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    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000020717Member_lbl" xml:lang="en-US">T. Rowe Price Institutional Floating Rate Fund</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000057839Member_lbl" xml:lang="en-US">T. Rowe Price Institutional Floating Rate Fund - Institutional Class [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000092115Member_lbl" xml:lang="en-US">T. Rowe Price Institutional Floating Rate Fund-F Class [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_FloatingRateLoansMember" xlink:label="trowe_FloatingRateLoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FloatingRateLoansMember" xlink:to="trowe_FloatingRateLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_FloatingRateLoansMember_lbl" xml:lang="en-US">Floating rate loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CreditQualityMember" xlink:label="trowe_CreditQualityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditQualityMember" xlink:to="trowe_CreditQualityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CreditQualityMember_lbl" xml:lang="en-US">Credit quality [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_JunkBondsMember" xlink:label="trowe_JunkBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_JunkBondsMember" xlink:to="trowe_JunkBondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_JunkBondsMember_lbl" xml:lang="en-US">Junk bonds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_MarketConditionsMember" xlink:label="trowe_MarketConditionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MarketConditionsMember" xlink:to="trowe_MarketConditionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MarketConditionsMember_lbl" xml:lang="en-US">Market conditions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CovenantLiteLoansMember" xlink:label="trowe_CovenantLiteLoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CovenantLiteLoansMember" xlink:to="trowe_CovenantLiteLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CovenantLiteLoansMember_lbl" xml:lang="en-US">Covenant lite loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ImpairmentOfCollateralMember" xlink:label="trowe_ImpairmentOfCollateralMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ImpairmentOfCollateralMember_lbl" xml:lang="en-US">Impairment of collateral [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SeniorLoansMember" xlink:label="us-gaap_SeniorLoansMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorLoansMember_lbl" xml:lang="en-US">Senior Loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LiquidityMember" xlink:label="trowe_LiquidityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityMember" xlink:to="trowe_LiquidityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LiquidityMember_lbl" xml:lang="en-US">Liquidity [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_InterestRatesMember" xlink:label="trowe_InterestRatesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InterestRatesMember" xlink:to="trowe_InterestRatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InterestRatesMember_lbl" xml:lang="en-US">Interest rates [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_PrepaymentsMember" xlink:label="trowe_PrepaymentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PrepaymentsMember" xlink:to="trowe_PrepaymentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PrepaymentsMember_lbl" xml:lang="en-US">Prepayments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ForeignInvestingMember" xlink:label="trowe_ForeignInvestingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignInvestingMember" xlink:to="trowe_ForeignInvestingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ForeignInvestingMember_lbl" xml:lang="en-US">Foreign investing [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ActiveManagementMember" xlink:label="trowe_ActiveManagementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ActiveManagementMember" xlink:to="trowe_ActiveManagementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ActiveManagementMember_lbl" xml:lang="en-US">Active management [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CybersecurityBreachesMember" xlink:label="trowe_CybersecurityBreachesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecurityBreachesMember" xlink:to="trowe_CybersecurityBreachesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CybersecurityBreachesMember_lbl" xml:lang="en-US">Cybersecurity breaches [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_S000002134Member" xlink:label="trowe_S000002134Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000002134Member" xlink:to="trowe_S000002134Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000002134Member_lbl" xml:lang="en-US">T. Rowe Price Institutional High Yield Fund</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_FixedIncomeMarketsMember" xlink:label="trowe_FixedIncomeMarketsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FixedIncomeMarketsMember" xlink:to="trowe_FixedIncomeMarketsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_FixedIncomeMarketsMember_lbl" xml:lang="en-US">Fixed income markets [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BankLoansMember" xlink:label="trowe_BankLoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BankLoansMember" xlink:to="trowe_BankLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BankLoansMember_lbl" xml:lang="en-US">Bank loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CallableBondsMember" xlink:label="trowe_CallableBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CallableBondsMember" xlink:to="trowe_CallableBondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CallableBondsMember_lbl" xml:lang="en-US">Callable bonds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ConvertibleSecuritiesAndPreferredStocksMember" xlink:label="trowe_ConvertibleSecuritiesAndPreferredStocksMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ConvertibleSecuritiesAndPreferredStocksMember_lbl" xml:lang="en-US">Convertible securities and preferred stocks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_S000040861Member" xlink:label="trowe_S000040861Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000040861Member" xlink:to="trowe_S000040861Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000040861Member_lbl" xml:lang="en-US">T. Rowe Price Institutional Long Duration Credit Fund</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_MortgageandassetbackedsecuritiesMember" xlink:label="trowe_MortgageandassetbackedsecuritiesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MortgageandassetbackedsecuritiesMember_lbl" xml:lang="en-US">Mortgage- and asset-backed securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_PrepaymentsAndExtensionsMember" xlink:label="trowe_PrepaymentsAndExtensionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PrepaymentsAndExtensionsMember" xlink:to="trowe_PrepaymentsAndExtensionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PrepaymentsAndExtensionsMember_lbl" xml:lang="en-US">Prepayments and extensions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_DerivativesMember" xlink:label="trowe_DerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DerivativesMember" xlink:to="trowe_DerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_DerivativesMember_lbl" xml:lang="en-US">Derivatives [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000005527Member" xlink:label="trowe_C000005527Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005527Member" xlink:to="trowe_C000005527Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005527Member_lbl" xml:lang="en-US">T. Rowe Price Institutional High Yield Fund [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000126665Member" xlink:label="trowe_C000126665Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000126665Member" xlink:to="trowe_C000126665Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000126665Member_lbl" xml:lang="en-US">T. Rowe Price Institutional Long Duration Credit Fund [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:to="trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:to="trowe_MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MorningstarLSTAPerformingLoanIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">Morningstar LSTA Performing Loan Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:to="trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperHighYieldFundsAverageMember" xlink:label="trowe_LipperHighYieldFundsAverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LipperHighYieldFundsAverageMember" xlink:to="trowe_LipperHighYieldFundsAverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LipperHighYieldFundsAverageMember_lbl" xml:lang="en-US">Lipper High Yield Funds Average</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:label="trowe_BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember" xlink:to="trowe_BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSLongCreditBondIndexreflectsnodeductionforfeesexpensesortaxesMember_lbl" xml:lang="en-US">Bloomberg U.S. Long Credit Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperCorporateDebtFundsBBBRatedAverageMember" xlink:label="trowe_LipperCorporateDebtFundsBBBRatedAverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LipperCorporateDebtFundsBBBRatedAverageMember" xlink:to="trowe_LipperCorporateDebtFundsBBBRatedAverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LipperCorporateDebtFundsBBBRatedAverageMember_lbl" xml:lang="en-US">Lipper Corporate Debt Funds BBB-Rated Average</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000002134Member" xlink:to="trowe_S000002134Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000002134Member_doc" xml:lang="en-US">T. Rowe Price Institutional High Yield Fund</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000005527Member_doc" xml:lang="en-US">T. Rowe Price Institutional High Yield Fund [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FixedIncomeMarketsMember_doc" xml:lang="en-US">Fixed income markets.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ImpairmentOfCollateralMember_doc" xml:lang="en-US">Impairment of collateral.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CovenantLiteLoansMember_doc" xml:lang="en-US">Covenant lite loans.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_BankLoansMember_doc" xml:lang="en-US">Bank loans.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_JunkBondsMember_doc" xml:lang="en-US">Junk bonds.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LipperHighYieldFundsAverageMember_doc" xml:lang="en-US">Lipper High Yield Funds Average</link:label>
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