T. ROWE PRICE FUNDS SICAV

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

ESG INTEGRATION APPROACH•

The Dynamic Global Bond Fund uses environmental, social, and governance (ESG) integration as part of its investment
process. By incorporating 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, strong
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 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 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
screening of the portfolio using T. Rowe Price’s proprietary RIIM analysis. 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: To generate income while offering some protection against rising interest rates and a low
correlation with equity markets.
INVESTMENT PROCESS: The fund is actively managed and invests mainly in a portfolio of bonds of all types fromissuers 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 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). In addition to the E/S characteristics promoted, thefund 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 in currencies, debt securities, credit indices and equities. For fullinvestment 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 Dynamic Global 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 Dynamic Global Bond FundAs of 30 June 2024

Barclays (2nd Quarter 2024 Engagement)

Focus

Environment, Social, Governance

Company
Description

Barclays is a global financial services company headquartered in London.

Engagement
Objective

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

Participants

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

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

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

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the
SICAV sub-fund, and no assumption should be made that the securities identified and discussed were or will be profitable.

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

Pacific Gas and Electric (1st Quarter 2024 Engagement)

Focus

Environment, Governance

Company
Description

Pacific Gas & Electric (PG&E) is a utility based in Oakland, California.

Engagement
Objective

We engaged with PG&E on various ESG matters (i.e., climate commitments, safety, and reporting).

Participants

From PG&E: Deputy General Counsel; Senior Director, Corporate Governance; Assistant Corporate
Secretary (2); Investor Relations representatives (2); Compensation representative
From T. Rowe Price Associates, Inc: Head of Corporate Governance, Responsible Investing Analyst
We engaged with PG&E to discuss various ESG issues, with a focus on climate commitments, safety,
and reporting. The company published a climate strategy report in June 2022, which included 2030
targets covering scope 1-3¹, a goal for a net-zero energy system by 2040 and having a “climate- andnature-positive energy system” by 2050. PG&E said it would reissue the report following any meaningfulchange in its climate strategy (expected every three to five years).

Engagement
OutcomePG&E has been focused on climate for years, in line with California’s objectives. Regarding its goal of aclimate- and nature-positive energy system, the company said that it was still working on details but wascommitted to going beyond net zero and planned to set nature and biodiversity-related goals this year.
The targets will likely be linked to forest health and wildfire risk. PG&E’s forestry assets serve as carbon
sinks and will help the state of California achieve its own net zero goals.
PG&E informed us that it was working on publishing a climate vulnerability assessment report this year.
The report, which it plans to file with the California Public Utilities Commission in May, will include a
climate vulnerability assessment for 2030, 2050, and 2080. The company also highlighted progress it
has made on wildfire mitigation.

On the governance front, PG&E noted the appointment of the former chief risk officer of Ernst & Young,
who will join the board’s audit committee. The company made no significant changes to its pay program.
The engagement allowed us to achieve our goal of providing feedback on PG&E’s climate comments
and safety and reporting. We will monitor for the company to set a nature/biodiversity goal and publish aclimate vulnerability report and 10-year undergrounding plan.
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 Global 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

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

No. ofsecurities% weight

195

77.7

7

2.1

12

0.8

145

5.3

1

14.2

360

100.0

 No/few Flags  Medium Flags  High Flags

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%
77.7%

T. Rowe Price Funds SICAV Dynamic Global 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

47.7%

T. Rowe Price Funds SICAV Dynamic Global 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. Contingent convertible
interestcoveragerate risk comparedto other bonds.
They areexposedto isextension
GHG -- Contingent
GreenhouseConvertible
gas emissions
bond
Bonds may be subject to additional risks linked to: capital structure inversion, trigger levels,
Scope
GHG emissions- Direct greenhousegas emissions
by thewrite
funddowns, industry concentration and liquidity, among
coupon1cancellations,call extensions,yield/valuation,
conversions,
Scope
2
GHG
emissionsIndirectgreenhousegasemissions
madeby the fundothers. Credit - Credit risk arises when an issuer's financial health deteriorates
and/or it fails to fulfill its financial obligations to
Scope
3 GHG
emissions- Allexchange
other indirect
that
occur
in theinvestment
funds value
chain
the
fund.
Currency- Currency
rate emissions
movements
could
reducegains
or increase investment losses.
mtCO2e- -Default
Metric risk
tonnescarbondioxideequivalent
Default
mayofoccur
if theissuersof certain bonds become unable or unwilling to make payments on their bonds.
Carbonfootprint(Scope1,2be&used
3 emissions)- The totalwhichgreenhousegas emissions
perhigher
millionvolatility
investedin thelosses
fund that are
Derivative- Derivatives
may
to create leverage
could expose
the fund to
and/or
MWh - Megawatt
Hourssignificantly
greaterthan the cost of the derivative. Distressed or defaulted debt securities - Distressed or defaulted debt
MCM - Million
meterssecurities
maycubic
bear substantiallyhigher degree of risks linked to recovery, liquidity and valuation. Emerging markets Ktons- Kilotonnes
Emerging
markets are less established than developed markets and therefore involve higher risks. High yield bond - High yield
UNGC- The United
Nations Global
debt securities
are generally
subjectCompact
to greater risk of issuer debt restructuring or default, higher liquidity risk and greater
OECD - The
Organization
for Economic
Co-operation
sensitivity
to market
conditions.
Interest rate
- Interest andrate Development
risk is the potential for losses in fixed-income investments as aNodata
- no data is available
or interest
can be calculated
forconcentration
the indicator - Issuer concentration risk may result in performance being
resultof unexpectedchanges inrates. Issuer
more strongly affected by any business, industry, economic, financial or market conditions affecting those issuers in which thefund's assets are concentrated. Liquidity - Liquidity risk may result in securities becoming hard to value or trade within adesired 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 inwhich the fund's assets 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.

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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 Global 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.
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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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