where we have no ESG
look-through.
 Accounts invested in regions wherenet zero targets stretch well beyond
2050 (e.g., emerging markets)or portfolios mandated to invest
exclusively in natural resources.

T. Rowe Price is committing 59% of total assets managed on behalf of clients asof December 31, 2022, to be in line with the attainment of net zero emissions by 2050
or sooner.28 Mandates with specific climate- and net zero-related objectives are includedin this commitment and represent less than 1% of total AUM as of December 31, 2022.
We anticipate that by 2040 100% of our assets managed on behalf of clients will alignwith the attainment of net zero emissions by 2050 or sooner, in line with fiduciary duty.

NZAM acknowledges that the scope for asset managers to invest for net zero depends
on the mandates agreed with clients and with regulatory environments and also thatthe commitments are made with the expectation that governments will follow throughon their own commitments to ensure the objectives of the Paris Climate Agreement
are met. Accordingly, T. Rowe Price’s ability to meet the goals of the initiatives remains
in the context of complying with its fiduciary duty.

We will continue to work with our clients to determine how climate impacts theirportfolios and provide solutions that meet their needs. For most of our clients, theirsole objective is risk-adjusted financial performance. For these portfolios, integrationof ESG-related risks and opportunities forms part of our fundamental research process.
As an active investor, we use our research process to inform our management of climate
risks and opportunities by taking environmental factors into account as part of our
security analysis.

In becoming a signatory to NZAM, we help support the establishment of robust
and standardized methodologies for evaluating pathways to net zero. For years, climatetransition has been considered as part of our ESG analysis and is fully integrated into
our fundamental research and portfolio construction. Additionally, we have engaged
constructively with companies to encourage a thoughtful approach to decarbonization
and advocate for greater transparency of climate-related information and data.
Consequently, the commitments made under NZAM were already in line with
our existing business practices.

28

Social Impacts
and Safeguards

To determine our commitment to NZAM, we have adopted an approach that aligns
with our ESG integration process. We include all accounts where the coverage ofthe greenhouse gas emission data is adequate. This is determined as 75% minimum
coverage (including both reported and estimated data).

Scope 3 Reduction Efforts

 Set an interim target for the proportionof assets to be managed in line withthe attainment of net zero emissions
by 2050 or sooner, in line withfiduciary duty.

TCFD Report

AUM commitment figures are unaudited and may be subject to change. Commitments are nonbinding.

39About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

Fund Carbon Footprint Reporting
We assess and report on the carbon footprint of our equity and credit funds(for portfolios where we have more than 75% data coverage) on a quarterly basis
to our clients. The report includes data on total emissions and weighted averagecarbon intensity. The carbon footprint reports for our investment strategies
are available to eligible investors or institutional investors upon request.

ESG investment specialist Véronique Chapplow
and portfolio managers Hari Balkrishna and Matt
Lawton discussed impact investing at the Mid-Europe
Investment Conference in September 2022.

Reducing Operational Waste
Within our operations, we aim to reduce our sources of waste by seeking out circular
economy options. As part of this endeavor, we embrace the need to shift frommanaging waste once it is created to designing out waste before it is generated.
We have set a target to have zero operational waste across our facilities by year-end
2025, aligning with criteria set by the Green Business Certification, Inc., for TRUE
Zero Waste to achieve an average of 90% or greater overall diversion from landfill
and incineration and the environment for solid, nonhazardous wastes. Additionally,
we aim to phase out all single-use plastics from our facilities by year-end 2025.

40

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Working With Our Supply Chain
Our Supplier Code of Conduct has a specific focus on environmental requirements, including
the establishment of operational practices to minimize impacts on the environment and to
implement measures that prevent and mitigate environmental harm. Through the Supplier
Code of Conduct, we also expect suppliers to track performance and report environmental
improvements, as well as to set targets and commitments to reduce their respective footprints.
Business Travel and Commuting
In 2022, total business travel emissions were 5,081 MT CO2, which includes known
air and rail travel and was overwhelmingly driven by air travel with 5,003 MT CO2.
Our emissions from air travel are down 48% since 2019. However, as we emerged
from the pandemic, emissions from travel are up more than 1,000% since 2021.
We made a donation to Climate Vault to purchase carbon allowances in 2023
in order to offset 5,081 metric tons of CO2e. This amount approximates total emissions
from business travel during 2022. This is the second year we made donations to Climate
Vault to purchase carbon allowances. We anticipate that our relationship with Climate Vault
may be broadened to supplement select areas of our net zero strategy and address
shortcomings in our ability to eliminate emissions. Climate Vault is an award-winningnonprofit that has been designated by the Carbon Disclosure Project as a Carbon
Reduction and Science Based Target initiative accredited service provider. They purchaseand “vault” carbon allowances on government-regulated compliance markets. Because
the number of allowances is limited, keeping them off the market decreases CO2 emissions
and provides a quantifiable carbon reduction. Climate Vault's approach is easily
measurable (1 permit = 1 metric ton of CO2), provides price transparency, and is rigorously
verifiable. Climate Vault will use the monetary value of the permits to fund carbon dioxide
removal technologies to eliminate CO2 already in our atmosphere.

“

We are focusing
on actions that will
have a real-world
impact on emissions.

For the first time, we surveyed our employees to understand and report the emissions
generated from their commuting. We learned that even with a hybrid work schedule,commuting into work generated more emissions than business travel, with 8,595 MT CO2
coming from our associates’ commutes. To encourage the use electric cars, we provide
free charging stations at most of our global facilities, providing access to 93% of ourglobal workforce.

41

Final Verification
StatementAbout This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

SOCIAL

Social Impacts
and Safeguards
We work to support a world where there is opportunity for all, within both
our workforce and our communities. This approach guides our talent
recruitment and retention strategy, our engagement with suppliers, and ourefforts to advance social good. We also realize that safeguards are essential
to ensuring opportunity is available to everyone and that basic human rights,
such as privacy, are protected.
The following section describes how our work impacts the fabric of society.

42About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

OUR ASSOCIATES
DRIVE OUR SUCCESSAt T. Rowe Price, our people set us
apart. We strive for equity, opportunity,and equality for all associates at the firm.
Having a diverse and inclusive workforce
and providing equal opportunities to all
associates is a business and culturalimperative.
Our Management Committee and Board of Directors
ensure we are setting ambitious standards for the way
we recruit, hire, mentor, and develop talent. We areprioritizing increased hiring, retention, and developmentof talent from underrepresented groups in asset
management. This includes both ethnically diverse
associates and women.
For 2022, the percentage of our global investment
professional hires who were women was 25% (up from
23% during 2021), and firmwide, 66% of new hires were
either women (global) or ethnically diverse (U.S. only).
For every open role at the firm, our goal is that at least
40% of the candidate slate be ethnically diverse
and/or women.29

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

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Framework

To Find Out More

Final Verification
Statement

CHANGES AND TRENDS IN OUR WORKFORCEASSOCIATE PROMOTIONSEXTERNAL HIRES

49%

67%

21%

49%

ethnically diverse

women

women

underrepresented
minorities30
SENIOR-LEVEL PROMOTIONSOf the ~123 senior-levelpromotions in 2022, 32 were
women (36%) and 7 were
underrepresented minorities (8%).

32

women (36%)

123

Senior-Level
Promotions

35%

underrepresented
minorities

EXITS

44%
women

28%

underrepresented
minorities

7

29

underrepresented
minorities (8%)

Unless otherwise noted, the information provided in this report and related materials
does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative
credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021.

30

43

Underrepresented minorities include Black,
Hispanic, and/or Native Americans.

About This ESG
Corporate Report

Our ESG
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A Letter From
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Corporate ESG
Summary

Supporting Our Diversity

External ESG
Ratings

SASB ReportSocial Impacts
and Safeguards

TCFD Report

Our Governance
Framework

To Find Out More

Final Verification
Statement

T. Rowe Price emphasizes a positive, welcoming, andcollaborative culture where associates are encouraged
to be themselves and bring their best selves to work.
We want our associates to draw from their experiences
and take the initiative to help our clients succeed.

According to our 2022 associate engagement survey,
62% of our workforce feels a sense of belonging.
Accountability is a key component of our strategy, and
our Diversity, Equity, and Inclusion Steering Committee
meets bimonthly to discuss progress on specificdiversity and inclusion initiatives and related challenges
and concerns.

