+T. Rowe Price Australia Limited
Reflect Reconciliation Action PlanApril 2024 - April 2025

Place, People, Partnerships, Yaali Collective, 2024.

Acknowledgment of Country
In the spirit of Reconciliation, T. Rowe Price Australia acknowledges the Traditional Ownersof Country throughout Australia and their connections to land, sea, and community.
We pay our respects to their Elders past and present and extend that respect to all
Aboriginal and Torres Strait Islander peoples today.

Reflect Reconciliation Action Plan 1

Statement from CEO ofReconciliation Australia
Reconciliation Australia welcomes T. Rowe Price Australia to the Reconciliation Action Plan (RAP)
program with the formal endorsement of its inaugural Reflect RAP.
T. Rowe Price Australia joins a network of more than 1,100 corporate, government, and notfor-profit organisations that have made a formal commitment to reconciliation through the RAP
program.
Since 2006, RAPs have provided a framework for organisations to leverage their structures anddiverse spheres of influence to support the national reconciliation movement. The program’s
potential for impact is greater than ever, with close to 3 million people now working or studying
in an organisation with a RAP.
The four RAP types ---- Reflect, Innovate, Stretch and Elevate — allow RAP partners tocontinuously develop and strengthen reconciliation commitments in new ways. This Reflect RAP
will lay the foundations, priming the workplace for future RAPs and reconciliation initiatives.
The RAP program’s strength is its framework of relationships, respect, and opportunities,
allowing an organisation to strategically set its reconciliation commitments in line with its own
business objectives, for the most effective outcomes.
These outcomes contribute towards the five dimensions of reconciliation: race relations; equalityand equity; institutional integrity; unity; and historical acceptance.

Karen Mundine

It is critical to not only uphold all five dimensions of reconciliation, but also increase awarenessof Aboriginal and Torres Strait Islander cultures, histories, knowledge, and leadership across all
sectors of Australian society.

Chief Executive Officer
Reconciliation Australia

This Reflect RAP enables T. Rowe Price Australia to deepen its understanding of its sphere of
influence and the unique contribution it can make to lead progress across the five dimensions.
Getting these first steps right will ensure the sustainability of future RAPs and reconciliation
initiatives and provide meaningful impact toward Australia’s reconciliation journey.
Congratulations T. Rowe Price Australia, welcome to the RAP program, and I look forward tofollowing your reconciliation journey in the years to come.

Reflect Reconciliation Action Plan 2

Leadership Statement
As T. Rowe Price Australia embarks on this journey of reconciliation with Aboriginal and Torres Strait Islander
peoples and communities, we know this is a dedicated and long-term commitment with many milestones ahead.
We start this journey with our eyes wide open and a complete willingness to learn, understand and take positive
steps towards building stronger relationships and sharing knowledge.
In our day-to-day work as financial services and investment professionals, we are aware of the need to be betterin all aspects of our corporate culture and are consciously driving a stronger DEI program to ensure we aremeaningful contributors to creating a better industry and environment for us all to exist in.
We hope this first step of creating a Reconciliation Action Plan, will provide the platform to a greaterunderstanding of the challenges our Aboriginal and Torres Strait Islander peoples and communities currently
face and allow broader, more important conversations and actions to take place, which we can positively
contribute to.
We look forward to what we can achieve together.

Darren Hall

Randal Jenneke

Head of Distribution forAustralia and New Zealand

Portfolio Manager,
Australian Equity`Reflect Reconciliation Action Plan 3

The Artwork – Place, People, Partnerships
T. Rowe Price Australia feel extremely fortunate to have partnered with Yaali Collective, a cultural and design
agency which represents Aboriginal and Torres Strait Islander people, to design our Reconciliation Action
Plan artwork - Place, People, Partnerships.
The Yaali Collective description of the artwork reads: “This art design captures the locations, the water ways
and the communities that belong to the three different traditional countries that T. Rowe Price sits on. Eora tothe East, Naarm to the South and Nyoongar to the West, all carry connection to a significant water way.
The water way is represented by the navy blue. The respective countries are represented by the green on theouter side of the water way. Cultural songlines are represented through pink and blue paths that run throughcountry. The children, adults, and elders of each country are represented on the outer side of these waterways. This highlights the knowledge, connections, and opportunities for the people and communities.
On the inside of the rivers we can see the three meeting places. These represent three key groups,T. Rowe Price’s people, clients and partnerships. While these are represented by different meeting places,
they are interconnected, as shown by the tracks linking them.
The tracks journey out to the water ways. This represents the importance of the communities toT. Rowe Price. Water is a place of adaptability and growth, this highlights the responsibility of T. Rowe Price tolisten and learn so they can adapt and grow. The communities and their countries are diverse, separate andrich. They remain connected and hold the rich cultural knowledge of their place.
They are the keepers of their everywhen. The art design showcases this and the responsibility ofT. Rowe Price to engage, listen and foster meaningful connections.”
To hear from the artists about thisartwork please scan this QR codewith your mobile device and hoverover the cover image.

