T. ROWE PRICE FUNDS SICAVUS Aggregate Bond Fund – ESG Report
Providing transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•

The US Aggregate Bond Fund uses ESG integration as part of its investment process. This means incorporating
environmental, social and governance factors to enhance investment decisions. Our central mission is to help ourclients reach their long-term financial goals and we believe that incorporating ESG factors into our investment process
alongside financials, valuation, macro-economics and other factors is consistent with that objective. Our philosophy isthat ESG factors are a component of the investment decision – meaning that they are not the sole driver of aninvestment 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
environmental, social and governance factors into issuer valuations and ratings; and, second, with the portfolio
manager as he balances these ESG factor exposures at the portfolio level. Both the analysts and portfolio manager areable to leverage dedicated, in-house resources to assist them 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.)•

The process of ESG integration is embedded at both the research and portfolio management level. Our research
process incorporates the expert opinions of our dedicated, in-house Responsible Investing Team, including thequantitative assessment of risk from our Responsible Investing Indicator Model (RIIM*). Our Analysts embed ESG
factors into their independent credit ratings and their assessment of issuer valuations. The portfolio managers thenbalance and monitor these ESG factor exposures at the portfolio level.

•

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 maximise the value of its shares through both growth in the value of, and income from, its
investments.
INVESTMENT PROCESS: The fund is actively managed and invests mainly in a diversified portfolio of US bonds.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and/or social
characteristics is achieved through the fund’s commitment to maintain at least 10% of the value of its portfolio invested insustainable investments, as defined by the SFDR. In addition to the E/S characteristics promoted, the fund also applies theinvestment manager’s proprietary responsible screen (the T. Rowe Price Responsible Exclusion List). The fund may use
derivatives for hedging, efficient portfolio management and investment purposes. The fund may also use derivatives tocreate synthetic short positions in debt securities. 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 US Aggregate Bond 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 US Aggregate Bond FundAs of 30 June 2024

Ford Motor Credit (2nd Quarter 2024 Engagement)

Focus

Environment, Governance

Company
Description

Ford Motor Credit is the financing unit of automaker Ford Motor Company.

Engagement
Objective

We engaged with Ford Motor Credit to discuss the automaker’s electric vehicle (EV) strategy.

Participants

From Ford Motor Credit: Head of Fixed Income Investor Relations; Director, Global Funding; Director,
Global Sustainability; Investor Relations Representatives
From T. Rowe Price Associates, Inc: Responsible Investing Analyst, Investment Analyst
We engaged with Ford Motor to discuss the impact of the company’s updated EV strategy on its green
bonds outstanding and prospective labeled and unlabeled issuance.

Engagement
OutcomeFord recently announced a slowdown in its EV pipeline to focus on hybrids and fuel-efficient internal
combustion engine cars. It has also backed away from releasing EV volume targets, which clashes withwhat we typically require for impact strategies. The company has two green bonds on the market for a
total amount outstanding of about USD 4bn. Management reassured us that its latest EV strategy has no
impact on the existing green bonds, which are fully allocated to spending that has already been
undertaken to support EV production, specifically for models on the road. Regarding future labeledissuance, however, Ford sees green bonds as just one financing tool, i.e., it will continue use the green
format as and when it makes sense alongside unlabeled issuance.

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 US Aggregate Bond FundAs of 30 June 2024

Barclays (2nd Quarter 2024 Engagement)

Focus

Environment, Social, Governance

Company
Description

Barclays is a global financial services company headquartered in London.

Engagement
Objective

We engaged with Barclays to discuss its climate reporting and offer recommendations on aligning with
global best practice.

Participants

From Barclays: Head of ESG Investor Relations; Group Head of Sustainability, Head of Sustainable
Finance, Corporate and Investment Bank

From T. Rowe Price Associates, Inc: Responsible Investing Analyst
We engaged with Barclays to discuss the bank’s latest climate report. Although we regard the bank as a
global leader in managing climate risks, we believed that some aspects of its climate strategy lagged theindustry gold standard. We took the opportunity to provide several recommendations on how Barclays
can align with global best practice.
Management walked us through the efforts it undertook in 2023. On the policy front, Barclays tightened
its policy language on financing oil and gas customers, including setting expectations for counterparties
to have a transition plan and short-term emissions reduction targets to maintain a relationship with thebank. Barclays set financed emissions targets for the agriculture, commercial real estate, and aviation
sectors, meeting its Net-Zero Banking Alliance commitments. It also gave more detail on its Client
Transition Framework (CTF), which evaluates the credibility of counterparties’ climate strategy across 80
variables. Barclays has scored 1,250 counterparties (on a 1 to 5 scale, with 5 being the worst) andestablished a Client Transition Review Forum to conduct escalated engagement on counterparties
scoring 4 and 5.
Engagement
Outcome