We are proud to continue sharing our progress
toward these goals. This is the third time that, in addition
to the EEO-1 data included in our SASB report, we areproviding supplementary data on our workforce’s global
gender representation and ethnic diversity in the U.S.
The numbers shown below are as of December 31, 2022.31

INVESTMENTS GROUP DIVERSITY
BREAKDOWN 32

GLOBAL DISTRIBUTION AND GLOBALPRODUCT GROUP DIVERSITY BREAKDOWNCORPORATE FUNCTIONS GROUP
DIVERSITY BREAKDOWN

Gender Representation—Global Population

Gender Representation—Global Population

Gender Representation—Global Population

Women
TOTAL:* 1,000

27%

Portfolio Managers: 158

13% 87%

Analysts: 394

27%

73%

Traders: 96

26%

74%

All Other Roles: 352

35%

73%

Ethnically Diverse

50%

Senior Level:** 476

36%

All Others: 2,522

53%

50%
64%
47%

Ethnically Diverse—U.S. Population Only

Non-ethnically Diverse

TOTAL:* 706

25%

Portfolio Managers: 112

13% 87%

Analysts: 269

37%

Traders: 67

22%

All Other Roles: 258

17% 83%75%

63%

TOTAL: 3,498

45%

55%

Senior Level:** 447

44%

56%

All Others: 3,051

45%

54%

Men

Ethnically Diverse
TOTAL: 2,712

32%

Senior Level:** 386

16% 84%All Others: 2,326

34%

Ethnically Diverse—U.S. Population Only

Non-ethnically Diverse
68%

66%

Ethnically Diverse
TOTAL: 2,849

35%

Senior Level:** 354

21%

All Others: 2,495

37%

Non-ethnically Diverse
65%
79%
63%

78%

*Investments Group consists of Fixed Income, Global Equity, and Multi-Assetbusiness units, which are composed of investment professionals and noninvestment professionals.

32

TOTAL: 2,998

Women

Men

65%

Ethnically Diverse—U.S. Population Only

31

Women

Men

** Senior level is defined as people leaders and individual contributors withsignificant business or functional responsibility.

Firmwide administrative support staff is included in all others.

Unless otherwise noted, the information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit manager that T. Rowe Price Group, Inc., acquired on December 29, 2021.
Portfolio managers include portfolio manager, regional portfolio manager, sector portfolio manager, and associate portfolio manager.

44About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

Attracting, Retaining,and Developing Diverse Talent
Attracting, retaining, and developing diverse talentglobally helps us create greater value for our clientsand a better experience for our associates.
In 2020, we set goals to increase the representationof women and underrepresented talent, specificallyBlack/African American, Hispanic/Latino, and/or Native
American talent, within our workforce and in senior roles
by 2025. Our strategy, programs, and investments haveenabled us to make steady progress.
We experienced increases year over year and remain
on track for or have surpassed our 2025 goals.
Representation increased in all four measures,as represented below. In this journey, engagement
and retention continued to be important levers.

External ESG
Ratings

SASB Report

TCFD ReportSocial Impacts
and Safeguards

Our Governance
Framework

To increase the pipeline of diverse candidates, we havecreated partnerships with colleges and universities fromwhich we have had success in recruiting diverse talent
in the United States and focused on deepening
recruiting plans for Black and Hispanic candidates.
Other initiatives connect with prospective and future
underrepresented and female candidates from highschool, through college, and on into graduate school.

46%

of our global workforce will
be women by 2025, comparedwith 44% in 2022.

initiatives in all U.S. offices and London to encourage
diverse candidates to consider careers in asset
management. Our signature programs, including
Launching Your Legacy and Women’s Stock Pitch
workshop, are a few of the ways that we strive to reachearly-career diverse talent, create exposure to ourindustry, and introduce opportunities for such talent
to bring their perspective and insight to the firm.

33%

of global senior roles were held
by women in 2022, meeting our
2025 goal three years early.

19%

TRACKING PROGRESS TOWARD OUR DEI GOALS 33
2021
Representation

2022
Representation

2025
Goals

Female: All (Global)

44.4%

44.1%

44.8%

46%

Female: Senior Roles (Global)

28.1%

29.8%

32.7%

33%

Underrepresented Minorities:
All (U.S.)

16.5%

16.9%

18.5%

19%

Underrepresented Minorities:
Senior Roles (U.S.)

33

6.9%

8%

8.8%

of our U.S. workforce areunderrepresented minorities,34
meeting our 2025 goal three
years early.

10%of senior roles in the U.S. will
be held by underrepresented
minorities34 by 2025, comparedwith 9% in 2022.

10%

Unless otherwise noted, the information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit
manager that T. Rowe Price Group, Inc., acquired on December 29, 2021.

45

Final Verification
Statement

GOALS FOR DIVERSE
REPRESENTATION WITHIN
OUR WORKFORCE

We host on-site and virtual mentoring and recruitment

2020 Representation(Baseline Year)To Find Out More

34

Underrepresented minorities include Black, Hispanic, and/or
Native American.

About This ESG
Corporate Report

Our ESG
Journey“

A Letter From
Our CEO

We experienced
increases year overyear and remain
on track for orhave surpassed
our 2025 goals.

Corporate ESG
Summary

External ESG
Ratings

SASB Report

TCFD Report

For the last 16 years, we have invited diverse firstyear M.B.A. students to learn more about investment
management, our firm, and careers in investing.
We have earned a reputation among diverse M.B.A.
students and our industry peers as a leader in attracting
diverse investment talent. The MBA Day hosted in 2022
was no exception, as we welcomed our largest groupof students to date. During this three-day signature
program, we were proud to have an attendee makeupthat was 48% female, 84% ethnically diverse, 35%

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

On-site job offers extended for the first time in firm
history at Grace Hopper diversity recruiting conferenceWith significant planning and preparation facilitatedby our Diversity Talent Acquisition team, coupledwith support and endorsement from the firm’s Global
Technology leadership team, 11 on-site job offers wereextended at the Grace Hopper diversity recruiting
conference. While this is new for the firm, it is standardpractice for many of our competitors in the talent market.
This shift positions us to hire top talent.

underrepresented minorities, and 7% veterans.
We have partnered with multiple national organizations,such as National Black MBA, the Association of Latino
Professionals for America, Grace Hopper, AfroTech,and others, to create access to diverse talent andto assist us in maintaining best practices.
Launch of Military.com partnership
In partnership with VALOR, one of our businessresource groups (BRG), we formalized a partnershipwith Military.com, enabling us to enhance our employer
brand presence with veterans and military spouses.
Job opportunities will be promoted in targeted
newsletters to Military.com subscribers. Updates
on the performance and impact of this partnership will
be shared in our 2023 ESG Corporate Annual Report.

Building on the success at Grace Hopper, on-siteoffers were also extended at AfroTech and Societyfor Hispanic Engineers
We attract and retain top candidates by developing key
talent and succession plans, investing in DEI initiatives,
creating opportunities for our associates to learn andgrow, and providing competitive benefits. We believe
our approach is yielding results. As of December 31,
2021, the average tenure of our associates is eight
years, nine years for our investment professionals,
and 15 years for our portfolio managers.

TOTAL ANNUAL EMPLOYEE TURNOVER 35
Year

Percentage

2022

15.3%

2021

23.0%36

2020

8.5%

Unless otherwise noted, the information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit
manager that T. Rowe Price Group, Inc., acquired on December 29, 2021.
36
In August 2021, T. Rowe Price transferred its recordkeeping responsibility, which resulted in about 800 operations and technology associates transitioning to FIS. Additional
information is available in the announcement.
35

46

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

Learning and Development
We encourage associates to own their career journeyin partnership with their manager by discussing
development goals beyond formal performance reviewsand engaging in regular conversations throughout theyear. We encourage continuous learning by providing
associates access to hundreds of live and self-paced
training programs and a tuition reimbursement program.
Our associates completed approximately 205,000
hours of firm-sponsored training in 2022—whichis equivalent to nearly 27.4 hours per associate.
This year, we launched Degreed, a digital portal
for learning, skill building, and career planning thatbrings together education, exposure, and experiential
opportunities from a variety of firm-endorsed providers.
Degreed makes development easier by presenting
learning opportunities customized to associates—basedon their roles and the skills they select. Associates canaccess curated pathways—learning plans designed
internally—that are loaded into their profile on theplatform to support role clarity and career pathing.
Approximately 34% of our open positions are filled
by internal applicants, and almost all our portfolio
managers have been promoted from within.
A new firmwide mentorship program was launchedthis year to standardize our mentoring practices, increase
access to leaders across business units, and support
associates’ development along their career journeys.

