T. ROWE PRICE FUNDS SICAV

Dynamic Credit Fund – ESG Report
Providing transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•

The Dynamic Credit Fund uses ESG integration as part of its investment process. By incorporating environmental,social, and governance (ESG) considerations into our investment process, we seek to understand the range of ESG
risks, together with many other investment criteria, to better position ourselves in order to deliver consistent, superior
long-term returns for our clients.

•

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 are able toleverage 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 that are notin 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.)•

Our portfolio is constructed on the basis of 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 the dedicated ESG specialist team. We complement this approach with regular screeningof the portfolio using T. Rowe Price’s proprietary RIIM analysis. This helps us understand the ESG characteristics of theportfolio and makes us aware of any elevated exposures to specific ESG factors from a risk management perspective.
ESG considerations are integrated into our risk monitoring through RIIM that systematically and proactively collects
information on environmental and social factors. RIIM helps measure an issuer’s ESG profile and flag those withelevated risks. RIIM also helps to identify and prioritize which issues require further fundamental assessment by the
Responsible Investing team. It rates issuers using a “traffic light” system. Issuers flagging red or orange undergo further
analysis by the RI team and their findings are shared with the analyst for incorporation into the investment process.

•

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: 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 diversified portfolio of bonds of all types
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’s commitment tomaintain at least 10% of the value of its portfolio invested in sustainable investments, as defined by the SFDR. In addition
to the E/S characteristics promoted, the fund also applies the investment manager’s proprietary responsible screen (the T.
Rowe Price Responsible Exclusion List). The fund may use derivatives for hedging, efficient portfolio management andinvestment purposes. The fund may also use derivatives to create synthetic short positions in currencies, debt securities,
credit indices and equities. For full investment objective and policy details refer to the prospectus. The manager is notconstrained 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 Dynamic Credit 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 Dynamic Credit FundAs of 30 June 2024

Eli Lilly (4th Quarter 2023 Engagement)

Focus

Governance

Company
Description

Eli Lilly is a pharmaceutical company.

Engagement
Objective

We engaged with Eli Lilly to inform our proxy voting decision ahead of its 2024 shareholder meeting.

From Eli Lilly: Associate Vice President of ESG, Assistant General Counsel
Participants
From T. Rowe Price Associates, Inc: Head of Corporate GovernanceWe engaged with Eli Lilly ahead of their 2024 Annual General Meeting (AGM) to discuss shareholder
resolutions and one director’s re-election.

Engagement
OutcomeLongstanding LLY director Erik Fyrvold was flagged under the standard TRPA policy this year due tohis number of commitments. He is CEO of a public company while also serving on two outside boards.
Upon further investigation and our discussion with the company, we determined an exception was
warranted. Mr. Fyrvold had only recently been recruited to become the CEO of IFF following some
unexpected executive succession at that company. The LLY board did an assessment of Mr. Fyrvold's
capacity to continue serving before they re-nominated him. The situation of him being a CEO withmultiple outside board commitments is likely to be temporary. For these reasons, we voted FOR, alongwith 91% of investors.
We also discussed four shareholder-sponsored resolutions. Three of the four requested disclosure inareas where the company already provides comprehensive reporting: human rights policies, politicallobbying activity, and DEI programs. We voted with management on these, along with 90%, 75% and
76% of investors, respectively. The fourth proposal concerned LLY's use of patents and patent
extensions and we did not view resolutions objective as aligned with our fiduciary duty. We opposed theresolution, along with 91% of investors.

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 Dynamic Credit FundAs of 30 June 2024

Southern Company (4th Quarter 2023 Engagement)

Focus

Environment

Company
Description

Southern Company (Southern) is a U.S. natural gas and electric utility holding company headquarteredin Atlanta, Georgia.

Engagement
Objective

We engaged with the company to discuss its climate strategy.

Participants

From Southern: Senior Vice President, Environmental, System Planning and Sustainability; Senior Vice
President, Research and Development; Vice President, Corporate Governance; Director, Sustainability,
Strategy and Planning
From T. Rowe Price Associates, Inc: Head of Corporate Governance; Responsible Investing Analyst
We engaged with Southern to discuss its climate strategy. We also sought to find out if management
planned to set new greenhouse gas reduction targets given the company’s progress in decarbonizing its
power generation fleet over the past decade.
On the emissions reduction front, Southern has targeted a 50% reduction in emissions by 2030 from a
2007 baseline. In 2022, emissions fell 47% from the baseline, and Southern said it expects to achieve its
50% reduction goal in 2025, five years ahead of schedule. When asked if the company planned to set an
updated 2030 emissions reduction target, Southern said it would start a process to review the 2030
target by the end of 2023 and would seek to include scope 2 emissions¹ (admittedly a small part of its
greenhouse gas footprint) into any new targets.

Engagement
OutcomeRegarding the closure of its coal mines, Southern said it has less visibility on its coal closings over the
longer term. (In November 2021, Southern’s chief executive officer said that the company would close
more than half of its coal-fired power generation fleet by 2028 as it moves toward a goal of net zerocarbon emissions by 2050.) Southern cited uncertainties about the potential load growth in its services
areas and coal closures requiring regulatory approval or agreement. It plans to give more details on thetiming of coal closures in its next integrated resource plan.
We asked whether Southern plans to set a scope 3 target, given that such emissions account for roughly
30% of the company’s greenhouse gas footprint. Management replied that it was not yet ready to set a
scope 3 target, though it plans to do so in the future. It added that it expects to see another shareholder
proposal regarding scope 3 emissions at its 2024 annual general meeting.
The engagement revealed that Southern expects to meet its 2030 greenhouse reduction target five
years early and will start the process of updating its climate targets by the end of 2023, though the timing
for publishing the new targets is uncertain. Looking ahead, we will update the company’s medium-term
greenhouse reduction target, including scope 2 emissions, and check on its progress in one year.

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 Dynamic Credit 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
No. ofsecurities% weight

77

32.0

33

21.7

14

3.1

51

21.9

1

21.3

 Green Orange
 Red
Not in scope / not covered Reserves

Total
176
100.0
 No/few Flags  Medium Flags  HighFlags

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%
16.6%

with Environmental Objectives

0.5%

7.0%

with Social Objectives

0.5%

9.6%

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 Dynamic Credit 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%

54.9%

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

13.5%

46.3%

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%

52.5%

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 Dynamic Credit 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. Country (China) - Chinese investments may be subject to higher levels of risks such as liquidity, currency, regulatory
and legal risks 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 reduceinvestment 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 thefund 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. Emerging markets - Emerging markets are less established than developed markets and therefore involve
higher risks. Frontier markets - Frontier markets are less mature than emerging markets and typically have higher risks,
including limited investability and liquidity. High yield bond - High yield debt securities are generally subject to greater risk ofissuer debt restructuring or default, higher liquidity risk and greater sensitivity to market conditions. Interest rate - Interest raterisk 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. Liquidity Liquidity risk may result in securities becoming hard to value or trade within a desired timeframe at a fair price. Prepayment
and extension - Mortgage- and asset-backed securities could increase the fund's sensitivity to unexpected changes in interest
rates. 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. 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.

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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 Dynamic Credit 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
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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
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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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