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Ziad / Health Sciences Imagine that your disease is going to kill you in less than a year, but a company develops a way to genetically engineer your own blood and your own immune cells to actually recognize the cancer and attack it. Instead of poisoning the cancer cells with toxic chemicals that wreak havoc on the immune system, you tweak the patient’s blood and let the body’s natural immune defense take care of the rest. After medical school in the UK, I worked as an emergency room doctor. What drew me to capital allocation in health sciences was the potential to help many people for years to come through investments that help fund medical innovation. My team and I often choose to invest at the very early stages of human trials, and sometimes when it’s just a concept. It’s exciting to see innovations shift from concept to reality. The human body is made up of proteins. Any disease caused by too much of a bad protein can be controlled or cured by blocking protein production at the cellular level. It’s a priority of mine to go out into the field so I can see firsthand if this is something real. Making the right investment decision is important not only for our investors but for mankind in general—because today’s treatment, which took years to develop, can have long-term future benefits for generations to come. Investing lets me use everything I’ve learned as a doctor, to help make a positive impact on the world. So that’s why I go beyond the numbers. Risks: All investments are subject to risks, including the possible loss of principal. Health Science stocks face special risks, including adverse legal or regulatory developments, patent expirations, market competition, and rapidly changing industry dynamics . Important Information This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. 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 reliable indicator of future performance. 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. Australia - Issued by T. Rowe Price Australia Limited (ABN: 13 620 668 895 and AFSL: 503741), Level 28, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia. Canada - Issued in Canada by T. Rowe Price (Canada), Inc. T. Rowe Price (Canada), Inc.’s investment management services are only available to Accredited Investors as defined under National Instrument 45-106. T. Rowe Price (Canada), Inc. enters into written delegation agreements with affiliates to provide investment management services. DIFC - Issued in the Dubai International Financial Centre by T. Rowe Price International Ltd which is regulated by the Dubai Financial Services Authority as a Representative Office. EEA - Unless indicated otherwise this material is issued and approved by T. Rowe Price (Luxembourg) Management S.à r.l. 35 Boulevard du Prince Henri L-1724 Luxembourg which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier. Hong Kong - Issued by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road Central, Hong Kong. T. Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission. New Zealand - Issued by T. Rowe Price Australia Limited (ABN: 13 620 668 895 and AFSL: 503741), Level 28, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000, Australia. No Interests are offered to the public. Accordingly, the Interests may not, directly or indirectly, be offered, sold or delivered in New Zealand, nor may any offering document or advertisement in relation to any offer of the Interests be distributed in New Zealand, other than in circumstances where there is no contravention of the Financial Markets Conduct Act 2013. Singapore - Issued by T. Rowe Price Singapore Private Ltd. (UEN: 201021137E), No. 501 Orchard Rd, #10-02 Wheelock Place, Singapore 238880. T. Rowe Price Singapore Private Ltd. is licensed and regulated by the Monetary Authority of Singapore. Switzerland - Issued in Switzerland by T. Rowe Price (Switzerland) GmbH, Talstrasse 65, 6th Floor, 8001 Zurich, Switzerland. UK - This material is issued and approved by T. Rowe Price International Ltd, 60 Queen Victoria Street, London, EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. USA - Issued in the USA by T. Rowe Price Associates, Inc., and T. Rowe Price Investment Services, Inc., 100 East Pratt Street, Baltimore, MD, 21202, which are regulated by the US Securities and Exchange Commission and Financial Industry Regulatory Authority, Inc., respectively. © 2023 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/ or apart, trademarks of T. Rowe Price Group, Inc. 202309- 3094347
Our emerging markets team has investment professionals from 26 nationalities speaking 28 languages.
Samy Muaddi, CFA® Head of Emerging Markets
Samy Muaddi is a Portfolio Manager in the International Fixed Income Division, focused on emerging markets.
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(All data as of 31 December 2022, unless otherwise noted. Firmwide assets under management include assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. All amounts shown in US dollars.)

¹Figure shown is as of March 31, 2024. Subject to adjustment.
²Top Asset Management Firms ranked by total AUM as of 31 March 2023, compiled by ADV Ratings (advratings.com/top-asset-management-firms)
Source: T. Rowe Price press release, April 2023. 

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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the 27-year period ended June 30, 2023, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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