T. Rowe Price US Impact Equity Strategy

Impact Statement
January 2024
As our world evolves, societal, governmental,
regulatory, and fiduciary pressures are now driving
change on a range of environmental and social
fronts. As companies respond and increasingly shift
investment to address global pressure points, theopportunities to own businesses that create a positive
impact on society and the planet is broader than it has
ever been in public equity markets. We believe impact
investing is vital in helping investors who seek to own
companies that are on the side of secular changethat aligns with our impact goals. It creates a realopportunity to select stocks that we believe will delivera favourable impact profile and capture the added
return potential that this can bring.
We strongly believe that impact is achieved within an
investment portfolio in more ways than simply owningand capturing the economics and activities of certain

types of companies. It involves directing fresh capital
toward desired impact outcomes, impact-oriented
company engagement, active proxy voting, and theassociated feedback loop.
Our investment process embeds clear principles ofmateriality and measurability to form the basis for
identifying positive impact for clients. We also aim to be
additional by capturing positive environmental and/or
social outcomes on a global basis and by committing
to use our scale and resources to promote andprogress the impact agenda. Due to the very complex
friction points that exist for our planet and our global
community, delivering impact requires patience andan understanding of change. This is why being resilientin applying an impact oriented investment approach isimperative.

Our impact charter
Material
Material

Measurable
Measurable

Additional
Additional

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Resilient

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FOR INVESTMENT PROFESSIONALS ONLY.
NOT FOR FURTHER DISTRIBUTION.

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Material positive impact

All of our stock selection decisions begin with a clearly
defined positive impact thesis, which proactively andsystematically integrates ESG considerations. Our
philosophy is that ESG factors cannot be separate
or tangential parts of a traditional investment thesis.
Company fundamentals, including its considerationof factors, play a critical role in the stock selection
process.

Avoiding significant harm: T. Rowe Price Impact
Exclusion List

The process of ESG integration takes place on threelevels:All our investments start with a stock-by-stock
assessment of impact materiality. Our responsible
investing team define our impact universe throughcareful screening, a deep understanding ofenvironmental, social and governance (ESG) factors,
and industry-specific, forward-looking impact inclusion
criteria.

The primarily large-cap U.S. opportunity set isscreened* to exclude areas of the global economy
that, in our view, generate significant harm. We also
exclude stocks that screen out individually on conductbased metrics, integrating our proprietary Responsible
Investing Indicator Model (RIIM) analysis to identify
specific controversies or areas of ESG risk that meritindividual consideration.
Systematic and proactive integration of ESG
considerations

1. First, as our fundamental and responsible investing
research analysts incorporate environmental, social,and governance factors into their analysis;
2. Second, as we use T. Rowe Price’s proprietary RIIM
analysis at regular intervals to help us understandthe ESG characteristics of single stocks and theaggregate portfolio; and3. Third, as the portfolio manager integrates ESG
considerations within the investment thesis andportfolio construction process itself.

The US Impact Equity strategy leverages T. Rowe Price’s
ESG integration process to understand environmental
and social dynamics related to a company’s conduct.
The T. Rowe Price Impact Exclusion List currently consists of the following categories:
Adult entertainment
companies that generate >5% of revenues
from adult entertainment.

For-profit prisonscompanies that generate >5% of revenues
from for-profit prisons.

Alcohol
companies that generate >5% of revenues
from alcohol.

Fossil fuels
companies that generate >5% of revenues
from the production of thermal coal, andcompanies that are identified within the Oilor Gas industry through the Global Industry
Classification Standard (GICS) and/or
Bloomberg Industry Classification Systems(BICS) classification.

Assault-style weapons
companies that manufacture or retail semiautomatic weapons for civilian use.

Gambling
companies that generate >5% of revenues
from direct gambling operations.

Controversial weapons
companies with direct exposure to antipersonnel land mines, cluster munitions,
incendiary weapons, biological weapons,chemical weapons and/or nuclear weapons.

Tobaccocompanies that produce tobacco or key
components of tobacco products.