Reflect Reconciliation Action Plan 4

About T. Rowe Price Australia
T. Rowe Price Australia is the local arm of an independent global investment manager which was founded in1937 and manages over AUD 2.12 trillion* and has over 70 employees in Australia, based in Sydney, Melbourne,and Perth, and over 7,900 employees around the world. While we currently collect some data on how ourassociate population in Australia self-identify, this isn’t enough to draw meaningful insights on the diversityof our population. Currently, no known associates in Australia self-identify as Aboriginal and/or Torres Strait
Islander people, and we continue to seek ways to bring Aboriginal and Torres Strait Islander talent into ourorganisation. We also continue to focus on advancing an equitable and inclusive culture where everyone feels
safe, respected and empowered to bring their full selves to work each day.
We offer investments and related services to help clients reach their long-term goals. Along with the substanceof this offer comes a promise: we will provide confidence through excellence and reliability.
At T. Rowe Price, we’ve always believed in keeping clients’ best interests at the centre of everything we do. Thisphilosophy guides us day-to-day, and helps ensure that we invest differently, better, smarter. It means we deliverproducts and services our clients can count on, now and over the long term.
We value integrity, intellectual honesty, and discipline. And we believe you don’t have to choose between successand ethical behaviour.
Through the years, we’ve seen that our approach brings enduring success and confidence to our clients.
* Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. As at 31 December 2023.

Reflect Reconciliation Action Plan 5

The T. Rowe PriceValues
We strongly believe these values not only
help us serve our clients better but will
guide us on our reconciliation journey.

Put Clients First

Embrace Diversity and Collaboration

We take our role as fiduciaries seriously. Thatmeans, as a matter of principle, we put our clients’interests first. To justify the trust each client places
with us, we work to deeply understand their needs
and find solutions to satisfy those needs. Every day,
we seek to nurture and reward client confidence
without ever taking it for granted. Our steadfast
belief is that when the client succeeds, the firmsucceeds.

We seek to leverage the wisdom of multiple
perspectives from our firm’s associates worldwide
by fostering an inclusive and collaborativeenvironment. Our diverse global associates bringinsight, engage in open debate, and embrace
the broad sharing of information that keeps ourthinking fresh and independent. By offering as well
as challenging our best ideas, we arrive at carefully
considered, well-informed decisions for our clients.

Act with Integrity and Accountability

Be Disciplined and Risk Aware

We strive to do the right thing, always. Our highethical standards and our culture of consciencedrive the choices we make every day. Our actions
are consistent with our belief that trust and candor
benefit all. We honor our commitments and holdourselves and each other accountable for achieving
desired results. Ultimately, success is not just about
the value we create for our clients, but how weprovide it.

Being strategic, decisive, and disciplined—in
approach, processes, and goals– enables us toprovide effective and durable, long-term solutions.
This intellectual rigor helps us to recognize andavoid short-term fads or inappropriate businesspractices. However, being disciplined does notmean that we don’t take risks. Being risk awaremeans that we become thoughtful risk takers: we
carefully assess risks and manage them to develop
innovative and effective solutions.

Cultivate Intellectual Curiosity and Innovation
The dynamics of our business and the needs of ourclients require a commitment to lifelong learning.
We continuously look across our global platform foropportunities and connections, remain thoughtfuland alert, and ask the questions that can unlock
value for our clients. We spend time and resources
to take action on new and innovative ideas. We
create forward thinking solutions to address areas
for opportunity and remain agile in implementation.

Pursue Excellence with Passion and Humility
Consistent effort and superior results for all clientsis our hallmark. We set high standards because
that’s what our clients expect. We execute withoperational excellence to meet and exceed ourcurrent goals. When we exceed our current goals,
we set our future ones higher. Since we arecommitted to the continuous pursuit of excellence,
our work is never done.

