T. ROWE PRICE FUNDS SICAV

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

ESG INTEGRATION APPROACH•

The Global Growth Equity Fund fully embeds ESG integration within its investment process. This means incorporating
environmental, social and governance factors to enhance investment decisions. Our philosophy is that ESG factors are
an integrated 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 security 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 Global Growth Equity Fund applies an active, growth-oriented approach in order to identify companies with thepotential for sustainable growth or relative improvement. We look for such opportunities in industries where the outlook
over time is becoming more attractive and is conducive to profitable growth. As such, our primary emphasis is oncompany fundamentals, which include the consideration of environmental, social and governance factors. We find that
this process tends to yield an ESG-friendly set of companies; however, we also screen the portfolio using T. RowePrice’s proprietary RIIM analysis at regular intervals. This helps us understand the ESG characteristics of the portfolio
and makes us aware of any elevated exposures to specific ESG factors.

•

The fund is classified as Article 8 according to the Sustainable Finance Disclosure Regulation. Although the fund does
not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved
through the fund’s commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments.
The fund avoids issuers whose activities we may consider harmful to the environment and/or society through theapplication of our proprietary screen, the T. Rowe Price Responsible Exclusion List.

INVESTMENT OBJECTIVE: To increase the value of its shares, over the long term, through growth in the value of its
investments.
INVESTMENT PROCESS: The fund is actively managed and invests mainly in a diversified portfolio of shares ofcompanies that have the potential for above-average and sustainable rates of earnings growth. The companies may be
anywhere in the world, including emerging markets. Although the fund does not have sustainable investment as an
objective, the promotion of environmental and/or social characteristics is achieved through the fund’s commitment tomaintain at least 10% of the value of its portfolio invested in sustainable investments, as defined by the SFDR. In addition
to the E/S characteristics promoted, the fund also applies the investment manager’s proprietary responsible screen (the T.
Rowe Price Responsible Exclusion List). The fund may use derivatives for hedging and efficient portfolio management. For
full investment objective and policy details refer to the prospectus. The manager is not constrained by the fund’s
benchmark, which is used for performance comparison purposes only.
This marketing communication is for investment professionals only. Not for further distribution.

T. Rowe Price Funds SICAV Global Growth Equity FundAs of 30 June 2024

RECENT COMPANY ENGAGEMENTS
We maintain a regular dialogue with the management teams of companies represented across the portfolio. Our investmentdriven engagement program frequently identifies targets through our proprietary RIIM analysis, governance screening andanalysts’ fundamental research. While we engage with companies in a variety of different contexts, ESG engagement focuseson learning about, encouraging or exchanging perspectives on the environmental practices, corporate governance or social
issues affecting their business.
While most of the meetings we hold with company managements will include some discussion of ESG topics, we differentiate
meetings held with a heavy focus on ESG, meaning ESG issues were the sole items on the agenda or made up a meaningfulpart of the meeting. Agenda items are classified as “meaningful” when they take up a significant portion of the meeting or are asignificant factor in the investment case.
The following are selected examples of recent engagements with companies held in or considered for the portfolio. The
examples are not meant to be representative of every engagement held, but to illustrate the types of ESG engagements weare having with the managements of our investment companies.

T. Rowe Price Funds SICAV Global Growth Equity FundAs of 30 June 2024

Amazon (1st Quarter 2024 Engagement)

Focus

Environment, Social

Company
Description

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

Engagement
Objective

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

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

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

1 Scope 1: direct emissions from owned or controlled sources; scope 2: indirect emissions from the generation of purchased

electricity, steam, or cooling; scope 3: all other indirect emissions.

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

T. Rowe Price Funds SICAV Global Growth 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 Global Growth Equity FundAs of 30 June 2024

ESG RIIM PROFILEThe T. Rowe Price Responsible Investing Indicator Model (RIIM) rates companies, governments and securitized assets in a
traffic light system measuring their environmental, social, and governance profile and flagging issuers with elevated risks. For
certain types of investments, including, but not limited to, cash, currency positions, and particular types of derivatives, an ESG
analysis may not be relevant or possible due to a lack of data. Where ESG considerations are integrated into the investment
research process, we may conclude that other attributes of an investment outweigh ESG considerations when making
investment decisions.
Portfolio

BenchmarkNo. ofsecurities% weight

No. ofsecurities% weight

150

84.7

2,117

83.1

21

14.4

597

16.3

0

0.0

39

0.6

1

0.0

6

0.1

1

0.8

0

0.0

173

100.0

2,759

100.0

 Green Orange
 Red
Not in scope / not covered Reserves
Total No/few Flags  Medium Flags  High Flags

The comparator benchmark of the Fund is the MSCI All Country World Net Index. The manager is not constrained by thefund's benchmark, which is used for performance comparison purposes only.

