SELECT INVESTMENT SERIES III SICAVT. Rowe Price Global Growth Equity Net Zero Transition Fund
Climate Analytics Report
As of 30 June 2024

NET ZERO STATUS OF FUND HOLDINGS (SCOPE 1&2 GHG EMISSIONS)
Assessing the net zero alignment at portfolio level helps build a forward-looking view of a fund’s exposure to the energy transition.
At T. Rowe Price, we leverage the Paris Aligned Net Zero Investment Framework, and assess every fund holding against a set of
6 current and forward-looking criteria. The criteria are key to determining if a company has a credible, scientifically based net zerotransition plan.
Depending on which criteria are met, holdings will be classified as i) achieving net zero, ii) aligned to a net zero pathway, iii)
aligning towards a net zero pathway, iv) committed to aligning, or v) not aligned.
The chart below applies to scope 1 and 2 GHG emissions only. The data for current fund holdings excludes cash and derivatives.

100.0%

80.0%

Current fundholdings
1.7%2030 Target

2050 Target

100%
Achieving

44.1%

60.0%

40.0%

2040 Target

Achieving

100%
Achieving or
AlignedAlignedAligning

28.5%

20.0%

14.8%

50%
Achieving or
Aligned

0.0%

9.5%
1.4%
Jun-2024

2030

Committed
Not Aligned
No Data

2040

2050

GLOSSARY OF NET ZERO STATUS ALIGNMENT SCALE
Achieving - Company is already achieving or close to achieving net zero and its ongoing investment plant or business model is
expected to maintain its performance.
Aligned - Company has a 2050 net zero target that is supported by 1.5°C aligned short- and medium-term targets, exhibits GHG
emissions intensity performance in line with its targets, and has a credible decarbonization plan and capex alignment.
Aligning - Company has 1.5°C aligned short-and medium-term targets, exhibits GHG emissions intensity performance in line with
its targets and has a credible decarbonization plan.
Committed - Company has a 2050 net zero target.
Not Aligned - Company does not have adequate GHG emissions reduction targets, disclosure, or performance to qualify for
Achieving, Aligned, Aligning, or Committed status.
No Data - No data available: issuer does not disclose enough data, or it has not yet been evaluated.
This marketing communication is for investment professionals only. Not for further distribution.

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

TOP 10 CONTRIBUTORS TO GHG EMISSIONS INCLUDING NET ZERO ALIGNMENTThe table below shows the largest contributors to GHG emissions, along with their net zero status.

Portfolio
WeightTotal GHG
EmissionsContribution

Total GHG
Emissions

Scope

Scope
1,2&3 Net
Zero
StatusClimateEngagement
withinlast year

Date oflast
ClimateEngagement

1&2 NetZero
StatusCompany

Sector%%

mtCO2eCF Industries

Materials

0.26

15.50

901.3

Committed

Not Aligned

Yes

Q1 2024

Linde PLC

Materials

0.98

7.78

452.3

Committed

Not Aligned

No-

Sumber Alfaria TrijayaConsumer
Staples

1.07

7.73

449.2

Not Aligned

Not Aligned

Yes

Q2 2024

Galp Energia Sgps

Energy

0.77

7.24

420.9

Committed

Committed

Yes

Q2 2024

West Fraser Timber

Materials

0.45

6.61

384.6

Not Aligned

Not Aligned

No-

Targa Resources

Energy

0.28

5.11

297.3

Not Aligned

Not Aligned

No-

Reliance Industries

Energy

0.56

4.42

257.1

Committed

Not Aligned

No-

Steel Dynamics

Materials

0.34

3.65

212.0

Committed

Not Aligned

Yes

Q4 2023

LG Chemical

Materials

0.12

3.12

181.1

Committed

Not Aligned

No-

Constellation Energy

Utilities

AlignedNot Aligned

Yes

Q4 2023

0.46

3.05

177.4

Top 10 GHG Emitters

5.28

64.21

3,733.2

Remainder of Fund

94.72

35.79

2,080.8

Total

100.00100.005,814.0

Please refer to the glossary of net zero status alignment scale and glossary of GHG emissions terms below for an explanation of
the metrics and terms used in this table.