Conventional weapons
companies that generate >5% of revenues
from the production of conventional
weapons.

Conduct-based
corporate or sovereign issuers that, in theopinion of the investment manager, havebeen involved in an extreme environmental,social, ethical or governance breach asdetermined in reference to the UN Global
Compact principles and are not taking
adequate steps to remediate the issue.

* Screening is generally applied only to the relevant company itself and to its subsidiaries. Minority holdings (less than 50% ownership) are generally notconsidered for screening purposes.
For certain types of investments, including, but not limited to, cash, currency positions, and particular types of derivatives, an ESG analysis may not be
relevant or possible due to lack of data. Where ESG considerations are integrated into the investment research process, we may conclude that otherattributes of an investment outweigh ESG considerations when making investment decisions.
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ESG Integration Process

1

Identification

2

3

Analysis

Integration

Proprietary research tools
signal securities with ESG
issues.

ESG specialists apply further
analysis to securities flagged
by our ESG research tools.

ESG analysis delivered toinvestment analysis andportfolio managers.

Responsible Investing
Indicator Model (RIIM)

Securities flagged in RIIM
undergo fundamental analysis
by the RI team, including
engagement and proxy voting
recommendations.

Analysts and portfolio
managers incorporate ESG
factors (as appropriate totheir strategy) into:

Customised Proxy Voting
Guidelines

 Investment thesis
 Company ratings
 Price targets
 Engagements
 Position sizing Proxy voting decisions

Companies divergent fromproxy guidelines are subject tofurther analysis, including
engagement and proxy voting
recommendations.

Data and insights from integration feedback into identification and analysis stages
For illustrative purposes only.

Aligning our investments to the United Nations
Sustainable Development Goals (UN SDGs)
Our strategy philosophy aligns with the UN SDGs, aglobally recognised framework designed to end poverty,
protect the planet, and ensure prosperity. We believe
this is the best way to align all stakeholders in theimpact journey, encompassing our clients, investment
team, and the businesses our strategy owns.

Companies must meet at least one of the following four
impact inclusion criteria to be eligible for consideration:
1. Majority of current revenues or profits is tied to atleast one impact sub-pillar
2. Majority of projected revenues or profits in 10 years
is tied to at least one impact sub-pillar
3. Best-in-class response to impact situations
4. Unique impact situation
Pursuing positive impact from our investments against
these pillars is the start point for every investment
decision we make.

Climate and resource
ImpactSocial equity and qualityof life

Sustainable innovation andproductivity

1. Reducing greenhousegases (GHGs)

4. Enabling social equity

7. Sustainable technology

2. Promoting healthy
ecosystems

5. Improving health

8. Building sustainableindustry & infrastructure

3. Nurturing circular
economies

6. Enhancing quality of life

UN SDG
Alignment

T. Rowe Price Pillars & Sub-pillars

To ensure our approach has substance and materiality,
we adopt a forward-looking perspective on change
while ensuring all investment decisions are based ona clearly defined, positive impact thesis that is bothmaterial and measurable. We assess business activities
and how they align to the following three investment

pillars and eight sub-pillars, guided by the UN SDGs:

T. Rowe Price uses a proprietary custom structure for impact pillar and sub-pillar classification.
The UN SDGs encompass 17 goals. For further information, please visit http://www.un.org/sustainabledevelopment/sustainable-development-goals/
The trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of T. Rowe Price with any of
the trademark owners.
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Measurability

quantifying and measuring outcomes is one of themost significant challenges impact investors face. Thisis due to the lack of generally accepted measurement
standards and the need to capture the evolving
dimension of change, not just a backwards-looking data
set of historical impacts. Networks of impact investing
professionals, including asset managers, continue
to evolve and establish harmonised terminology,
frameworks, and principles, to increase reporting clarity
to clients. Due to the rapid development in impact
management and measurement best practices, we keep
our approach to measurement under constant review.
Impact due diligence: assessing fundamentals
and risk
Alongside measuring a company’s alignment with
our impact pillars and sub-pillars, we use the fivedimensions of impact framework* to carry the impact
due diligence of a given stock. This framework wasdeveloped by the Impact Management Project,
an impact practitioner community of over 2,000
organisations.
This framework leads to assessing a company’s ability
to deliver impact on a holistic basis, including the risks
that may affect its ability to deliver the targeted impact.
The five dimensions are:
1. What is the impact goal?

