T.

ROWE PRICE
INVESTMENT MANAGEMENT

November 19, 2020

Data as of September 30, 2020, unless otherwise noted.

Material intended for investment professional use only.
Creation of T. Rowe Price Investment Management

OBJECTIVE
Our core mission is to help clients around the globe
achieve their investment goals.
Maximize our
We constantly assess our ability to deliver superior
long-term ability investment results for our clients including continuous
reviews of people, process, and culture.

to generate alpha We enjoy the benefits of scale such as deep financial

resources, the ability to attract top talent, and unsurpassed
for our clients access to portfolio company management teams.

Using the long-term lens that has always guided our

decision-making, we believe creating a separate SEC-
registered U.S. adviser will allow us to generate new
capacity while retaining our scale benefits and position our
investment teams for continued success.

2
T. Rowe Price Investment Management (TRPIM)

A fully independent investment capability being established with the T. Rowe Price
cultural tenets of investment excellence, placing clients first, collaboration, and a long-
term time horizon to deliver superior investment client outcomes.

U.S. $167B AUM 100+ Associates 5 Locations

▪ US Capital Appreciation ▪ Separate investment personnel ▪ Baltimore
▪ US Mid-Cap Growth Equity ▪ Dedicated experienced leadership ▪ New York City
▪ US Small-Cap Core Equity ▪ Leverage T. Rowe Price Associates’ ▪ Philadelphia
▪ US Small-Cap Value Equity (TRPA) shared functions (Distribution, ▪ San Francisco
▪ US Smaller Companies Equity Technology, Corporate) ▪ Washington, D.C.
▪ US High Yield Bond

Figures shown are as of September 30, 2020 and are subject to change. AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
Not all strategies shown have a corresponding mutual fund available in the U.S. See appendix for full list of US mutual funds included in the proposed transition.

3
Replicating our core investment capability

T. Rowe Price Associates T. Rowe Price Investment Mgt.

Independent
Functions
based on common criteria:
LARGE

LARGE
Large-Cap Large-Cap Structured
Equity Income Core Research Growth Stock
Capital Appreciation
Large-Cap
Value Value Dividend
Large-Cap
Large-Cap Growth
▪ Equity portfolios that cross
Growth Core Growth market cap and style for
Multi-Cap Mid-Cap
Structured increased idea generation
MID

MID
Global Growth Growth
Active Mid-
Value Global Cap Growth and knowledge transfer
Growth Small-Cap
Mid-Cap Sector Small-Cap
Value Strategies Growth ▪ Centralized research teams Core
Small-Cap US Smaller
within each entity, built on our Value
SMALL

SMALL
Companies
tradition of deep sector
expertise
VALUE CORE GROWTH
▪ Fixed income collaboration to VALUE CORE GROWTH

TRP Fixed Income drive capital structure insight US High Yield

Dedicated Quant, ESG and Trading Dedicated Quant, ESG and Trading

Equity Data Insights (partial) Client Service/Distribution

Corporate outreach support Shared Technology and Operations support
Product Development Functions Legal
Talent Acquisition and Development (HR) Finance
Above is a high-level overview and is presented for illustrative purposes only.
Not all strategies shown have a corresponding mutual fund available in the U.S. See appendix for full list of US mutual funds included in the proposed transition.
4
Leadership that brings experience and passion

Stephon Jackson, CFA

Head of TRPIM
Years at T. Rowe Price: 13
Years of Industry Experience: 33

Ric Weible, CPA Tammy Wiggs Steven Krichbaum, CFA Thomas Watson, CFA
Director of Operations Head of Equity Trading Director of Research Director of Research
Years at T. Rowe Price: 18 Years at T. Rowe Price: 13 Years at T. Rowe Price: 13 Years at T. Rowe Price: 13
Years of Industry Experience: 18 Years of Industry Experience: 19 Years of Industry Experience: 13 Years of Industry Experience: 13

Data as of September 30, 2020

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

5
Portfolio managers that bring investment excellence
and thought leadership
Frank Alonso Jay Markowitz, M.D.
Portfolio Manager—US Small-Cap Core Portfolio Manager—Healthcare
Years at T. Rowe Price: 20 Years at T. Rowe Price: 9
Years of Industry Experience: 20 Years of Industry Experience: 16

