T. ROWE PRICE FUNDS SICAV

Future of Finance Equity Fund – ESG Report
Providing transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•

The Future of Finance Equity Fund uses ESG integration as part of its investment process. This means incorporating
environmental, social, and governance factors to enhance investment decisions. Our philosophy is that ESG factors are
a component of the investment decision—meaning that they are not the sole driver of an investment decision, nor are
they considered separately from more traditional analysis.

•

The process of ESG integration takes place on two levels: first, with our research analysts as they incorporate ESG
factors into company valuations and ratings, and second, with the portfolio manager as he balances these ESG factor
exposures at the portfolio level. Both the analysts and the portfolio manager are able to leverage dedicated, in-house
resources to assist in analyzing ESG criteria.

•

Our ESG specialist teams provide investment research on ESG issues at the company level and on thematic topics.
Additionally, they have built tools to help proactively and systematically analyze the environmental, social, andgovernance factors that could impact our investments. The foundation of the analysis is a proprietary flagging tool
called the Responsible Investing Indicator Model (RIIM). It covers over 15,000 companies and pulls from data sets thatare not in the wheelhouse of traditional financial analysis. These data sets include:- ESG performance data (e.g., number of accidents, carbon emissions, strength of whistle-blower programs, etc.);- ESG targets (e.g., plans to reduce carbon emissions, increase diversity, etc.)- ESG incidents and controversies (e.g., environmental fines paid, local community controversies/protests against acompany, etc.)
Material ESG factors play an integral part in our risk/reward assessment for each company we consider. We believe
this gives a better route to our final investment decisions and provides for a more robust portfolio. A fundamental,
bottom-up view of certain ESG issues helps to keep the portfolio out of names we might have initially found attractive,
but are in fact exposed to consequential devaluation from a potential ESG controversy.

•

The fintech sector consists mainly of software and technology companies which are mostly light on environmental
impact. However, we believe there has been an issue with the investment industry being too ‘founder friendly’ over the
past few years which has often led to bad practices being overlooked, and poor governance. Our focus therefore, isprimarily on good governance, and governance risks not being priced-in appropriately by the market. We find thisespecially important for smaller companies, where our due diligence typically exposes such issues. For example, in thepayments and banking sector there is a temptation for scaling small companies to do more transactions for the higher
payments from ethically questionable areas such as adult websites. As investors, we do not wish to participate in thosebusinesses; alongside the moral issues, it is not good fiduciary policy.

•

The fund is classified as Article 8 according to the Sustainable Finance Disclosure Regulation. Although the fund does
not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved
through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments.
The fund avoids issuers whose activities we may consider harmful to the environment and/or society through theapplication of our proprietary screen, the T. Rowe Price Responsible Exclusion List.

INVESTMENT OBJECTIVE: To increase the value of its shares, over the long term, through growth in the value of its
investments.
INVESTMENT PROCESS: The fund is actively managed and invests mainly in companies that create or use innovative
financial technologies in products, services and/or their business operations. The companies may be anywhere in theworld, including emerging markets. Although the fund does not have sustainable investment as an objective, the promotionof environmental and/or social characteristics is achieved through the fund’s commitment to maintain at least 10% of thevalue of its portfolio invested in sustainable investments, as defined by the SFDR. In addition to the E/S characteristics
promoted, the fund also applies the investment manager’s proprietary responsible screen (the T. Rowe Price Responsible
Exclusion List). The fund may use derivatives for hedging and efficient portfolio management. For full investment objective
and policy details refer to the prospectus. The manager is not constrained by the fund’s benchmark, which is used for
performance comparison purposes only.
This marketing communication is for investment professionals only. Not for further distribution.

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

RECENT COMPANY ENGAGEMENTS
We maintain a regular dialogue with the management teams of companies represented across the portfolio. Our investmentdriven engagement program frequently identifies targets through our proprietary RIIM analysis, governance screening andanalysts’ fundamental research. While we engage with companies in a variety of different contexts, ESG engagement focuseson learning about, encouraging or exchanging perspectives on the environmental practices, corporate governance or social
issues affecting their business.
While most of the meetings we hold with company managements will include some discussion of ESG topics, we differentiate
meetings held with a heavy focus on ESG, meaning ESG issues were the sole items on the agenda or made up a meaningfulpart of the meeting. Agenda items are classified as “meaningful” when they take up a significant portion of the meeting or are asignificant factor in the investment case.
The following are selected examples of recent engagements with companies held in or considered for the portfolio. The
examples are not meant to be representative of every engagement held, but to illustrate the types of ESG engagements weare having with the managements of our investment companies.

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

Mitsubishi UFJ Financial Group (2nd Quarter 2024 Engagement)

Focus

Environment, Governance

Company
Description

Mitsubishi UFJ Financial Group (MUFG) is a Japanese commercial bank.