External ESG
Ratings

SASB Report

TCFD Report

TOTAL ANNUAL EMPLOYEETRAINING HOURS 37

Year

Total
Hours

Average
Hours per
Associate% Associates
Completing
Optional Training

2022

205K

27

76%38

2021

200K

21

85%

2020

140K

18

89%

2019

190K

26

77%

The program creates a more tailored mentoring
experience by offering three kinds of mentorship—
traditional, with one-on-one mentor and mentee pairs;
reciprocal, or co-mentoring, with interchangeable mentor
and mentee roles; and mentoring circles, groups that
support one another in their interests and goals.
We are using MentorcliQ, an online one-stop platform
where associates can select a mentoring program(s),access resources and training, schedule meetings,
and track progress on goals and activities. The platform’s
artificial intelligence technology can help associates
identify a mentor based on selection criteria thatspan functions, locations, and generations—givingmuch broader opportunities for forming bonds
and developing skills.
With the program’s launch in June, our goal was to reach
8% enrollment of eligible associates by year-end. We arepleased to have surpassed that goal with 15% of eligible
associates enrolled.

Unless otherwise noted, the information provided in this report and related materials does not include content relating to Oak Hill Advisors, L.P. (OHA), an alternative credit
manager that T. Rowe Price Group, Inc., acquired on December 29, 2021.
38
Change from 2021 to 2022 training hours is due in part to change in training trends and return to office.
37

47

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

ENSURING ASSOCIATES’ VOICESARE HEARD: 2022 ASSOCIATESURVEY HIGHLIGHTS
To measure and help our firm’s leaders
understand associate experiences that impact
their engagement, we launched an annual
engagement survey.
The following results from our annual
engagement survey reflect our efforts to foster
a diverse, equitable, and inclusive culture:“I can get the support I need frommy manager right now.”– 78% favorability“Diverse perspectives are valued
at T. Rowe Price.”– 70% favorability“I would recommend T. Rowe Priceas a great place to work.”– 73% favorability
Results are reviewed by our seniorleadership and inform decision-making abouta wide range of topics, including job satisfaction,
work-life balance, and company culture.

About This ESG
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Corporate ESG
Summary

External ESG
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SASB Report

TCFD Report

We all share responsibility for strengthening ourculture of inclusion. We launched Catalyst: IgnitingYour Leadership Journey, a nine-month strategic
investment in leadership development designed to giveassociates a better understanding of how leaders canachieve a multiplier effect by contributing effectively andstrategically through others. We also introduced anotherclass for the Excel: Your Leadership Path program,which empowers associates to design their personal
and professional development path; to strengthen theirBusiness resource groups provide important
perspectives that help shape our company culture,especially in recruitment, talent acquisition, andretention. At the end of 2022, 44% of associates
were members of at least one BRG, comparedwith 43% in 2021.

workplace relationships; and, ultimately, to accelerate
their career progression. Each associate receives a
DEI performance objective that is cascaded from our
CEO that outlines the expectation and accountability
we have in achieving our shared DEI goals. Additionally,
we launched two new learning offerings—Managing
Inclusion, which is mandatory for people leaders,and Conscious Inclusion for all other associates.
The Managing Inclusion course was completed by
94% of people leaders in 2022, and it has helped set
the foundation for our DEI learning path.

support career development, strengthen our brandin the community, and provide insights on delivering
our services in the marketplace. T. Rowe Price also
hosts “Diversity Dialogues” to support our associates
and create allies in the workplace.

Our BRGs are open to all associates. These volunteer,associate-led groups provide valuable informationand support programs to reinforce our inclusive culture,

Additionally, our Management Committee formeda Black Leadership Council. Sponsored by the firm’s
general counsel and corporate secretary, David
Oestreicher, and composed of 13 Black associates
serving in leadership roles, the council is charged
with four priorities:
 Advise leadership Mentor talent Support DEI initiatives

 Engage community

Social Impacts
and Safeguards

Our Governance
Framework

To Find Out More

Final Verification
Statement

Our BRGs include:

MOSAIC: The group and its underlying heritage communities(the African, Asian, and Latinx Heritage Communities) andheritage groups (Jewish and Indigenous Peoples Heritage
Groups) seek to strengthen the firm’s competitive advantage
by attracting and retaining ethnically diverse associates,
promoting an inclusive culture that values differences,and developing talent and business practices supporting
the firm’s diversity, equity, and inclusion strategy.

PRIDE: The group’s mission is to create an environment where
LGBTQ+ associates can bring their full selves to work each day.

VALOR: The group’s mission is to attract veterans and active
reservists to the wide variety of roles available at T. Rowe Priceand make sure they and their families are supported.

WAVE: The group’s mission is to champion a cultureof confident female leaders who will serve as agents of change
to influence firm policy, promote active allyship for gender equity,and nurture a strong talent pipeline, enriching the overall
associate experience.

48

About This ESG
Corporate Report

Our ESG
Journey

A Letter From
Our CEO

Corporate ESG
Summary

Investing in Our Associates’
Health and Well-Being
A robust benefits program is critical in today’scompetitive workforce. In all our global locations,
we offer employee benefit solutions, including both
health care and retirement benefits (where applicable),fitness club reimbursement, life insurance, and an
Employee Assistance Program to support well-being.
In the U.S., we also provide access to personalized
assistance and education in all areas of financial
planning to support associates’ financial well-being.
Benefit competitiveness and design is assessed
within the relevant market for a given country,
and offerings are aligned with our global principles
and local market practice. For example, retirement
programs are uniquely designed to support associates
in meeting retirement goals while also reflecting
regional and country-specific practices in Asia,
Europe, and the U.S.
We offer a variety of benefits to support child-careand family planning needs. The firm provides fully
paid maternity leave for birth mothers, in addition
to fully paid parental leave to all new mothers andfathers. We also offer adoption assistance to associates
looking to expand their families and have partneredwith Progyny to offer an inclusive fertility benefit.

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Progyny covers all eligible associates and their partners
who want to have a child or preserve their fertility,
including single parents and LGBTQ+ individuals
and couples. In the U.S., the UK, and Canada, weoffer our associates backup child-care and eldercare.
Our health care plan provides coverage of a variety
of family planning services, including contraception
and voluntary termination of pregnancy, as wellas transgender-inclusive coverage, including genderconfirmation surgeries, hormone therapy, and mental
health counseling. This year, we also began offering
an enhanced benefit for associates enrolled in a U.S.
medical plan—covering eligible travel and lodging
expenses if a covered medical service is not available
from an in-network provider within a certain distanceof their home address.
We have always emphasized the importanceof spending quality time away from work. In addition
to parental leave and generous vacation and personaltime, the firm also began providing wellness days in2020 in recognition of the importance of disconnectingfrom work and encouraging self-care. Associates arealso eligible for up to six illness days per year. Our paid
time off offerings are available to all full- and part-time
associates who work at least 20 hours per week.

Since 2017, we have published an annual UK Gender Pay Gap Report. This report details
the average and median difference in pay between men and women in our UK office.
Our 2022 report can be found here.
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We understand that occasionally associates mayneed extended time away from work due to injury,
illness, or related medical conditions or to care
for a family member with a medical condition.
In the U.S., we offer personal, sabbatical, military,and organ donor leave, in addition to providing
all leave time required by federal and state law,
including Family Medical Leave Act and disability.

Schematic of
T. Rowe Price’s future
headquarters in Baltimore,
Maryland, U.S.

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Our Hybrid Working Policy

Managing Through a Turbulent Year

Our objective is to enable flexibility regarding where
and how work gets done, while maintaining ourcollaborative in-person culture. We believe it is vitalto build a model that both sustains our culture
and supports the well-being of our associates.