Reflect Reconciliation Action Plan 6

T. Rowe Price Australia’s RAP commitment
T. Rowe Price Australia recognises that as our business grows in Australia, so does our role as a responsible
fiduciary and corporate citizen. As the Australian arm of a global business which prides itself on being
an active participant in driving diversity, equity and inclusion around the world, the need to reflect thisparticipation in our local country is something we collectively feel strongly about.
We believe reconciliation is an important action for our business and our intention to develop a Reconciliation
Action Plan is a meaningful and tangible step in the right direction to learning, understanding, andacknowledging First Nations communities and cultures, peoples, and the lands we are so privileged to grace
here in our offices on Gadigal land, in Sydney and Naarm land in Melbourne.
While we have recognised and contributed to Aboriginal and Torres Strait Islander communities in the pastthrough charitable donations, educational programs, and incorporating Acknowledgement of Country in ourevents, we are conscious that the next step in our journey is a more formal program of reconciliation.
Our focus as a business has always been on fostering long term partnerships built on trust and integrity andour hope over the long term is that we are able to affect positive change regarding building better relationships
with Aboriginal and Torres Strait Islander communities, which leads to more opportunities to work together inthe future.
Our RAP Action Committee comprises of Steering Committee Leads Darren Hall, Head of Distribution
and Randal Jenneke, Portfolio Manager, Australian Equity and employees across Distribution, Investments,Legal, Marketing, HR, DEI, Corporate Responsibility & Associate Engagement. The RAP Action Committee isresponsible for completing each of the deliverables required in our Reconciliation Action Plan, within the outlined
timeframe. As the designated RAP Champion, the Associate Experience Manager will ensure governance ofthese commitments.
Our Action Committee and broader Australian business does not currently comprise of any First Nations people,
however we are conscious of the need to make progress on a more inclusive business, and we look forward toworking with Reconciliation Australia and Aboriginal and Torres Strait Islander organisations to determine how
we can encourage greater employment opportunities and representation of First Nations peoples.
Reflect Reconciliation Action Plan 7

Relationship
ActionDeliverable

Timeline

Responsibility

1. Establish and strengthen mutually
beneficial relationships withAboriginal and Torres Strait Islanderstakeholders and organisations.

Identify Aboriginal and Torres Strait Islander
stakeholders and organisations within our local
area or sphere of influence.

June 2024

Consultant Relations
Director

Research best practice and principles that support
partnerships with Aboriginal and Torres Strait
Islander stakeholders and organisations.

May 2024

Consultant Relations
Director /Sales Director

2. Build relationships throughcelebrating National Reconciliation
Week (NRW)

Circulate Reconciliation Australia’s NRW resources
and reconciliation materials to our staff.

May 2024

Manager, Associate
Experience

RAP Working Group members to participate in an
external NRW event.

27 May 3 June, 2024

Manager, Associate
Experience

Encourage and support staff and senior leaders
to participate in at least one external event torecognise and celebrate NRW.

27 May 3 June, 2024

Manager, Associate
Experience

Communicate our commitment to reconciliation toall staff.

April 2024

Head of Marketing / Senior
Product Marketing Manager

Communicate our commitment to reconciliation
publicly.

May 2024

Head of Marketing / Senior
Product Marketing Manager

Identify external stakeholders that our organisation May 2024
can engage with on our reconciliation journey.

Sales Director / Investment
AnalystIdentify RAP and other like-minded organisations
that we could approach to collaborate with on ourreconciliation journey.

Sales Director / Investment
Analyst3. Promote reconciliation through oursphere of influence.

4. Promote positive race relations
through anti-discrimination
strategies.

June 2024

Research best practice and policies in areas of race August 2024
relations and anti-discrimination.

HR RelationshipManagement

Conduct a review of HR policies and procedures to August 2024
identify existing anti-discrimination provisions, andfuture needs.

HR RelationshipManagement

Reflect Reconciliation Action Plan 9RespectActionDeliverable

Timeline

Responsibility

5. Increase understanding, valueand recognition of Aboriginal
and Torres Strait Islandercultures, histories, knowledge
and rights through culturallearning.

