SELECT INVESTMENT SERIES III SICAVT. Rowe Price Global Focused Growth Equity Fund – ESG
ReportProviding transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•

The Global Focused Growth Equity Fund uses ESG integration as part of its investment process. This means
incorporating environmental, social and governance 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 ESG
factors into company valuations and ratings, and second, with the portfolio manager as he balances these ESG factor
exposures at the portfolio level. Both the analysts and the portfolio manager are able to leverage dedicated, in-house
resources to assist 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 companies we buy will typically have high quality characteristics as well, with this qualitative assessment based on
our analysis of their future economic relevance. As such, our primary emphasis is on company fundamentals, which
include the consideration of environmental, social and governance factors. We find that this process tends to yield an
ESG-friendly set of companies; however, we also screen the portfolio using T. Rowe Price’s proprietary RIIM analysis
at regular intervals. This helps us understand the ESG characteristics of the portfolio and makes us aware of any
elevated exposures to specific ESG factors.

•

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 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 that have the potential for above average and sustainable rates of earnings growth. The companies may be
anywhere in 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 and efficient portfolio management. 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.

Select Investment Series III SICAV T. Rowe Price Global Focused Growth 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.

Select Investment Series III SICAV T. Rowe Price Global Focused Growth Equity FundAs of 30 June 2024

Amazon (1st Quarter 2024 Engagement)

Focus

Environment, Social

Company
Description

Amazon is a multinational technology company engaged in e-commerce, cloud computing, online
advertising, digital streaming, and artificial intelligence (AI).

Engagement
Objective

We engaged with Amazon on a range of ESG matters, including worker treatment, greenhouse gas(GHG) emissions, and AI.
From Amazon: Investor Relations ESG Representatives; Associate General Counsel of Labor and
Employee Relations, Senior Counsel

Participants
From T. Rowe Price Associates, Inc: Director of Research, Responsible Investing, Responsible Investing
AnalystWe engaged with Amazon on a range of ESG matters, with a particular focus on environmental andsocial concerns related to Artificial Intelligence (AI).
AI: We discussed the emerging regulation regarding AI. Amazon did not comment on the EU AI Act due
to its nascence but mentioned its approach to regulation and tax on the company’s policy positions page.
Amazon Web Services (AWS) has announced collaborations with governments on AI safety, including apaper on best practices for responsible AI. Amazon’s strategy to improve the carbon intensity of AI
training and inference includes its custom silicon and emphasis on using renewable or carbon-freeenergy. The company does not have plans to disclose the emissions associated with AI processing or
the amount of renewable power being used as a percentage for AI operations. There are currently nosustainability targets related to AI operations.
Facial Recognition Technology: Recognition, a facial recognition technology that can be used within
AWS databases for facial analysis, was previously criticized for potential bias and negative impact on
people of color. The technology has since improved, but Amazon has maintained an indefinite
moratorium on the use of the technology by enforcement agencies until federal legislation on facialrecognition technology was implemented.

Engagement
OutcomeGHG Emissions Reporting: We have had several engagements with Amazon regarding its GHG
emissions – specifically, we have requested that it disclose its scope 3¹ emissions in alignment with the
GHG Protocol categories. We reiterated this request and felt the company was receptive to our feedback
to report scope 3 GHG emissions in line with industry standards. In July 2024, the company released its
sustainability report which showed a substantial improvement in its scope 3 reporting.
Net Zero Targets: Amazon is one of many companies that has had to remove the net zero targets it
submitted to the Science Based Targets initiative (SBTi) for validation. The issue the company faces isthat the transportation and logistics methodology is still in development. In the absence of industryspecific guidance, Amazon would need to use an absolute reduction plan, which we think is not feasible
for a fast-growing company. We also discussed the consideration of third-party sellers in net zerotargets. The company helps third-party sellers account for their carbon emissions, but because Amazon
is not the seller of record, those emissions will not be included in Amazon’s net zero target.
Employee Safety & Treatment: The company provided updates on its incident rates and wage changes.
Its recordable injury rate has decreased by 30% in 2019 and 8% year over year. Amazon has spent USD
750mn on safety initiatives in 2023. Amazon has also increased its wages for U.S. and UK employees.
The engagement allowed us to impart our views on best practices around GHG emissions reporting andnet zero targets as well as the topics of AI and employee safety & treatment. We were pleased to seethat the company’s 2023 sustainability report released in July 2024 showed improvement in the area of
GHG emissions disclosure as well as continued reduction in its GHG emissions intensity.

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.

Select Investment Series III SICAV T. Rowe Price Global Focused Growth Equity FundAs of 30 June 2024

Nestle (2nd Quarter 2024 Engagement)

Focus

SocialCompany
Description

Nestle is a major processed food and beverages manufacturer.

Engagement
Objective

We engaged with Nestle to discuss its disclosure practices and social initiatives.