Engagement
Objective

We engaged with MUFG for a discussion focused on climate topics, board changes, and strategic
shareholders.
From MUFG: Corporate Secretaries, Sustainability Representatives

Participants

From T. Rowe Price Associates, Inc: Head of Governance, EMEA & APAC; Investment Analyst;
Responsible Investing Analyst
Climate Topics
The bank has been subject to climate-related shareholder proposals at recent annual general meetings(AGMs) and in 2024 received two proposals relating to (i) director competencies for the effective
management of climate-related business risks and opportunities and (ii) how the company will assessfossil fuel sector clients’ climate change transition plans for credible alignment to the 1.5°C goal of theParis Agreement and the consequences of fossil fuel clients not producing credible Paris-aligned
transitions plans, including the restriction of new finance.
MUFG walked through the frequent interactions (five times a year) that the group has had with theproponents, during which it explained the sustainability competencies of the board and how it evaluatescounterparties on their transition plans, including escalation efforts for climate-naive clients. The groupalso published its 2024 Climate Report in May 2024, which had specific sections detailing these points.
Despite this, the company feels it differs from the proponent in two areas:

Engagement
Outcome•the proponent is only focused on the climate competencies of the board, whereas the group is
focused on the broader sustainability competencies; and•MUFG feels that the proponent is indirectly asking it to terminate relationships with climate-naïve
clients, while the company believes that engagement is a more appropriate first step of its
escalation strategy.

We also spent time during the meeting discussing aspects of the group’s 2024 Climate Report, which isaligned with the industry gold standard. The company has provided granular detail on its financed
emissions and its Transition Assessment Framework. MUFG walked through its future plans, including
measuring and setting targets linked to its facilitated emissions, as well as integrating climate risks into
its broader risk management frameworks.
Governance Issues
We discussed board changes, including two new directors joining the existing board, and noted ourissue with a non-independent non-executive director who contributes to board independence being toolow.
At the 2023 AGM, we voted against the chair and president because the ratio of cross-shareholding to
net assets was over 20%. MUFG said that while it hit the three-year JPY 539bn divestment target overthree years, it is not planning to be below 20% until 2027. We asked why the target for the next three
years is more modest than the last three years, and the company said that it was more of a minimum
hurdle rather than a stretch target, which it will try and exceed. The company was not able to provide
long-term guidance on its plans to reduce strategic shareholdings.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the
SICAV sub-fund, and no assumption should be made that the securities identified and discussed were or will be profitable.

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

Tradeweb Markets (4th Quarter 2023 Engagement)

Focus

Environment

Company
Description

Tradeweb Markets is an electronic trading platform predominantly serving fixed income markets.

Engagement
Objective

We engaged with Tradeweb Markets on its disclosure practices and environmental goals.

Participants

From Tradeweb Markets: Head of CSR and ESG; Head of Treasury, Financial Planning & Analysis andInvestor Relations (IR); Director of IR; IR Associate
From T. Rowe Price Associates, Inc: Responsible Investing Analyst, Investment Analyst
We engaged with Tradeweb Markets to share our view on best practices around ESG disclosure as wellas the company’s decarbonization strategy.
ESG disclosure
Tradeweb Markets has made solid progress with respect to ESG disclosure over the past 12 months.
The company has expanded disclosure around scope 3¹ emissions and renewable energy use;
published inaugural Task Force on Climate-related Financial Disclosures (TCFD) and Carbon Disclosure
Project reports; filed an updated EEO-1 report; disclosed more gender and racial diversity data on
employee turnover, mobility and new hires; and reinforced the ESG governance structure. We gave
positive feedback on all this progress, which will serve as a base to focus on target setting and tracking
going forward. We also touched on the importance of consistency in ESG reporting, which should ensure
a smooth transition to International Sustainability Standards Board reporting in the coming years.

Engagement
OutcomeDecarbonization and net zero
Tradeweb Markets is working to publish and submit medium-term targets and a long-term net zero goal
for all its emissions to the Science Based Targets initiative (SBTi), likely in the 2030 –2040 range. Most of
the decarbonization measures in the medium and long term will aim to reduce scope 3 emissions, which
account for about 85% of company emissions. Key measures here include establishing a supplierengagement program focused on decarbonization, setting up a supplier emissions target, and having an
absolute emission reduction goal for scope 3 emissions. The company has also committed to 100%
renewable energy use, which will help reduce scope 2 emissions, which account for about 14% ofemissions.
We provided feedback on the company’s updated ESG disclosure and decarbonization and net zerostrategies. We also checked on progress against the engagement targets from our previous engagementin the fourth quarter of 2022. Overall, Tradeweb Markets has materially expanded its ESG disclosure, isprogressing in line with its decarbonization strategy, and is working to publish and submit medium-termtargets and a long-term net zero goal in the 2030–2040 range to the SBTi. Additionally, more disclosureis expected in the next 12–18 months.