We were pleased with the level of detail Barclays offered about its CTF, including reporting the rating
distribution of its energy and power clients, and encouraged the bank to report this scoring distribution
over time to show clients’ progress and to align with global best practice. In response, Barclays noted it
could not report a like-for-like distribution after it made some changes in the framework’s methodology in
2023.
Regarding sustainable finance, Barclays remains on track to meet its 2030 target of USD 1 trillion, with
USD 68 billion of sustainable finance in 2023. Management believes that the bank is uniquely positioned
to capitalize on climate finance given its stature as a high street bank and a leading investment bank.
While Barclays’ sustainable finance reporting ranks among the best in Europe in terms of granularity, we
encouraged the bank to report the revenue tied to these activities so that investors can better
understand its impact on profitability.
Barclays continues to demonstrate progress in its climate strategy and operates to a high standard.
Some aspects of its climate strategy lag the industry gold standard, so we provided some best practicedisclosure recommendations. In the next one to two years, we will monitor for Barclays to reportcounterparties’ year-over-year progression on its CTF and to measure and report revenue related tosustainable financing activities.

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 US Aggregate Bond 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

536

89.7

8,763

66.4

66

9.8

1,804

5.62

0

0.0

135

0.5

6

-1.8

2,930

27.5

1

2.2

0

0.0

609

100.0

13,632100.0

 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 Bloomberg U.S. Aggregate Bond 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%
41.6%

with Environmental Objectives

0.5%

3.4%

with Social Objectives

0.5%

38.2%

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 US Aggregate Bond 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(%)

PAI Indicator

Metric Description

Unit ofMeasurement

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%

28.9%

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

9.6%

26.9%

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%

28.5%

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

T. Rowe Price Funds SICAV US Aggregate Bond FundAs of 30 June 2024

RISKS - The following risks are materially relevant to the fund (refer to prospectus for further details): ABS and MBS Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) may be subject to greater liquidity, credit, default andinterest rate risk compared to other bonds. They are often exposed to extension and prepayment risk. Contingent convertible
bond - Contingent Convertible Bonds may be subject to additional risks linked to: capital structure inversion, trigger levels,
coupon cancellations, call extensions, yield/valuation, conversions, write downs, industry concentration and liquidity, among
others. Credit - Credit risk arises when an issuer's financial health deteriorates and/or it fails to fulfill its financial obligations to
the fund. Derivative - Derivatives may be used to create leverage which could expose the fund to higher volatility and/or losses
that are significantly greater than the cost of the derivative. Distressed or defaulted debt securities - Distressed or defaulted
debt securities may bear substantially higher degree of risks linked to recovery, liquidity and valuation. Interest rate - Interest
rate risk is the potential for losses in fixed-income investments as a result of unexpected changes in interest rates. 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 are concentrated. Prepayment andextension - Mortgage- and asset-backed securities could increase the fund's sensitivity to unexpected changes in interest
rates. Real estate - Real estate and related investments can be hurt by any factor that makes an area or individual property
less valuable. 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. Total Return Swap - Total return swap contracts may expose the fund to additional risks, including market,
counterparty and operational risks as well as risks linked to the use of collateral arrangements.
General fund risks - to be read in conjunction with the fund specific risks above. 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. Hedging - Hedging measures involve costs and may work imperfectly, may not be feasible at times, or may
fail completely. 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
Bloomberg®” and Bloomberg U.S. Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates,
including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been
licensed for use for certain purposes by T. Rowe Price. Bloomberg is not affiliated with T. Rowe Price, and Bloomberg does
not approve, endorse, review, or recommend T. Rowe Price Funds SICAV. Bloomberg does not guarantee the timeliness,accurateness, or completeness of any data or information relating to T. Rowe Price Funds SICAV.
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 US Aggregate Bond 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.
It is not intended for distribution to retail investors in any jurisdiction.
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. For Professional Clients only.
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. For Professional Clients only.
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. For Professional Investors
only.
Singapore – Issued in Singapore by T. Rowe Price Singapore Private Ltd. (UEN: 201021137E), 501 Orchard Road, #10-02
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.
Switzerland – Issued in Switzerland by T. Rowe Price (Switzerland) GmbH, Talstrasse 65, 6th Floor, 8001 Zurich,
Switzerland. First Independent Fund Services Ltd, Klausstrasse 33, CH-8008 Zurich is Representative in Switzerland.
Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich is the Paying Agent in Switzerland. For Qualified Investors only.
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.

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.
©2024 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep designare, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.
202312-3276222
202407-3717108