SUSTAINABILITY INDICATOR
The fund is classified as Article 8 according to the Sustainable Finance Disclosure Regulations (SFDR).
The sustainability indicator used by the fund is a minimum of 10% of the value of the fund’s portfolio held in securities that theinvestment manager identifies as sustainable investments.
The percentage exposure of the fund to sustainable investments is:

Sustainable Investments

TargetMinimum
Commitment
%
10.0%

Fund
Exposure%
53.2%

with Environmental Objectives

0.5%

23.6%

with Social Objectives

0.5%

29.6%

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 Global Growth Equity FundAs of 30 June 2024

In addition, the investment manager considers the following PAI indicators at an aggregate fund level. Metric values areshown in the Base Currency of the fund (USD):
MetricValue

MetricCoverage(%)

PAI Indicator

Metric Description

Unit ofMeasurement

10. Violations of UNGC
principles and OECD
guidelines for Multinational
Enterprises

Share of investments in investee companies thathave been involved in violations of the UNGC
principles or OECD Guidelines for Multinational
Enterprises

Percentage of
total invested

0.0%

99.2%

13. Board gender diversity

Average ratio of female to male board members ininvestee companies, expressed as a percentage ofboard members

Average ratio of
female board
members

32.7%

98.5%

14. Exposure to controversial
weapons

Share of investments in investee companies involvedin the manufacture or selling of controversial
weapons (anti-personnel mines, cluster munitions,chemical weapons and biological weapons)Percentage of
total invested

0.0%

98.2%

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
(%)

8,546

97.5%

mtCO2e

4,928

97.5%

mtCO2e151,788

97.5%

Total GHG emissions

mtCO2e165,262

97.5%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

307.8

97.5%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

592.7

97.5%

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

5.5%

99.2%

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

53.1%

80.4%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

1.0

89.6%

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%

99.2%

8. Emissions to water

Tonnes of emissions to water generated by investee
companies per million invested, expressed as aweighted average

Ktons per mn
investedn/an/a

9. Hazardous waste

Tonnes of hazardous waste generated by investee
companies per million invested, expressed as aweighted average

Ktons per mn
investedn/an/a

11. Lack of processes andcompliance mechanisms tomonitor compliance with
UNGC principles and OECD
Guidelines for Multinational
Enterprises

Share of investments in investee companies without
policies to monitor compliance with the UNGC
principles or OECD Guidelines for Multinational
Enterprises or grievance /complaints handlingmechanisms to address violations of the UNGC
principles or OECD Guidelines for Multinational
Enterprises

Percentage of
total invested

2.7%

99.2%

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 Global Growth Equity FundAs of 30 June 2024

GLOSSARY OF TERMS
Metric coverage - The percentage of the portfolio for which PAI data is available
GHG - Greenhouse gas emissions
Scope 1 GHG emissions - Direct greenhouse gas emissions by the fund
Scope 2 GHG emissions - Indirect greenhouse gas emissions made by the fund
Scope 3 GHG emissions - All other indirect emissions that occur in the funds value chain
mtCO2e - Metric tonnes of carbon dioxide equivalent
Carbon footprint (Scope 1,2 & 3 emissions) - The total greenhouse gas emissions per million invested in the fundGWh - Gigawatt Hours
Ktons - Kilotonnes
UNGC - The United Nations Global Compact
OECD - The Organization for Economic Co-operation and Development
No data - no data is available or can be calculated for the indicator

RISKS - The following risks are materially relevant to the fund (refer to prospectus for further details): Currency Currency exchange rate movements could reduce investment gains or increase investment losses. Emerging markets Emerging markets are less established than developed markets and therefore involve higher risks. Small and mid-cap - Smalland mid-size company stock prices can be more volatile than stock prices of larger companies. Style - Style risk may impact
performance as different investment styles go in and out of favor depending on market conditions and investor sentiment.
General fund risks - to be read in conjunction with the fund specific risks above. Equity - Equities can lose value rapidly
for a variety of reasons and can remain at low prices indefinitely. ESG and sustainability - ESG and Sustainability risk may
result in a material negative impact on the value of an investment and performance of the fund. Geographic concentration Geographic concentration risk may result in performance being more strongly affected by any social, political, economic,
environmental or market conditions affecting those countries or regions in which the fund's assets are concentrated.
Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly.
Management - Management risk may result in potential conflicts of interest relating to the obligations of the investment
manager. Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety offactors. Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.

ADDITIONAL DISCLOSURES
Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or
implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial
products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not betaken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is
intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such.
Holdings-based analytics are calculated using T. Rowe Price's internal Investment Book of Records (IBOR). Due to timing
and accounting methodology differences, IBOR data may differ from the Accounting Book of Records (ABOR) data provided
by the Fund’s accountant.

T. Rowe Price Funds SICAV Global Growth 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.
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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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