1 Scope 1: direct emissions from owned or controlled sources; scope 2: indirect emissions from the generation of purchased

electricity, steam, or cooling; scope 3: all other indirect emissions.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the
SICAV sub-fund, and no assumption should be made that the securities identified and discussed were or will be profitable.

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

ESG RIIM PROFILEThe T. Rowe Price Responsible Investing Indicator Model (RIIM) rates companies, governments and securitized assets in a
traffic light system measuring their environmental, social, and governance profile and flagging issuers with elevated risks. 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 a lack of data. Where ESG considerations are integrated into the investment
research process, we may conclude that other attributes of an investment outweigh ESG considerations when making
investment decisions.
Portfolio

BenchmarkNo. ofsecurities% weight

No. ofsecurities% weight

92

91.1

2,117

83.1

6

3.3

597

16.3

0

0.0

39

0.6

2

1.2

6

0.1

1

4.4

0

0.0

101

100.0

2,759

100.0

 Green Orange
 Red
Not in scope / not covered Reserves
Total No/few Flags  Medium Flags  High Flags

The comparator benchmark of the Fund is the MSCI All Country World Net Index. The manager is not constrained by thefund's benchmark, which is used for performance comparison purposes only.

SUSTAINABILITY INDICATOR
The fund is classified as Article 8 according to the Sustainable Finance Disclosure Regulations (SFDR).
The sustainability indicator used by the fund is a minimum of 10% of the value of the fund’s portfolio held in securities that theinvestment manager identifies as sustainable investments.
The percentage exposure of the fund to sustainable investments is:

Sustainable Investments

TargetMinimum
Commitment
%
10.0%

Fund
Exposure%
30.5%

with Environmental Objectives

0.5%

2.6%

with Social Objectives

0.5%

28.0%

PRINCIPAL ADVERSE IMPACT (PAI) INDICATORS
Under the European Union Sustainable Finance Disclosure Regulations (SFDR), investment managers are required to take into
account Principal Adverse Impact (PAI) indicators, a set of metrics that highlight the potential negative impacts on sustainability
factors that result from investment decisions. This is integrated into our ESG analysis at a security level.
Some PAI indicators have limited data availability which may lead to misrepresentative values for the fund. In these cases, themetric vale and data coverage are displayed as n/a in the following tables.

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

In addition, the investment manager considers the following PAI indicators at an aggregate fund level. Metric values areshown in the Base Currency of the fund (USD):
MetricCoverage(%)

PAI Indicator

Metric Description

Unit ofMeasurement

MetricValue

10. Violations of UNGC
principles and OECD
guidelines for Multinational
Enterprises

Share of investments in investee companies thathave been involved in violations of the UNGC
principles or OECD Guidelines for Multinational
Enterprises

Percentage of
total invested

0.0%

95.6%

13. Board gender diversity

Average ratio of female to male board members ininvestee companies, expressed as a percentage ofboard members

Average ratio of
female board
members

31.4%

93.8%

14. Exposure to controversial
weapons

Share of investments in investee companies involvedin the manufacture or selling of controversial
weapons (anti-personnel mines, cluster munitions,chemical weapons and biological weapons)Percentage of
total invested

0.0%

93.6%

The table below displays the remaining PAI indicators as of the report date. These are displayed for reporting purposes.
Metric values are shown in the Base Currency of the fund (USD):PAI Indicator

Metric Description

Unit ofMeasurement

Scope 1 GHG emissions

mtCO2eScope 2 GHG emissions
Scope 3 GHG emissions

MetricCoverage(%)

Metric
Value
1

93.0%

mtCO2e2

93.0%

mtCO2e27

93.0%

Total GHG emissions

mtCO2e30

93.0%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

11.6

93.0%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

54.3

93.0%

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

0.0%

95.6%

5. Share of non-renewableenergy consumption andproduction

Share of non-renewable energy consumption andnon-renewable energy production of investee
companies from non-renewable energy sources
compared to renewable energy sources, expressed
as a percentage of total energy sources

Percentage of
non-renewableenergy

39.9%

62.1%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

0.1

67.7%

7. Activities negatively
affecting biodiversity
sensitive areas

Share of investments in investee companies withsites/operations located in or near to biodiversitysensitive areas where activities of those investee
companies negatively affect those areas

Percentage of
total invested

0.0%

95.6%

8. Emissions to water

Tonnes of emissions to water generated by investee
companies per million invested, expressed as aweighted average

Ktons per mn
investedn/an/a

9. Hazardous waste

Tonnes of hazardous waste generated by investee
companies per million invested, expressed as aweighted average

