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

ESG INTEGRATION APPROACH•

The Emerging Markets 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 therange of ESG risks, together with many other investment criteria, to better position ourselves 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.)•

Our security selection process emphasizes identifying the best issues across the capital structure of a country orcompany. Our research and trading teams work seamlessly together to evaluate the fundamentals, ESG profile,valuation and technicals across an issuer or country’s outstanding debt set to access the best risk-adjusted positions forinclusion in the portfolio. The ESG analysis helps the portfolio manager to identify where there may be elevated ESG
risks across the portfolio and help him to determine how material an impact those risks may have in order to inform his
decision-making.

•

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 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 bonds of all types
from emerging market issuers. 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 50% of thevalue 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, the fund also applies theinvestment 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 tocreate synthetic short positions in currencies and debt securities. For full investment objective and policy details refer tothe 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 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 Emerging Markets Bond FundAs of 30 June 2024

Emirates NBD (1st Quarter 2024 Engagement)

Focus

Environment, Social

Company
Description

Emirates NBD is a large, diversified Dubai-based bank.

Engagement
Objective

We engaged with the company for a discussion focused on its climate strategy and sustainable financing
framework.
From Emirates NBD: Chief Sustainability Officer (CSO)

Participants
From T. Rowe Price Associates, Inc: Responsible Investing Analyst
Our Responsible Investing team engaged with Emirates NBD in 2023 and 2024 to provide feedback on
the bank’s overall sustainability strategy and its green bond framework. In both engagements, we maderecommendations on how the bank can align with best practice and we joined this most recent
collaborative engagement in March 2024 as part of the Emerging Markets Investor Alliance (EMIA) to
get a pulse check on how the bank is progressing on our asks. The bank appears to be moving in theright direction, albeit at a slower pace than expected, and the call gave us an opportunity to reiteratesome of our previous asks.
The bank walked through some of its ESG achievements in 2023. These included publishing a Task
Force on Climate Related Disclosures (TCFD) report, setting a sustainable financing target (USD 30
billion by 2030) and engaging with its largest 20 corporate clients on their transition plans. The CSO
walked through how the bank is assessing the physical and transition risks associated with the client,alongside the counterparty’s alignment with the national and sectoral glidepaths. We reiterated ourdesire to see the bank provide more information on how it evaluates the credibility of clients’ transition
plans within its upcoming reporting.
Engagement
OutcomeWe also discussed financed emissions. Emirates NBD falls behind its regional peers in not measuring its
financed emissions, as well as not having set any forward-looking emissions reduction targets for highemitting sectors. The bank highlighted on the call that it has finished measuring these emissions and is
working on getting the data assured before publishing its targets in 2024. We were also pleased to hearthat the bank is looking to include the facilitated emissions from its capital market activities within thisreporting which would bring it in line with market best practice.
Finally, we discussed its sustainable financing framework. The bank issued its inaugural USD 750 million
green bond shortly after publishing its sustainable financing framework in the fourth quarter of 2023. We
provided recommendations to the bank on areas of improvement. It acknowledged that there are project
categories that could be improved with more granular detail and wants to refresh its framework by theend of 2024. The bank also noted that it will increase the emphasis of social projects as these are
expected to play a greater role in future ESG issuances.
The meeting provided us with reassurance that the bank continues to improve its climate strategy,
despite at a slower pace than we had expected. We also reiterated several of our previous
recommendations, including setting a net zero target for scope 1-21 emissions and setting financed
emissions reduction targets for two or three high emitting sectors.

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 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
No. ofsecurities

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

Benchmark% weight

No. ofsecurities% weight

168

62.1

560

61.0

89

36.1

294

31.7

0

0.0

0

0.0

2

0.2

130

7.3

1

1.6

0

0.0

260

100.0

984

100.0

 No/few Flags  Medium Flags  High Flags

The comparator benchmark of the Fund is the J.P. Morgan Emerging Markets Bond Index Global Diversified. The manager is
not constrained 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 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%
62.1%

T. Rowe Price Funds SICAV Emerging Markets 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

70.4%

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

RISKS - The following risks are materially relevant to the fund (refer to prospectus for further details): Contingent
GLOSSARY OF TERMS
convertible bond - Contingent Convertible Bonds may be subject to additional risks linked to: capital structure inversion, trigger
Metriccoverage- The percentageof the portfolio
for which PAI
data is available
levels, coupon
cancellations,call extensions,yield/valuation,
conversions,write downs, industry concentration and liquidity,
GHG - Greenhouseemissionsamongothers. Creditgas- Creditrisk arises when an issuer's financial health deteriorates and/or it fails to fulfill its financial
Scope
1 GHG
emissions- Directgreenhousegasemissionsby the offund
obligations
to thefund. Default- Default
risk mayoccur
if the issuerscertain bonds become unable or unwilling to make
Scope
2
GHG
emissionsIndirectgreenhousegasemissions
madeby leverage
the fund which could expose the fund to higher
payments on their bonds. Derivative - Derivatives may be used to create
Scope 3and/or
GHG emissions
All significantly
other indirectgreater
emissionsoccurofinthe
thederivative.
funds value
chain or defaulted debt securities volatility
losses that -arethan thatthe cost
Distressed
mtCO2e - Metrictonnesdebt
of carbon
dioxideDistressedor defaulted
securities
mayequivalentbear substantially higher degree of risks linked to recovery, liquidity and valuation.
Carbonfootprint
1,2 &3 emissions)
The total greenhousegas emissions
per therefore
million invested
the fundEmerging
markets(Scope- Emerging
marketsare less- establishedthan developed
markets andinvolveinhigher
risks.
MWh - Megawatt
Frontier
markets -Hours
Frontier markets are less mature than emerging markets and typically have higher risks, including limited
MCM - Million
cubic
metersinvestability
andliquidity.
High yield bond - High yield debt securities are generally subject to greater risk of issuer debt
Ktons
- Kilotonnes
restructuring
or default, higher liquidity risk and greater sensitivity to market conditions. Interest rate - Interest rate risk is the
UNGC
- The
UnitedinNations
Global investments
Compact as a result of unexpected changes in interest rates. Liquidity - Liquidity risk
potential
for losses
fixed-income
OECD
- The
for Economic
andDevelopmentmay
resultin Organization
securities becoming
hard toCo-operation
value or trade
withina desired timeframe at a fair price. Sector concentration No
data- no data is available
canin
beperformance
calculated forthe indicator
Sectorconcentration
risk may or
resultbeing
more strongly affected by any business, industry, economic,
financial or market conditions affecting a particular sector in which the fund's assets are concentrated.
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. 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 inmarkets directly. Management - Management risk may result in potential conflicts of interest relating to the obligations of theinvestment manager. Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide
variety of factors. Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or
processes.

ADDITIONAL DISCLOSURES
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or
accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s priorwritten approval. Copyright © 2024, J.P. Morgan Chase & Co. All rights reserved.
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 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
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