We recognized that the ongoing challengesof the pandemic and resulting economic conditions
have impacted the lives and families of our associates.
To reward their commitment, support cost-of-living
increases, and remain an employer of choice,
we implemented an additional 4% salary increase
to 85% of our associates in the first half of the year.

Since our associates returned to the office full timein March 2022, our flexible policy: Offers remote work up
to two days a week formost of our associates—
notable exceptions
are in regulated
and essential roles.

 Strengthens our ability
to attract and retain
diverse talent.
 Sustains our culture
through purposeful,in-person connections.

As the year came toward a close, it was clear thatour business was not exempt from the deepening
impacts of those economic challenges. Market declines
reduced our assets under management and revenues,
while inflation raised many of the costs to support
our business.

We recognize that different associates have different
considerations, and they may work with their managers
to determine alternative schedules and remote options.

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To address market conditions and protect our ability
to invest for future growth, we implemented targeted
expense reductions across the enterprise, including
further reducing our third-party spending and eliminatingroles, with approximately 2% of our associate population
departing the firm. This was a difficult decision and
one that we did not take lightly given the impact on ourassociates. We offered generous transition assistance,
as well as outplacement support and resources inrecognition of these associates’ many contributions
to our firm.

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Recognition:
Seramount Inclusion Index

Forbes’ Best Employers for Women 2022

We have leveraged Seramount, previously Diversity
Best Practices, for several years for DEI resources,
benchmarking, and consulting. Although we haveparticipated in several of Seramount’s benchmarking
surveys over the last few years, in 2022 we wererecognized for the first time as an Inclusion Index
Company based on our submission score of 60%.
Organizations that score above 60% are recognized
as role models in inclusion and equity.

Our firm was named to Forbes’ Best Employers for
Women 2022, joining the ranks of 400 other companies
across 24 industries. This is the first time our firm hasreceived this designation.

We would like to highlight our score of 73% in the
Culture section of the Seramount Inclusion Index.
 Our focus on
manager accountability,
assessing and auditing
systems, and continued
investment in DEIadjacent programs
positively impacted
our score in the
Culture section.
 Along with 91%
of participants, ourapproach to holding
managers accountablefor DEI was noted
as a best practice inadvancing DEI priorities.

 We are among 92%
of firms that have adecision tree for crisis
communications, ofwhich 84% seek input
from DEI leadershipin the process.
 Our supplier diversity
efforts are alignedwith our peers: 97%
have a formal supplier
diversity program, 92%
set a spending goal,and 67% have a training
or mentoring programfor diverse suppliers.

The Best Employers for Women were identified in an
independent survey from a vast sample of 50,000 U.S.
employees working for companies employing at least
1,000 people within the U.S. The sample included
more than 30,000 women.
Companies receiving the highest total scores wereawarded the Best Employers for Women 2022 basedon four criteria:
 Direct recommendation
on general topics, suchas work atmosphere anddevelopment, image,working conditions,salary and wage,
workplace, and diversity.

 Indirect
recommendations
evaluating thediversity of other
employers within
the female survey
respondents’industry.

 Direct recommendations
on topics relevant towomen, including
parental leave, family
support, flexibility,
discrimination,
representation, andcareer and pay equity.

 Diversity among
top executives/board
based on publicly
available company
information.

“

We are proud to be
named to Forbes’ Best
Employers for Women
2022 list. As we arecommitted to sustaining
and enhancing our inclusive
culture for our associates,
this award affirms our belief
that our diverse global
workforce is one of ourmost valuable assets.
Raymone Jackson
Head of Diversity, Equity, and Inclusion

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Barron’s Most Sustainable Companies

Fortune World’s Most Admired Companies

T. Rowe Price ranked 31st on Barron’s Top 100
Most Sustainable Companies 2023 list. The firm earned
the second-highest score among financial services
companies. The list is developed by evaluating the largest
1,000 companies in the U.S., based on market value,and scoring them on 230 ESG performance indicators.

For the 13th consecutive year, T. Rowe Price was named
to Fortune magazine’s World’s Most Admired Companies
list. About 1,500 companies are considered for inclusionon the list, which rates companies in nine different categories:
innovation, people management, use of corporate assets,social responsibility, quality of management, long-term
investment, financial soundness, quality of products
and services, and global competitiveness.39

Reprinted with permission of Barron’s.

Human Rights Campaign Foundation’s Corporate
Equality Index (CEI)
For the sixth consecutive year, T. Rowe Price received
a perfect score of 100 on the Human Rights Campaign
Foundation’s CEI, the nation’s foremost benchmarking
survey and report measuring corporate policies andpractices related to LGBTQ+ workplace equality.40

39
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Newsweek America’s Most
Responsible Companies
Newsweek America’s Most Responsible Companies 2023 wereselected based on publicly available key performance indicators
derived from sustainability reports. Additionally, an independent
survey was conducted to evaluate companies’ reputations by
asking U.S. citizens about their perception of company activities
related to corporate social responsibility. The final list recognizes
the top 500 most responsible companies in the United States,
spanning 14 industries. T. Rowe Price is included as oneof 35 in the financial industry.

Bloomberg Gender-Equality Index (GEI)

Forbes World’s Best Employers

T. Rowe Price participated in the Bloomberg GEI for thesecond time during the 2023 cycle. The GEI is a modified
market capitalization-weighted index that aims to track
the performance of public companies committed
to transparency in gender data reporting.

Out of 800 companies, T. Rowe Price ranked 74th overall
and ranked 5th in the Banking and Finances Industry
category. The World’s Best Employers 2022 recognition ispresented by Forbes and market research company Statista
Inc. They identified the honorees through independent
surveys of approximately 150,000 employees working parttime or full time for employers in 57 countries worldwide.

Fortune and World’s Most Admired Companies are registered trademarks of Fortune Media IP Limited and are used under license.
2022 Best Places to Work for LGBTQ+ Equality by Human Rights Campaign Foundation 100% Corporate Equality Index™.

52

About This ESG
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Summary

DATA RESPONSIBILITY
Safeguarding Privacy
One of our firm’s core values is acting with accountability
and integrity. When it comes to privacy, that means wecomply with our obligations under applicable privacy
and data protection laws and maintain a corporate
culture that regards the ethical use and disclosureof personal data with utmost importance. Clientsand associates entrust us with their personal data,
and we embed privacy principles across our processes,
technologies, and services to uphold their trust.

Privacy Governanceand Accountability
We demonstrate our commitment to privacy throughour dedicated Global Privacy Office (GPO). The GPO
oversees privacy risks, compliance, and continuous
program improvements. Compliance is reinforced
through regular internal audits and risk assessments.
The T. Rowe Price Group Board of Directors has ultimate
oversight of our privacy program and receives regular
updates and reporting as part of our Corporate Risk
Assessment to ensure risks are properly handledacross our program.

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THE FOLLOWING PRINCIPLES ARE EMBEDDED IN OUR BUSINESS ACTIVITIESPrivacy by Design

Cybersecurity

Privacy and data protection are embeddedin the early stages of design and developmentof new processes and technologies. Instilling Privacy
by Design not only supports our risk management
and compliance goals, but also ensures we consider
the benefits to, and potential impacts on, the humanrights of individuals whose personal data are involved.

T. Rowe Price takes a holistic enterprisewide
approach to protecting the organization andleverages a variety of protocols and technologies
to guard our systems and data 24 hours a day.
We understand that it’s never been more important
for T. Rowe Price to mobilize our resources
to increase strong cybersecurity defenses.