This analysis helps us to formalise an impact thesis,
highlight negative externalities and risks and define key
performance indicators (KPIs) for each stock.
For investment in companies that undertake multiple
activities leading to complementary or conflicting
outcomes, we will endeavour to reflect this complexity
in our methodology.
This impact due diligence can also be a starting point
for engaging with a company. During this stage, theinvestment and responsible investing teams may
identify gaps in the disclosures, which are necessary to
the impact measurement process.
Outcome and impact measurement
We published our second global impact equity reportin Q4 2023. It aims to convey the environmental andsocial outcomes delivered by the companies in which
we invested in our Global Impact Equity Strategy during2022.
In our annual report, we report on how each investmentaligns with our proprietary impact pillars and sub-pillars
as well as the United Nations Sustainable Development
Goals (UN SDGs). From a measurability standpoint, wereport on outcomes at the company level, based on
key performance indicators. Furthermore, we provide
several stock case studies, in which we discuss what weare monitoring to improve measurement and/or track
the company’s progress toward its impact goal.

5. Risk—What is the risk to people and the planet if the
impact does not occur as expected?

As part of our approach to impact measurement
and reporting, we use a “Theory of Change” model.
We believe that this model provides a clear andcomprehensive framework for evaluating how theefforts of each holding is delivering impact, through themeasurement of achieved outcomes. This framework
explains the steps taken by a company to produce
specific societal and environmental outcomes on achronological basis.

Within this process and depending on data availability,
we also use guidance and metrics from the IRIS+
catalogue of metrics, developed by the Global Impact
Investing Network (GIIN).

One benefit of this approach is it provides a robust
benchmark against which we can measure theeffectiveness and progress of a company toward its
impact goals over time.

2. Who experiences the outcome?
3. How much of the outcome is occurring (scale, depth,and duration)?
4. Contribution—Would this change likely have
happened anyway? andOur approach to impact measurement
Quantify alignment with our three
impact pillars and eight sub-pillars
To create a robust and measurable
impact universe

Alignment

Measure outcomes and impact
Using the theory of change,quantifying wherever possible,
using external data

Outcomes
Assess fundamentals throughan impact lensUsing the Impact Management
Project’s five dimensions of impact
to gain a deeper understanding of abusiness’ impact footprint

Fundamentals

Understand impact risk
Qualify risks and track evolution
and impairment of the impact thesis

Risk*The Five Dimensions of Impact is a measurement framework developed by the Impact Management Project, an impact practitioner community of over
2,000 organizations. The Impact Management Project, a project by Bridges Fund Management Ltd (company number 10401079) (“Bridges”).

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We will aim to produce a similar annual report for our
US Impact Equity Strategy in 2024 (covering 2023), at
which point we will have a full calendar year by which tomeasure our holdings’ real-world impact outcomes.