Brian Berghuis, CFA Curt Organt, CFA

Portfolio Manager—US Mid-Cap Growth Portfolio Manager—US Smaller Companies Equity
Years at T. Rowe Price: 35 Years at T. Rowe Price: 25
Years of Industry Experience: 37 Years of Industry Experience: 29

David Giroux, CFA David Wagner, CFA

Portfolio Manager—US Capital Appreciation Portfolio Manager—US Small-Cap Value
Chief Investment Officer
Years at T. Rowe Price: 20
Years at T. Rowe Price: 22
Years of Industry Experience: 21
Years of Industry Experience: 22

Kevin Loome, CFA

Portfolio Manager—US High Yield Bond
Years at T. Rowe Price: 14
Years of Industry Experience: 27

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Not all strategies shown have a corresponding mutual fund available in the U.S. See appendix for full list of US mutual funds included in the proposed transition.
Brian Berghuis was named Morningstar Domestic Stock Manager of the Year in 2004 for the T. Rowe Price Mid-Cap Growth Fund. David Giroux was named Morningstar Allocation Fund Manager of the Year in 2012 for the
T. Rowe Price Capital Appreciation Fund, and Morningstar U.S. Allocation/Alternatives Fund Manager of the Year in 2017 for the T. Rowe Price Capital Appreciation Fund.

6
Two strong platforms designed for continued success

BALANCE OF EXPERIENCED ANALYSTS WITH A COMBINATION OF HIGH-QUALITY LATERAL

AND TOP M.B.A. HIRES. LEVERAGING THE RICH ENVIRONMENT FOR ATTRACTING TALENT.

T. Rowe Price Associates T. Rowe Price Investment Management

Central Research* Central Research*

~55 ~20 ~30 ~12

analysts and associate analysts and associate
sector PMs analysts sector PMs analysts

Research Platform* Research Platform*

6 years 11 years 6 years 11 years

TRP tenure total investment TRP tenure total investment
experience experience

Portfolio Management Portfolio Management

8 years 17 years 20 years 9 years 24 years 25 years

TRP PM tenure TRP tenure total investment TRP PM tenure TRP tenure total investment
experience experience

*Equity Research Platform includes Analysts, Sector PMs, Associate PMs; all figures are averages. Data as of September 30, 2020.

7
Managing capacity to support performance is in our DNA
As of September 30, 2020

2003 Late 2000s–2010s 2010 2013 2014 2020

Five equity Increased the number of Mid-Cap Small-Cap Capital Ten US equity
strategies dedicated small- and mid- Growth Growth Small- Appreciation strategies
considered cap analysts on the closed to new Cap Stock closed constrained or
constrained research platform investors closed to new closed
to new investors
investors

U.S. EQUITY DIVISION STRATEGIES CURRENTLY CONSTRAINED OR CLOSED

▪ US Capital Appreciation Large-Cap

▪ Global Technology Equity 7.2%

Mid-Cap
▪ Health Sciences Equity 10.0%

▪ US Mid-Cap Growth Equity

▪
▪
US Mid-Cap Value Equity
QM US Small-Cap Growth Equity
29.5% 8.3%

4.0%
Small-Cap

AUM Constrained or
▪ US Small-Cap Core Equity Closed Sector
▪ US Small-Cap Growth Equity 70.5%

▪ US Smaller Companies Equity

▪ US Structured Active Mid-Cap Growth Equity
Percentage of AUM is calculated using U.S. Equity Division’s managed strategies with a total AUM of US $883B as of September 30, 2020.
Constrained strategies restrict large sudden flows, closed strategies are closed to new clients.
Not all strategies shown have a corresponding mutual fund available in the U.S. See appendix for full list of US mutual funds included in the proposed transition.
8
 Additional factors supporting a new adviser
As of October 2020

Market continues to evolve and so do we

Shrinking Universe of Stocks With Increasing Market Capitalization

8,000 $40,000
Performance

Number of Companies (all cap) in Wilshire 5000 Index

1

Market Capitalization (USD billions)

7,000 35,000
Strong U.S. equity performance increased our
market share 6,000 30,000

In our growth franchise, alpha generation has outpaced 5,000 25,000

outflows, generating a 2% “organic” growth rate in AUM1
4,000 20,000

3,000 15,000

2 Shrinking Universe of Stocks 2,000 10,000

Since 2006, the number of companies under U.S.
1,000 5,000
$9B capitalization in the Wilshire 5000 decreased by
36%, from 4,581 to 2,942 0 0

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Technological innovation and disruption are increasing
secular headwinds, and shrinking the opportunity set of
Number of Companies in Wilshire 5000 Index (left axis)
durable growth companies in which many of our PMs invest
Market Capitalization—USD billions (right axis)
1Five years ended September 30, 2020.
The Wilshire Index (SM) has been licensed for use by T. Rowe Price, Associates, Inc., and all content is © 2020 Wilshire Associates Incorporated. All Rights Reserved.
The Wilshire 5000 is an index that includes all actively traded U.S. stocks.

