T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — T. Rowe Price UK Investment Conference 2025
44 slides from T. Rowe Price's conference presentation, September 2025
Slide 1: Global Impact Credit Strategy
Global Impact Credit Strategy Matt Lawton, CFA Head of Impact Fixed Income September 2025 This marketing communication is for investment professionals only. Not for retail distribution. T. R O W E P R I C E 1
Slide 2: Global Impact Credit Strategy
Global Impact Credit Strategy Matt Lawton, CFA Head of Impact Fixed Income T. R O W E P R I C E 2
Slide 3: Table of Contents
Table of Contents Global Impact Credit Overview Portfolio Review Performance Review T. R O W E P R I C E 3
Slide 4: Global Impact Credit Overview
Global Impact Credit Overview T. R O W E P R I C E 4
Slide 5: Making the case for impact investing
Making the case for impact investing Impact investments allow investors to: Invest in companies that Align one’s values with Pursue compelling Capturing measurable focus on addressing the their financial goals returns by investing in the evidence of impact world's most pressing companies engaged in
Slide 6: T. Rowe Price Global Impact Core Principles
T. Rowe Price Global Impact Core Principles Performance Impact Partnership Benchmark Material, measurable, Mobilizing resources to outperformance and additional support pursuit of unique financial and impact objectives T. R O W E P R I C E 6
Slide 7: Impact Through Active Ownership
Impact Through Active Ownership Company-specific Approach ▪ Impact, RIIM and fundamental analysis help identify opportunity Company- ▪ Collaboration across our investment platform specific creates insight Approach Engagement Program ▪ Company- based and outcome-oriented approach ▪ Collaboration with
Slide 8: Fixed Income impact assets
Fixed Income impact assets As of 30 June 2025 Global Impact Short Duration SICAV Global Impact Multi Global Impact 98M USD Global Impact Multi- Asset - FI Sleeves Short Duration Global Impact 23M USD Asset—FI Sleeves 98M USD Credit SICAV 23M USD 113M USD Global Impact Credit OEIC 71M USD Fixed Incom
Slide 9: Performance
Performance Periods Ended 31 August 2025 Figures are Calculated in U.S. Dollars Global Impact Credit (USD Hedged) Composite Annualised Since Three Year-to- One Two Three Inception Months Date Year Years Years 31 Dec 2021 Global Impact Credit (USD Hedged) Composite (Gross of Fees) 2.47% 4.78% 4.94% 7
Slide 10: Objective and Risks
Objective and Risks T. Rowe Price Funds SICAV—Global Impact Credit Fund Objective Risks – the following risks are materially relevant to the fund (refer to prospectus for further details): ▪ ABS and MBS risk – Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) may be subject to great
Slide 11: Global Impact Investment Team
Global Impact Investment Team As of 1 July 2025 Impact Investing—Credit Impact Investing—Equity Matt Lawton Willem Visser Hari Balkrishna David Rowlett Head of Impact Fixed Income Sector Portfolio Portfolio Manager Portfolio Manager Portfolio Manager Manager 20 yrs experience 21 yrs experience 18 yr
Slide 12: A robust and repeatable investment process
A robust and repeatable investment process Environmental or social pressure point identification Exclusion list for harmful sectors Alignment to Proprietary Impact Pillar via: 1. Majority of Current Revenues 2. Use of Proceeds Bond Five Dimensions ESG Bond Feedback loop of Impact1 Evaluation Feedbac
Slide 13: Impact investment pillars guide our decision-making
Impact investment pillars guide our decision-making As of 30 June 2025 Impact Pillars1 Sub-pillars Sub-pillar Activities UN SDG Alignment Increasing energy efficiency Decarbonization and carbon capture 1 Climate and 1. Reducing greenhouse gases (GHGs) Reducing methane and other GHGs Green financing
Slide 14: Impact analysis
Impact analysis Evaluating ESG labelled bonds Issuer’s ESG Framework, Use of Post-issuance Profile Standards, Verification Proceeds Reporting ▪ Proprietary T. Rowe Price ▪ ICMA alignment ▪ Credibility of proceeds ▪ Impact KPIs RIIM score ▪ Second-party opinion ▪ Type of expenditure ▪ Allocation to n
