ESG
2021

CORPORATE ANNUAL REPORTHow ESG impacts our corporate actions

Environmental, Social, and Governance (ESG) Corporate Annual Report. Issued September 2022.

Sustainability With Substance™

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

02

About This ESG Corporate Report05

A Letter From Our CEO

07

External ESG Benchmarks

09

Task Force on Climate-Related Financial Disclosures (TCFD) Report
Governance
Strategy
Risk Management
Metrics and Targets

21

Our Global Community
Our Associates Drive Our SuccessCommunity Investment

32

Our Governance Framework

35

Sustainability Accounting Standards Board (SASB) Report
Transparent Information and Fair Advice for Customers
Employee Diversity and Inclusion
Incorporation of ESG Factors in Investment Management and Advisory
Business Ethics
Activity Metrics

43

To Find Out More

44

Final Verification Statement01

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

About This ESG Corporate Report
T. Rowe Price continued its sustainability journey
throughout 2021 with a solid foundation in place basedon the frameworks proposed by the Task Force on
Climate-Related Financial Disclosures (TCFD) and theSustainability Accounting Standards Board (SASB).
We continue to believe that both methodologies
improve the consistency and comparability of disclosed
environmental, social, and governance (ESG) data. We
also became signatories to the United Nations Global
Compact in the early part of 2021, further strengthening
our alignment with international sustainability frameworks.
While every journey begins with a first step, reachinga destination is only possible with a road map. The
consistent use of frameworks, along with additional
financial and voluntary disclosures, paints acomprehensive picture of our ESG strategy. We remain
focused on our ESG evolution through a sound longterm strategy and transparent reporting.
We believe that we are well positioned to advance
progress of the United Nations Sustainable Development
Goals (SDGs) and have identified four goals on which
T. Rowe Price has the greatest potential for impact:
quality education (SDG4), gender equality (SDG5),
decent work and economic growth (SDG8), andclimate action (SDG13). We work to meet these SDGs
in different ways. Wherever our efforts support these
SDGs, the corresponding icon will be displayed in theappropriate section of this report.

SASB Report

To Find Out More

Final Verification
Statement

WE SUPPORT THE UNITED
NATIONS SUSTAINABLE
DEVELOPMENT GOALSThis 2021 ESG Corporate Report is part of our suiteof annual publications. We acknowledge the existenceof many ESG reporting standards, as well as multiple
audiences and data needs. Our aim is to provide athoughtful and comprehensive view of our commitment to
ESG and sustainability across several publications, suchas our 2021 Annual Report and proxy. T. Rowe Pricealso publishes an ESG Investing Annual Report, which is
focused on our approach to responsible investing. The
ESG Investing Annual Report describes the firm’s ESG
investment integration process, company engagements,
and proxy voting activities. Please refer to the To Find Out
More section for additional details about T. Rowe Price’s
community impact.
T. Rowe Price acquired Oak Hill Advisors, L.P. (OHA),
an alternative credit manager, on December 29, 2021.
With the exception of the activity metrics on page 42, theinformation provided in this report and related materials
does not include content relating to OHA. Additional
information can be found in the related announcement.
All data points within this report and the others in our
2021 reporting suite are as of December 31, 2021,
unless otherwise noted.
We are proud to share our sustainability journey and,most importantly, our commitment to advancing progress.

Source: United Nations.
The trademarks shown are the property of their respective
owners.

02

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Progress

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Our Road Ahead

ENVIRONMENTAL
 Met our goal to reduce greenhouse gas (GHG) emissions 13% in
advance of the 2025 deadline, compared with our 2010 baseline.

 Achieve zero waste at a real estate portfolio level by year-end 2025.
 Phase out all single-use plastics from our facilities, with the goal ofeliminating all single-use plastics by year-end 2025.

 Remained on track to reduce the waste sent to landfills andincinerators by 92% by 2025, compared with a 2010 baseline.
 Implemented a centralized waste management system that will
decrease the amount of waste sent to landfills and incineration plants,
while increasing the amount of waste that is recycled and composted.

 Evaluate what might be a feasible time frame for the firm to achieve
net zero in scopes 1 and 2 GHG emissions, while aligning with climate
science to limit global temperature increases to 1.5°C, and develop a
corresponding road map.1

 Began offsetting GHG emissions generated from business travel.

SOCIAL Increase the diversity of our global workforce from 44% women in
2021 to 46% women in 2025, while also increasing representation insenior roles from 29% in 2021 to 33% in 2025.

 83% of our workforce feels a sense of belonging at T. Rowe Price.
 43% of associates are members of at least one business resourcegroup (BRG).

 Within our U.S. workforce, increase representation of Black/Hispanic/
Native American talent from 17% in 2021 to 19% in 2025, while also
increasing representation in senior roles from 8% in 2021 to 10% in 2025.

 Total firm giving to our communities was USD 35.2 million.2

 Aim to spend USD 50 million with diverse-owned and small
disadvantaged-owned businesses in the U.S. by 2025 annually. This is
an increase from USD 35 million in 2021.

1
2

Scope 1 (direct emissions from owned or controlled sources), scope 2 (indirect emissions from the generation of purchased electricity, steam, or cooling), scope 3 (all other indirect emissions).
Includes direct grants, matching gifts, associate donations, Corporate Social Responsibility sponsorships, and community and business memberships.

03About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Progress

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Our Road Ahead

GOVERNANCE
 Joined the Net Zero Asset Managers initiative to support the goal of
net zero greenhouse gas emissions by 2050 or sooner.

 Work with clients who are interested in net zero emission goals fortheir portfolios to develop a decarbonization plan.

 Managed USD 95 billion in assets in socially responsible accounts asof December 31, 2021.3

 Optimize our ESG initiatives as a firm after creating a centralized teamof associates who are 100% dedicated to this area of focus.

3

The total socially responsible account assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. Socially responsible investment accounts include accounts that, at client direction, apply screens to avoid specificcompanies or sectors associated with one or more objectionable activities as determined by the investor. Not all accounts apply the same screens. Total assets under management in socially responsible investments are unaudited estimatesand may vary due to currency fluctuations.

04

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

A Letter From Our CEO
As we enter our 10th year of sustainability reporting,
we reflect on our journey at a critical moment. We arepleased with what has been achieved and recognize
a global urgency to accelerate progress. The ongoingrecovery from the COVID-19 pandemic and learnings
from COP26 have underscored the need for improved
sustainability practices.
We face these challenges with optimism, knowing
there is opportunity in every crisis. Embedding andextending ESG practices in our business has become
an increasingly important priority for our firm. We are
well prepared for the work ahead. As investors, we havealways believed long-term thinking and sustainability go
hand in hand.
We recognize the urgency to address climate change
and have joined the Net Zero Asset Managers initiative(NZAMI). Joining NZAMI enables us to help our clients
meet their net zero ambitions in a manner compatible
with our fiduciary duty to our clients.
In addition to bolstering our ESG investing capabilities,
we launched our first impact investing strategies, whichgive investors the opportunity to simultaneously pursue
their financial goals and align their investments with
the United Nations Sustainable Development Goals.
Advancing the SDGs is also a priority for our business
operations. As articulated in our 2020 Sustainability
Report, we seek to accelerate and scale our impact

05

by upholding the United Nations’ Ten Principles andthe SDGs. To this end, we continue to focus our efforts
on addressing some of the world’s most pressing
challenges through these areas: quality education,
gender equality, decent work and economic growth, andclimate action.
The planned relocations of our headquarters in Baltimore
and our office in London have given us an opportunity totake stock of our facilities. For example, we are pursuing
three-star FitWel certification—its highest level—for theinterior of our new Baltimore headquarters, to enhance
the well-being of our associates and surrounding
community. At a real estate portfolio level, we have taken
steps to reduce our scope 3 greenhouse gas footprint
by offsetting emissions from employee businesstravel and targeting a zero-waste workplace by 2025.
Concurrently, we are evaluating a feasible time frame toachieve net zero emissions in scopes 1 and 2.
Our long-held reputation of excellence is made possibleby the diversity of our associates. We, therefore,
recognize the opportunity to strengthen the diversity of
our workforce and have set goals to guide our progress.
By 2025, our goal is that 46% of our global workforce
will include women and 19% of our U.S. workforce will
include underrepresented minorities.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

We remain committed to transparency and reportingon our progress. This report marks the second time
we follow the recommendations of the Task Force on
Climate-Related Financial Disclosures and the thirdtime we follow the Sustainability Accounting Standards
Board’s topical recommendations for the asset
management and custody activities industry.

SASB Report

To Find Out More

Final Verification
Statement

We’re excited to break ground on our
new headquarters during the firm’s
85th anniversary year. We have been in
Baltimore since 1937, and we remaincommitted to supporting our communityand creating a sustainable environment
for our associates to thrive.

We continue to move forward—not just despite theglobal challenges we face, but because of them.

Sincerely,

Our Governance
Framework

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

ROBERT W. SHARPS
Chief Executive Officer and President

06

Robert Sharps
CEO and President,
T. Rowe PriceAbout This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

External ESG
Benchmarks
We continued refining our ESG disclosures and engaging with ratings agencies
and stakeholders at large. This contributed to greater transparency and anenhanced understanding of frameworks and methodologies. We tracked our
corporate ESG performance during the year.

07

SASB Report

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Ratings:4

SUSTAINALYTICS

MSCI

16.7

A

In November 2021, T. Rowe Price Group, Inc., received an ESG Risk Rating of 16.7 out
of 100, with 0 being the best possible score, and was assessed by Sustainalytics to be
at low risk of experiencing material financial impacts from ESG factors.5

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.6

RUSSELL FTSE4GOOD

CDP

In June 2021, FTSE Russell (the trading name of 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 to become
a constituent of the FTSE4Good Index Series. Created by the global index provider
FTSE Russell, the FTSE4Good Index Series is designed to measure the performance ofcompanies demonstrating strong Environmental, Social and Governance (ESG) practices.
The FTSE4Good indices are used by a wide variety of market participants to create andassess responsible investment funds and other products.7

B
In December 2021, T. Rowe Price Associates, Inc., received a score of B in its climatechange questionnaire. Companies are scored on an industry-relative scale of A+
to F, with A+ being the best possible score. Our current score of B is higher than the
North American regional average of C and the same as the financial services sector
average of B.

