T. ROWE PRICE FUNDS SICAVUS High Yield Bond Fund – ESG Report
Providing transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•

The US High Yield Bond Fund uses ESG integration as part of its investment process. This means that we incorporate
environmental, social and governance factors into the investment process to enhance investment decisions. Our
philosophy is that ESG factors are a component of the investment decision—meaning that they are an important aspect
but not the sole driver of an investment decision, nor are they considered separately from more traditional analysis.

•

The process of ESG integration takes place on two levels: first, with our research analysts as they incorporate
environmental, social and governance factors into issuer valuations and ratings; and, second, with the portfolio manager
as he balances these ESG factor exposures at the portfolio level. Both the analysts and portfolio manager 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 around 6,500 companies and pulls from data sets that are
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 US High Yield Bond Fund has a total return focus and is implemented with a value style, based on a bottom-up,
credit research-driven approach, which results in a high conviction, focused portfolio. As such, our primary emphasis ison company fundamentals, which include the consideration of environmental, social and governance factors. We findthat this long-standing investment philosophy tends to yield an ESG-friendly portfolio; however, we also work closelywith the ESG team to conduct in depth analysis on individual securities.

•

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 maximise the value of its shares through both growth in the value of, and income from, its
investments.
INVESTMENT PROCESS: The fund is actively managed and invests mainly in a diversified portfolio of high yieldcorporate bonds from issuers in the United States. 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 debt securities and credit
indices. For full investment objective and policy details refer to the prospectus. The manager is not constrained by thefund’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 US High Yield 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 US High Yield Bond FundAs of 30 June 2024

Talen Energy (1st Quarter 2024 Engagement)

Focus

Environment, Social, Governance

Company
Description

Talen Energy is a U.S. power producer and infrastructure company that produces and sells electricity,
capacity, and ancillary services into wholesale power markets.

Engagement
Objective

We engaged with Talen Energy to better understand its generation mix plans and governance structure.
From Talen Energy: Investor Relations; Investor Relations and ESG

Participants

From T. Rowe Price Investment Management, Inc: Portfolio Manager; Head of ESG; ESG Associate
AnalystWe met with Talen Energy to discuss the company’s environmental targets and governance practices.
Amazon Web Services (AWS) bought Talen Energy’s Cumulus data center. While nuclear energy use
has experienced improvement in acceptance over the last few years, its value has been clear as asource of carbon-free energy around the clock. Nevertheless, companies with a significant presenceoutside of the U.S. are still fearful of nuclear. Regardless, Talen Energy sees the Cumulus-AWS deal asa potential blueprint for future data center deals and is considering developing data centers with partners
near its fossil plants, not just its Susquehanna nuclear plants.
Talen Energy shared that it aspires to exit all wholly owned coal by the end of 2025 and has a final
deadline for the end of 2028. The company has a 22% combined ownership interest in the Colstrip coalplants, which are economically viable and do not have a retirement date. Talen Energy will retire the restof its minority-owned coal by the end of 2028.

Engagement
OutcomeTalen Energy does not have a target for carbon-free energy as a percent of its mix. In 2023, 55% of thecompany's energy mix was carbon-free from its Susquehanna nuclear plants. As coal is retired, nuclear
will make up a greater proportion of the company's energy mix, though it is still investing in gas. The
company's 2030 goal is to reduce scope 1 1 carbon dioxide emissions by 75% compared with a 2010
baseline, and it has already achieved 90% of this goal. When it releases its updated ESG report, Talen
Energy will have emissions reduction goals related to the timing of its coal plant retirements. Aside fromcoal plant retirement, the company has not taken major steps to reduce emissions.
Regarding social progress, Talen Energy’s employee turnover has increased over the past few years,
attributable to the company’s bankruptcy and its sale of certain businesses, but turnover is not above
expectations and is improving.

