T. Rowe Price OEIC

Assessment of Value

We are pleased to present the results of our annual Assessment of Value for T. Rowe Price Funds OEIC.

This assessment is conducted in line with the Financial Conduct Authority (FCA), the UK regulator, requirement for all authorised fund managers (AFM) of UK-domiciled funds, to perform annually a detailed assessment of whether their funds are providing value to shareholders. We perform the assessment using seven criteria identified by the FCA, for further details on our approach please click here.

The aim of the Assessment of Value is to ensure that fund mangers are acting in shareholders best interests, strengthening the rules related to duty of care and making fund managers accountable for the services they provide to their shareholders. We believe this aligns with the fundamental values of T. Rowe Price.

Conclusion of the Assessment of Value

as at 31 December, 2025

The table below summarises the Red, Amber and Green ratings against each criterion for each fund.

As a result of the assessment, we concluded that overall all funds delivered value. However, seven funds were rated Amber for performance and will therefore be subject to enhanced performance monitoring in 2026.

Further information on the Fund, including performance information, is available via the Fund Name hyperlink.

Fund Name	Quality of Service	Performance	AFM Costs -General	Economies of Scale	Comparable Services	Classes of Units	Delivered Value
Asian Opportunuites Equity Fund^†‡							Yes
China Evolution Equity Fund^*							Yes
Emerging Markets Discovery Equity Fund^†							Yes
Global Dividend Equity Fund^{^}							Yes
Global Focused Growth Equity Fund^†							Yes
Global High Yield Opportunities Bond Fund^*							Yes
Global Impact Credit Fund^*							Yes
Global Impact Equity Fund^*							Yes
Global Select Equity Fund^*							Yes
Global Technology Equity Fund^†							Yes
Global Value Equity Fund^*							Yes
Japanese Equity Fund^†							Yes
US All-Cap Opportunuities Fund^*							Yes
US Equity Fund^†							Yes
US Large Cap Growth Equity Fund^†							Yes
US Large Cap Value Equity Fund^†							Yes
US Smaller Companies Equity Fund^†							Yes
US Structured Research Equity Fund^{^}							Yes

^‡Asian Opportunity Equity this fund was terminated in April 2026

Key

	For the principle under consideration, the metrics and commentaries considered indicate value
	For the principle under consideration, the metrics and commentaries considered indicate value, but actions have either been identified or taken and/or further monitoring is required
	For the principle under consideration, the metrics and commentaries considered indicate value was not delivered and remedial action(s) is required
	The fund was launched within the last 12 months and does not have a sufficiently long enough track record to provide an effective assessment of its performance

^ Fund with less than 3-year track record
* Fund with at least 3-year track record
† Fund with at least 5-year track record

Previous Assessment of Value reports

2024 report

2023 report

2022 report

Consumer Duty

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Important Information

The Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”).Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com

This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a guarantee or a reliable indicator of future results. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.

UK—This material is issued and approved by T. Rowe Price International Ltd, Warwick Court, 5 Paternoster Square, London EC4M 7DX which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.