Transparency

We continually advance our controls to ensure
a secure and resilient organization and infrastructurein the face of ever-present emerging threats. All our

We are open with clients and associates about thecollection, use, and disclosure of their personal data.
We publish and maintain up-to-date privacy notices
on our websites and ensure that our personal dataprocessing aligns with our public notices. Our fullprivacy notices are available on troweprice.com.
Privacy Rights
We enable individuals to exercise their rights
under applicable laws, as described in our privacy
notices. We provide mechanisms for them to contact
T. Rowe Price’s Global Privacy Office with inquiries
regarding their privacy and our privacy practices.
Keeping Our Associates Current
The worldwide regulatory landscape is changing
rapidly. To keep pace with these changes, we
educate our associates, providing them with thetraining and resources they need to comply with newand existing laws. Associates complete mandatory
training on the appropriate use and handlingof personal data, Privacy by Design, and core
principles described in our Global Privacy Policy.
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technology services and capabilities are provided
while operating under a robust security and control
framework, incorporating significant oversightmeasures. Our holistic approach to protecting
our firm includes:
 Employ enterprisewide
governance andsecurity programs
 Establish executive
engagement
 Leverage international
and industry standards
and best practices

 Collaborate withindustry partners
and threat intelligencesharing groups Design and deploy
a layered defense
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Cybersecurity Governanceand Accountability
Enterprise Security is responsible for maintaining
information security policies, standards, and guidelines
and routinely works with our Enterprise Risk, Compliance,
Internal Audit, and other key technology and corporate
stakeholders to establish security policies, enforce them,and monitor their adherence on an ongoing basis.
T. Rowe Price has various layers of technology
governance, risk, and compliance functions that playa role in identifying and assessing risks within our
cybersecurity program and verifying compliancewith our internal and external requirements.
A business unit’s compliance and risk management
functions are our first line of defense within Technology
to effectively oversee our operations and manage risks.
Various steering and governance committees also
provide oversight, policy, and strategic direction.

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The second line of defense is composed of the various
control areas, such as the Enterprise Risk Group,
including Technology Risk and others. These groups
support Technology by providing subject matter
expertise and programs with consistent policies,
business processes, and tools for the organization.
These areas work with Technology to proactively identify
and manage risks, including establishment of monitoring
and testing practices.
The third line of defense is independent assurance
by the Internal Audit Department (IAD). IAD, which
ensures that established internal controls are operating
effectively, provides appropriate levels of assurance
that our risks, including cybersecurity, are adequately
controlled and monitored.

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A Letter From
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Integrating diversity
into our sourcing
and supply chain
opens opportunities
for efficiency,
innovation, andsustainability...

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SUSTAINABLE PROCUREMENT
Supplier Code of Conduct
Our Supplier Code of Conduct articulates ourcommitment to ensuring alignment with supplierswith the highest levels of integrity and ethics andpromoting a culture of diversity, equity, and inclusion
while providing safe working conditions. We seek towork with businesses whose values align with our own.
As such, T. Rowe Price requires our suppliers and theiremployees, agents, and contractors to comply with allapplicable laws and, in all cases, adhere to standards
and principles outlined in our Supplier Code of Conduct.
Compliance with laws and the standards in our Supplier
Code of Conduct are material considerations forassessing every aspect of our supplier relationships.

Diversifying Our
Supplier Relationships
Integrating diversity into our sourcing and supply
chain opens opportunities for efficiency, innovation,and sustainability—while also enhancing the economic
impact for diverse-owned and small disadvantagedowned businesses and our surrounding communities.
Our supplier diversity program prioritizes our relationships
with small and diverse business owners. These groups
include women, ethnic minorities, veterans, servicedisabled veterans, disabled, LGBTQ+, and small
disadvantaged-owned business enterprises.

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Last year, we announced a goal to spend USD 50 million
annually with diverse-owned and small disadvantagedowned businesses in the U.S. We crafted a three-year
supplier diversity strategic road map and implemented
year one of our three-year strategic plan establishing
the foundational practices necessary to support diverse
supplier inclusion.
In 2022, we reached USD 22 million with diverseowned and small disadvantaged-owned businesses,
representing 1.8% of our total corporate addressable
spend and a decrease from 2021 (USD 35 million).
Factors contributing to the decline include the significant
drop in spending and utilization with the top three
diverse suppliers from 2021 to 2022. Additionally,
actions to standardize data collection by conducting
data cleaning initiatives improved our data quality, yet
resulted in removing suppliers no longer maintaining therequired diverse third-party certification or classificationand shifting diversity spend allocations.
As we address these challenges and our program
matures, supplier diversity programming will continue
to prioritize and cultivate our relationships with small
and diverse business owners. Once our U.S.-based
program is solidified, we will look to expand thesepractices in Europe and Asia.

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COMMUNITY INVESTMENT
Opportunity for all: We look to empower youth, inspire change agents, and findequitable solutions that drive social good. Our approach to supporting our community
focuses on expanding opportunities for everyone.
T. Rowe Price Foundation:
Investing in Community for 41 Years
Founded in 1981, the T. Rowe Price Foundation issteadfastly committed to its mission of pursuing thelong-term success of communities through direct grant
strategies, matching gifts, and a robust capacity-building
program for nonprofits.

Renee Christoff, retired head of Global
Associate Engagement and Corporate
Responsibility, at the Junior Achievement
Finance Park Ribbon Cutting.

Since its inception and through December 2022,
the T. Rowe Price Foundation has provided USD 170.2
million in direct grants and matching gifts. Total direct

Supporting Education for All

grant giving in 2022 was USD 6.5 million. Since 2016,
our capacity-building program has served 830 nonprofitsand more than 7,000 participants to strengthenorganizational health and professional development
opportunities for the nonprofit community. In 2022,
more than 480 unique nonprofits and more than 1,300
participants joined the Foundation’s capacity-building
program. Additional details on some of the Foundation’s
initiatives are described below.

We partner with numerous nonprofits and schools
across the globe to provide educational opportunities,
tutoring, mentoring, career-readiness training,scholarships, work experiences, enrichment
programming, and financial education.

41

We recognize the transformative power of education,
particularly within underrepresented populations.

We have been working with both educators and parents
since 2009 to help them develop children’s financial
knowledge and capabilities. Overall, we have reachedmore than 15.5 million people through our financial
education programs.41

Total reach of websites, online games, apps, exhibits, programs with Hopscotch, MDR, and Junior Achievement and sponsored events since program inception in 2009.

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Since 2013, T. Rowe Price has offered the Money
Confident Kids® financial education program,42 whichteaches basic financial concepts such as prioritizing
spending, asset allocation, and diversification to children
ages 8 to 14.
This year, we opened a T. Rowe Price storefront
at Junior Achievement’s Finance Park in Baltimore.
The interactive program offers personal financial
planning lessons and career exploration opportunities
that leverage topics from the Money Confident Kids®
program. Middle and high school participants learn how
to make decisions related to income, expenses, savings,
and credit. They have the opportunity to engage withvolunteers to put into practice what they’ve learned
by developing a personal budget.

Yamile Saied Mendez, authorof “Furia,” at One Book Baltimore.

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Additionally, the firm launched an initiative that expands
financial education resources at Morgan State University,a historically Black university. Now, more than 8,000
students and faculty can increase their financial
proficiency with Barron’s in Education—one of theleading financial newspapers in the financial industry.
The initiative provides free and unlimited access toBarron’s magazine, industry events, career advice fromindustry experts, and experiential learning opportunities.

A recent study published about One Book Baltimore
in the Journal of Community Psychology fromthe International Arts + Mind Lab at Johns Hopkins
University reveals that the literary arts can effectively
generate productive conversations and educate
students about complex topics, such as violence
and mental health. During the fourth quarter of 2022,
a group of Baltimore City Public Schools (BCPS)
students got the chance to meet the author of the year’s
One Book Baltimore selection, “Furia”—Yamile Saied

To promote literacy and facilitate community dialogue
about important topics such as peace, nonviolence, andinspiring youth to pursue their ambitions, T. Rowe Priceand its community partners successfully delivered thefifth iteration of “One Book Baltimore.” This collaboration
between T. Rowe Price, Enoch Pratt Free Library, andmore than 10 other Baltimore organizations provides
opportunities for Baltimore 7th and 8th grade students,
their families, and community members to connect
by reading the same book.

Mendez. The author’s young adult book tells the storyof a young woman’s quest to be a rising soccer starin Argentina. During the event, the students wereenergetic to meet the author and lined up to get signed
copies of the book. Throughout 2023, students will
engage in classroom programming based on topics
from the book, and the Enoch Pratt Free Library will offer
free community programs related to the book’s theme.
Additionally, some BCPS students will present theirartwork in an open showcase event.
The T. Rowe Price Foundation’s 2022 giving in the
youth opportunity grant portfolio totaled USD 1.9 million.
The portfolio’s goals are to empower youth to reach
their full potential by: Developing exceptional school leadership, capacity,and instruction;
 Advancing student achievement of grade-level
reading; and Supporting learning, personal development, and postsecondary success through multifaceted, multiyear
programs.
42

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Money Confident Kids® is available in Australia, the United Kingdom,
and the United States.

