Independent Verification Report for Global Impact Credit Fund

This document is an Independent Verification Report prepared for T. Rowe Price Associates by BlueMark. The report assesses the alignment of the Global Impact Credit Fund’s (GICF) impact management system with industry best practices in impact investing and ESG standards. The assessment concludes that GICF has established a comprehensive theory of change and utilizes key performance indicators to monitor impact across its portfolio. The report details GICF's impact due diligence process, which includes the identification of projects that align with its impact objectives and the assessment of securities using a proprietary framework. Additionally, GICF employs an ESG risk management strategy based on established frameworks. The findings include ratings on various assessment pillars, indicating areas of strong alignment and opportunities for enhancement. The methodology involved document reviews, interviews, and testing of transactions to ensure compliance with best practices. The report is intended to provide T. Rowe Price Associates with insights into its impact management practices.