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.
Copyright ©2022 Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of 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.
6
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
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. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The
FTSE4Good indices are used by a wide variety of market participants to create and assess responsible investment funds and other products.
4508About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Task Force on
Climate-Related
Financial Disclosures
This is the second year that T. Rowe Price has published a TCFD
report. Established in 2015 by the Financial Stability Board (FSB),
the TCFD was tasked to develop a set of voluntary climate-related
financial risk disclosures. The task force’s recommendations
represent core elements of how organizations operate: governance,
strategy, risk management, and metrics and targets. We anticipate
further refinements to our TCFD report with each iteration.

09

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

GOVERNANCE
A

climate risks and opportunities. In particular, the Corporate ESG team, in collaboration
with the Corporate Real Estate and Workplace Services team, oversees the submissionof our climate-related information to the Carbon Disclosure Project (CDP), which has acore component of environmentally focused metrics.

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

The Nominating and Corporate Governance Committee (NCGC) of the Board of
Directors of T. Rowe Price oversees the firm’s ESG activity and receives semi-annual
updates. As public supporters of the TCFD framework, we introduced an amendment to
the NCGC’s charter in 2020. This development expressly granted the NCGC oversightof climate-related issues.

T. Rowe Price’s Management Committee assesses climate-related risks andopportunities at the corporate level via the ROSC. The Management Committee sets
and approves climate-related targets at the firm level. The Corporate ESG team ensuresthat the Management Committee and NCGC are aware of climate-related risks andopportunities that involve developing strategies, action plans, annual budgets, andbusiness plans.

As a result, the NCGC will receive at least semi-annual updates, as applicable, from the
Corporate ESG team on climate-related issues and closely monitor progress against
climate goals and targets.

B

Our organization relies on additional resources to identify and assess climate-relatedrisks and opportunities and scope possible adaptation and mitigation strategies.
These include:

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

 Shareholder engagements

T. Rowe Price’s leadership is aware of the risks and opportunities climate change poses
to its business. Our Corporate ESG and Responsible Investing teams are responsible fordeveloping and managing the firm’s sustainability initiatives in their respective areas offocus. Day-to-day tasks involve the identification, assessment, tracking, and mitigation of Trade associations
 ESG benchmarking, surveys, andratings10

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

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

STRATEGYA

We believe that the risks associated with new climate-related regulations may result inincreased energy and operational costs based on the current regulatory environment.
It is key for us as an asset manager to understand the impact that new environmental
and climate-related regulations can have on different companies and industries and ourinvestments in those companies or industries. Furthermore, emerging regulatory andlegal requirements, including emerging climate-related regulations, may be costly to
implement, from both a human resources and a budgetary perspective.

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

Our organization continuously strives to mitigate our exposure to climate risk, improve
our operational efficiency, and reduce our environmental impact. Our climate strategy
focuses on acute disruptions brought on by major weather events and chronic
implications of climate change. Our operations are exposed to physical risks andtransition risks derived from climate change. For additional information on these andother risks, please see the Climate-Related Risk and Mitigation Strategies chart in
Section B of Risk Management (page 13).

The practice at T. Rowe Price from an asset management perspective is to embed
ESG (including climate-related risks and opportunities) throughout our investment
research platform and hold analysts and portfolio managers (PMs) accountable for
ESG integration (it is part of their year-end assessment). However, discretion for how
a specific investment strategy manages climate-related risks sits with the portfolio
manager of that strategy. We rely on a combination of fundamental analysis (by analysts
and PMs), thematic research by the Responsible Investing team, and our proprietary
Responsible Investing Indicator Model (RIIM) analysis when incorporating climatechange risk and opportunities into our investment theses. Fundamental and thematic
research are easily shared across our research management platform (RMS) and iseasily accessible on the desktops of our investment professionals.

Reducing and managing our GHG emissions is our primary sustainability priority from a
corporate standpoint. We are currently focusing on initiatives in our control in the shortterm (recycling and energy efficiency measures, among others), while also exploring thefeasibility of implementing longer-term mitigation strategies (infrastructure investments)that will allow us to reduce emissions and mitigate climate-related risks.

B

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.

In addition to our RIIM analysis, the Responsible Investing team works closely with our
sector analysts in evaluating climate change factors. The Responsible Investing team’s
deliverables include company-specific analysis, such as assessing environmental ratings
on real estate companies, to more thematic work, like creating a carbon tool. This tool
allows our analysts to input their own forecasts to understand how certain assumptions
compare with a +1.5˚C and +2.0˚C pathway. Another tool available to our PMs is the
carbon footprint of their portfolio, which evaluates each portfolio’s carbon emissions
and carbon intensity versus its benchmark. This analysis can show how a portfolio is
being managed from an environmental perspective.

T. Rowe Price’s Management Committee is responsible for directing the firm’s overall
strategy and operations and has the ultimate oversight of climate-related issues, at theinvestment and operational levels, across the organization. As part of our climate risk
assessment process, we utilize the CDP Climate Change questionnaire to benchmark
our climate change strategy performance annually. Once shared with the ROSC, ourCDP responses informed our corporate risk assessment related to climate change. The
assessment enhances climate strategy across T. Rowe Price’s business. By leveraging
our previous work on the CDP questionnaire, we have been working for the past two
years on implementing the task force’s recommendations to disclose climate-relatedrisks and opportunities.
11About This ESG
Corporate ReportC

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

SASB Report

To Find Out More

Final Verification
Statement

experts specializing in enterprise and operational risk, investment risk, privacy, andbusiness resiliency.

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

Our ERG conducts assessments of the risks that our firm faces in the short, medium,and long terms. The corporate risk profile informs the ROSC 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 thatmitigate exposure to risk. The firm employs a multilayered approach to identify risks
and opportunities associated with individual physical locations, led by our BusinessResilience Governance Committee, which reports to the ERG. Our approach ensuresthat we can quickly identify and thoroughly respond to risks and opportunities, thereby
reducing the impact on the firm and our clients. 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.

We are currently conducting a search to identify a vendor that will assess the full
implications of climate change on our investment portfolios and business operations
to inform our strategic and financial planning processes, testing their resilience. Last
year, in order to align our disclosures with the TCFD’s recommendations and to managetransition risks more effectively, we began an internal qualitative and quantitative
assessment of climate-related transition risks. This process informed us that outside
expertise was needed to wholly understand the implications related to different
scenarios associated with various temperature increases of 2˚C and lower.

RISK MANAGEMENTA

Our Governance
Framework

From an asset management perspective, our engagement program with investee
companies takes place through in-person or virtual meetings, conference calls, proxyvoting, and occasional formal letters to Boards of Directors. When a company isengaging in a business practice related to ESG issues, including climate change, that
we believe could inhibit our ability to reach our investment goals, we make that view
known to the company’s leadership.

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 investment research on climate change is coupled with engagement with existingand prospective investees on the topic. The objectives of our climate change-oriented
engagements have focused on improving our understanding of a specific company’s
exposure to climate change and on encouraging improved disclosure of environmental data.

Our comprehensive approach to identifying and assessing risks and opportunities—
including climate change—is managed at the company and portfolio levels through anenterprise risk management framework, focusing on reputational risk, strategic risk,
operational risk, business continuity risk, human capital risk, compliance risk, andfinancial risk. Identifying climate-related risks includes the consideration of extreme
weather events, uncertainty surrounding regulation, reputational impacts, and our
product range.

B

As head of the Enterprise Risk Group (ERG), our chief risk officer (CRO) is primarily
responsible, with support from the ROSC, for anticipating and addressing new risks,
as well as ensuring the proper handling of risk across the firm. The CRO reports to thefirm’s chief operating officer (COO) and regularly updates the CEO and the T. Rowe Price
Group Board of Directors. The ERG is an independent, global team with seasoned

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.

We consider climate change risks and opportunities in several areas of the firm,
consistent with the risks and opportunities presented by our business.

12About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Type

Climate-Related Risks and Mitigation Strategies

Potential Financial Impact

Transition
Risks

Policy and Legal Increased operating costs (e.g., higher
compliance costs; increased insurance
premiums; costs derived from sanctions, fines,or judgments)

In our highly regulated industry, the risk of litigation claims, as well as policy changes, are continuously
evaluated by our Legal, Compliance, and Audit department and incorporated in the firm’s overall risk
management program. Some examples of risks stemming from policy or legal frameworks that we haveidentified as potentially impacting our business are increased pricing of GHG emissions, enhanced
reporting obligations, regulation of existing products and/or services, and exposure to litigation.
We also assess and anticipate regulatory environmental standards that may require us to participate
in energy reduction initiatives, energy efficiency programs, or renewable energy programs. These
considerations are reflected in the firm’s environmental management planning strategy and influenceongoing planning and budgeting exercises.
Technology
As technology develops to address climate change, the firm views any related risks as importantconsiderations in our primary business of investing in the companies affected. Additionally, we track
costs inherent to transitioning to lower-emissions technologies for our own corporate footprint, along withthe substitution of existing assets and related services with lower-emissions options.

 Research and development expenditures in new
and alternative technologies
 Substitution of obsolete assets or technologies
 Capital investments in new technologies
 Costs to adopt lower-emissions processes andinternal capacity building Shifts in consumer preferences may reduce thedemand for certain goods and services

MarketMarket risk is a key component of the firm’s risk assessment. Climate change may influence customer
 Increased production costs due to changing
behavior by impacting investments in our existing portfolios and steering the demand for investment
input prices (e.g., energy, water) and output
products oriented toward climate change mitigation or providers of environmental solutions. Furthermore,
requirements (e.g., waste treatment)
as we have announced plans for our new headquarters, we are assessing the probability of increased Unexpected and sharp shifts in energy costs
costs in raw materials for construction.
Reputation

 Negative stakeholder feedback

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. Our multilayered
approach ensures that we can quickly respond to any incident, minimizing business interruptions andreducing any impact on the firm or our clients. We routinely track shifts in consumer preferences andcollect feedback from stakeholders.

