T. ROWE PRICE FUNDS SICAVEmerging Markets Equity Fund – ESG Report
Providing transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•

The Emerging Markets 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 that ESG 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.)•

Our approach to environmental and social factor integration is differentiated at the sector and industry levels, where our
RIIM model helps us to determine the materiality of any given factor. Material ESG factors play an integral part in our
risk/reward assessment of each company. Once all the factors have been assessed, the conclusions can influence
whether to include or exclude the company or at what weight to add the company to the portfolio. ESG considerations
can influence positioning on both the positive and the negative side.

•

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 of emerging
market companies. Although the fund does not have sustainable investment as an objective, the promotion ofenvironmental and/or social characteristics is achieved through the fund’s commitment to maintain at least 10% of thevalue 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.

T. Rowe Price Funds SICAV Emerging Markets 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.

T. Rowe Price Funds SICAV Emerging Markets Equity FundAs of 30 June 2024

Meituan (4th Quarter 2023 Engagement)

Focus

Environment, Social

Company
Description

Meituan operates a “life service” platform in China, with a focus on food delivery.

Engagement
Objective

We engaged with the company on rider welfare and emission goals.
From Meituan: Investor Relations

Participants
From T. Rowe Price Associates, Inc: Responsible Investing Analysts, Investment Analyst
We engaged with Meituan on ESG risks related to gig economy work.
Meituan confirmed that it continues to closely monitor safety data and that the performance is improving
due to operational integration of these data. The company took on board our feedback about disclosure
but made no commitment to do so.
Meituan conducts rider satisfaction surveys (satisfaction is gradually improving, but there is nodisclosure on this) and rider feedback seminars. The top priority for riders continues to be about pay.
Meituan believes it is competitive here, thanks to its scale and efficiency. For example, Meituan riders
can batch three to five orders in peak times, helping to boost their return on investment. Moreover,Meituan adapted the rider pay incentives to make them more financially favorable and safe for riders. (Itstopped penalizing riders for late delivery or incentivizing deliveries in wet weather, moving to a pointsbased system.)Engagement
OutcomeThere have been no social security updates from the government. Meituan confirmed that it would
comply with any relevant rules as introduced. The cost of implementing social security is significant, at
30–50 cents per delivery. On a positive note, there is complete coverage of occupational insurance forall riders.
Meituan publishes emissions data for its headquarters and offices but not for delivery or merchantrestaurants (likely to be 95% of the footprint). Meituan has enlisted a consultant to help quantify thescope 31 footprint but did not provide a time frame on this.
The company confirmed it is discussing emission reduction goals internally. It is funding research andcollaborating with manufacturers to make sustainable packaging more affordable. Cost continues to be
an issue for most merchants. Ninety-five percent of Meituan’s deliveries are made via e-bike.

Our goals were to emphasize the importance of rider safety disclosure and preparedness, encourage
better transparency on environmental performance, and assess the scale and feasibility of new
programs that have been introduced. We will continue to monitor the company’s progress.
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 Emerging Markets Equity FundAs of 30 June 2024

Jollibee Foods (2nd Quarter 2024 Engagement)

Focus

Environment, Social

Company
Description

Jollibee Foods (Jollibee) is a leading quick-service restaurant operator in the Philippines.

Engagement
Objective

We engaged with Jollibee on its environmental and social initiatives and disclosure practices.

From Jollibee: Head of Investor Relations, Head of Sustainability
Participants
From T. Rowe Price Associates, Inc: Responsible Investing Analysts
We engaged with Jollibee to follow up on an earlier meeting in the first quarter of 2024 in which we
called upon the company to compile group-wide ESG data. We also sought to gain more clarity on someof its ESG objectives. Jollibee has been working with a Philippines consultant and completed baseline
emissions data for its domestic operations, including scope 1 and 2 emissions.¹ The company is now
working with PricewaterhouseCoopers to develop an international baseline. Management was unable toprovide a timeline for group-wide data to be complete but committed to establishing better greenhousegas reduction targets. We communicated our preference for setting greenhouse gas (GHG) reduction
targets that are science-based and that best practices would be to seek Science Based Targets initiative(SBTi) validation.

Engagement
Outcome

Jollibee confirmed that it has been working on setting nutrition targets and developing responsible
practices regarding its children’s menus. The company’s nutrition strategy will focus on better consumer
information, calorie reduction, and reductions of foods that are high in fat, sugar, and salt, andmanagement has committed to timebound goals. Additionally, the company shared that it plans topublish targets specific to children’s menus, with a goal of 50% of menu options meeting World HealthOrganization guidelines.
The company began its responsible sourcing process last year and has taken steps to join international
alliances and certification schemes. Progress so far includes commitments to cage-free eggs in the U.S.
and becoming a Roundtable on Sustainable Palm Oil signatory. However, Jollibee’s target for palm oil toreach 100% certification by 2035 lags industry best practice. Furthermore, traceability progress for key
inputs like beef, palm oil, and coffee appears limited. Packaging has been a key focus for the company
in 2023, and targets (e.g., increasing proportions of recycled inputs and commitments on recyclability)
will appear in its upcoming sustainability report. Jollibee confirmed that it is in compliance and on track
for future developments with respect to the Philippines’ extended producer responsibility laws.
The engagement gave us the opportunity to encourage Jollibee to further develop its ESG disclosures
by publishing group-wide data and to set timebound, quantifiable goals. Going forward, we will monitor
for baseline energy and emissions data, quantitative emissions goals, and timebound goals for nutrition
progress.

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 Emerging Markets 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

69

82.5

880

76.9

19

14.6

412

22.4

0

0.0

33

0.7

1

0.7

4

0.1

1

2.2

0

0.0

90

100.0

1,329

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 Emerging Markets 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%
34.5%

with Environmental Objectives

0.5%

13.7%

with Social Objectives

0.5%

20.8%

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 Emerging Markets 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%

97.8%

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

20.2%

97.8%

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%

97.8%

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
(%)

5,622

96.5%

mtCO2e

5,399

96.5%

mtCO2e57,826

96.5%

Total GHG emissions

mtCO2e68,84796.5%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

241.7

96.5%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

547.2

93.9%

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

5.0%

97.8%

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

76.9%

74.8%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

1.0

85.9%

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%

97.8%

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

4.3%

97.8%

12. Unadjusted gender pay
gap

Average unadjusted gender pay gap of investee
companies

Percentage ofpay gapn/an/a

1. GHG Emissions

T. Rowe Price Funds SICAV Emerging Markets 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): Country (China)- Chinese investments may be subject to higher levels of risks such as liquidity, currency, regulatory and legal risks due to thestructure of the local market. 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. 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 areconcentrated. Small and mid-cap - Small and 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 onmarket 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.

T. Rowe Price Funds SICAV Emerging Markets Equity 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,
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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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