T. ROWE PRICE FUNDS SICAV

Global Investment Grade Corporate Bond Fund – CarbonFootprint
As at 31 March 2024
At T. Rowe Price, we recognize that many of our clients wish to understand the carbon footprint of their portfolios and, assuch, we provide the following analysis.
While carbon footprint analysis can be a useful tool for comparing portfolios, we would caution that a significant portion of thecarbon emissions data set is estimated as many companies do not report this figure. In particular, there is typically a greater
degree of estimation included in Scope 3 Carbon Emissions data.
Additionally, the statistic of carbon intensity can lack informational relevance in some cases. Carbon intensity is a calculationof carbon emissions divided by revenues, so a low emitting company selling an inexpensive product can have a higher
carbon footprint than a high emitting company selling an expensive product; and trend movements can be skewed bycurrency moves affecting revenues.
The following analysis is produced by T. Rowe Price using data provided by Sustainalytics.
The comparator benchmark of the Fund is the Bloomberg Global Aggregate Corporate Bond Index Hedged to USD. Themanager is not constrained by the fund's benchmark, which is used for performance comparison purposes only.

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 investment-grade
corporate bonds from issuers around the world, including emerging markets. Although the fund does not have sustainable
investment as an objective, the promotion of environmental and/or social characteristics is achieved through the fund’scommitment to maintain at least 10% of the value of its portfolio invested in sustainable investments, as defined by theSFDR. 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, efficient
portfolio management and investment purposes. The fund may also use derivatives to create synthetic short positions indebt securities and credit indices. 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 Global Investment Grade Corporate Bond FundAs at 31 March 2024

EXECUTIVE SUMMARY
Data Availability

Carbon Metrics

Total
Percentage
of Data
Available

Percentage
of Data
Reported

Percentage
of Data
Estimated

Percentage
of CarbonMetrics
Pro-rated%%%%mtCO2e /US$1 mn
Revenue

Fund

71.45

62.98

8.48

28.55

211.45

Benchmark

84.44

69.50

14.94

15.56

198.77Weighted
Average Carbon
Intensity

Scope 1 & 2 Carbon Emissions

Fund vs Benchmark

6.4%

Scope 1, 2 & 3 Carbon Emissions
Fund

70.96

57.24

13.72

29.04

900.15

Benchmark

83.78

62.53

21.24

16.22

805.05Fund vs Benchmark

11.8%

The benchmark carbon metrics are calculated using the total net assets of the Fund invested according to thecomposition of the benchmark.
An explanation of the terms used in the above table is included in the Glossary.

GLOSSARY OF TERMS
Scope 1 - Direct Carbon Emissions from owned or controlled sources (e.g. fuel combustion, company vehicles, fugitiveemissions).

Scope 2 - Indirect Carbon Emissions from the generation of purchased electricity, steam, heating and cooling consumed by
the reporting company.
Scope 3 - Includes all other indirect Carbon Emissions that occur in a company’s value chain (e.g. purchased goods andservices, business travel, employee commuting, waste disposal, use of sold products, transportation and distribution (up- anddownstream), Investments, leased assets and franchises).
mtCO2e - Metric tons of carbon dioxide equivalent.
Percentage of Data Reported - The percentage for which Carbon Emissions data is reported by Companies.
Percentage of Data Estimated - The percentage for which Carbon Emissions data is estimated by Sustainalytics.
Percentage of Carbon Metrics Pro-rated - The percentage of the Fund and Benchmark which are pro-rated based on theCarbon Metrics of the remainder.
Weighted Average Carbon Intensity - The weighted average, by Fund weight, of the total carbon emissions per US$1mn ofrevenues for each of the Fund holdings. This metric gives the Fund’s exposure to carbon intensive companies and can beapplied across equity and fixed income portfolios. This is the Task Force on Climate-Related Financial Disclosures (TCFD)
recommended metric.

T. Rowe Price Funds SICAV Global Investment Grade Corporate Bond FundAs at 31 March 2024

WEIGHTED AVERAGE SCOPE 1&2 CARBON INTENSITY CONTRIBUTION BY INDUSTRY

Weighted Average Carbon Intensity Contributions by Top
10 Industries (mtCO2e / US$1 mn Revenue)
250.0
200.0

150.0
100.0
50.00.0
FundBenchmarkElectric Utilities

Utilities

Independent Power & Renewable Electricity Producer

Gas & Gas Transmission

Oil, Gas & Consumable Fuels

EnergyMetals & Mining

Multi-Utilities

Chemicals

Real Estate Management & Development

Other

TOP 10 COMPANY CONTRIBUTORS TO WEIGHTED AVERAGE SCOPE 1&2 CARBON
INTENSITY
Company

Industry

ActiveWeighted
Average
CarbonIntensity

Portfolio
WeightWeight%%mtCO2e /US$1 mn
Revenue

AES

Independent Power &Renewable Electricity
Producer

0.64

0.61

28.22

TransCanada PipeLines

Gas & Gas Transmission

0.74

0.54

22.15

APA Infrastructure

Energy

1.91

1.86

20.13

Duke EnergyElectric Utilities

0.53

0.39

19.24

New York State Electric & Gas

Utilities

0.46

0.45

18.48

South32 Treasury

Metals & Mining

0.32

0.32

13.86

DTE Energy

Multi-Utilities

0.69

0.66

13.15

Southern Company

Electric Utilities

0.25

0.13

9.87

Western Gas Partners

Oil, Gas & Consumable
Fuels

0.47

0.41

9.37

Occidental Petroleum

Oil, Gas & Consumable
Fuels

0.59

0.48

5.05

6.59

–

159.51

Total of Top 10

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for theSICAV 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 Investment Grade Corporate Bond FundAs at 31 March 2024

