1 NEWS RELEASE T. ROWE PRICE GROUP REPORTS FOURTH QUARTER 2017 RESULTS Assets Under Management Increase to $991.1 Billion BALTIMORE (January 30, 2018) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported its fourth quarter of 2017 results, including net revenues of $1.3 billion, net income of $347.1 million, and diluted earnings per common share of $1.37. For the fourth quarter of 2016, net revenues were $1.1 billion, net income was $379.8 million, and diluted earnings per common share was $1.50. On a non-GAAP basis, diluted earnings per share for the fourth quarter of 2017 was $1.52, compared with $1.21 in the 2016 quarter. Financial Highlights The table below presents financial results on a U.S. GAAP basis as well as a non-GAAP basis that adjusts for the impact of the Dell appraisal rights matter, the consolidated T. Rowe Price investment products, the supplemental savings plan, other non-operating income, and the non-recurring charge recognized in 2017 related to the enactment of U.S. tax reform. The firm believes the non-GAAP financial measures below provide relevant and meaningful information to investors about its core operating results. Three months ended Year ended (in millions, except per-share data) 12/31/2016 12/31/2017 % change 12/31/2016 12/31/2017 % change U.S. GAAP basis Investment advisory fees $ 966.8 $ 1,156.0 19.6 % $ 3,728.7 $ 4,287.7 15.0 % Net revenues $ 1,091.2 $ 1,286.1 17.9 % $ 4,222.9 $ 4,793.0 13.5 % Operating expenses $ 527.9 $ 755.1 43.0 % $ 2,489.5 $ 2,684.2 7.8 % Net operating income $ 563.3 $ 531.0 (5.7 )% $ 1,733.4 $ 2,108.8 21.7 % Non-operating income(1) $ 12.2 $ 102.0 n/m $ 227.1 $ 396.3 74.5 % Net income attributable to T. Rowe Price Group $ 379.8 $ 347.1 (8.6 )% $ 1,215.0 $ 1,497.8 23.3 % Diluted earnings per common share $ 1.50 $ 1.37 (8.7 )% $ 4.75 $ 5.97 25.7 % Weighted average common shares outstanding assuming dilution 246.8 247.7 .4 % 250.3 245.1 (2.1 ) % Adjusted - non-GAAP basis(2) Operating expenses $ 626.0 ( 3 $ 747.7 ( 3 19.4 % $ 2,416.8 ( 5 $ 2,715.8 ( 5 12.4 % Net income attributable to T. Rowe Price Group $ 304.7 ( 4 ) $ 383.9 ( 4 ) 26.0 % $ 1,148.9 ( 6 ) $ 1,361.1 ( 6 ) 18.5 % Diluted earnings per common share $ 1.21 $ 1.52 25.6 % $ 4.49 $ 5.43 20.9 % Assets under Management (in billions) Average assets under management $ 807.6 $ 976.4 20.9 % $ 778.2 $ 909.0 16.8 % Ending assets under management $ 810.8 $ 991.1 22.2 % $ 810.8 $ 991.1 22.2 % (1) The percentage change in non-operating income for the three-months ended is not meaningful (n/m). (2) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release


The following information was filed by Price T Rowe Group Inc (TROW) on Tuesday, January 30, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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