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Strengthening Our Communities’
Small Businesses and Nonprofits
In partnership with Baltimore Corps, a nonprofit focusedon creating equitable change, T. Rowe Price launched
Moonshot, a program to support diverse-owned social
good businesses, innovators, and entrepreneurs of color.
Eight Moonshot Innovators were selected—four
nonprofit organizations and four for-profit start-ups.
Each Innovator received a financial award fromT. Rowe Price and was paired with T. Rowe Priceassociate pro bono volunteer advisers who partneredwith each Innovator on a specific business challenge.
The Innovators were brought together at a culminating
networking event with T. Rowe Price associates, alumni,
and community partners.

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Additionally, each nonprofit Moonshot Innovator
will participate in a two-year T. Rowe Price Foundation
Entrepreneurship in Residence program, funded by
the firm’s USD 2 million racial justice grant, to receive
additional mentoring and support.
In 2022, the T. Rowe Price Foundation also released
its first “State of the Baltimore Nonprofit Sector Report.”
The report provides data and insights into the healthand capacity of Baltimore’s nonprofit community,
detailing 10 key insights covering topics pertinent
to sustaining effective organizations within the nonprofit
sector, including partnerships, diversity, fundraising,technology, and more.

STATE OF THE BALTIMORE NONPROFIT SECTOR REPORT’S 10 KEY INSIGHTS:
1. Partnerships are the key to strong organizations.
2. The nonprofit leadership pipeline remains
tenuous at best.
3. Effective capacity building requires organizations
to dig deep into financial realities and sometimes
face hard truths.

6. When it comes to evaluation practices, it is betterto focus on learning, not counting.
7. There’s a difference between having a strategicplan and being a strategic organization.
8. Effective management can result in stronger
programs and increased revenue streams.

4. To increase funding, organizations need dedicatedstaff and capacity to support it.

9. To achieve diversity in leadership, it’s imperative
to target recruitment and advancement efforts.

5. The best expense is technology.

10. Reimagine the governance structure.

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The “State of the Baltimore Nonprofit Sector Report”
is a result of years of collaboration between the
T. Rowe Price Foundation and dozens of community
partners throughout the city of Baltimore.
In Colorado Springs, the firm partnered with theCity of Colorado Springs and two community partners
to launch Access COS, a diverse supplier databaseand small business hub. The database fills a community
need for a centralized reference to find and engage
local minority-owned businesses. Within the small
business hub, business owners and entrepreneurs haveaccessed on-demand learning resources, a grants library,
a community events calendar, a community board forpeer-to-peer support, and group learning workshops.
Since its launch in October 2022, 407 businesses
have utilized the platform.

Moonshot Innovators (topto bottom): Tina WilliamsKoroma and Arion Long.

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FUNDING HUMANITARIAN AID IN THE UKRAINE REGION
Following the invasion of Ukraine by Russia
in February 2022, the T. Rowe Price Foundation
conducted a thorough research and vetting
process to determine how best to provide
focused, sustainable support in the region.
The Foundation donated USD 500,000 to
the United Nations Foundation’s Ukraine
Humanitarian Fund, which works with local
partners—often in dangerous environments—
to help provide services to the people caught
in the middle of this devastating conflict.
The fund directly assists 38 aid organizations—
including UN agencies, national and international
nongovernment organizations, and the Ukrainian
Red Cross Society—that have implemented
dozens of projects in every region of Ukraine.
Since February, this work has included distributing
260,000 meals each day, delivering critical
health care to 780,000 patients, and supplying
clean water and hygiene supplies to more than
400,000 in the region.

Additional work the firm’s donation is supporting
includes providing shelter, protection services,
rescue and evacuation, gender-based violence
prevention and survivor counseling, and mobile
medical treatment.
In addition to the UN Foundation's Ukraine
Humanitarian Fund, the firm launched a giving
campaign to support other humanitarianorganizations that provide refugee relief services,
medical assistance, and long-term recovery
funding to help people in the region. Associates
could select a category depending on theirinterest, (food, clothing, medical assistance, etc.)
and donate to a nonprofit supporting that area.
Since February, associates donated more than
USD 104,000 to support this giving campaign.

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USD 500,000 donated by the T. Rowe Price
Foundation, and USD 104,000 donated by
T. Rowe Price associates

Distributed 260,000 meals

Delivered critical health care
to 780,000 patients

Supplied clean water to more than
400,000 people in the region

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2022 GIVING
BY THE NUMBERS

368

associates serving on
440 nonprofit boards

28,700volunteer hours

USD
6.4M

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Summary

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Supporting Communities
Through Service and Donations
We proactively support initiatives that associates careabout by providing opportunities for them to contribute
their time and expertise through: Paid volunteer workdays
 Volunteer rewards
 Sponsoring associates’
favorite nonprofit events

 Pro bono volunteer
opportunities Supporting board
serviceT. Rowe Price’s generous Global Matching Gift
Program enables our associates to double the impactof their charitable gifts. It also encourages volunteer
service by awarding grants to organizations supported
by our associates. Our 2022 community investments
included:43
 Matching gifts:
USD 6.4 million
 Associate giving:
USD 15.8 million

 Volunteer hours: 28,700
 Board service: 368
associates serving on
440 nonprofit boards

in matching gifts

USD
15.8M
in associate giving

43

Unless otherwise noted, the information provided in this report and relatedmaterials does not include content relating to Oak Hill Advisors, L.P. (OHA),
an alternative credit manager that T. Rowe Price Group, Inc., acquiredon December 29, 2021.

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The firm hosts year-round volunteer events cateredto associates’ interests and skills. To support pro bono
volunteer opportunities, Business Volunteers Maryland
and T. Rowe Price teamed up to host two scope-athons supporting nonprofits focused on veterans andthe LGBTQ+ community. During skillCONNECT events,
teams of volunteers from T. Rowe Price brought theirexpertise and ideas to help the nonprofits navigate
business challenges related to strategic planning,finance, fundraising, human resources, marketing,and more. In 2022, we provided 240 hours and morethan USD 46,000 in pro bono consulting services
through skillCONNECT.

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GOVERNANCE

Our Governance
Framework
Sound corporate governance is part of our philosophy and a criticalcomponent of our ESG approach. Our Board and its oversight of sustainability
issues impact the creation of long-term value for our clients and stakeholders.
Furthermore, we believe that our Board’s oversight of ESG, and the actions
it has taken, reflects a responsible and proactive management of thesematters and displays the importance ESG issues have on the future of the firm.

61

Social Impacts
and Safeguards

Our Governance
Framework

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Final Verification
StatementAbout This ESG
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Journey

A Letter From
Our CEO

Corporate ESG
Summary

Our Board sets the strategic direction for the firmand provides oversight and advises the firm’s senior
management. Our directors represent a diverse groupof leaders, elected by our stockholders, who bringa range of backgrounds, experience, education,and skills. The Board routinely assesses and monitors
the capabilities of our existing directors and whether
additional capabilities and new independent
directors should be added.

External ESG
Ratings

SASB Report

TCFD Report

The Board also continually assesses the needs ofthe company along with the expertise and backgroundof our current Board. They also consider any expected
director departures and retirements in its deliberations
when evaluating whether to nominate new directors whothey think could enhance and complement the specificskills and capabilities of our Board.
Of the independent directors, 40% joined the Board
within the last five years; the average non-executive

Social Impacts
and Safeguards

Our Governance
Framework

Final Verification
Statement

To Find Out Moredirector tenure is six years. The Board’s thoughtful
approach to its composition ensures a proper balance
between new directors, who bring fresh and diverse
perspectives, and the stability of the Board overall.
Our directors reflect the Board’s efforts and commitment
to diversity, equity, and inclusion with respect to age,gender, race and ethnicity, and the need for periodic
refreshment to maintain this commitment.

