T. ROWE PRICE FUNDS SICAV

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

ESG INTEGRATION APPROACH•

The Global Government Bond Fund uses environmental, social, and governance (ESG) integration as part of its
investment process. This means incorporating ESG factors to enhance investment decisions. Our philosophy is thatESG 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
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 portfolio is constructed based on identifying the best risk/reward opportunities from the global fixed income
universe. Key to this is proprietary, bottom-up research that includes the assessment of ESG factors by our analysts,
who work in collaboration with dedicated ESG specialists. We complement this approach with regular screening of theportfolio using RIIM. This helps us understand the ESG characteristics of the portfolio and makes us aware of any
elevated exposures to specific ESG factors from a risk management perspective.

•

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 50% of the value of its portfolio invested in issuers and/or securities
that are rated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model (RIIM). The fundapplies the T. Rowe Price RIIM Rating Criteria. The fund avoids issuers whose activities we may consider harmful tothe environment and/or society through the application of our proprietary screen, the T. Rowe Price Responsible
Exclusion List.

INVESTMENT OBJECTIVE: The fund seeks total return through a combination of income and capital appreciation.

INVESTMENT PROCESS: The fund is actively managed and invests mainly in a portfolio of bonds issued bygovernments, government-related entities and government agencies 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’s commitment to maintain at least 50% of the value of its portfolio invested inissuers and/or securities that are rated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model(RIIM). 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 Government 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 Global Government Bond FundAs of 30 June 2024

Australia (2nd Quarter 2024 Engagement)

Focus

Environment, Social

Company
Description

Australia

Engagement
Objective

We engaged with the Australian Office of Financial Management (AOFM) for a discussion focused onenergy and greenhouse gas (GHG) emissions and green bonds.
From AOFM: Chief Executive Officer, Head of Funding & Liquidity

Participants
From T. Rowe Price Associates, Inc: Head of ESG, Fixed Income; Responsible Investing Analyst
We engaged with Australian government officials to give feedback on various environmental issues, i.e.,
its 2030 interim and longer-term net zero targets, decarbonization of electricity generation, and social cobenefit reporting in green bond issues. Our meeting followed our investment research showing that
Australia suffers from adverse climate change impacts, such as water stress and extreme weather
patterns. Our research also flagged the country’s greenhouse gas (GHG) emissions performance.
We have observed recent progress on GHG emissions in Australia, particularly with the 2022 election of
the Anthony Albanese-led Labor government. Following the passage of the Climate Change Act of 2022,
Australia became one of 29 sovereigns globally that has legislatively binding net zero targets (in thisinstance, a 43% reduction by 2030 from a 2005 baseline and a 2050 net zero target). However, thisinterim target requires significantly more progress, with a roughly 25% reduction as of September 2023
with six more years to go.

Engagement
OutcomeOur feedback was that the interim target was important since it was instrumental for reaching the 2050
net zero target. For example, unchecked climate change and extreme weather could see Australia’s
property market lose around AUD 571 billion (USD 382 billion) by 2030, according to the Climate Councilof Australia. This is in addition to anticipated losses of AUD 211 billion (USD 141 billion) due to lower
agricultural and labor productivity by 2050 because of climate change. The AOFM agreed with our
feedback and noted that science-based research, along with notable increases in the frequency andseverity of climate change-induced weather events, had spurred a renewed focus on GHG emissions.
We also gave feedback on the importance of having a credible emissions reduction plan, with a focus on
real-world decarbonization in the electricity generation sector, which accounts for roughly 32% of total
emissions in Australia.
The engagement informed our investment research into Australia’s efforts to meet its interim and longerterm emissions reduction goals. Looking ahead, we will track and monitor progress on theimplementation of steps toward operationalizing the government’s 2030 and 2050 net zero targets. We
will also track and monitor progress on whether Australia shows signs of decarbonizing electricity
generation, with a particular focus on investments made in this area.
Finally, we will track and monitor whether Australia includes social co-benefits reporting—along withenvironmental key performance indicators in its impact reporting—in its first sovereign green bond,which is expected to launch soon. (Australia issued USD 7 billion of its inaugural green bond in June2024).

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 Government Bond FundAs of 30 June 2024

Japan (2nd Quarter 2024 Engagement)

Focus

Environment

Company
Description

Japan

Engagement
Objective

We engaged with Japanese government officials for a discussion focused on: (1) greenhouse gas(GHG) emissions, GHG reduction, and renewable energy; (2) Japan’s Green Transformation program;and (3) climate transition bonds.

Participants

From Japan: Officials From the Ministry of Finance, Ministry of Economy, Trade and Industry, and Japan
Credit Rating Agency
From T. Rowe Price Associates, Inc: Global Economist; Portfolio Manager; Head of ESG, Fixed Income
GHG emissions, GHG reduction, and renewable energy
In our fourth-quarter 2023 engagement, we highlighted that it would benefit Japan to enact incremental
policies to ensure alignment between its decarbonization goals and their actual implementation at thesovereign level. In response, government officials shared several steps Japan has undertaken,
including:•Publicly releasing GHG emissions data for the entire economy, which it will continue to doannually;•

Publishing a detailed breakdown showing targeted transition projects supporting the goal of
reducing emissions 46% by fiscal year 2030 from fiscal year 2013 levels; and•Utilizing Japan’s chairing of the G7 in fiscal 2023 to ensure finance minister and central bankgovernor support for transition finance policies for the entire economy.