Additional: accelerating impact throughactive ownership

We truly believe impact is achieved within an investment
portfolio in more ways than simply owning andcapturing the economics and activities of certain typesof companies. Our approach involves directing fresh
capital towards desired impact outcomes alongside
impact‑oriented company engagements, proxy voting,and the associated feedback loop.
Done well and in partnership with our fundamental andresponsible research analysts and governance team, we
believe this will potentially create benefits not only for
our US Impact Equity clients, but other investors.
Engagement ProgrammeEngagement is a crucial tool for impact managers to
track a company’s progress towards its impact goals
and to provide guidance on sustainability best practices
when needed.
The central focus of our engagement program is at
the company level. Generally, we do not identify broad
themes and then engage with multiple companies
on the same issue. We identify engagement targets
through our proprietary impact due diligence framework
based on the Five Dimensions of Impact framework,
RIIM analysis, governance screening, and our analysts’
fundamental research. We believe this companyspecific approach results in the highest impact because
it is aligned with our firm’s core investment approach:active management rooted in fundamental investment
analysis.
Thanks to the trust our clients have placed in us,
T. Rowe Price is a significant investor in many of theworld’s leading companies. This affords us, in mostcases, access to company management that we findhighly valuable in both engagement and insight terms.
This allows us to:a. see the potential to accelerate the good aspects of
their operations whileb. helping to mitigate the negative externalities which
naturally exist, even in the purest of business
operations.
Our impact engagements are designed to:§ Investigate in the case of a corporate event that
potentially hinders the impact thesis§ Inform our impact research and measurement
practice§ Share our views and guide the company towardspecific positive impact outcomes
We measure the success of our engagement throughmaintaining a regular dialogue with the management
teams of companies represented across our portfolios.

As an active manager, company management teams areaware that we have the option of selling our investment.
That means our investment-driven engagement
approach can yield meaningful outcomes.
Our objective is to use our expertise to increase theprobability that the company will potentially outperform
its peers, enabling our clients to achieve their investment
goals. We do this using various stewardship activities
listed below:§ Regular, ongoing investment diligence§ Engagement with management on ESG and impact
issues§ Meetings with senior management, including offering
our candid feedback§ Meetings with members of the Board of Directors§ Decisions to increase or decrease the weight of aninvestment in a portfolio§ Decisions to initiate or eliminate an investment§ On rare occasions, public statements about acompany, either to support the management teamor to encourage it to change course in the long-term
best interests of the company.
We currently publish a quarterly engagement reporton a selection of engagements and will summarize all
impact engagements and proxy voting activities relating
to our US Impact Equity strategy in our annual impact
report. In addition, detailed proxy voting records will beavailable at the strategy level which provide details of
proposals voted for each holding, and the rationale forvotes against management.
T. Rowe Price Engagement Policy
Proxy voting is a crucial link in the chain of stewardship
responsibilities we execute on behalf of our clients.
Each vote represents both the privileges and the
responsibilities that come with owning a company’s
equity instruments.
We take our responsibility to vote our clients’ sharesvery seriously, taking into account both high-level
corporate governance principles and company-specificcircumstances. Our overarching objective is to cast votes
to foster long-term, sustainable success for the company
and its investors.
Our proxy voting program serves as one element of ouroverall relationship with corporate issuers. We take ahands-on approach to joining voting and engagement
activities as part of our commitment to additionality,
driven from discussions at weekly impact researchmeetings.
The US Impact Equity strategy follows an enhanced
governance and proxy voting approach:§ The strategy may vote against the Chair, or anotherrelevant director, if ESG disclosure expectations
are not met within a reasonable period. We alreadyencourage companies to disclose in line with the
Sustainability Accounting Standards Board (SASB)

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and the Task Force on Climate-Related Financial
Disclosures (TCFD) disclosure frameworks andwill take this into account when making the voting
decision.
§ The strategy may vote against the Chair, or anotherrelevant director, for inadequate oversight of ESG
controversies, including insufficient preparedness forthe low-carbon transition.
§ The strategy expects to support a broader rangeof shareholder resolutions that request improved
ESG disclosures and practice compared to themainstream strategies.
T. Rowe Price Proxy Voting guidelines
Knowledge sharing
As an impact investor, we understand it is our
responsibility to promote and deepen impact investing
practices. In this context, we aim to be additional within
our firm by using our scale and resources to promote
and progress the impact agenda.
We expect to be able to share knowledge with ourclients as we bring our collective resources and insights
together on a particular subject. While we are at the
beginning of our own impact journey, we are commited
to advancing the agenda of impact investing with ourglobal client base through thought pieces and opennessof communication. We will continue to develop in thisarea, in the spirit and practice of additionality.

