T. ROWE PRICE FUNDS SICAV

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

ESG INTEGRATION APPROACH•

All our stock selection decisions begin with a clearly defined positive impact thesis, which proactively and systematicallyintegrates environmental, social and governance (ESG) considerations. In pursuit of long-term growth of capital, thefund seeks positive environmental or social impact and to outperform the benchmark. We maintain a focus oncompanies that we believe offer positive impact today and underappreciated impact in the future, together withsustainability and robustness in their future earnings and cash flow growth, fertile industry structure, compelling
management quality, and expert capital allocation. Company fundamentals, including the consideration ofenvironmental, social, and governance factors, play a critical role in the stock selection process. Credible ESG solutions
require investment and we have been building capability in the field of ESG integration and responsible investing for anumber of years in order to fully embed ESG within our investment process. Our philosophy is that ESG factors cannot
be separate or a tangential part of a traditional investment thesis; they have to be integrated alongside fundamental
factors to create the best outcome for clients.

•

The process of ESG integration takes place on three levels: first, as our fundamental and responsible investing
research analysts incorporate environmental, social, and governance factors into their analysis; second, as we use T.
Rowe Price’s proprietary RIIM analysis at regular intervals to help us understand the ESG characteristics of single
stocks and the aggregate portfolio; and third, as the portfolio manager integrates ESG considerations within theinvestment thesis and portfolio construction process itself.

•

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.)•

It is important to reiterate that our impact universe is formed through careful screening by our Responsible Investing
team, which allows us to focus our stock picking on companies that are delivering material and measurable impact,
while understanding ESG factors as we form our perspectives. We incorporate our team's forward-looking perspective
on positive impact into our quantifiable understanding of the past, in order to understand the future direction of change.
Deep research resources are needed to embrace this complex challenge, but we have invested in our capabilities onbehalf of our clients.

INVESTMENT OBJECTIVE: To have a positive impact on the environment and society by investing in sustainable
investments, where the companies’ current or future business activities are expected to generate a positive impact whilst
at the same time seeking 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 a diversified portfolio of shares ofcompanies which may be anywhere in the world, including emerging markets. The investment manager will focus oncompanies that it believes have the potential to create positive social or environmental impact through their products orservices, and that appear to offer superior growth prospects and investment characteristics. The fund has sustainable
investment as an objective that the fund aims to achieve through its commitment to only invest in sustainable investments(excluding cash and derivatives used for portfolio management techniques for the purpose of hedging, liquidity
management and risk reduction). The investment manager will use T. Rowe Price's in-house proprietary impact screening
process to select companies for its portfolio. Each company selected for inclusion in the fund's portfolio has current or
future business activities that are expected to generate a material and measurable positive impact under one of the three
impact pillars: Climate and Resources Impact; Social Equity and Quality of Life; Sustainable Innovation and Productivity. In
addition, the investment process aims to select companies capable of achieving and sustaining above-average, long-term
earnings and cash flow growth. The fund may use derivatives for hedging and efficient portfolio management. For fullinvestment 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 Global Impact 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 Global Impact Equity FundAs of 30 June 2024

Pacific Gas and Electric (1st Quarter 2024 Engagement)

Focus

Environment, Governance

Company
Description

Pacific Gas & Electric (PG&E) is a utility based in Oakland, California.

Engagement
Objective

We engaged with PG&E on various ESG matters (i.e., climate commitments, safety, and reporting).

Participants

From PG&E: Deputy General Counsel; Senior Director, Corporate Governance; Assistant Corporate
Secretary (2); Investor Relations representatives (2); Compensation representative
From T. Rowe Price Associates, Inc: Head of Corporate Governance, Responsible Investing Analyst
We engaged with PG&E to discuss various ESG issues, with a focus on climate commitments, safety,
and reporting. The company published a climate strategy report in June 2022, which included 2030
targets covering scope 1-3¹, a goal for a net-zero energy system by 2040 and having a “climate- andnature-positive energy system” by 2050. PG&E said it would reissue the report following any meaningfulchange in its climate strategy (expected every three to five years).

Engagement
OutcomePG&E has been focused on climate for years, in line with California’s objectives. Regarding its goal of aclimate- and nature-positive energy system, the company said that it was still working on details but wascommitted to going beyond net zero and planned to set nature and biodiversity-related goals this year.
The targets will likely be linked to forest health and wildfire risk. PG&E’s forestry assets serve as carbon
sinks and will help the state of California achieve its own net zero goals.
PG&E informed us that it was working on publishing a climate vulnerability assessment report this year.
The report, which it plans to file with the California Public Utilities Commission in May, will include a
climate vulnerability assessment for 2030, 2050, and 2080. The company also highlighted progress it
has made on wildfire mitigation.