 Impacts on revenue from negative impacts on
workforce management and planning (e.g.,
employee attraction and retention)

13

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Type

Climate-Related Risks and Mitigation Strategies

Potential Financial Impact

Physical Risks

Acute Reduced revenue and higher costs fromnegative impacts on our global workforce (e.g.,
health, safety, inability to access the workplace)

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 location of a vendor servicing the firm may affect our day-to-day operations, potentially resulting inincreased costs.
Chronic

 Increased operating costs

Not only can extreme weather-related events around the world affect our business operations, but they
may also impact companies in which the firm invests on behalf of our clients. An extreme weather event
may cause our investment professionals to reevaluate investments in affected companies.

 Increased capital costs (e.g., damage tofacilities)

From a corporate standpoint, rising sea levels may increase the risk of flooding to our Baltimore office
and increasing wildfires could impact our operations in Colorado Springs. Additionally, because of
extreme variability in weather patterns, we may experience increased costs related to more frequentcooling and heating needs inside our buildings.
Resource
Efficiency

Through our Corporate Real Estate and Workplace Services team, T. Rowe Price is constantly seeking
energy efficiency measures to implement throughout our global offices. Our firm also seeks to have atleast 60% of its real estate environmentally certified by 2025, sets challenging environmental impact
reduction targets, and tracks its performance against these targets annually. Our new corporate
headquarters will aim for excellence in terms of environmental sustainability and energy efficiency.
Additionally, we will target a zero-waste workplace.
Our firm is currently developing a corporate net zero strategy and action plan based on these pillars:
understanding its carbon footprint and trajectory, reducing its operational energy use, increasing its renewableenergy supply (on- and off-site), reducing its embodied carbon, and offsetting remaining emissions.

Resilience Write-offs and early retirement of existing
assets (e.g., damage to property and assets inlocations considered to be high risk)

As part of our global corporate real estate strategy and plan, we regularly seek new opportunities toenhance our environmental management practices, as demonstrated by the firm’s investment in a 2.2
MWh solar photovoltaic renewable energy system consisting of over 7,000 panels and the provision offree electric vehicle charging stations for associate use at our owned corporate campuses.

14 Increased insurance premiums and potential for
reduced availability of insurance on assets inlocations considered to be high risk

 Reduced operating costs (e.g., throughefficiency gains and cost reductions) Increased value of fixed assets (e.g., highly rated
energy-efficient buildings)
 Benefits to workforce management andplanning (e.g., improved health and safety,
employee satisfaction)
 Reputational benefits

 Increased market valuation through resilienceplanning (e.g., land, buildings, infrastructure) Returns on investment in low-emission
technologies

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

From an asset management perspective, the Investment Management Steering
Committee (IMSC), among other things, is responsible for reviewing and approving
the annual and three-year product road map developed by the firm’s Product Group.
The ESG Taskforce, which is sponsored by the IMSC, and the Product Group consider
climate-related risks and opportunities as they relate to the commercial appeal of
our product range. The IMSC is chaired by the group CIO and head of Investments
and includes the heads of each investment business unit (U.S. Equity, International
Equity, Fixed Income, and Multi-Asset), heads of Distribution, and the COO. As partof its oversight of ESG issues, the IMSC receives a quarterly update from the Global
ESG Taskforce. This taskforce is co-chaired by the director of Research—Responsible
Investing and the global head of ESG Marketing and Communications and is madeup of representatives from Investments, Distribution, Marketing, and Client Reportingwith the mandate to serve as a source of input for potential ESG-related productdevelopment activities.

Our Governance
Framework

C

SASB Report

To Find Out More

Final Verification
Statement

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

Our CRO manages the ERG and serves on the ROSC. Additionally, business unit
leaders are responsible for overseeing operations and managing risks specific to theirrespective business areas.
Although climate-related risks have been considered part of our annual corporaterisk assessment—for example, in prior years, our Business Continuity group assessed
these risks relative to our physical assets—these risks will be more formally addressed
throughout 2022. Oversight and implementation of this process are performed by the
ROSC and, ultimately, the T. Rowe Price Group Board of Directors. The ROSC is chairedby the firm’s COO. The ROSC oversees, monitors, and communicates the firm’s risk
management structure, processes, and business unit risk management efforts. The
ROSC monitors existing policies, makes policy recommendations on matters related torisk management, and ensures issues are elevated and risk is mitigated. The committee
meets monthly and is composed of senior business leaders from across the organization.

15

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

Final Verification
Statement

To Find Out More

METRICS AND TARGETS
A

B

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

We are continuing the process of conducting a comprehensive climate risk assessment.
Through this undertaking, we will identify the most material climate-related risk andopportunity metrics. We anticipate that these metrics will monitor both the physical andtransitional risks associated with climate change. These could include: the percentage

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

T. Rowe Price’s GHG emissions are calculated according to the methodology set forth
by the Greenhouse Gas Protocol.

2021 EMISSIONS BY SCOPE 8

Emissions reported in metric tons of CO2 equivalent (MT CO2e)of assets with high flood risk assessment, the percentage of associates with climate risk
training, and the percentage of our real estate portfolio covered by risk management
plans. We will ensure that we can immediately use these metrics to baseline our current
performance using historical data sets and to demonstrate progress annually. In
addition, we understand the need to incentivize decisions that align with a low-carbon
economy. Therefore, we will explore the value of developing an internal carbon priceto guide decision-making processes.

GHG Source Category

Solar panels at our Owings
Mills, Maryland, U.S., campus
supply approximately 15% of
the location’s energy.

Emissions (MT CO2e)

Percent of Total

Scope 1 Emissions

877

4.33%

Stationary Combustion

583

2.88%

Mobile Combustion

3

0.02%

Refrigerants

290

1.44%

Scope 2 Emissions

18,88793.55%

Purchased Electricity

18,33290.61%

Purchased Steam

556

2.75%

Scope 3 Emissions

468

2.31%

Employee Air Travel

432

2.13%

Employee Train Travel

2

0.01%

Waste

34

0.17%

20,232100.00%Total GHG Emissions
Note: Totals may not sum due to independent rounding.

8

16

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.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

EMISSION INTENSITIES BY SCOPE
Scope

Unit

2015

2016

2017

2018

2019

2020

2021

% Change2021 vs. 2019

Scope 1: Direct Emissions

MT CO2e

928

1,050

1,259

2,162

1,424

796

877

-38.4%

Scope 2: Indirect Emissions

MT CO2e36,65034,06528,87728,607

24,791

20,661

18,887-23.8%

Total Scope 1 & 2 Emissions

MT CO2e37,57835,11530,13630,76926,215

21,457

19,764-24.6%

Scope 3: Other Indirect Emissions

MT CO2e

5,941

6,410

6,699

8,357

10,2042,377

468-95.4%

Total Scope 1, 2, & 3 Emissions

MT CO2e43,51941,52536,835

39,12636,41923,834

20,232-44.4%

Global Square Feet (SF)Thou. SF

2,303

2,303

2,356

2,386

2,392

2,320

2,212

-7.5%

Global Full-Time Employees (FTE)

FTE

7,339

7,339

7,672

7,882

8,314

8,324

8,036

-3.3%

Global Revenue

Million USD (MUSD)

4,223

4,223

4,793

5,373

5,618

6,207

7,672

36.6%

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

16

15

13

13

11

9

9

-18.5%

Scopes 1 & 2 Emissions per Employee

MT CO2e / FTE

5

5

4

4

3

3

2

-22.0%

Scopes 1 & 2 Emissions per Revenue

MT CO2e / MUSD

9

8

6

6

5

3

3

-44.8%

Scopes 1, 2, & 3 Emissions per Square FootMT CO2e / Thou. SF

19

18

16

16

15

10

9

-39.9%

Scopes 1, 2, & 3 Emissions per Employee

MT CO2e / FTE

6

6

5

5

4

3

3

-42.5%

Scopes 1, 2, & 3 Emissions per Revenue

MT CO2e / MUSD

10

10

8

7

6

4

3

-59.3%

Note: Annual employee data are calculated using the average employee count over the course of each year.

17About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Our Global
Community

TCFD Report

EMISSION TRENDS
Scope 1:
Direct Emissions

Our Governance
Framework

SASB Report

Final Verification
Statement

To Find Out More

AIR MILES

Scope 2:
Indirect Emissions

2021%
Change2021 vs.
2019

2,639,963

-94%

432

-96%

Scope 3:
Other Indirect Emissions
Air Travel
Air Miles
Traveled

2021

Emissions
From Air
Travel(MT CO2e)

2020

2015

2016

2017

2018

2019

2020

37,012,226 37,906,085 42,843,263 39,479,253 43,832,701 9,832,053

5,908

6,229

6,534

8,023

9,763

2,162

2019

WASTE MANAGEMENT
2018
Unit

2015

2016

2017

2018

2019

2020

2021

%
Change2021 vs.
2019

Landfill
Waste

Tons

121

61

56

59

39

1249

123

216%

Recycling

Tons

521

465

572

573

604

216

232

-62%

Compost

Tons

21

16

23

50

43

19

107

151%

EnergyRecovery

Tons

359

363

313

332

527

189

141

-73%

Total Waste

Tons

1,022

905

964

1,014

1,213

548

603

-50%

Waste
Management
Practice

2017

2016

2015

0

10,00020,00030,00040,00050,000Emissions (MT CO2e)9

Increased landfill waste in 2020 is the result of additional estimated data for the firm’s Tech Center, Linthicum, and Hagerstown locations. Based on EPA standards, we started factoring in this data as of August 2020, and have extrapolated it back to January 2020.

18

About This ESG
Corporate ReportC

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

future, Climate Vault will use the monetary value of the permits to fund carbon dioxide
removal technologies to eliminate CO2 already in our atmosphere.

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

Additionally, we plan to tap in to our associates’ desire to make a difference and adopt
more sustainable practices in their personal lives. We will host a giving campaign for
Climate Vault, in which associates will be invited to calculate their personal carbon
footprint and make a voluntary donation to Climate Vault, which will be matched by
T. Rowe Price, to neutralize it.

We currently have targets to measure climate-related risks and opportunities for twoareas: GHG emissions and waste. After meeting our goal to reduce GHG emissions 13%
by 2025, compared with our 2010 baseline, we are evaluating what might be a feasible
time frame for the firm to achieve net zero in scopes 1 and 2 greenhouse gas emissions,while aligning with climate science to limit global temperature increases to 1.5°C, anddeveloping a corresponding road map.