Slide 15: Impact analysis: The Theory of Change
Impact analysis The Theory of Change The Five Dimensions of Impact1 INPUT Financial, human, or material Evaluate the risks to people Determine the resources the company puts in and the planet if the impact impact outcome its business operations is not delivered as expected being targeted OUTPUT Prod
Slide 16: Delivering additionality through origination—DP World
Delivering additionality through origination—DP World As of 30 June 2025 Background Additionality in Origination Impact Alignment ▪ In December, DP World issued their 1. Collaborating with issuers and steer allocation of proceeds towards more Impact Pillar inaugural blue bond and became the underfun
Slide 17: Partnering with the world bank and IFC
Partnering with the world bank and IFC Deep expertise across impact lending and 28.5B USD In committed climate emerging markets financing over last 5 years The International Finance Corporation Anchor investor in the strategy (IFC) - member of the 1.5B USD World Bank Group In capital mobilized and l
Slide 18: Internal credit research process and outcomes
Internal credit research process and outcomes As of 30 June 2025 Every credit is Inputs to Fundamental TRP Investment Conviction1 Our ratings have generally been more conservative than those of major rating agencies.2 Research assigned an internal Qualitative Analysis Compelling Overweight/ % of Tot
Slide 19: Portfolio construction
Portfolio construction Research-driven fundamental inputs Risk-managed portfolio construction Top ▪ Macroeconomic outlook ▪ High-conviction ideas Down Credit Cycle ▪ Global views for growth, policy, and inflation ▪ Informed by bottom-up analysis and market State ▪ Regional variances and dislocations
Slide 20: Market outlook and positioning
Market outlook and positioning As of 30 June 2025 ▪ Overall corporate fundamentals remain healthy, but risks remain in certain sectors (Autos, Energy) Global Credit ▪ Headline spreads screen rich; but under the surface, attractive opportunities present. We are focused in 3 areas: Outlook • Short dur
Slide 21: Portfolio Review
Portfolio Review T. R O W E P R I C E 21
Slide 22: Guided investment parameters
Guided investment parameters As of 31 August 2025 Global Impact Credit Global Impact Short Duration Bond Bloomberg Global Aggregate Credit Bloomberg Global Aggregate 1–5 Year Benchmark USD Hedged Index1 USD Hedged Index1 Number of Issuers 75–150 95–175 High Yield Max. 30% Max. 5% Emerging Markets Ma
Slide 23: Portfolio positioning by impact pillar and sub-pillar
Portfolio positioning by impact pillar and sub-pillar As of 31 August 2025 Global Impact Credit Strategy 1 Reducing greenhouse gases (GHGs) 47% Climate and 57% Promoting healthy ecosystems 7% Resource Impact Nurturing circular economies 4% 2 Enabling social equity 20% Social Equity and Quality of Li
Slide 24: Uniformed impact reporting—Global Impact Credit Strategy
Uniformed impact reporting—Global Impact Credit Strategy As of 31 August 2025 UN SDG alignment% of fund 2023 Annual Impact Report—Portfolio impact outcomes1 Environmental Metric tons of Cubic meters of Metric tons of 6.3% 19.7% 0.3% 1.8% CO 2 e avoided water saved waste avoided 1.2 billion 1,021 304
Slide 25: Portfolio characteristics
Portfolio characteristics As of 31 August 2025 Bloomberg Global Global Impact Bloomberg Global Global Impact Aggregate Credit Short Duration Agg 1–5yrs Index Credit Portfolio USD Hedged Index Bond Portfolio Hedged USD Average Credit Rating1 BBB+ A A AA- Weighted Average 6.86 8.27 2.51 2.84 Maturity
Slide 26: Portfolio characteristics
Portfolio characteristics As of 31 August 2025 Global Impact Credit Portfolio Global Impact Short Duration Bond Portfolio Credit Quality AAA AAA Rating1 AA AA A A BBB BB BBB -20 -10 0 10 20 30 40 50 60 -40 -30 -20 -10 0 10 20 30 40 50 Percent Percent Global Impact Credit Representative Portfolio Glo
Slide 27: Regional and sector report—market value (%)