DIRECTOR ATTRIBUTES, SKILLS, AND QUALIFICATIONS
Executive
Leadership

Financial
Management
Representation

Investment
Management
Industry

International
Business
Experience

William J. Stromberg

■

■

■

Robert W. Sharps■■

Glenn R. August■■Mark S. Bartlett■■

Dina Dublon■■

Dr. Freeman A. Hrabowski III■■

Robert F. MacLellan

■

■

■

■

■

■

■

Eileen P. Rominger

■

■

■

■

■

■

■

Robert J. Stevens■■

Sandra S. Wijnberg■■

Alan D. Wilson■■

Mary K. Bush44■■

Richard R. Verma45

■

Name

44
45

Strategy
Formation/
Execution

Marketing/Distribution

■

■

■

■

■

■

■

■

■

■

■

Technology

■
■

■

■

■

■

■

■

■

Diversity

■
■

■
■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

■

Mary K. Bush retired from the Board on May 9, 2023, after 11 years of service.
Richard R. Verma resigned from the Board effective March 3, 2023, after he was nominated in December by President Joe Biden to be his deputy secretary of state for management and resources.

62

Government/
Regulatory

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BOARD DIVERSITY MATRIX (AS OF MARCH 1, 2023)
FemaleMale

Nonbinary

Did Not Disclose Gender

4

9

0

0

African American or Black

1

1

0

0

Alaskan Native or Native American

0

0

0

0

Asian

0

1

0

0

Hispanic or Latinx

1

0

0

0

Native Hawaiian or Pacific Islander

0

0

0

0

White

3

7

0

0

Two or More Races or Ethnicities

1

0

0

0

LGBTQ+

00

0

0

Did Not Disclose Demographic Background

0

0

0

0

Directors
Number of Directors Who Identify in Any of the Categories Below

INDEPENDENT DIRECTORCOMPOSITION

DIRECTOR INDEPENDENCE

3
Non-independent

30% are veterans

INDEPENDENT DIRECTOR TENURE

10
Independent4
0–5 years

2
10+ years

30% were born outside the U.S.
Average:
6 years

40% are ethnically diverse
40% are women
0

25

50

4
6–9 years
75

100

63

About This ESG
Corporate Report

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Journey

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Our CEO

Corporate ESG
Summary

External ESG
Ratings

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TCFD Report

Director Engagement

Committees of the Board of Directors

In 2022, the Board held seven meetings and approved
one matter via unanimous written consent. Each director
attended at least 75% of the combined total numberof meetings of the Board and Board committees of which
he or she was a member. Consistent with the company’s
Corporate Governance Guidelines, the independent
directors met in an executive session at each of theBoard’s regular meetings in 2022. Our Corporate
Governance Guidelines provide that all directors are
expected to attend the annual meeting of stockholders.

Our Board has an Audit Committee, an Executive
Compensation and Management Development
Committee, a Nominating and Corporate GovernanceCommittee, and an Executive Committee.

All nominees for director submitted to the stockholders
for approval at last year’s annual meeting on May 10,2022, attended that meeting.

Management Committee
The Management Committee works to ensure that
our clients remain first—today and in the future. Profilesof T. Rowe Price’s leadership team, which is composedof 15 experts with an average tenure of 15 years
at the firm, may be found here.

Committee Charters
Current copies of the charters of the Audit Committee,
the ECMDC, and the NCGC; our Corporate Governance
Guidelines; and our Code of Ethics for Principal
Executive and Senior Financial Officers can be foundon our website.

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Framework

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COMPOSITION OF OUR BOARD
AS OF DECEMBER 31, 2022:

10

of 13 members were independent
under the Nasdaq Global SelectMarket standards (79%)
OF OUR 10
INDEPENDENT DIRECTORS:

4

were women (40%)

3were born outside theUnited States (30%)

4were ethnically diverse (40%)

3were veterans (30%)
64

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StatementAbout This ESG
Corporate Report

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Corporate ESG
Summary

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T. ROWE PRICE GROUP BOARD OF DIRECTORS46
BACK ROW
Alan D. Wilson
Retired Executive Chairman,
McCormick & Company, Inc.

Glenn R. AugustFounder and Chief Executive
Officer, Oak Hill Advisors, L.P.

Sandra S. Wijnberg
Former Partner and Chief
Administrative Officer,
Aquiline Holdings LLC

Robert J. Stevens
Retired Chairman, President,
and Chief Executive Officer,
Lockheed Martin Corporation

Mary K. Bush
Chairman,Bush International, LLC

Richard R. VermaGeneral Counsel and Head of
Global Public Policy, Mastercard

Eileen P. Rominger
Former Senior Advisor,
CamberView Partners

Robert W. Sharps
Chief Executive Officer
and President,
T. Rowe Price Group, Inc.

Mark S. Bartlett
Retired Managing Partner,
Ernst & Young

Dina Dublon
Retired Executive Vice President
and Chief Financial Officer,
JPMorgan Chase & Co.

William J. Stromberg
Non-executive
Chair of the Board,
T. Rowe Price Group, Inc.

FRONT ROW
Dr. Freeman A. Hrabowski III
Retired President,
University of Maryland,
Baltimore County

46

Note: photograph represents the Board as of December 31, 2022. Richard R. Verma resigned from the Board effective
March 3, 2023, after he was nominated in December by President Joe Biden to be his deputy secretary of state formanagement and resources. Mary K. Bush retired from the Board on May 9, 2023, after 11 years of service.

65

Robert F. MacLellan
Non-executive Chairman,
Northleaf Capital Partners

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Corporate ESG
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Steering Committees

Our Board governanceencompasses the responsible
and proactive management of
our environmental and social issues.

Our Management Committee has established various
steering committees to assist it in setting the strategic
policy and direction for a specific area of the firm. These
include Ethics; U.S. Equity; Fixed Income; International
Equity; Multi-Asset; Investment Management; Risk
and Operational; Diversity, Equity, and Inclusion;
Retirement Leadership Council; Corporate Strategy;
and Product Strategy.

Social Impacts
and Safeguards

Our Governance
Framework

Our Board and its oversight ofsustainability issues impact thecreation of long-term value forour clients and stakeholders.

Throughout 2022, we continued optimizing ourfirmwide ESG initiatives after creating a centralized
team of associates dedicated full time to this area of
focus. With this new operating model, we have defined
accountability for the success of our ESG approachacross Investments and Corporate ESG and fordeveloping a consistent vision and global strategy
for ESG, with improved coordination across functions.

The Nominating and Corporate
Governance Committee monitors
performance objectives
and progress against our
climate-related targets.

Throughout 2022, the NCGC
received biannual updates on
corporate ESG activities.

66

Final Verification
Statement

In January 2023, the new global ESG OversightCommittee was established to provide greatertransparency on ESG initiatives, drive T. Rowe Price’s
ESG strategy, and foster ESG collaboration across theorganization. Chaired by Poppy Allonby, head of ESG
Enablement, this committee reports to the Investment
Management Steering Committee quarterly and to the
Risk and Operational Steering Committee semiannually.
Its membership includes senior leaders in investments,
distribution, and other critical functions with all regions
and advisory entities represented.

ESG Enablement

To Find Out More

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Corporate ESG
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Ratings

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Framework

To Find Out More

To Find Out More
Additional information on T. Rowe Price’s ESG-related programs
and policies and our commitment to our clients, associates,
and communities is available in the following sections
on the T. Rowe Price corporate website.

Corporate Responsibility

Leadership

Diversity, Equity, and Inclusion

Policies

ESG Investment ApproachMemberships and Associations

67

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StatementAbout This ESG
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Corporate ESG
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Final Verification
Statement

Final Verification Statement
T. Rowe Price
Final Verification Statement

Cventure LLC | March 29, 2023

Reporting Entity:

REPORTING ENTITY: T. Rowe Price

CONTACT: Heather McDonold

T. Rowe Price

Cventure LLC
May 4, 2022
Contact: William Sell

Lead Verifier:
LEAD VERIFIER: Kevin
KevinL.L.Johnson,
Johnson,
Cventure LLC
Cventure LLC
Emissions Inventory:

Emissions Inventory:
Global, corporate-wide FY2021 (January 1, 2022 – December 31, 2022) GHG
emissions inventory: Scope 1 direct emissions from fuel combustion, mobile sources,
and refrigerant losses; Scope 2 emissions from imported electricity and steam; andScope 3 emissions associated with employee business travel and waste. Boundaries
include owned/leased facilities over which T. Rowe Price maintains operational control.
CO2, CH4, and N2O direct combustion, electricity consumption, and mobile source
combustion emissions, and HFC refrigerant gas and waste CO2 equivalent emissions,were all calculated; T. Rowe Price has no SF6, PFC, or NF3 emissions.