On the governance front, PG&E noted the appointment of the former chief risk officer of Ernst & Young,
who will join the board’s audit committee. The company made no significant changes to its pay program.
The engagement allowed us to achieve our goal of providing feedback on PG&E’s climate comments
and safety and reporting. We will monitor for the company to set a nature/biodiversity goal and publish aclimate vulnerability report and 10-year undergrounding plan.
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 Global Impact Equity FundAs of 30 June 2024

Deere (2nd Quarter 2024 Engagement)

Focus

Environment

Company
Description

Deere and Co (Deere) is an agricultural equipment manufacturer.

Engagement
Objective

We engaged with Deere to provide feedback on its impact reporting and to discuss risks to its impact
thesis.
From Deere: Director of Sustainability; Sustainability Manager; Director of Investor Relations, Investor
Relations Representative

Participants

From T. Rowe Price Associates, Inc: Impact Portfolio Manager; Impact Investment Analyst; Investment
Analyst, Responsible Investing Analysts
Deere has best-in-class impact reporting; it provides a lot of detail on the impact of several precision
agriculture and construction/forestry solutions that are already viable to a wide range of farmers andother users. We appreciated the company’s efforts in regularly highlighting progress against its “LeapAmbitions”, which focus on improved use of fertilizers as well as lower greenhouse gas (GHG) emissions
for farmers. We also expressed our preference for Task Force on Climate-Related Financial Disclosures(TCFD) and Sustainability Accounting Standards Board (SASB) reporting as well as for companies toreport on material scope 3¹ emission categories, all of which Deere already integrates and plans to keep
reporting on.

Engagement
Outcome

While we reiterated our positive general feedback, we discussed opportunities to regularly track
additional real-world impact key performance indicators (KPIs) from farmers’ use of precision agriculture
products. Deere provides detailed impact data at a product level and is significantly upscaling theamount of “Engaged Acres” that should help the company track more aggregate impact data from
customers. KPI suggestions included reporting on aggregate GHG emissions avoided from the use of
Deere’s precision agriculture products and the aggregate amount of fertilizers saved each year andrelated cost savings for farmers.
We discussed several risks to Deere’s impact thesis: equipment affordability, impact of machinery on soil
compaction, risks of fertilizer runoff, and machinery emissions. The company is mitigating these issues
in several ways, in particular: (1) upgrade tools that do not require farmers to purchase an entire newpiece of equipment, thus helping with equipment affordability and cost to farmers; (2) advanced artificial
intelligence-enabled precision agriculture technology and sustainably digitalized acres that help optimize
the use of machinery throughout seasons and the use fertilizer, thus minimizing risks of soil damage andfertilizer runoff; and (3) investment in large tractor powertrains capable of running with low-carbon andrenewable fuels with lower life-cycle emissions compared with traditional diesel engines. We suggested
these efforts could be highlighted further in future impact reports by integrating our impact KPIsuggestions.

We provided the company with feedback on its impact reporting and suggested several impact KPIs toenhance it further, including aggregate GHG emissions avoided and aggregate amount of fertilizers
saved and related cost savings for customers.
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 Global Impact 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

62

95.3

2,117

83.1

2

2.8

597

16.3

0

0.0

39

0.6

0

0.0

6

0.1

1

1.9

0

0.0

65

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 9 according to the Sustainable Finance Disclosure Regulations (SFDR).
The sustainability indicator used by the fund is a minimum of 70% 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
%
-

Fund
Exposure%
89.2%

with Environmental Objectives

25.0%

33.5%

with Social Objectives

25.0%

55.7%

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 Global Impact 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):
MetricValue

MetricCoverage(%)

Metric Description

Unit ofMeasurement

Scope 1 GHG emissions

mtCO2e68

95.9%

Scope 2 GHG emissions

mtCO2e47

95.9%

Scope 3 GHG emissions

mtCO2e

2,637

95.9%

Total GHG emissions

mtCO2e

2,751

95.9%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

358.6

95.9%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

1,480.7

96.9%

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%

98.1%

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

32.0%

98.1%

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%

95.2%

PAI Indicator

1. GHG Emissions

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):
MetricValue

MetricCoverage(%)

PAI Indicator

Metric Description

Unit ofMeasurement

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

4.5%

98.1%

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

72.0%

74.9%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

0.2

86.9%

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%

98.1%

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

1.2%

98.1%

12. Unadjusted gender pay
gap

Average unadjusted gender pay gap of investee
companies

Percentage ofpay gapn/an/a

T. Rowe Price Funds SICAV Global Impact 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. Small and mid-cap - Small and mid-size company stock prices can be more volatile than stock prices of larger
companies.
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 Global Impact 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.
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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
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