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

CLIMATE ENGAGEMENTS
We believe climate-related risks can be financially material, especially in high-emitting industries, and it is therefore important that
we engage with companies on this topic. Furthermore, when a company’s radar is tuned to long-term climate shifts, it may bebetter positioned to create new opportunities.
A climate engagement is defined as interaction between T. Rowe Price and an issuer of corporate securities with the intent of
encouraging the company’s climate disclosures, practices, and transition plans towards net zero emissions, where it supports theinvestment case.
Our engagement program primarily takes place across multiple formats, including private meetings with issuers in our offices, site
visits, video conference calls, proxy voting, meetings in conjunction with other investors, and formal letters to Boards of Directors.
We view best practice as adopting a science-based net zero aligned to a 1.5°C pathway that covers scope 1&2 and the most
relevant scope 3 GHG emissions, ideally with targets validated by the Science Based Targets initiative (SBTi).
We prioritize climate engagements with companies that have a net zero status of Not Aligned, Committed and Aligning. We take
into consideration the fact that not all companies or sectors start in the same position when considering decarbonization targets.
As such, our engagements do not solely focus on whether a company has a net zero target in place; it also includes a company’s
short and medium-term GHG emissions reduction targets and credibility of its emissions trajectory.
Please see below for examples of two climate engagements that occurred in the past 12 months.

Number of Climate Engagements during current quarter

7

Colgate-Palmolive (2nd Quarter 2024 Engagement)
Focus

Environment, Social, Governance

Company
Description

Colgate-Palmolive is a consumer products manufacturer.

Engagement
Objective

We engaged with Colgate-Palmolive to discuss its ESG oversight and climate strategy.

Participants

From Colgate-Palmolive: Chief Investor Relations Officer; Chief Sustainability Officer, Associate
General Counsel
From T. Rowe Price Associates, Inc.: Responsible Investing Analyst
We engaged with Colgate-Palmolive to provide feedback and suggestions on its ESG oversightand reporting. The company’s sustainability team is overseen by the Group President for Growthand Strategy, who reports directly to the chief executive officer (CEO). A steering committee
comprising most senior executive leaders, excluding the CEO, discusses sustainability matters.
The Nominating Governance and Corporate Social Responsibility Committees provide board
oversight.
We suggested outlining board and executive oversight for ESG more clearly in the sustainability
report (e.g., a basic organizational chart). The company was receptive to this feedback. We alsosuggested that the company integrate more key performance indicators (KPIs), which currently
appear in a separate data appendix, in the sustainability disclosure.
Climate Strategy

Engagement
OutcomeColgate-Palmolive has developed credible, Science Based Targets initiative (SBTi) validated
2040 net zero emissions targets for its operations and value chain. The company also publishes
an annual climate report detailing its climate strategy approach.
Renewable energy and supplier engagement are the two primary levers for the company toachieve its emissions reduction goals for scope 1-2 and scope 3¹ emissions, respectively.
Colgate-Palmolive highlighted that it has developed its scope 1-2 strategy by building granular,site-by-site emissions road maps for its facilities. For its scope 3 footprint, the company has
focused on improving data quality among its top 100 suppliers who comprise most of the scope 3
footprint.
We suggested the company include more information on the key initiatives required to deliver
against the emissions reduction pathway, as we think the relative importance of different drivers
and initiatives to reduce emissions are not wholly apparent in the current disclosure.

The engagement allowed us to impart our views on best practices for ESG disclosure. In thenext year, we will monitor for improved transparency on ESG oversight and the company’s
emissions reduction strategy.
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).

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

Galp Energia (2nd Quarter 2024 Engagement)
Focus

Environment

Company
Description

Galp Energia is a Portuguese oil and gas company.

Engagement
Objective

We engaged with Galp Energia to discuss its climate strategy and safety performance and toprovide feedback on the company’s remuneration-related disclosures.

Participants

From Galp Energia: Head of Investor Relations; ESG Manager; Investor Relations ESG
Representative
From T. Rowe Price Associates, Inc.: Head of Governance EMEA & APAC; Governance Analyst;
Responsible Investing Analyst
We engaged with Galp Energia on its climate strategy, as the company faces challenges withrenewables permitting and supply chains in Iberia and Brazil.
Galp Energia aims to be net zero across scope 1-3¹ by 2050. In the medium term, Galp Energia
aims to reduce its absolute scope 1-2 emissions 40% by 2030 and to reduce its scope 1-3
carbon intensity by 40% by 2030 on a production-based approach and by 20% on a downstream
sales-based approach (all versus its 2017 baseline).
Galp Energia’s scope 1-2 emission reductions rely largely on its progress at decarbonizing its
Sines refinery. The company is working on additional energy efficiency projects at the refineryand has sanctioned a 100-megawatts electrolyzer to produce green hydrogen (which it canconsume instead of gray, i.e., natural gas-based, hydrogen).