Develop a business case for increasing
understanding, value and recognition ofAboriginal and Torres Strait Islander cultures,histories, knowledge and rights within ourorganisation.

May 2024

Manager, Associate Experience

Conduct a review of cultural learning needs
within our organisation.

May 2024

HR Relationship Management

Investigate cultural learning opportunities forstaff.

May 2024

HR Relationship Management

Develop an understanding of the localTraditional Owners or Custodians of thelands and waters within our organisation’s
operational area.

September 2024

Consultant Relations Director

Increase staff’s understanding of the purpose
and significance behind cultural protocols,
including Acknowledgement of Country andWelcome to Country protocols.

September 2024

Consultant Relations Director

Encourage and support staff to include
an Acknowledgement of Country or otherappropriate protocols at the commencementof important meetings.

September 2024

Consultant Relations Director

June 2024

Manager, Associate Experience /Senior Admin Specialist

June 2024

Manager, Associate Experience

First week in July,
2024

Manager, Associate Experience

6. Demonstrate respect toAboriginal and Torres Strait
Islander peoples by observing
cultural protocols.

7. Build respect for Aboriginal and Raise awareness and share information
Torres Strait Islander cultures
amongst our staff about the meaning ofand histories by celebrating
NAIDOC Week.
NAIDOC Week.
Introduce our staff to NAIDOC Week bypromoting external events in our local area.
RAP Working Group to participate in an
external NAIDOC Week event.

Reflect Reconciliation Action Plan 10

Opportunities
ActionDeliverableTimeline

Responsibility

8. Improve employment outcomes byincreasing Aboriginal and Torres Strait
Islander recruitment, retention andprofessional development.

Develop a plan for greater exposure of financial services as
an industry of employment for Aboriginal and Torres Strait
Islander peoples.

October 2024

HR Relationship Management

Build understanding of current Aboriginal and Torres
Strait Islander staffing to inform future employment andprofessional development opportunities.

October 2024

HR Relationship Management

August 2024

Manager, Associate Experience

October 2024

Manager, Associate Experience

9. Increase Aboriginal and Torres Strait Islander Develop a business case for procurement from Aboriginal
supplier diversity to support improvedand Torres Strait Islander owned businesses.
economic and social outcomes.
Investigate Supply Nation membership.

Reflect Reconciliation Action Plan 11GovernanceAction
10.

11.

12.

13.

Deliverable

Timeline

Responsibility

Establish and maintain an
Form a RWG to govern RAP implementation.
effective RAP Working Group
Draft a Terms of Reference for the RWG.
(RWG) to drive governance ofEstablish Aboriginal and Torres Strait Islander
the RAP.
representation on the RWG.

May 2024

Manager, Associate Experience

May 2024

Manager, Associate ExperienceMay 2024

Manager, Associate Experience

Provide appropriate support
for effective implementationof RAP commitments.

Define resource needs for RAP implementation.

May 2024

Manager, Associate Experience

Engage senior leaders in the delivery of RAP
commitments.

May 2024

Manager, Associate Experience

Maintain a senior leader to champion our RAP
internally.

May 2024

Manager, Associate Experience

Define appropriate systems and capability to track,
measure and report on RAP commitments.

May 2024

Manager, Associate Experience

Contact Reconciliation Australia to verify that ourprimary and secondary contact details are up todate, to ensure we do not miss out on important RAP
correspondence.

June annually

Senior Admin Specialist

Contact Reconciliation Australia to request our uniquelink, to access the online RAP Impact Measurement
Questionnaire.

1 August
annually

Senior Admin Specialist

Complete and submit the annual RAP Impact
Measurement Questionnaire to Reconciliation
Australia.

30 September,
annually

Manager, Associate Experience

Register via Reconciliation Australia’s website to begin
developing our next RAP.

January 2025

Manager, Associate Experience

Build accountability andtransparency throughreporting RAP achievements,challenges and learnings
both internally and externally.

Continue our reconciliationjourney by developing ournext RAP.

Reflect Reconciliation Action Plan 12

Contact details:
Stephanie Williams
Manager, Associate Experience
Phone: 0438 403 846
Email: stephanie.williams@troweprice.com© 2024 T. Rowe Price. All Rights
Reserved. T. ROWE PRICE, INVEST WITHCONFIDENCE, and the Bighorn Sheep
design are, collectively and/ or apart,
trademarks of T. Rowe Price Group, Inc.