WEIGHTED AVERAGE SCOPE 1,2&3 CARBON INTENSITY CONTRIBUTION BY INDUSTRY

Weighted Average Carbon Intensity Contributions by Top
10 Industries (mtCO2e / US$1 mn Revenue)
1,000.0
900.0
800.0
700.0

600.0
500.0
400.0
300.0
200.0
100.00.0
Fund

BenchmarkEnergyOil, Gas & Consumable Fuels

Electric Utilities

BanksUtilities

Metals & Mining

Multi-UtilitiesIndependent Power & Renewable Electricity Producer

Consumer FinanceChemicals

OtherTOP 10 COMPANY CONTRIBUTORS TO WEIGHTED AVERAGE SCOPE 1,2&3 CARBON
INTENSITY
Company

Industry

ActiveWeighted
Average
CarbonIntensity

Portfolio
WeightWeight%%mtCO2e /US$1 mn
Revenue

APA Infrastructure

Energy1.91

1.86

256.81

Occidental Petroleum

Oil, Gas & Consumable
Fuels

0.59

0.48

50.89

South32 Treasury

Metals & Mining

0.32

0.32

45.19

Standard Chartered

Banks

1.36

1.09

45.03

Hess

Oil, Gas & Consumable
Fuels

0.69

0.65

41.87

ExelonElectric Utilities

0.54

0.44

34.04AES

Independent Power &Renewable Electricity
Producer

0.64

0.61

33.22

Duke Energy

Electric Utilities

0.53

0.39

28.69

Ford Motor Credit

Consumer Finance

0.90

0.57

25.81

Chesapeake Energy

Oil, Gas & Consumable
Fuels

0.25

0.25

24.12

7.72

–585.68

Total of Top 10

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for theSICAV 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 Investment Grade Corporate Bond FundAs at 31 March 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. China Interbank Bond
Market - The China Interbank Bond Market may subject the fund to additional liquidity, volatility, regulatory, settlement
procedure and counterparty risks. The fund may incur significant trading and realisation costs. 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.
Country (China) - Chinese investments may be subject to higher levels of risks such as liquidity, currency, regulatory and legalrisks due to the structure of the local market. Credit - Credit risk arises when an issuer's financial health deteriorates and/or it
fails to fulfill its financial obligations to the fund. Currency - Currency exchange rate movements could reduce investment gains
or increase investment losses. Default - Default risk may occur if the issuers of certain bonds become unable or unwilling to
make payments on their bonds. 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. Emerging markets - Emerging markets areless established than developed markets and therefore involve higher risks. High yield bond - High yield debt securities are
generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market
conditions. Interest rate - Interest rate risk is the potential for losses in fixed-income investments as a result of unexpectedchanges in interest rates. Liquidity - Liquidity risk may result in securities becoming hard to value or trade within a desired
timeframe at a fair price. 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 are concentrated. 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. Counterparty - Counterparty risk may
materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund. ESG
and sustainability - ESG and Sustainability risk may result in a material negative impact on the value of an investment andperformance of the fund. Geographic concentration - Geographic concentration risk may result in performance being morestrongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions inwhich the fund's assets are concentrated. Hedging - Hedging measures involve costs and may work imperfectly, may not befeasible 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 theobligations of the investment manager. Market - Market risk may subject the fund to experience losses caused by unexpectedchanges in a wide variety of factors. Operational - Operational risk may cause losses as a result of incidents caused bypeople, systems, and/or processes.

ADDITIONAL DISCLOSURES

Copyright ©2024 Sustainalytics. All rights reserved. The ownership and all intellectual property rights to this publication/report
and the information contained herein are vested exclusively in Sustainalytics and/or its suppliers. Unless otherwise expressly
agreed in writing between you and Sustainalytics, you will not be permitted to use this information otherwise than for internaluse, nor will you be permitted to reproduce, disseminate, comingle, create derivative works, furnish in any manner, makeavailable to third parties or publish this publication/report, parts hereof or the information contained herein in any form or inany manner, be it electronically, mechanically, through photocopies, recordings. The information on which thispublication/report is based on reflects the situation as on the date of its elaboration. Such information has – fully or partially –been derived from third parties and is therefore subject to continuous modification.
Bloomberg®” and Bloomberg Global Aggregate Corporate Bond Index Hedged to USD 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. RowePrice, and Bloomberg does not approve, endorse, review, or recommend T. Rowe Price Funds SICAV. Bloomberg does notguarantee 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 Global Investment Grade Corporate Bond FundAs at 31 March 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 deSurveillance 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.
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