Greenhouse Gas Management Plan:

Global, corporate-wide FY2021 (January 1, 2021 – December 31, 2021) GHG emissions inventory: Scope 1
direct emissions from fuel combustion, mobile sources, and refrigerant losses; Scope 2 emissions from imported
electricity and steam; and Scope 3 emissions associated with employee business travel and waste. Boundaries
include owned/leased facilities over which T. Rowe Price maintains operational control. CO2, CH4, and N2O
Tier II of the
ERT Standard:“Corporate
Guideline”
by ERT,a CDPdirect combustion,
electricity
consumption,and mobile GHG
source Verification
combustion emissions,and HFC
refrigerantgas
and waste CO2 equivalent emissions, were all calculated; T. Rowe Price has no SF6, PFC, or NF3 emissions.

Verification Approach:approved verification standard. Tier II-level verification is appropriate for basic reporting
purposes, including stakeholder and other external communications, and voluntary
T. Rowe Price 2021 GHG emissions inventory and methodology were developed by ICF, according to ICF’s
2021 Corporate
GHG
Inventory
tool. Raw
data collection
for boundarycompliance.
determinations
efforts for
which
thereexcel
areworkbook
no imminent
requirements
foractivities
GHG emissionsand GHG emissions sources’ characteristic and activity data were performed by T. Rowe Price and Jones Langcoveredwas
T. RowePrice’s
FY2022
GHG accepted
emissions
LaSalle.This
T.verification
Rowe Price’s effort
GHG inventory
developed
accordingto generally
GHGinventory.
accounting
standards:
The Greenhouse
Protocol,A Corporate
and ReportingStandard,
Revised Edition,
Cventure
was notGas
directly
involvedin theAccounting
FY2022 GHG
emissionsinventory’s
data
WRI/WBCSD, March 2004.
collection, management, or reporting; nor associated emissions calculation or estimates,
Verification Approach:assertions
by T.Guideline”
Rowe Price.
Cventure
has not verification
providedTier II andof theany
ERTsubsequentStandard: “Corporate
GHGmadeVerification
by ERT,a CDP-approved
standard.
II-level toverification
appropriate
for could
basic reporting
purposesCventures’
including stakeholder
and otheranyTier
services
T. RoweisPrice,which
compromise
independence
external communications, and voluntary efforts for which there are no imminent requirements for GHG emissions
as a third-party
verifier.
anyliability
foremissions
any decision
madeby third
compliance.
This verification
effortCventure
covered T. disclaims
Rowe Price’s
FY2021GHG
inventory.
Cventurewas
not directly involved in the FY2021 GHG emissions inventory’s data collection, management, or reporting; norparties based on this verification statement. Cventure’s conclusion is based on theassociated emissions calculations or estimates, and any subsequent assertions made by T. Rowe Price. Cventure
has notfindings
provided any
services to
T. Rowe Price which could compromise Cventure’s independence as a 3rd party
described
below.
Greenhouse Gas Management Plan:

T. Rowe Price’s 2022 GHG emissions inventory and methodology were developed
verifier. Cventure disclaims any liability for any decision made by third parties based on this verification
by ICF, according to ICF’s 2022 Corporate GHG Inventory excel workbook tool. Raw
statement. Cventure’s conclusion is based on the findings described below.
The Tier II review was designed to provide a limited level of assurance that the GHG
data collection activities for boundary determinations and GHG emissions sources’
The Tier II review was designed to provide a limited level of assurance that the GHG emissions assertion isemissions assertion is materially correct. Reviews of methodologies, calculations, andcharacteristics and activity data were performed by T. Rowe Price and Jones Langmaterially correct. Reviews of methodologies, calculations, and data management processes used in T. Rowe
GHG management
inventory were conducted.
AllusedT. RowePricefacilities
and GHG
GHG emissions
Scopeswithinprocesses
in T.
Rowe
Price’sinventory
werereported
conducted.
LaSalle. T. Rowe Price’s GHG inventory was developed according to generally accepted Price’sdata
the operational boundary determination were subject to the verification process. Twelve (12) facilities wereRowereviews
Price facilities
and GHG
emissions
reported
withinoperational
GHG accounting standards: The Greenhouse Gas Protocol, A Corporate Accounting
selectedAll
forT.detailed
and data sampling,
representing
overScopes
90% of T.
Rowe Price’s
totalthebuilding-related
GHG emissions,withpurchased electricity
naturaltogas
monthly
billing records
being
examinedeach ofboundary
determination
wereandsubjecttheverification
process.
Twelve(12)forfacilities
and Reporting Standard, Revised Edition, WRI/WBCSD, March 2004.
them. Root audit data records were also reviewed for travel agent-booked employee business air travel, and for
were selected
for detailed
reviews
sampling,
representing
90% collected,
waste management
vendors.
Error checking
tests andwere data
performed
on the datato assess theover
information
includingdata,
limits total
and reasonableness,
units GHG
of measure(UOM), andre-computation
crossof missing
T. RowePrice’sbuilding related
emissions,withselectpurchased
electricity
checks. No material errors or omissions were identified by Cventure during this verification project. Several
naturalgas monthly
billing
being examinedfor eachof them.
Rootidentified;audit
minor, andimmaterial
discrepancies
betweenrootrecords
data documentationand the GHG
inventory
report werethese were corrected by T. Rowe Price/ICF at that time. Boundary checks included a review of the 2021 leasedata records were also reviewed for travel agent-booked employee business air travel,
management reports. Emissions aggregation and select inventory spreadsheet calculation checks were also made,and comparedreported data.
No material
errors or discrepancies
found in those
typesdataofand foragainst
wasteinventory
management
vendors.
Error checking
tests werewere
performed
on theverification review checks. We believe that our work provides a sound basis for our verification conclusion.
to assess the information collected, including missing data, limits and reasonableness,
Conclusion:

This effort included sampling and testing of GHG emissions data and underlying root data and information,
resulting in a limited level of assurance. Based on its verification review of T. Rowe Price’s FY2021 GHG
68emissions inventory, Cventure has found no evidence that T. Rowe Price’s GHG assertion is not presented fairly
and accurately. Cventure found that the GHG inventory emissions estimates conform to generally accepted GHG
accounting standards, and are generally consistent with the WRI/WBCSD GHG accounting and reportingAbout This ESG
Corporate Report

Our ESG
Journey

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Corporate ESG
Summary

External ESG
Ratings

SASB Reportunits of measure (UOM), and select re-computation crosschecks. No material errors
or omissions were identified by Cventure during this verification project. Several minor,
immaterial discrepancies between root data documentation and the GHG inventory
report were identified; these were corrected by T. Rowe Price/ICF at that time. Boundary
checks included a review of the 2022 lease management reports. Emissions aggregationand select inventory spreadsheet calculation checks were also made and comparedagainst inventory reported data. No material errors or discrepancies were foundin those types of verification review checks. We believe that our work provides
a sound basis for our verification conclusion.

Conclusion:
This effort included sampling and testing of GHG emissions data and underlying root
data and information, resulting in a limited level of assurance. Based on its verification
review of T. Rowe Price’s FY2022 GHG emissions inventory, Cventure has found noevidence that T. Rowe Price’s GHG assertion is not presented fairly and accurately.
Cventure found that the GHG inventory emissions estimates conform to generally
accepted GHG accounting standards and are generally consistent with the WRI/WBCSD GHG accounting and reporting protocol. GHG emissions estimates were
calculated in a consistent, transparent manner, and found to be a fair and accurate
representation of T. Rowe Price’s actual conditions, and to be free from material
misstatements or omissions. Cventure verified a total of 26,381 metric tons of CO2
equivalent emissions (941 Scope 1, 19,210 Scope 2, and 6,230 Scope 3 [excluding
employee commuting]), with a limited level of assurance.

69

TCFD ReportSocial Impacts
and Safeguards

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StatementAbout This ESG
Corporate Report

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Journey

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Our CEO

Corporate ESG
Summary

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Ratings

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TCFD ReportSocial Impacts
and Safeguards

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To Find Out More

IMPORTANT INFORMATIONThis material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.
© 2023 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc. MONEY CONFIDENT KIDS is a registered trademarkof T. Rowe Price, Group, Inc.
CCON0177697
202405-3585583

70

Final Verification
Statement