Ktons per mn
investedn/an/a

11. Lack of processes andcompliance mechanisms tomonitor compliance with
UNGC principles and OECD
Guidelines for Multinational
Enterprises

Share of investments in investee companies without
policies to monitor compliance with the UNGC
principles or OECD Guidelines for Multinational
Enterprises or grievance /complaints handlingmechanisms to address violations of the UNGC
principles or OECD Guidelines for Multinational
Enterprises

Percentage of
total invested

2.9%

95.6%

12. Unadjusted gender pay
gap

Average unadjusted gender pay gap of investee
companies

Percentage ofpay gapn/an/a

1. GHG Emissions

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

GLOSSARY OF TERMS
Metric coverage - The percentage of the portfolio for which PAI data is available
GHG - Greenhouse gas emissions
Scope 1 GHG emissions - Direct greenhouse gas emissions by the fund
Scope 2 GHG emissions - Indirect greenhouse gas emissions made by the fund
Scope 3 GHG emissions - All other indirect emissions that occur in the funds value chain
mtCO2e - Metric tonnes of carbon dioxide equivalent
Carbon footprint (Scope 1,2 & 3 emissions) - The total greenhouse gas emissions per million invested in the fundGWh - Gigawatt Hours
Ktons - Kilotonnes
UNGC - The United Nations Global Compact
OECD - The Organization for Economic Co-operation and Development
No data - no data is available or can be calculated for the indicator

RISKS - The following risks are materially relevant to the fund (refer to prospectus for further details): Country (China)- Chinese investments may be subject to higher levels of risks such as liquidity, currency, regulatory and legal risks due to thestructure of the local market. Currency - Currency exchange rate movements could reduce investment gains or increase
investment losses. Emerging markets - Emerging markets are less established than developed markets and therefore involve
higher risks. Issuer concentration - Issuer concentration risk may result in performance being more strongly affected by any
business, industry, economic, financial or market conditions affecting those issuers in which the fund's assets areconcentrated. Sector concentration - Sector concentration risk may result in performance being more strongly affected by any
business, industry, economic, financial or market conditions affecting a particular sector in which the fund's assets areconcentrated. Small and mid-cap - Small and mid-size company stock prices can be more volatile than stock prices of larger
companies. Style - Style risk may impact performance as different investment styles go in and out of favor depending onmarket conditions and investor sentiment.
General fund risks - to be read in conjunction with the fund specific risks above. Equity - Equities can lose value rapidly
for a variety of reasons and can remain at low prices indefinitely. ESG and sustainability - ESG and Sustainability risk may
result in a material negative impact on the value of an investment and performance of the fund. Geographic concentration Geographic concentration risk may result in performance being more strongly affected by any social, political, economic,
environmental or market conditions affecting those countries or regions in which the fund's assets are concentrated.
Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly.
Management - Management risk may result in potential conflicts of interest relating to the obligations of the investment
manager. Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety offactors. Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.

ADDITIONAL DISCLOSURES
Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or
implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial
products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not betaken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is
intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such.
Holdings-based analytics are calculated using T. Rowe Price's internal Investment Book of Records (IBOR). Due to timing
and accounting methodology differences, IBOR data may differ from the Accounting Book of Records (ABOR) data provided
by the Fund’s accountant.

T. Rowe Price Funds SICAV Future of Finance Equity FundAs of 30 June 2024

IMPORTANT INFORMATIONThe Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital whichis registered with Commission de Surveillance du Secteur Financier 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 theprospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in
English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with thearticles 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. They can also be found along with a summary of investor rights in
English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
This material is being furnished for general informational and/or marketing purposes only. The material does notconstitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as theprimary 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 reliableindicator 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 tosell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not beenreviewed 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 topass. The views contained herein are as of the date noted on the material and are subject to change without notice; theseviews may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should thematerial, 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 incertain countries the material is provided upon specific request.
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Wheelock Place, Singapore 238880. T. Rowe Price Singapore Private Ltd. is licensed and regulated by the Monetary Authorityof Singapore. For Institutional and Accredited Investors only.
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Switzerland. First Independent Fund Services Ltd, Klausstrasse 33, CH-8008 Zurich is Representative in Switzerland.
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The sub-funds of the T. Rowe Price Funds SICAV are not available to US persons, as defined under Rule 902(k) of the UnitedStates Securities Act of 1933, as amended (“Securities Act”). The shares of the funds have not been nor will they be registeredunder the Securities Act or under any state securities law. In addition the funds will not be registered under the United States
Investment Company Act of 1940 (the "1940 Act"), as amended and the investors will not be entitled to the benefits of the1940 Act. Provided to global firms in the US by T. Rowe Price Investment Services, Inc.
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