Talen Energy wants to exhibit governance best practices according to the Securities and Exchange
Commission’s guidelines and investor expectations. We expressed support for the company's current
and future governance structure, which includes a single class share structure, annual director elections,
independent non-executive chairs, and executive compensation with a mix of performance-based sharesas well as time-based shares that vest over three years. We also expressed support for Talen Energy
declassifying its Board.
Engaging with Talen Energy informed our research as we learned more about the company’s progress
toward its environmental targets and good governance practices.
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 US High Yield Bond FundAs of 30 June 2024

Outfront Media (3rd Quarter 2023 Engagement)

Focus

Environment, Social, Governance

Company
Description

Outfront Media is a real estate investment trust that provides advertising space in out-of-homeadvertising structures in the U.S. and Canada. Such advertising space includes billboard displays
primarily located on highways in major metro markets.

Engagement
Objective

We met with Outfront Media to discuss its ESG initiatives and profile.

Participants

From Outfront Media: Investor Relations representative; Corporate Secretary/General Counsel; Human
Resources representative

From T. Rowe Price Investment Management, Inc: High Yield Analyst; ESG Associate Analyst
In our meeting with Outfront Media, we discussed greenhouse gas (GHG) emissions, waste
management, renewable energy, employee safety and treatment, governance structure and oversight,
shareholder rights, and Board diversity.
At Outfront Media, only the Board of Directors can amend the company bylaws, as the company does
not allow shareholders to vote to amend them. We shared our view that it is best practice to allow
shareholders to amend the company bylaws when majority support is received for amendments. The
general counsel shared that the Board discusses this item annually and has ultimately kept the ability toamend bylaws restricted to the Board to protect against short-termism and activism.
Currently, Outfront Media has a 50.01% threshold for shareholders to call a special meeting, but weshared that we consider a 25% threshold to be best practice.
We also discussed Board diversity, and while the company has not had new openings on the Board in
the past few years, the general counsel explained that when the Board is searching for candidates,
diversity will play a significant role.
Engagement
OutcomeOutfront Media told us about its ESG oversight and shared that Investor Relations leads Outfront’s ESG
Committee and reports to management and the Board on ESG progress.
In terms of environmental progress, Outfront Media is increasingly looking at solar energy. It has one
partially solar-powered office and is in the very early stages of exploring putting solar panels on some ofits displays. Additionally, Outfront is working with Watershed Technologies to create a scope 1-21 GHG
emissions inventory for fiscal year 2022 data. Its goal is to include this in next year’s ESG report, and thecompany might also report partial scope 3 1 emissions. As part of these efforts, Outfront Media iscollecting its energy consumption data.
Outfront Media discussed its social progress with us, and the company said it would consider disclosing
voluntary employee turnover, and it shared that its voluntary turnover rate this fiscal year has been very
similar to last year’s rate. Also, human resources shared that to increase diversity at the highest levels,
Outfront Media continues to hire women and people of color in its leadership ranks, and Outfront Media
collaborates with foundations and organizations focused on diverse recruiting.
Our engagement with Outfront Media informed our research as we learned about the company’s ESG
progress and focus areas, and we shared our perspectives on best practices.

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 US High Yield 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.
Portfolio

BenchmarkNo. ofsecurities% weight

No. ofsecurities% weight

53

57.0

1,118

60.5

18

20.4

405

23.1

4

3.4

40

1.7

14

13.9

318

14.7

1

5.3

0

0.0

90

100.0

1,881

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 ICE BofA Merrill Lynch US High Yield Constrained Index. The manager is notconstrained by the fund's benchmark, which is used for performance comparison purposes only.

