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NEWS RELEASE
T. ROWE PRICE GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS


BALTIMORE (January 28, 2021) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported its results for the fourth quarter and full year 2020.
Assets under management end quarter at $1.47 trillion
Net client inflows of $2.2 billion for Q4 2020 and $5.6 billion for 2020
Net revenues of $1.7 billion for Q4 2020 and $6.2 billion for 2020
Diluted earnings per common share of $3.33 for Q4 2020 and $9.98 for 2020
Adjusted non-GAAP diluted earnings per common share of $2.89 for Q4 2020 and $9.58 for 2020
Long-term investment performance remains strong

Financial Highlights
Three Months endedYear ended
(in millions, except per-share data)
12/31/202012/31/2019
% change
12/31/202012/31/2019
% change
U.S. GAAP basis
Investment advisory fees
$1,602.2 $1,344.7 19.1 %$5,693.1 $5,112.5 11.4 %
Net revenues
$1,732.9 $1,468.7 18.0 %$6,206.7 $5,617.9 10.5 %
Operating expenses
$977.0 $888.4 10.0 %$3,461.0 $3,230.9 7.1 %
Net operating income
$755.9 $580.3 30.3 %$2,745.7 $2,387.0 15.0 %
Non-operating income(1)
$390.1 $170.0 n/m$496.5 $540.3 n/m
Net income attributable to T. Rowe Price Group
$783.4 $545.3 43.7 %$2,372.7 $2,131.3 11.3 %
Diluted earnings per common share
$3.33 $2.24 48.7 %$9.98 $8.70 14.7 %
Weighted average common shares outstanding assuming dilution
229.2 237.4 (3.5)%231.2 238.6 (3.1)%
Adjusted non-GAAP basis(2)
Operating expenses
$908.5 $863.5 5.2 %$3,342.7 $3,149.8 6.1 %
Net operating income$827.0 $605.7 36.5 %$2,873.9 $2,474.9 16.1 %
Non-operating income(1)
$42.5 $27.2 n/m$92.7 $126.0 n/m
Net income attributable to T. Rowe Price Group
$680.2 $495.2 37.4 %$2,276.8 $1,975.6 15.2 %
Diluted earnings per common share
$2.89 $2.03 42.4 %$9.58 $8.07 18.7 %
Assets under Management (in billions)
Average assets under management$1,394.0 $1,162.0 20.0 %$1,247.9 $1,109.3 12.5 %
Ending assets under management$1,470.5 $1,206.8 21.9 %$1,470.5 $1,206.8 21.9 %
(1) The percentage change in non-operating income is not meaningful (n/m).
(2) Adjusts the GAAP basis for the impact of consolidated T. Rowe Price investment products, the impact of market movements on the supplemental savings plan liability and related economic hedges, investment income related to certain other investments, and certain nonrecurring charges and gains. The firm believes the non-GAAP financial measures provide relevant and meaningful information to investors about its core operating results. See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.


1


The following information was filed by Price T Rowe Group Inc (TROW) on Thursday, January 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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