We acknowledge that employee commuting also contributes to our scope 3 GHG
emissions. In 2023, we will begin surveying associates to understand the GHG
emissions generated from their commutes and report our findings as part of our scope
3 GHG emissions.

We have conducted a comprehensive review of our scopes 1, 2, and 3 greenhousegas emissions to understand the large contributors that need to be addressed first andforemost, particularly in a hybrid working environment. During the pandemic, scope 2
emissions accounted for 93% of our total greenhouse gas emissions, up from 67% in2019 when employee travel represented a larger portion of our total carbon footprint.
Consequently, addressing scope 2 emissions will be our first priority.

While T. Rowe Price does not currently include financed emissions as part of its scope
3 greenhouse gas emissions, we recognize clients’ interests in better understanding thecarbon footprint of their portfolios. We currently produce carbon footprint reports forequity and fixed income credit strategies that have at least 75% coverage regarding theinformation available on the underlying securities’ GHG emissions for both the strategy
and its respective benchmark.

Our Baltimore-based facilities generate 61% of our scope 2 emissions. We are looking
ahead to 2024 when our contract with our local energy provider in Baltimore will be
renegotiated, and we are engaging suppliers to facilitate the transition from brown
power to green power. Pursing opportunities to transition the remaining 39% of ourscope 2 emissions to renewable sources of electricity will be key to determining anappropriate time frame for achieving net zero emissions.

At year-end 2021, roughly USD 1.2 trillion of our assets under management resided
in portfolios holding equities or corporate bonds. We found that just under 60%
of securities within the benchmarks of this universe were reporting scopes 1 and2 emissions. (This calculation used the weighted average reported data for thebenchmarks of our portfolios.) For the equity benchmarks, the figure was slightly
higher than 60%, while the weighted average for the fixed income benchmarks was
dramatically lower, coming in at less than 20%. The range of reported data was extreme
across both asset classes (4%–93% for equity benchmarks and 3%–77% for fixedincome benchmarks).

We recognize the over-reliance on carbon offsets to advance net zero ambitions
and achieve carbon neutrality. The use of carbon allowances will only be applied toT. Rowe Price’s GHG emissions in instances in which limited reductions can beachieved. Currently, employee travel represents the largest portion of this.
To address GHG emissions from employee business travel, beginning in 2021, we havepartnered with Climate Vault, an award-winning nonprofit, to purchase and “vault” carbon
allowances on government-regulated compliance markets. Because the number ofallowances is limited, keeping them off the market decreases CO2 emissions andprovides a quantifiable carbon reduction. Their approach is easily measurable (1 permit= 1 metric ton of CO2), provides price transparency, and is rigorously verifiable. In the

As a sponsor of the Task Force on Climate-Related Financial Disclosure, we advocate
for our investee companies to utilize this framework and, at a minimum, report theirscopes 1 and 2 emissions. The carbon footprint reports for our investment strategies
are available to investment professionals upon request.

19

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

In April 2022, we joined the Net Zero Asset Managers initiative (NZAMI) to support thegoal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts
to limit warming to 1.50˚C. Over the next year, working with our clients to understandthe appetite for net zero portfolios, we will determine if it will be appropriate to apply a
net zero mandate to any of our products and segregated mandates. In April 2023, we
will publish our initial NZAMI disclosure, detailing the proportion of our assets that havea net zero mandate.

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

We aim to set stringent sustainability goals that will be incorporated into our real estate
portfolio. One specific goal is to achieve zero waste in our operations by 2025.
Targeting zero waste at a real estate portfolio level requires: (a) diverting all solid wastefrom landfill, incineration (waste-to-energy), and the environment; (b) achieving 90%
or greater average diversion of solid, nonhazardous wastes from landfill, incineration(waste-to-energy), and the environment for the most recent 12 months; and (c)diverting materials to be reduced, reused, recycled, composted, and/or recovered for
productive use in nature or the economy.

In 2019, we set a target of reducing the waste we send to landfill by 92% by 2025,
compared with a 2010 baseline. The absolute target is measured by collecting datafrom each facility on tons of waste sent to landfills. As with GHG emissions, we are on
track to meet this target in advance of the 2025 deadline.

An additional goal we have set for our operations is to phase out all single-use plastics
by 2025. We’ll begin this effort by phasing out the limited amount of cutlery in our cafes
and pantries that are plastic. In the U.S., most of our disposable cutlery is compostable,
while our global offices use reusable cutlery. We believe this can be achieved by the endof 2022. Subsequently, we will be turning our attention to the offerings in our vending
machines and our catering relationships.
We are aiming for high environmental standards at our new offices. Our new global
headquarters at Harbor Point in Baltimore, which is scheduled to open in 2024 and willfeature a water harvesting system that will save approximately 1.55 million gallons ofpotable water annually, contributes to our goal of achieving LEED Platinum status forcommercial interiors. By using rainwater in the flush fixtures of the building, the potablewater usage will be reduced by more than 50% and will ultimately create a positive
impact on the health of the Chesapeake Bay. At the Warwick Court building in London,
where the landlord is refitting the current building and we are fitting out our officespace, we are striving for an Excellent standard in Building Research Establishment
Environmental Assessment Methodology (BREEAM) through our commitment tomaintain zero waste to landfill, including no ash to be sent to landfill from incineration.

Measuring, managing, and disclosing
climate-related risks and opportunities
is a business imperative. TCFD provides
a helpful framework to identify the mostmaterial considerations and develop anunderstanding of the financial impact
of climate change. We enthusiasticallysupport the framework for the leveltransparency and comparability in datathat it offers investors and issuers alike.
Gabriela Infante, Director,
Corporate ESG at T. Rowe Price

20

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Our Global
Community
We are resolved to work toward
a world where there is opportunity
for all, within both our workforce
and the world around us.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

OUR ASSOCIATES
DRIVE OUR SUCCESS

Our 2021 priorities have positioned us for success and have provided theframework for the next stages of our diversity, equity, and inclusion (DEI) strategy:

At 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 an equal opportunity to
all associates is a business and culturalimperative in today’s dynamic businessenvironment.

2021

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 under-represented groups in asset
management. This includes both ethnically diverse
associates and women.
In 2021, 23% of our investment professionals globallywere women (up from 21% during 2020), and firmwide,
66% of new hires were either women or ethnicallydiverse (up from 63% during 2020). For every open
senior role at the firm, our goal is that at least 30% of thecandidates interviewed will be ethnically diverse and/or
women, and during 2021, 59% of the candidates were
ethnically diverse or women.10
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.
Additional information can be found in the related announcement.

ALIGN ANDINSPIRE Develop leaders as role models
 Achieve organizational awareness and education
 Understand key priorities and align human resources and business systems to
attract, develop, empower, and retain associates to drive business success
2021 Priorities:

Grow andsupportour diverse
workforce

2022
IMPROVE AND
EQUIP

2023

OPTIMIZE AND
ACHIEVE

22

Sustain andenhanceour inclusive
cultureEngage ourassociates

Communicate
our commitment
and progress
to keystakeholders

Sharedaccountability
for diversity,
equity, andinclusion in
our business Focus on leaders as mentors, sponsors, and active allies
 Maximize associate engagement while demonstrating behaviors that attract andretain talent Foster an inclusive culture while providing a balanced workforce that
accelerates company growth Be a recognized leader in DEI to positively impact clients and communities Extend our market reach to attract and deepen client relationships and achieve
brand recognition
 Become an employer of choice for diverse talentAbout This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Our Global
Community

TCFD Report

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

We are committed to sharing our progress toward these goals. This is the second time that, in addition to the
EEO-1 data included in our SASB report, we are providing supplementary data on our workforce’s global
gender representation and ethnic diversity in the U.S. Data are as of December 31, 2021.11

INVESTMENTS GROUP DIVERSITY
BREAKDOWNGLOBAL DISTRIBUTION AND GLOBALPRODUCT GROUP DIVERSITY BREAKDOWNCORPORATE FUNCTIONS GROUP
DIVERSITY BREAKDOWN

Gender Representation—Global Population

Gender Representation—Global Population

Gender Representation—Global Population

Women
TOTAL:* 947

26%

Portfolio Managers: 163

12% 88%Analysts: 373

27%

73%

Traders: 97

26%

74%

All Other Roles: 314

32%

74%

TOTAL: 2,798

49%

Senior Level:** 373

35%

All Others: 2,425

51%

Women

Men

51%
65%
49%

TOTAL: 3,451

45%

55%

Senior Level:** 262

42%

58%

All Others: 3,189

46%

54%

Men

68%

Ethnically Diverse—U.S. Population Only
Ethnically Diverse

Ethnically Diverse—U.S. Population Only

Non-ethnically Diverse

TOTAL:* 668

25%

Portfolio Managers: 122

15% 85%

Analysts: 249

37%

Traders: 66

20%

80%

All Other Roles: 231

19%

81%

75%

63%

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

11

Women

Men

Ethnically Diverse
TOTAL: 2,535

27%

Senior Level:** 316

15% 85%All Others: 2,219

29%

Ethnically Diverse—U.S. Population Only

Non-ethnically Diverse
73%

71%

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

Ethnically Diverse
TOTAL: 2,886

34%

Senior Level:** 220

18%

All Others: 2,666

35%

Non-ethnically Diverse
66%

82%
65%

**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.

23

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Our Global
Community

TCFD Report

Our Governance
Framework

Attracting, Developing,and Retaining Diverse Talent

44%

of global associates
are women1146%

our goal for global female
representation by 202511

29%

of U.S. associates are
ethnically diverse11

17%

We believe a key component of combating racialinequality and injustice is greater representation of
ethnically diverse people in all areas of society andbusiness—including at T. Rowe Price.
In 2020, we set goals to increase the representation of
women and underrepresented minorities, specificallyBlack, Hispanic, and/or Native American talent, within
our workforce and in senior roles by 2025. Our strategy,
programs, and investments have enabled us to makesteady progress on our path toward achieving our ambition.