Resilience

In the same way that our environmental sustainability
journey requires resilience, commitment, iteration,and imagination, so too will the journey of investingfor impact. We aspire to be a partner to our clients,using our full breadth of ideas to harvest both impact
and alpha over the long-term with a deep analysis anda long‑term view acting as a core driver of decision
making.
A forward-looking approach enabled by deep
research capabilities

return improvement on a stock-by-stock basis. We apply
a forward-looking, research-driven, and high conviction
approach to our stock choices. This is important withrespect to prudent risk management when it mattersand aligning with the UN SDGs as we seek to engage
with the full breadth of impact opportunities that exist inan evolving world.
Research, measurement, reporting, iteration
The challenge for the industry is that impact investing
lives in a complex world of risk and opportunity. We
formalise these considerations during each of thecompany’s impact due diligence, derive an impact
thesis, highlight negative externalities and risks, anddefine key performance indicators (KPIs). We aim toreport each of the company’s progress towards its
impact goals to our investors in our annual impact
report by tracking the evolution of these KPIs.
We aim to be a good partner and contribute toinnovation in the field of impact measurement andreporting, helping clients navigate this journey withthe data and trust they need. Leveraging multiple
dimensions of our research expertise (both responsible
and fundamental) while investing in the field ofresponsible investing and impact reporting will, we
believe, be a real advantage over the long-term.
As an impact manager, we must be additional andcommit to engaging openly with businesses in thesustainability journey. We will use our position ofownership to enter into dialogues with companies
where we can see the potential to accelerate the good
aspects of their operations, while helping to mitigate
the negative externalities which may exist in a business
operations.
In this venture, we are committed to making our own
contribution by using our global research presence
and corporate scale to pursue outcomes that integrate
financial returns and align impact for future generations.
Change will take time and require resilience, but this isconsistent with many aspects of successful long-term
investing.

Given the complexity and non-linear nature of delivering
impact and the patience it necessitates, adopting along-term and holistic view when investing to solve
sustainability challenges is necessary. Looking forward
is also one of the key components that differentiate
a backward looking index with a future outcome in aworld defined by change, a crucial aspect of successful
impact investing and adding value in the long term.
We integrate our stock perspectives to identify, in ourview, underappreciated impact and mispriced economic

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Risks – the following risk is materially relevant to the portfolio:
Issuer concentration – may result in performance being more strongly affected by any business, industry, economic,
financial or market conditions affecting those issuers in which the portfolio’s assets are concentrated.
Sector concentration – may result in performance being more strongly affected by any business, industry, economic,
financial or market conditions affecting a particular sector in which the portfolio’s assets are concentrated.
Small and mid-cap – Small and mid-size company stock prices can be more volatile than stock prices of larger
companies.
General Portfolio Risks
Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in theexchange rate between the base currency of the portfolio and the currency in which you subscribed, if different.
Equity risk – in general, equities involve higher risks than bonds or money market instruments.
ESG and Sustainability risk – May result in a material negative impact on the value of an investment andperformance of the portfolio.
Geographic concentration risk – to the extent that a portfolio invests a large portion of its assets in a particulargeographic area, its performance will be more strongly affected by events within that area.
Hedging risk – a portfolio’s attempts to reduce or eliminate certain risks through hedging may not work as intended.
Investment portfolio risk – investing in portfolios involves certain risks an investor would not face if investing inmarkets directly.
Management risk – the investment manager or its designees may at times find their obligations to a portfolio to be inconflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be
dealt with equitably).
Market risk – may subject the portfolio to experience losses caused by unexpected changes in a wide variety of factors.
Operational risk – operational failures could lead to disruptions of portfolio operations or financial losses.

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T. Rowe Price identifies and actively invests in opportunities to help people thrive in an
evolving world, bringing our dynamic perspective and meaningful partnership to clientsso they can feel more confident.

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All investments are subject to risk, including the possible loss of principal. Impact investing may not succeed in generating a positiveenvironmental or social impact. A company’s ability to affect positive impact or T. Rowe Price’s assessment of a company’s positive social andenvironmental impact may change over time, which could cause the portfolio to temporarily hold securities that are not consistent with the fund’s
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