SUSTAINABILITY INDICATOR
The fund is classified as Article 8 according to the Sustainable Finance Disclosure Regulations (SFDR).
The sustainability indicator used by the fund is 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%
14.5%

with Environmental Objectives

0.5%

5.9%

with Social Objectives

0.5%

8.7%

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 US High Yield Bond 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%

83.9%

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

23.4%

56.4%

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%

60.4%

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 US High Yield Bond FundAs of 30 June 2024

RISKS - The following risks are materially relevant to the fund (refer to prospectus for further details): 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. Credit - Credit risk arises when an issuer's financial health deteriorates and/or it fails to fulfill its financial
obligations to the fund. Default - Default risk may occur if the issuers of certain bonds become unable or unwilling to makepayments on their bonds. Distressed or defaulted debt securities - Distressed or defaulted debt securities may bear
substantially higher degree of risks linked to recovery, liquidity and valuation. High yield bond - High yield debt securities are
generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market
conditions. Interest rate - Interest rate risk is the potential for losses in fixed-income investments as a result of unexpectedchanges in interest rates. Liquidity - Liquidity risk may result in securities becoming hard to value or trade within a desired
timeframe at a fair price. 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. 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 DISCLOSURESICE Data Indices, LLC (“ICE DATA”), is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE
THIRD-PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/ORIMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED
THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD-PARTY SUPPLIERS SHALL BE
SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS ORCOMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES ANDINDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUROWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD-PARTY SUPPLIERS DO NOT SPONSOR,ENDORSE, OR RECOMMEND T. ROWE PRICE OR ANY OF ITS PRODUCTS OR SERVICES.
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 US High Yield Bond FundAs of 30 June 2024

IMPORTANT INFORMATIONThe Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital whichis registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective
investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in theprospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in
English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with thearticles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should
be made on the basis of the Fund Documents which are available free of charge from the local representative, local
information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in
English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
This material is being furnished for general informational and/or marketing purposes only. The material does notconstitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as theprimary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax
advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc.
and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliableindicator of future performance. The value of an investment and any income from it can go down as well as up. Investors
may get back less than the amount invested.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation tosell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not beenreviewed by any regulatory authority in any jurisdiction.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however,
we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come topass. The views contained herein are as of the date noted on the material and are subject to change without notice; theseviews may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should thematerial, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and incertain countries the material is provided upon specific request.
It is not intended for distribution to retail investors in any jurisdiction.
DIFC – Issued in the Dubai International Financial Centre by T. Rowe Price International Ltd which is regulated by the Dubai
Financial Services Authority as a Representative Office. For Professional Clients only.
EEA – Unless indicated otherwise this material is issued and approved by T. Rowe Price (Luxembourg) Management S.à r.l.
35 Boulevard du Prince Henri L-1724 Luxembourg which is authorised and regulated by the Luxembourg Commission de
Surveillance du Secteur Financier. For Professional Clients only.
Hong Kong – Issued by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road, Central, Hong Kong. T.
Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission. For Professional Investors
only.
Singapore – Issued in Singapore by T. Rowe Price Singapore Private Ltd. (UEN: 201021137E), 501 Orchard Road, #10-02
Wheelock Place, Singapore 238880. T. Rowe Price Singapore Private Ltd. is licensed and regulated by the Monetary Authorityof Singapore. For Institutional and Accredited Investors only.
Switzerland – Issued in Switzerland by T. Rowe Price (Switzerland) GmbH, Talstrasse 65, 6th Floor, 8001 Zurich,
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.
UK – This material is issued and approved by T. Rowe Price International Ltd, Warwick Court, 5 Paternoster Square, London,
EC4M 7DX which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.

The sub-funds of the T. Rowe Price Funds SICAV are not available to US persons, as defined under Rule 902(k) of the UnitedStates Securities Act of 1933, as amended (“Securities Act”). The shares of the funds have not been nor will they be registeredunder the Securities Act or under any state securities law. In addition the funds will not be registered under the United States
Investment Company Act of 1940 (the "1940 Act"), as amended and the investors will not be entitled to the benefits of the1940 Act. Provided to global firms in the US by T. Rowe Price Investment Services, Inc.
©2024 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep designare, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.
202312-3276222
202406-3667363