SASB Report

To Find Out More

Final Verification
Statement

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 high school, throughcollege, and on into graduate school.
We host on-site and virtual mentoring and recruitment
initiatives in all U.S. offices and London to encourage
diverse candidates to consider careers in asset
management. Our signature programs, like M.B.A.
Day, Launching Your Legacy, and our Women’s Stock
Pitch workshop, are a few of the ways that we strive toreach early-career diverse talent, create exposure to ourindustry, and introduce opportunities for such talent tobring their perspective and insight to the firm.

To increase the pipeline of diverse candidates, we havecreated partnerships with colleges and universities fromwhich we have had success in recruiting diverse talent in

ANNUAL EMPLOYEE TRAINING HOURS12

of our U.S. associates are Black,
Hispanic, and/or Native American11

19%

our goal for U.S. representationof Black, Hispanic, and/or Native
American by 202511

TOTAL ANNUAL EMPLOYEE TURNOVER11% Associates
Completing
Optional Training

Year

Percentage

Year

Total Hours

Average Hours
per Associate

2021

200K

21

85%

2021

23.0%13

2020

140K

18

89%

2020

8.5%

2019

190K

26

77%

2019

13.9%14

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.
13
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.
14
T. Rowe Price closed its Tampa office in 2019, resulting in the departure of about 400 associates between May 2018, when the announcement was made, and June 2019.
Additional information is available in the announcement.
1224About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

We have partnered with many national organizations,such as National Black MBA, the Association of Latino
Professionals for America, Grace Hopper, Afrotech, andothers to create access to diverse talent and to assist us
in maintaining best practices.
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 ourapproach 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 forour portfolio managers.15
We encourage associates to own their career journey anddiscuss development goals beyond formal performance
reviews and have regular conversations with their

TCFD Report

Our Global
Community

managers throughout the year. We are committed tocontinuous learning by providing them access to hundredsof live and self-paced training programs and a generous
tuition reimbursement program. Our associates completed
approximately 200,000 hours of firm-sponsored training in
2021—which is equivalent to nearly 27 hours per associate.
Nurturing leaders is a critical driver of our firm’s growth.
Approximately 39% of our open positions are filled byinternal applicants, and almost all our portfolio managers
have been promoted from within.
Our leadership development road map guides associates
through custom programs as they progress in theirindividual journeys. Our firmwide leadership speaker series
brings well-known authorities to the organization, and global
cohort programs directed by professors from prominent
universities focus on developing leadership skills.

Part of the work of board members is to ask good questions. And
there’s no topic that’s gotten better questions and more frequently
gone over time than that of inclusivity and diversity. People havea lot of good questions to ask, trying to understand where we are,because they have a sincere interest in how we can be better.

SASB Report

To Find Out More

Final Verification
Statement

Supporting Our Diversity
T. Rowe Price emphasizes a positive, welcoming, andcollaborative culture where associates are encouraged
to be themselves and bring their whole selves to work.
We want our associates to draw from their experiences
and take the initiative to help our clients succeed.
According to our 2021 associate surveys, 83% of ourworkforce feels a sense of belonging at T. Rowe Price,and 82% believe that the firm takes a genuine interestin their well-being. Our Diversity, Equity, and Inclusion
Steering Committee (DEISC) meets bimonthly to discuss
progress on specific diversity and inclusion initiatives
and related challenges and concerns.
We all share responsibility for strengthening our cultureof inclusion. We created a new “Diverse Connections”
initiative to help associates share their experiences
and career aspirations with senior leaders throughinformal, one-on-one conversations. The connections
formed through the initiative have continued with sometransitioning into formal mentor or sponsor relationships.
Each associate must complete a DEI performance
objective, which outlines the expectation andaccountability 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.

Dr. Freeman Hrabowski III,
Board member of T. Rowe Price Group and former
president of the University of Maryland, Baltimore
County15

Our Governance
Framework

Portfolio managers include portfolio manager, regional portfolio manager, sector portfolio manager, and associate portfolio manager.

25

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Business resource groups provide important
perspectives that help shape our company culture,especially in recruitment, talent acquisition, andretention. At the end of 2021, 43% of associates weremembers of at least one BRG, which represents a 5%
increase compared with 2020.
Our BRGs are open to all associates. These groups provide
valuable information and support programs to reinforce our
inclusive culture, support career development, strengthen
our brand in the community, and provide insights ondelivering our services in the marketplace. T. Rowe Pricealso hosts “Diversity Dialogues” to support our associates
and create allies in the workplace.

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out MoreOur BRGs include:

MOSAIC: The group and its underlying heritage
communities (the African, Asian, and Latinx heritage
communities) seek to strengthen the firm’s competitive
advantage by attracting and retaining ethnicallydiverse associates, promoting an inclusive culturethat values differences, and developing talent andbusiness practices supporting the firm’s diversity,
equity, and inclusion strategy.

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

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

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

Additionally, our Management Committee formed a Black
Leadership Council. Sponsored by CEO Rob Sharps andcomposed of 16 Black associates serving in leadershiproles, the council is charged with four priorities:
 Advise Leadership Mentor Talent Support DEI Initiatives

 Engage Community

Final Verification
Statement26

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Investing in Our Associates
A robust benefits program is table stakes in today’scompetitive workforce. According to our 2021 associatesurveys, 82% of associates believe that the firm takes agenuine interest in their well-being.
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. Benefit competitiveness anddesign is assessed within the relevant market for agiven 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.
During the coronavirus pandemic, we recognized aneed to provide financial support to associates who
have experienced a catastrophic event. To that end,
we launched the Associate Relief Fund to address
their pressing needs. Examples of covered events
include infectious disease outbreak (e.g., pandemic/
epidemic), domestic violence, and act of nature (e.g.,
flood, wildfire, etc.). The fund covers costs such as
evacuation and quarantining expenses, house repairs,
temporary housing, child-care, and medical expenses.
It is administered by E4E, a wholly owned subsidiary of

TCFD Report

Our Global
Community

Our Governance
Framework

the Foundation for the Carolinas, a 501(c)(3) charity. The
fund is available to associates in Australia, Canada, Hong
Kong, Italy, United Arab Emirates, and the United States.
Our new offices are being designed to meet rigorous
standards for our associates’ well-being. At our new
global headquarters in Baltimore, scheduled to open in
2024, we are pursuing a three-star Fitwel certification—
the highest level—for the building’s interior. In London,
where our building is being retrofitted to meet our needs
and will open in 2023, we are pursing a two-star Fitwel
certification. Fitwel scorecards use 55+ evidence-based
design and operational strategies that enhance buildings
by addressing a broad range of health behaviors and risks.
We have always emphasized the importance ofspending quality time away from work. In addition
to generous vacation time, the firm offers fully paid
maternity leave for birth mothers, in addition to fully paid
parental leave to all new mothers and fathers. We also
provide adoption assistance to associates looking to
expand their families. In the U.S., the UK, and Canada,
we offer our associates backup child-care and eldercare.
The firm also offered wellness days in 2020 and 2021
to ensure associates were taking time off during the
pandemic. We have continued offering wellness days
throughout 2022.

27

SASB Report

To Find Out More

Final Verification
Statement

Providing Flexibility and Safety for
Our Associates
We monitored conditions globally throughout 2021 andtailored return-to-office programs locally in consultation
with health officials. This resulted in a staggered
return to office, allowing us to monitor relevant data
and remain in compliance with local ordinances.
Vaccinated associates in the U.S. who had been working
from home returned to the office two days a week in
November 2021 on a rotational schedule to facilitatesocial distancing. Our 2021 associate surveys foundthat 89% of associates said they were satisfied with how
T. Rowe Price has responded to their needs during thecoronavirus pandemic. Our U.S. employees returnedto the office full time in March 2022; however, due tothe success of our associates’ ability to work remotely,
we have offered the option of working from home a few
days a week. We recognize that different associates
have different family and health considerations, and they
may work with their managers to determine alternative
schedules and remote options.

Since 2017, we have published anannual UK Gender Pay Gap Report.
This report details the average andmedian difference in pay between men
and women in our UK office. Our 2021
report can be found here.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Recognition:

Barron’s Most Sustainable Companies

Fortune World’s Most Admired Companies

Best Places to Work in Money Management

T. Rowe Price ranked 14th on Barron’s Top 100 Most
Sustainable Companies of 2022 list for a second
consecutive year. The firm earned the second-highest
score among financial services companies. The list isdeveloped 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 12th consecutive year, T. Rowe Price was named
to Fortune magazine’s “World’s Most Admired Companies”
list. About 1,500 companies are considered for inclusion on
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 andservices, and global competitiveness.16

For the third year in a row, T. Rowe Price was named
one of the Best Places to Work in Money Management
by Pensions & Investments. The firm’s ongoing supportof associates during the pandemic; its continued
commitment to diversity, equity, and inclusion; and its
ongoing philanthropic interests were all contributing
factors.17

Bloomberg Gender Equality Index (GEI)

Investor’s Business Daily Most Trusted Financial
Companies

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 2022 CEI, the nation’s foremost benchmarking survey and report measuring corporate policies
and practices related to LGBTQ+ workplace equality.18

T. Rowe Price participated in the Bloomberg GEI for the
first time during the 2022 cycle. The GEI is a modified
market capitalization-weighted index that aims to track
the performance of public companies committed totransparency in gender-data reporting. T. Rowe Priceobtained an overall GEI score of 80.33 out of 100 (98.59
for Disclosure and 72.5 for Data Excellence).