Green Transformation Program

Engagement
OutcomeIn our last meeting, we conveyed our view that it would help Japan if the government implemented
tangible and quantifiable policies at sovereign level to diversify the economy’s energy mix and reduce its
reliance on hydrocarbons, including thermal coal. In response, officials informed us that Japan has
mapped the seafloor topography to determine what areas could be suitable for offshore wind power (ithas also measured onshore wind speeds). Officials also shared data showing that Japan’s offshore
topography is very steep, which limits the potential locations for offshore wind power. As a result of thesechallenges, Japan has refocused on grid development and decarbonization, a parallel nuclear reactor
replacement and redevelopment program, and green hydrogen research and development.
Climate Transition Bonds
At our last engagement, we offered our view that Japan should exclude “clean thermal coal” andammonia (which releases nitrogen oxides and other harmful emissions in the manufacturing process)from its Climate Transition Bonds then under consideration. We verified that both items were excluded
from the use of proceeds categories, in Japan’s first sovereign climate transition bond issue in February2024.
Our engagement gave us an opportunity to follow up on three key topics we discussed at our last
meeting in October. We determined that Japan has made demonstrable progress in disclosing its GHG
emissions and reduction goals and green transformation program. The meeting also allowed us to close
the third topic (i.e., our views regarding the inaugural climate transition bond issue) with a “completed”
outcome.

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 Government 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.
The data in the table below is the RIIM Weighted Average Score which is a combined Environmental. Social and Governancescore for the portfolio, and which is used to measure the Sustainability Indicator for the Fund. It differs to the overall RIIM
Indicator Score which is determined by the worst of the Environmental, Social and Governance scores.

Portfolio

BenchmarkNo. ofsecurities% weight

No. ofsecurities% weight

24

90.2

1,280

100.0

0

0.0

0

0.0

0

0.0

0

0.0

82

1.0

0

0.0

1

8.8

0

0.0

107

100.0

1,280

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 FTSE World Government Bond Index Hedged USD. The manager is notconstrained by the fund'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 to maintain at least 50% of the value of its portfolio invested in issuers and/or
securities that are rated “Green” by the T. Rowe Price proprietary Responsible Investor Indicator Model (“RIIM”).

The percentage exposure of the fund in issuers and/or securities that are rated “Green” is:Green Issuers/Securities

TargetMinimum
Commitment
%
50.0%

Fund
Exposure%
90.2%

T. Rowe Price Funds SICAV Global Government Bond FundAs of 30 June 2024

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.

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):PAI Indicator

Metric Description

Unit ofMeasurement

16. Investee countries
subject to social violations

Number of investee countries subject to social
violations.

Absolute
number

MetricCoverage(%)

MetricValue
0

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

90.2%

T. Rowe Price Funds SICAV Global Government 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 GLOSSARY OF TERMS
Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) may be subject to greater liquidity, credit, default andMetric- The percentageof the portfolio
foroftenwhich
PAI data
availableand prepayment risk. Credit - Credit riskinterestcoveragerate risk comparedto other bonds.
They areexposedto isextension
GHG - when
Greenhousegas financial
emissionsarisesan issuer's
health deteriorates and/or it fails to fulfill its financial obligations to the fund. Currency Scope
1 GHG
emissions- Direct greenhousegasinvestment
emissions gains
by theor
fund
Currency
exchange
rate movements
could reduceincrease investment losses. Default - Default risk may
Scope
2
GHG
emissionsIndirectgreenhousegasemissionsmadeby payments
the fund on their bonds. Derivative - Derivatives
occur if the issuers of certain bonds become unable or unwilling to make
Scope
GHGtoemissions- All otheremissionsin thevolatility
funds value
chain
may
be3usedcreate leverage
whichindirect
could expose
thethatfundoccur
to higher
and/orlosses that are significantly greater thanmtCO
- Metric
tonnes ofInterest
carbonrate
dioxideequivalent
2e of
the
cost
the derivative.
- Interest
rate risk is the potential for losses in fixed-income investments as a result of
Carbonfootprint(Scope1,2 &rates.
3 emissions)- The total greenhousegas emissions
in the fundunexpectedchanges
in interest
Issuer concentration- Issuer concentration
risk permaymillion
resultinvested
in performance
being more
MWh - Megawatt
Hoursstrongly
affected byany business, industry, economic, financial or market conditions affecting those issuers in which the fund's
MCM - areMillioncubic metersassetsconcentrated.
Liquidity - Liquidity risk may result in securities becoming hard to value or trade within a desired
Ktons- Kilotonnes
timeframe
at a fair price. Prepayment and extension - Mortgage- and asset-backed securities could increase the fund's
UNGC
- The
United Nations
GlobalinCompact
sensitivity
to unexpectedchanges
interest rates. Sector concentration - Sector concentration risk may result in performance
OECDmore- Thestrongly
Organization
forby
Economic
Co-operation
Development
being
affected
any business,
industry,and
economic,financial or market conditions affecting a particular sector inNodata
no dataassets
is available
or can be calculated
for theindicatorwhich
the- fund's
are concentrated.
Total Return
Swap- Total return swap contracts may expose the fund to additionalrisks, 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 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 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
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE
Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell indexes or data vest in therelevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability forany errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication.
No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express writtenconsent. The LSE Group does not promote, sponsor or endorse the content of this communication.
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 Government 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.
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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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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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