9
Why is a new adviser the best course of action?

It leverages
our strengths

Increases our capacity: Establishes a new research Organic growth at both

ability, overtime, to continue platform that utilizes our entities will be instilled with
to select the right strength in identifying and the same foundational
securities, in the right growing investment talent investment culture
amounts, at the right time, while reducing the
while adhering to risk complexity of
management and regulatory communication across
rules a single, larger platform

It provides
Multi-asset products Provides US High Increases career
additional expected to Yield Bond with opportunities for
benefits continue to benefit
from alpha generation
at both entities
+ access to equity
insights and
corporate access
+ top talent

10
What to expect next: communicating as we progress

IN KEEPING WITH T. ROWE PRICE’S PHILOSOPHY OF EARLY CLIENT

COMMUNICATIONS WE ARE ANNOUNCING THIS WELL AHEAD OF TRANSITION
▪ Over the next 18 months we will monitor progress to determine readiness to transition.
– Complete hiring of remaining investment personnel
– Finalize technology and operations work to ensure necessary data restrictions
– Request necessary approvals for adviser change

▪ In 2021 as sector teams and investment tools are developed, we will begin to transition to
the two-adviser platform structure, ensuring smooth operations in order to change adviser in
early 2022. We control when
we transition

2018 2019 Today 2021 Q2 2022

Analysis Review increased recruitment Majority of Monitor analyst hiring and coverage Anticipated
program team and design of potential additional transitions; investors begin using new date of adviser
assembled Operations and Technology analysts hired tools and processes change
changes

Timeline is for informational purposes only and subject to change, pending necessary approvals.

11
Confidence to proceed: Guiding investors for 80 years

OUR THOUGHTFUL ANALYSIS VALIDATES THAT WE ARE WELL POSITIONED TO EXECUTE

Continuing our tradition of a Acting now, from a Our investment managers Leadership commitment
long-term, thoughtful position of strength believe that now is the time to is unwavering and
approach to business and act enthusiastic
capacity management

“Seasoned investment “We have taken a very “Making this move now, while “Leadership and the investment
managers will ensure that the thoughtful and deliberate further building out our research team are confident that both
T. Rowe Price investment approach to deciding which teams and capabilities across entities have the right mix of
process; culture; and long- strategies are shifting to the investment platforms, will also investment professionals to
term, client-first orientation new platform and which are protect and enhance our ability to continue delivering the
will be foundational to staying within TRPA and attract and retain top investment investment excellence that is
T. Rowe Price Investment have focused on ensuring talent.” the bedrock of our culture.”
Management.” each has a strong platform.”
—Rob Sharps, Head of Investments —Steph Jackson, Head of T. Rowe
—Eric Veiel, Co-head of Equity, and Group CIO Price Investment Management
—Bill Stromberg, President and
CEO Head of U.S. Equity

12
THANK YOU
Important Information
Certain statements in this presentation may represent “forward-looking information,” including information relating to the timing and nature of the
transitions, and the potential benefits to be realized The timing and details regarding the formation and implementation of T. Rowe Price Investment
Management are based on current expectations and plans and are subject to change. For a discussion concerning risks and other factors that could
affect future results, see the firm's Form 10-Q for the third quarter of 2020 and 2019 Annual Report on Form 10-K.

This material is provided for informational purposes only and not intended to be investment advice or a recommendation to take any particular
investment action. Information and opinions, including forecasts and forward-looking statements, presented have been obtained or derived from
sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any
forecasts made will come to pass.

T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products
and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down
as well as up. Investors may get back less than the amount invested

This information is not intended to reflect a current or past recommendation concerning investments, investment strategies, or account types, advice of
any kind, or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into
account the investment objectives or financial situation of any particular investor or class of investor. Please consider your own circumstances before
making an investment decision.

T. Rowe Price Associates, Inc.

© 2020 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.

14