Fortune and World’s Most Admired Companies are registered trademarks of Fortune Media IP Limited and is used under license.
Pensions & Investments, 2021 Best Places to Work in Money Management, published December 14, 2020 and 2021.
18
2022 BEST PLACE TO WORK FOR LGBTQ EQUALITY by Human Rights Campaign Foundation 100% Corporate Equality Index™.
16
17

28

The Most Trusted Financial Companies list is basedon a survey assessing consumer trust, focusing on theareas of privacy and security of personal data, quality of
products and services, ethical business practices andvalues, fair prices and fees for products and services,and customer service and treatment.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

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.
Advancing Educational Opportunities
We recognize the transformative power of education,
particularly within underrepresented populations. We
partner with numerous nonprofits and schools acrossthe globe to provide educational opportunities, tutoring,
mentoring, career-readiness training, scholarships,
work experiences, enrichment programming, and financial
education.
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 14.9 million people through our financial
education programs.19
Since 2013, T. Rowe Price has offered the Money
Confident Kids® financial education program, whichteaches basic financial concepts such as prioritizing
spending, asset allocation, and diversification to middleschool-age children age 8 to 14. We expanded theprogram to the UK and Australia in 2021 and hosted our
first transatlantic financial education volunteering eventwith associates in the U.S. and London.
19

Continuing Our Commitment
to Racial Equality
To help students understand the racial wealth gap,
the historical factors that created it, and strategies forbuilding wealth, we developed a classroom lesson planin partnership with Scholastic as part of our Money
Confident Kids program.
Additionally, T. Rowe Price partnered with Careers
through Culinary Arts Program (C-CAP) to provide
financial education and encourage students in the
C-CAP program to open and invest for their education
through 529 accounts within the Maryland Senator
Edward J. Kasemeyer College Investment Plan, theT. Rowe Price College Savings Plan, and Alaska 529.
This enabled C-CAP’s students, who come from underserved communities, to invest using tax-advantaged 529
accounts and put the money toward higher-education
expenses, culinary or otherwise. These accounts are
owned and controlled by the students receiving thefunds, empowering them with hands-on experience tohelp build their financial independence.

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

29

T. Rowe Price committed USD 2 million to nonprofits
fighting racial injustice and announced the recipients ofthese funds in 2021. Our grant-making effort aims
to bridge gaps in funding, build capacity, and create
access for national and local organizations alreadyworking to address challenges related to racial inequality
so that they can better serve their local constituencies.
Additionally, Business Volunteers Maryland and
T. Rowe Price teamed up to host two scope-a-thons
supporting four Baltimore-area grassroots nonprofits
focused on racial equity.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

During skillCONNECT events, teams of volunteers
from T. Rowe Price brought their expertise and ideas
to help the nonprofits navigate business challenges
related to strategic planning, finance, fundraising, humanresources, marketing, and more. Nonprofits selected toparticipate include Community Law in Action, The Food
Project, Infinite Focus Schools, Parity Baltimore, Latino
Education Advancement Fund, Centro SOL, Adelante
Latina, and Yleana Leadership Foundation.
T. Rowe Price recently joined the Equity Collective, anindustry-leading group of wealth management and asset
management businesses that have come together toeducate, empower, and develop the next generationof diverse leaders in the finance industry. Composedof 24 partners, senior leaders across each member
organization have agreed to participate in education andawareness events and initiatives.

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Diversifying Our Supplier
Relationships

Supporting Communities ThroughService and Donations

Integrating diversity into our sourcing and supply chain
opens opportunities for efficiency, innovation, andsustainability—while also enhancing support for minorityowned businesses and our surrounding communities.
To that end, the firm has launched a supplier diversity
program that prioritizes our relationships with small
and diverse business owners. By 2025, we aim tospend USD 50 million with diverse-owned and small
disadvantaged-owned businesses in the U.S. This is anincrease from USD 35 million in 2021. Once our U.S.based program is solidified, we’ll then look to expand
these practices in Europe and Asia.

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 service
T. Rowe Price’s generous Global Matching Gift Program
enables our associates to double the impact of theircharitable gifts. It also encourages volunteer service
by awarding grants to organizations supported by ourassociates. Our 2021 commitment included:20
 Matching gifts: USD 8.7M

I was interested in the skillCONNECT event because it gives me
the opportunity to leverage my legal expertise to assist a nonprofit
working for racial equity. I have been looking for opportunities thepast few years to get more involved in my community to advance
racial equity, but I have struggled to find my place since I don’t haveexperience in this area. Being able to assist an organization in thisspace using the skills that I have learned at T. Rowe Price is theopportunity that I have been looking for.

 Associate giving: USD 16.2M
 Volunteer hours: 25,000+
 Board service: 365 associates serving on 443
nonprofit boards

Terence Baptiste, managing legal counsel at T. Rowe Price20

Final Verification
Statement

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

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

T. Rowe Price Foundation: Charitable
Partnerships and Programs
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.
Since its inception and through December 2021, theT. Rowe Price Foundation has provided USD 157 million
in direct grants and matching gifts. Since 2016, ourcapacity building program has served 636 nonprofitsand 5,821 participants to strengthen organizational healthand provide professional development opportunities
for the nonprofit community. In 2021, more than 390
unique nonprofits and over 1,000 participants joined theFoundation’s capacity building program.
Since 2015, the T. Rowe Price Foundation has grantedor has commitments of more than USD 8.8 million in
grants that support organizations that empower young
people of color and increase access and opportunities fororganizations focused on racial equity and racial justice.

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

In 2021, the T. Rowe Price Foundation launched
Moonshot, a networking event to connect innovatorsof color with key influencers and potential mentors,
to advance racial equity in the business and social
entrepreneur community.

Results of a study from Johns Hopkins University Schoolof Medicine’s International Arts and Mind Lab evaluating
One Book Baltimore’s 2019–2020 program showedthat the program created safe opportunities for youth todiscuss difficult and complex topics.

The T. Rowe Price Foundation is also funding an
innovative national approach to creating a district-wide
framework for effective partnerships between schools
and community organizations focused on improving
student outcomes over time. Informed by national
research, Baltimore’s Promise and Baltimore City
Public Schools lead this collaborative. It is developing a
structure to support school principals and community
organizations to cultivate and grow effective partnershipsthat promote student learning and success.

In Particular, the Findings Reveal That One Book
Baltimore:

T. Rowe Price and its community partners successfully
delivered the fourth iteration of “One Book Baltimore.”This collaboration between T. Rowe Price, Enoch Pratt Free
Library, and more than 10 other Baltimore organizations
provides opportunities for Baltimore 7th- and 8th-gradestudents, their families, and community members
to connect and engage in dialogue about peace andnonviolence by reading the same book.

31

 Influenced the way more than half of participating
students (61%) thought about violence Prompted most students (84%) to have conversations
with peers and adults about violence Encouraged an interest among most students(60%) who wanted more public events onthese topics

One Book Baltimore
2019–2020 program
featured “Long Way Down”
by Jason Reynolds.

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Our Governance
Framework
Our Board of Directors, elected by our stockholders, sets the strategic
direction for the firm and provides oversight and advises the firm’s
senior management. The Board is made up of a diverse group ofleaders who bring a range of diversity of experience, education, skills,
and independence. We routinely assess and monitor the capabilitiesof our existing directors and whether additional capabilities and new
independent directors should be added.

32About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

We continually assess the needs of the company alongwith the expertise and backgrounds of our current Boardof Directors. We also consider any expected Board
departures and retirements in our deliberations whenevaluating whether to nominate new directors, who wethink could enhance and complement the specific skills
and capabilities of our Board.

Governance Guidelines provide that all directors are
expected to attend the annual meeting of stockholders.
All nominees for director submitted to the stockholders
for approval at last year’s annual meeting on May 11,
2021, attended that meeting.

Composition of our Board
as of December 31, 2021:

Our Board and its oversight of sustainability issues
impact the creation of long-term value for our clients andstakeholders. Our Board governance encompasses the
responsible and proactive management of our ESG issues.

Committees of the Board of Directorsof 14 members are independent
under the Nasdaq Global SelectMarket standards (79%)

In 2020, amendments were introduced for the NCGC
to monitor performance objectives and progressagainst our goals and targets for climate-related issues.
Additionally, the NCGC receives biannual updates on
corporate ESG activities.
Of the independent directors, 36% joined the Board
within the last five years; the average non-executive
director tenure is six years.

Director Engagement
In 2021, the Board held 11 meetings and approved threematters via unanimous written consent. Each director
attended at least 75% of the combined total number of
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 2021. Our Corporate

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

Management Committee
The Management Committee works to ensure that ourclients remain first—today and in the future. Profiles ofT. Rowe Price’s leadership team, which is composed of
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 Compensation Committee, and the Nominating
Committee; our Corporate Governance Guidelines; andour Code of Ethics for Principal Executive and Senior
Financial Officers can be found on our website.

33

11

Of our 11 independent directors:

5

are women (45%)

3were born outside theUnited States (27%)

4

are ethnically diverse (36%)

3

are veterans (27%)

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Our Global
Community

TCFD Report

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Steering Committees
Asset Management and Custody Activities Sustainability Accounting Standard
The contents presented in this section of our ESG Corporate Report should not beinterpreted as an opinion on the materiality or financial impact of this information.
Please see our Form 10-K filed on February 24, 2022.

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.
Improving sustainability disclosures is an ongoing, iterative process that we continue toevaluate and enhance. For the third year, we are following SASB’s topical recommendations
for our industry. All data presented in this iteration of our SASB index are as of or forthe year ended December 31, 2021, unless otherwise noted.

T. Rowe Price Group, Inc. Board of Directors

WILLIAM J. STROMBERG

ROBERT W. SHARPSGLENN R. AUGUSTMARK S. BARTLETT

MARY K. BUSH

DINA DUBLON

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

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

Chief Executive Officer of Oak Hill
Advisors, L.P.

Retired Managing Partner,
Ernst & Young

Chairman, Bush International, LLC

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

DR. FREEMAN
A. HRABOWSKI III
Former President, Universityof Maryland, Baltimore County*

ROBERT F. MACLELLAN

EILEEN P. ROMINGER

OLYMPIA J. SNOWEROBERT J. STEVENSRICHARD R. VERMASANDRA S. WIJNBERG

ALAN D. WILSON

Non-executive Chairman,
Northleaf Capital Partners

Former Senior Advisor,
CamberView Partners

Chair and Chief Executive Officer,
Olympia Snowe, LLC**

Retired Chairman, President, andChief Executive Officer, Lockheed
Martin Corporation

General Counsel and Head of
Global Public Policy, Mastercard
Incorporated

Former Partner and Chief
Administrative Officer, Aquiline
Holdings LLC

Lead Independent Director, Retired
Executive Chairman, McCormick &Company, Inc.

* Dr. Freeman A. Hrabowski III retired from the University of Maryland, Baltimore County, on July 31, 2022.
** Olympia J. Snowe retired from T. Rowe Price Group Board of Directors on May 10, 2022.