Regional and sector report—market value (%) As of 31 August 2025 Global Impact Credit Portfolio Global Impact Short Duration Bond Portfolio North America North America Latin America Latin America Africa/Mid-East Africa/Mid-East Asia-Pacific Asia-Pacific Europe Europe Supranational Supranational Indu
Slide 28: Top Positions – Impact Theses
Top 10 Positions – Impact Theses As of 30 June 2025 Global Impact Credit Representative Portfolio % of Primary Security Fund Impact Thesis Impact Pillar Sub Pillar KPI UN SDG United Overseas Bank, United Overseas Bank's sustainability bond reduces environmental impacts of construction and management
Slide 29: Impact Analysis in Practice—Brambles
Impact Analysis in Practice—Brambles As of 30 June 2025 Impact Thesis Investor Contribution Impact Alignment ▪ Brambles produces reusable pallets and ▪ Investor contribution is made through stewardship. Impact Pillar containers for several end-markets, ▪ We are engaging with Brambles to improve the
Slide 30: Performance Review
Performance Review T. R O W E P R I C E 30
Slide 31: Since Inception Performance Attribution (USD)
Since Inception Performance Attribution (USD) As of 31 August 2025 Figures are Calculated in U.S. Dollars Overall Performance Contribution to Excess Return bps bps 60 60 52 53 50 50 40 40 30 34 20 30 10 8 19 20 0 -10 -8 10 -20 -20 0 Global Impact Credit Bloomberg Global Relative -30 Fund Aggregate C
Slide 32: Q&A
O&A T. ROWE PRICE INVEST WITH CONFIDENCE* | 32
Slide 33: Please share your feedback
Please share your feedback For every survey completed, £10 will go to Ocean Generation Charity Scan QR code T. R O W E P R I C E 33
Slide 34: T. Rowe Price UK Investment Conference 2026
Join us for the T. Rowe Price UK Investment Conference 2026 Date: 10th September 2026 Location: London Hear from our investment experts, who will provide you with clear recommendations on how to prepare your clients’ portfolios for now and the future. Please contact your relationship manager or emai
Slide 35: Appendix
T. ROWE PRICE INVEST WITH CONFIDENCE* | 35
Slide 36: Engagement in Practice―AstraZeneca
Engagement in Practice―AstraZeneca As of 31 December 2024 Impact thesis Impact Pillar Alignment Sub-pillar Alignment UN SDG Alignment Investor Contribution ▪ AstraZeneca (AZN) provides impact through its approved medicines that treat >116m patients annually across over 125 countries in its core ther
Slide 37: Engagement in Practice―Nordic Investment Bank
Engagement in Practice―Nordic Investment Bank As of 31 December 2024 Impact thesis Impact Pillar Alignment Sub-pillar Alignment UN SDG Alignment Investor Contribution ▪ Nordic Investment Bank (NIB) seeks to promote a prosperous and sustainable Nordic-Baltic region by financing projects that improve
Slide 38: Fee schedule
Fee schedule As of 30 June 2025 T. Rowe Price Funds SICAV—Global Impact Credit Fund Minimum Initial Minimum Sales Charge Investment and Holding Subsequent Investment Investment (up to) Amount (USD) (USD) Management Fee Class S N/A 1,000,000 N/A 0 basis points1 Class E N/A 1,000,000 N/A 27 basis poin
Slide 39: Fee schedule
Fee schedule As of 30 June 2025 Global Impact Credit Composite The Global Impact Credit Composite seeks to have a positive impact on the environment and society whilst at the same time seeking to increase the value of its shares through both growth in the value of, and income from, its investments i
Slide 40: GIPS Composite Report
® GIPS Composite Report T. R O W E P R I C E 40
Slide 41: GIPS Composite Report
GIPS® Composite Report Period Ended December 31, 2024 | Figures Shown in U.S. Dollar Global Impact Credit Composite 2022 2023 2024 Gross Annual Returns (%) -13.83 9.02 4.21 Net Annual Returns (%)1 -14.24 8.51 3.73 Bloomberg Global Aggregate Credit USD Hedged Index (%) -14.22 8.68 3.52 Composite 3-Yr
Slide 42: Additional Disclosures
Additional Disclosures The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative port
Slide 43: Important Information
Important Information The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“
Slide 44: Thank You
D4 T.RowePrice Thank You
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