From Nestle: Global Head of ESG Engagement; Secretary to the Board of Directors; Investor Relations
Manager
Participants
From T. Rowe Price Associates, Inc: Head of Governance, EMEA and APAC; Investment Analyst;
Governance Analyst; Responsible Investing Analyst
We engaged with Nestle to provide feedback on the company’s product nutrition disclosure and to
discuss a related shareholder proposal ahead of its annual general meeting. A group of institutional
investors filed a shareholder proposal reflecting their view that Nestle’s target to boost sales of healthy
products about 50% by 2030 from 2022 levels is not sufficiently ambitious. The proposal has two
objectives: first, require Nestle to set a target to increase the proportion of sales from healthy foods
versus the company’s current absolute target; and second, require Nestle to improve disclosure bymandating the company to include absolute and proportional sales data for food and beverages soldaccording to their healthfulness, as defined by a government-endorsed nutrient profiling model (NPM).
Our engagement focused on the proposal’s disclosure-related requests, since we believe that effective
disclosure allows investors to conduct due diligence on the reputational and financial risks associatedwith sales of less healthy products.

Engagement
Outcome

While Nestle’s disclosure is significantly stronger than its industry peers, we believe there is room for
improvement. First, Nestle’s existing disclosure is relatively opaque and contains no product category
breakdown by Health Star Rating (HSR), the NPM created by Australia’s government. We suggested
that Nestle provide a product category breakdown of Health Star Rating performance with commentaryon the company’s methodology in applying HSR, which would give investors a more detailed
understanding of the nutritional value of its portfolio. Second, Nestle explained that it uses HSR as its
NPM since it can be applied to its entire food and beverage portfolio and is used by the Access to
Nutrition Index, making it practical and credible. However, we highlighted Unilever’s benchmarking ofmultiple nutrient profiling models as a best-in-class example of disclosure. Third, some of Nestle’s peers
disclose their regional sales split based on a given NPM, a practice we highlighted as best practice.
We discussed the proposal of an increase in the proportion of sales of healthy foods at the expense ofless healthy products. Nestle’s view was that this target would create incorrect incentives and that its
current goal to increase sales of more nutritious products by 2030 is reasonable. In response, we
explained that we agreed that a target of this nature would be prescriptive and likely have a limited publichealth benefit. As such, we did not support the shareholder proposal.
The engagement allowed us to impart our views on best practices for nutrition disclosure and informed
our views on the shareholder proposal. Looking ahead, we will monitor for Nestle to offer commentary
addressing how it has applied the HSR methodology to its portfolio and to provide disclosure on the
nutritional value of its products according to a government NPM (or Nestle’s own methodology) byproduct category.

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.

Select Investment Series III SICAV T. Rowe Price Global Focused Growth 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

67

86.5

2,117

83.1

10

12.9

597

16.3

0

0.0

39

0.6

0

0.0

6

0.1

1

0.6

0

0.0

78

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 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%
53.3%

with Environmental Objectives

0.5%

24.2%

with Social Objectives

0.5%

29.2%

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.

Select Investment Series III SICAV T. Rowe Price Global Focused Growth 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(%)

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%

98.9%

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

32.4%

98.9%

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%

98.9%

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):PAI Indicator

Metric Description

Unit ofMeasurement

Scope 1 GHG emissions

mtCO2eScope 2 GHG emissions
Scope 3 GHG emissions

MetricValue

MetricCoverage
(%)

5,402

98.9%

mtCO2e

2,141

98.9%

mtCO2e119,350

98.9%

Total GHG emissions

mtCO2e126,894

98.9%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

376.9

98.9%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

704.6

98.9%

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

7.4%

98.9%

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

58.4%

86.7%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

0.2

93.0%

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%

98.9%

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

2.3%

98.9%

12. Unadjusted gender pay
gap

Average unadjusted gender pay gap of investee
companies

Percentage ofpay gapn/an/a

1. GHG Emissions

Select Investment Series III SICAV T. Rowe Price Global Focused Growth 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): 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 - Smalland mid-size company stock prices can be more volatile than stock prices of larger companies. Style - Style risk may impact
performance as different investment styles go in and out of favor depending on market conditions and investor sentiment.
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.

Select Investment Series III SICAV T. Rowe Price Global Focused Growth Equity FundAs of 30 June 2024

IMPORTANT INFORMATIONThe Funds are sub-funds of the Select Investment Series III SICAV, a Luxembourg investment company with variable capitalwhich is 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.
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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.
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EC4M 7DX which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.
The sub-funds of the Select Investment Series III SICAV are not available to US persons, as defined under Rule 902(k) of theUnited States Securities Act of 1933, as amended (“Securities Act”). The shares of the funds have not been nor will they beregistered under the Securities Act or under any state securities law. In addition the funds will not be registered under theUnited States Investment Company Act of 1940 (the "1940 Act"), as amended and the investors will not be entitled to thebenefits of the 1940 Act. Provided to global firms in the US by T. Rowe Price Investment Services, Inc.

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