34

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Sustainability
AccountingStandards Board(SASB) Report
T. Rowe Price is committed to providing stakeholders
with meaningful, relevant, and decision-usefulsustainability information. Therefore, we use SASB
standards to provide industry-specific disclosuresof material ESG issues.

35

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

TRANSPARENT INFORMATION AND FAIR ADVICE FOR CUSTOMERSFN – AC – 270A.1

FN – AC – 270A.3(1) Number and (2) percentage of covered employeeswith a record of investment-related investigations,consumer-initiated complaints, private civil litigations, orother regulatory proceedings

We are considered a fiduciary to many of our clients. They always expect us to act in theirbest interests. It’s critical that we provide timely information to our clients and prospects.

Twelve of our registered representatives (covered employees21) employed as ofEvery communication must be:

December 31, 2021, had disclosures of investment-related investigations, client-initiatedcomplaints, private civil litigations, or other regulatory proceedings.22 This represents
0.9% of our total “covered employee” population as of year-end.

FN – AC – 270A.2

Description of approach to informing customers about
products and services

 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:

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

For the year ended December 31, 2021, T. Rowe Price did not sustain any monetarylosses as a result of legal proceedings associated with marketing and communication offinancial product-related information to new and returning customers.

 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.
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 toensuring our data collection, use, and disclosure practices are transparent by publishing
updated Privacy Notices on our websites, applicable for each region.

21
22“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 date of the event or whether they were employed by T. Rowe Price at the date of incident.

36About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

We recognize that availability is key. Therefore, we’ve made the following product-specificdocuments available in many jurisdictions on our websites and through links in productrelated communications: Prospectuses
 Key investor information documents

We also maintain written supervisory procedures (WSPs) to stay in compliance withapplicable rules and regulations. These WSPs require certain associates to: File all required registration updates ina timely manner

Final Verification
Statement

Our Code of Ethics and Conduct sets out basic principles to guide
employee conduct. Our code is supported by other policies, programs,
and employee training.

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

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

To Find Out More

Advisory clients of U.S.-registered accounts can also find our ADV forms
at adviserinfo.sec.gov. Certain T. Rowe Price advisers are registeredwith the U.S. SEC, and their Form ADVs are publicly available.

 Annual reports

 Pass all qualifying examinations

SASB Report

Additional information

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

 Submit their fingerprints to FINRAOur Governance
Framework

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 Markets in Financial Instruments Directive (MiFID) and, from a
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 Code of Ethics and Conduct, which includes firmwide
expectations on how to treat clients. It ensures that we avoid conflicts of interest and that
we comply with local regulations and industry best practices everywhere we do business.

37About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Our Global
Community

TCFD Report

Our Governance
Framework

SASB Report

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, clients, and thecommunities where we work and live. Our diversity makes us stronger and more
resilient for the future. And we will continue to do more.

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

While we acknowledge that the SASB seeks to measure diversity and inclusion, we want
to reference our journey and 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

Building on progress accomplished, we have continued to look across our entire
organization for ways to reach higher in diversifying our organization and working for
racial equity and justice. With that in mind, we made significant progress on our DEI
efforts, particularly in attracting and retaining diverse associates and fostering an
inclusive culture for all.

and programs, and it is important that we formally enunciate our commitment. For moredetailed information on our policies and programs for fostering equitable employee
representation across our global operations, please refer to the “Our Global Community”
section of this report.
The table below shows a breakdown of representation for U.S. employees.23

Men

Women
NativeHawaiianBlack or or Other
African
Pacific
American Islander

Asian

AmericanIndianor Alaska
NativeTwo or
More
Races

Total
Men

Hispanicor LatinoWhite

NativeHawaiianBlack or or Other
African
Pacific
American Islander

Asian

AmericanIndianor Alaska
NativeTwo or
More
Races

Total
Women

Hispanicor LatinoWhite

1.1 Executive/Senior Level
Officials and Managers

1

62

4

-

7

-

-

74

2

35

6

-

3

-

1

47

1.2 First/Mid-level Officials
and Managers

21

524

31

3

42

-

11

632

20

477

60

-

35

-

13

605

2 Professionals

62

1,397

138

4

379

4

41

2,025

45

874

153

1

164

-

37

1,274

3 Technicians

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4 Sales Workers

23

201

37

-

11

-

10

282

4

78

18

-

4

-

-

104

5 Administrative Support
Workers

14

248

87

-

15

2

13

379

39

340

250

2

18

-

28

677

Total

121

2,432

297

7

454

6

75

3,392

110

1,804

487

3

224

0

79

2,707

EEO Classification

23

Definitions are based on the U.S. Equal Employment Opportunity Commission’s EEO-1 Survey. As of December 31, 2021, our U.S. associate population (regular associate population, excluding interns, fixed terms, and contingent workers) represents 84.6% of ourglobal workforce. 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About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

Our Global
Community

TCFD Report

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

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

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

We have a range of responsible strategies that seek to outperform their broad market
comparator benchmarks while also excluding companies that do not align with thevalues commonly identified by our clients. We impose values-based parameters to theseportfolios via the overlay of our proprietary Responsible Exclusion List. The list includes
controversial weapons, tobacco, coal, assault-style weapons for civilian use, adultentertainment, and gambling, as well as companies that we place on the conduct-based

Virtually all strategies at T. Rowe Price incorporate ESG risk considerations into thefundamental investment analysis used to build strategy portfolios; therefore, nearly all
our assets utilize ESG integration.

component of the list.

As of December 31, 2021, USD 95 billion assets were deemed to be socially
responsible, accounting for 5.7% of our USD 1.69 trillion in assets under management.24

FN – AC – 410 A.2

Our criteria for an account to be deemed socially responsible is that it needs to apply
exclusion lists aimed at ESG considerations. Many of these assets are separate accounts,
which allow our clients to choose specific exclusions that align with their values.

ESG analysis is integrated into our fundamental investment process. ESG factors are
considered along with such traditional criteria as financials, valuation, macroeconomics,
and industry category. Our analysts and portfolio managers are responsible forincorporating ESG into their investment decisions.

ASSET CLASSES OF SOCIALLY RESPONSIBLE
INVESTMENT ASSETS UNDER MANAGEMENT 25
Equity75%

Fixed Income

22%

Multi-Asset

3%

Total

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

Our in-house ESG resources comprise responsible investing (RI), which covers
environmental and social factors, governance, and regulatory research. Together, theseteams help our investors identify, analyze, and integrate the ESG factors most likely
to have a material impact on an investment’s long-term performance. We have 18
investment staff dedicated to ESG research.

USD 95 billion

Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. The acquisition of Oak Hill Advisors (OHA) completed on December 29, 2021, included USD 46.9 billion of fee-basis AUM, which are reflected in thefirm’s AUM at December 31, 2021.
25
Data as of December 31, 2021. Asset categories presented in accordance with TRPG 10-K Financial Statements. Socially responsible investment accounts include accounts that apply screens to avoid specific companies or sectors associated with one or moreobjectionable activities as determined by the client. Not all accounts apply the same screens. Total assets under management in socially responsible investments are unaudited estimates and may vary due to currency fluctuations.
24

39

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Responsible Investing26
Additional research and insights into our approach to sustainable
investing may be accessed here.

Our dedicated RI team conducts analysis on the environmental and social profiles ofindividual securities and portfolios. The team also assists with company engagement
and supports our investment professionals by providing research on sustainability
topics. Our RI resources have been in place since 2017. Prior to developing our own
in-house research, our analysts and portfolio managers were able to leverage ESG
research from Sustainalytics, which had been embedded in our research management
systems since 2014.

FN – AC – 410 A.3

We also have a technology team dedicated to supporting our ESG efforts. It plays a keyrole in the enhancement and expansion of our proprietary research tools for analysts
and portfolio managers to leverage across more asset classes.

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 isa responsibility we take seriously, centered on investments. In casting votes on behalf ofclients, our goal is to foster long-term success for the company and its investors.

Our proprietary Responsible Investing Indicator Model is a valuable component of ourdeep, fundamental research. RIIM builds an environmental, social, and ethical profile
of corporate entities using nonfinancial data and incident history—data not traditionallyused in mainstream investing. We rolled out our proprietary RIIM framework forcorporate securities (both equity and credit) in 2018, followed by similar frameworks forsovereigns in 2019 and for municipal bonds and securitized bonds in 2020.

Portfolio managers are ultimately responsible for making the voting decisions within thestrategies they manage. To fulfill this responsibility, they receive recommendations andsupport from a range of sources, including: The T. Rowe Price ESG Committee

Governance Our global industry analysts

T. Rowe Price has had dedicated governance resources since 2007. The team assesses
governance issues among existing and potential investments and provides insights foranalysts and portfolio managers. It assists with company engagement, facilitates proxyvoting, and participates on leading governance initiatives in the asset management industry.

 Our corporate governance andresponsible investing specialists

 Insights from our proprietary
Responsible Investing Indicator Model Institutional Shareholder Services, ourexternal proxy advisory firm

The T. Rowe Price ESG Committee is made up of experienced investment professionals,
including analysts and portfolio managers from both our Equity and Fixed Income
Divisions, our head of Global Equity, and our head of International Equity. The ESG
Committee meets twice a year. The first meeting in the first quarter focuses on proxyvoting activity from the year before, reassess the suitability of our voting guidelines, andconsiders amendments to the guidelines. The second meeting, which is held in the third
quarter, focuses on environmental and social issues.

Accountability
Accountability for the firm’s corporate ESG activities starts with the T. Rowe Price Boardof Directors. The Board’s Nominating and Corporate Governance Committee oversees
ESG activities and receives annual updates.

26

Description of proxy voting and investee engagement
policies and procedures

On November 19, 2020, T. Rowe Price announced plans to establish T. Rowe Price Investment Management, Inc. (“TRPIM”), a separate, U.S.-based SEC-registered investment adviser. TRPIM has a distinct investment platform with independent research andstewardship teams. TPRIM also has its own, independent ESG Committee. TRPIM makes proxy voting decisions separately from other parts of T. Rowe Price. The separation of TRPIM’s investment platform became effective July 1, 2022.

40

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

For example, other contexts in which we might use our influence include:

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.

 Regular, ongoing investment diligence Engagement with management on ESG issues

In 2021, the T. Rowe Price portfolios voted on 1,098 shareholder resolutions across all
markets. Of those, 403 were situations where shareholders were nominating directors to
a company’s board. Another 372 were resolutions asking companies to adopt a specificcorporate governance practice, and 323 were social and environmental resolutions.

 Meetings with senior management, offering our candid feedback Meetings with members of the Board of Directors
 Decisions to increase or decrease the weight of an investment in a portfolio

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 mutualfund portfolios are required to be disclosed on an annual basis. The disclosures are
updated on or around August 31 of each year, covering the date range of July of theprior year through June of the current year. In addition, we publish a report for ourclients each autumn, highlighting important corporate governance trends from the prior
12 months and aggregating our proxy voting decisions into categories. Upon their request,
we also make available to our institutional clients a customized record of their portfolios’voting activities.

 Decisions to initiate or eliminate an investment
 On rare occasions, issuing a public statement about a company—either to support the
management team or to encourage it to change course in the long‑term best interestsof the company
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 with the companies
in which our clients are invested. Instead, our objective is to use our influence—throughthe various avenues listed above—to increase the probability that the company will
outperform its peers, helping enable our clients to achieve their investment goals. A proxyvote 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 appliedthoughtfully—is a tool we use every day.

Last, we have an update on two key changes made in 2021 to our vote reporting: In the first quarter of 2021, we started disclosing each U.S.-regulated mutual fund’s
full proxy voting record semi-annually instead of annually. Vote disclosures for the firstand second halves of each year will be posted eight weeks after the period-end.
 For the first time, we provided not only vote decisions, but rationales for key votes.
These included votes against management, votes on shareholder proposals, and anyother votes we deemed controversial, illuminating, or significant.

Our investment-driven engagement program frequently identifies targets through ourproprietary RIIM analysis, governance screening, and analysts’ fundamental research.
ESG engagement meetings are carried out by portfolio managers and analysts from ourequity and fixed income teams, as well as by our ESG specialists.

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 ourrelationship with these companies.

While we engage with companies in a variety of investment contexts, ESG engagement
focuses on learning about, influencing, or exchanging perspectives on the environmental
practices, corporate governance, or social issues affecting their businesses.
Throughout the course of 2021, we engaged with companies on 788 separate occasions,sometimes more than once with the same company. We classify these meetings as ESG
engagements, as they contained a notable discussion on ESG issues.
41About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

BUSINESS ETHICS
FN – AC – 510 A.1

SASB Report

To Find Out More

Final Verification
Statement

ACTIVITY METRICS
FN – AC – 000.A

Total amount of monetary losses 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

For the year ended December 31, 2021, 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.

FN – AC – 510 A.2

Our Governance
Framework(1) Total registered and (2) total unregistered assets
under management (AUM) as of December 31, 2021

Total Registered AUM27:

USD 1,454.008 Billion

Total Unregistered AUM28:

USD 233.901 Billion

Total AUM29:

USD 1,687.909 Billion

Description of whistleblower policies and procedures

Any associate worldwide can report potential or actual violations of laws or regulations,regardless of where he or she works. Questionable conduct can be reported: Directly to their line manager. Managers should escalate issues to the Legal,
Compliance, and Audit department as necessary; Anonymously, via the Whistleblower Hotline (administered by an independent, external
third party); or To the general counsel, respective chief compliance officer, senior compliancemanager, or regional head of Human Resources verbally or in writing.
Reports from the hotline go to our Legal, Compliance, and Audit department, which
promptly investigates matters and provides an annual summary of 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 Code of Ethics and Conduct.
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, 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.
28
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 to regulations of theInvestment 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.
29
The acquisition of Oak Hill Advisors (OHA), completed on December 29, 2021, included USD 46.9 billion of fee-basis AUM, which are reflected in the firm’s AUM at December 31, 2021. We have renamed this metric to Total AUM from total assets under custody andsupervisions because assets under management is a more relevant activity metric for asset managers.
27

42

About This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

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

43

Final Verification
StatementAbout This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

Final Verification Statement
Cventure LLC |T. Rowe Price
Final Verification Statement

May 4, 2022

Reporting Entity:

REPORTING ENTITY: T. Rowe Price

CONTACT: William Sell

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, 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; 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
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.

Verification Approach:

Tier II of the ERT Standard: “Corporate GHG Verification Guideline” by ERT, a CDPapproved verification standard. Tier II-level verification is appropriate for basic reporting
T. Rowe Price 2021 GHG emissions inventory and methodology were developed by ICF, according to ICF’s
2021 Corporate
GHG
Inventorystakeholder
excel workbook
tool.
Rawexternal
data collection
activities for boundary
determinations
purposes
includingand
othercommunications,and voluntaryand GHG emissions sources’ characteristic and activity data were performed by T. Rowe Price and Jones Langfor whichthereinventory
are no imminent
requirements
for GHGaccepted
emissions
LaSalle.efforts
T. RowePrice’s GHG
was developed
according to generally
GHGcompliance.
accounting
standards:
The
Greenhouse
Gas
Protocol,A
Corporate
Accounting
andReportingStandard,
RevisedEdition,This verification effort covered T. Rowe Price’s FY2021 GHG emissions inventory.
WRI/WBCSD, March 2004.
Cventure was not directly involved in the FY2021 GHG emissions inventory’s data
Verification Approach:management,or GHG
reporting;nor associatedcalculationsorTier II collection,of the ERT Standard:“Corporate
Verification
Guideline” byemissions
ERT, a CDP-approved
verification
standard.
Tier
II-levelverificationisappropriate
for
basic
reportingpurposes
includingstakeholder
and
other
estimates, and any subsequent assertions made by T. Rowe Price. Cventure has
external communications, and voluntary efforts for which there are no imminent requirements for GHG emissions
not provided
any services
to T. T.
Rowe
could
Cventure’s
compliance.
This verification
effort covered
RowePrice
Price’swhich
FY2021
GHGcompromise
emissions inventory.
Cventure was
not directly involved in the FY2021 GHG emissions inventory’s data collection, management, or reporting; nor
independence as a 3rd party verifier. Cventure disclaims any liability for any decisionassociated emissions calculations or estimates, and any subsequent assertions made by T. Rowe Price. Cventure
has notmade
provided
services
to T.based
Rowe Price
which
could compromise
Cventure’s
independence
as a 3rd party
byany
third
partieson thisverification
statement.
Cventure’s
conclusionisverifier. Cventure disclaims any liability for any decision made by third parties based on this verification
based
on theconclusion
findings is
described
below.
statement.
Cventure’s
based on thefindings described below.
Greenhouse Gas Management Plan:

T. Rowe Price 2021 GHG emissions inventory and methodology were developed by
The Tier II review was designed to provide a limited level of assurance that the GHG emissions assertion is
ICF, according to ICF’s 2021 Corporate GHG Inventory excel workbook tool. Raw
Thecorrect.
Tier II Reviews
review wasdesigned toprovide aandlimitedlevel of assurance
thatinthe
GHGmateriallyof methodologies,
calculations,data management
processes used
T. RowePrice’s
GHG
inventory
were
conducted.
All
T.
Rowe
Price
facilities
andGHG
emissions
Scopesreported
data collection activities for boundary determinations and GHG emissions sources’
emissions assertion is materially correct. Reviews of methodologies, calculations,withinandthe operational boundary determination were subject to the verification process. Twelve (12) facilities werecharacteristic and activity data were performed by T. Rowe Price and Jones Langmanagement
processes
usedin T. RowePrice’sinventory
were
conducted.
selecteddata
for detailed
reviews anddata sampling,
representing
over
90% ofGHG
T. RowePrice’s totalbuilding-related
GHG emissions, with purchased electricity and natural gas monthly billing records being examined for each of
LaSalle. T. Rowe Price’s GHG inventory was developed according to generally accepted them. Root
All T.audit
RowePrice facilities and GHG emissions Scopes reported within the operational
data records were also reviewed for travel agent-booked employee business air travel, and for
waste management
Error checking
tests weretoperformedon the datato assess Twelve
the informationcollected,
GHG accounting standards: The Greenhouse Gas Protocol, A Corporate Accounting
boundary vendors.
determination
were subject
the verification
process.
(12) facilities
including missing data, limits and reasonableness, units of measure (UOM), and select re-computation crossand Reporting Standard, Revised Edition, WRI/WBCSD, March 2004.
selected
forordetailed
and data
sampling,
representing
over
90%Several
of T.
checks.were
No material
errorsomissionsreviews
were identified
by Cventure
duringthis verification
project.
minor, Roweimmaterial
discrepancies
betweenroot
data
documentation
and
the
GHG
inventory
reportwereidentified;Price’s total building-related GHG emissions, with purchased electricity andthese were corrected by T. Rowe Price/ICF at that time. Boundary checks included a review of the 2021 leasenaturalgas monthly
records
beinginventory
examinedfor eachof them.
Rootwereaudit
management
reports.
Emissionsbillingaggregationand selectspreadsheet
calculation
checksalsodata
made,and comparedagainstinventory
reporteddata.
Nomaterial
errorsordiscrepancies
were
found
in
those
types
of
records were also reviewed for travel agent-booked employee business air travel, andverification review checks. We believe that our work provides a sound basis for our verification conclusion.
for waste management vendors. Error checking tests were performed on the data to
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
44emissionsinventory, 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

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

assess the information collected, including missing data, limits and reasonableness,
units 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 2021 lease management reports. Emissions
aggregation and select inventory spreadsheet calculation checks were also made, andcompared against inventory reported data. No material errors or discrepancies were
found in those types of verification review checks. We believe that our work provides asound 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 FY2021 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 20,232 metric tons of CO2
equivalent emissions (877 Scope 1, 18,887 Scope 2, and 468 Scope 3), with a limited
level of assurance.

45

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
StatementAbout This ESG
Corporate Report

A Letter From
Our CEO

External ESG
Benchmarks

TCFD Report

Our Global
Community

Our Governance
Framework

SASB Report

To Find Out More

Final Verification
Statement

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.
© 2022 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. SUSTAINABILITY WITH SUBSTANCE is a trademark of T. Rowe Price
Group, Inc. MONEY CONFIDENT KIDS is a registered trademark of T. Rowe Price, Group, Inc.
CCON0100281
202202-2030411

46