Engagement
OutcomeSince our last engagement in the fourth quarter of 2022, Galp Energia has dropped its target to
deploy four gigawatts (GW) of renewables by 2025 given permitting issues and supply chain
constraints in Iberia and Brazil. The target to roll out 12 GW of renewables by 2030 could also be
at risk. This could make the company’s pathway to hit its 2030 scope 3 intensity target morechallenging. Galp Energia believes it can still achieve this goal as it has other options, but it may
require a different product mix in 2030 than it was previously expecting.
We asked whether the company intended either to update its 2030 targets or to set additional
interim targets (e.g., 2035–2040), and it currently has no plans to update or set new targets.
We asked for an update on Galp Energia’s safety performance. The company reported one
fatality in 2023 at its operations in Guinea-Bissau. Overall safety performance in 2023 was not at
the targeted level yet, and the company thinks that this is partly because there were multiple
large projects underway across Galp Energia’s sites, as well as more maintenance work than ina usual year. Galp Energia expects that safety performance should improve this year (i.e., in2024) given there is less maintenance work scheduled.
We asked the company if it could improve the ex-post disclosure of the qualitative assessment
within the annual bonus. Galp Energia agreed to consider this suggestion, and we agreed tosend some examples of good disclosure after the annual general meeting.

Our meeting with Galp Energia informed our research as the company provided an update on
progress on its climate targets, as well as expressed its renewable rollout ambitions will bechallenging to achieve. This could also make its scope 1-3 intensity targets more difficult tomeet. Although there are no immediate plans to update its targets, this is something for which weshould monitor. We also provided our feedback regarding Galp Energia’s remuneration
disclosures, and the company was receptive to our feedback.
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
portfolio, and no assumption should be made that the securities identified and discussed were or will be profitable. T. Rowe Price
may have ongoing business and/or client relationships with the companies mentioned in this report.

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

GHG EMISSIONS
While GHG emissions footprint analysis can be a useful tool for comparing portfolios, we would caution that a significant portion of
the GHG emissions data set is estimated as many companies do not report this figure. In particular, there is typically a greater
degree of estimation included in Scope 3 GHG emissions data.
The following analysis is produced by T. Rowe Price using data provided by Sustainalytics. The comparator benchmark of thefund is the MSCI All Country World Net Index. The manager is not constrained by the fund's benchmark, which is used for
performance comparison purposes only.

Data Availability

GHG Emissions Metrics
GHG
Emissions

Total
Percentage
of Data
Available

Percentage
of Data
Reported

Percentage
of Data
Estimated

Percentageof GHG
Metrics Prorated

Total GHG
Emissions

%

%

%

%

mtCO2emtCO2e /US$1 mn AuM

mtCO2e / US$1
mn Revenue

per US$ 1mn
Invested

Weighted
Average GHG
Intensity

Scope 1&2 GHG Emissions
Fund

97.55

91.34

6.21

2.45

5,814

22.98

57.42

Benchmark

99.29

92.98

6.32

0.71

18,81574.37

129.30-69.1%-69.1%-55.6%

Fund vs Benchmark
Scope 1,2&3 GHG Emissions
Fund

97.55

80.55

17.01

2.45

67,391

266.40547.53

Benchmark

99.15

81.82

17.33

0.85

144,919572.87878.16-53.5%-53.5%-37.7%

Fund vs Benchmark

The benchmark GHG emissions metrics are calculated using the total net assets of the fund invested according to the compositionof the benchmark.
GLOSSARY
Percentage of Data Reported - The percentage for which GHG emissions data is reported by companies.
Percentage of Data Estimated - The percentage for which GHG emissions data is estimated by Sustainalytics.
Percentage of GHG Metrics Pro-rated - The percentage of the fund and benchmark which are pro-rated based on the GHG
metrics of the remainder.
Total GHG Emissions - Total amount of GHG emissions that are released by the fund holdings that are attributable to thepercentage ownership of the fund in each company, aggregated to give the total GHG emissions equivalent for the fund. This
metric is grossed up using the percentage of data available to give the overall GHG footprint of the fund. Only applicable toequities.
GHG Emissions per US$1mn investment in the Fund - This metric enables an investor to calculate the GHG emissions of theirinvestment in the fund. Only applicable to equities.
Weighted Average GHG Intensity - The weighted average, by fund weight, of the total GHG emissions per US$1mn of revenues
for each of the fund holdings. This metric gives the fund’s exposure to GHG intensive companies and can be applied acrossequity and fixed income portfolios. This is the Task Force on Climate-Related Financial Disclosures (TCFD) recommended metric.

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

TOTAL SCOPE 1&2 GHG EMISSIONS ALLOCATION BY SECTORWEIGHTED AVERAGE SCOPE 1&2 GHG INTENSITY CONTRIBUTION BY SECTORSIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

TOTAL SCOPE 1,2&3 GHG EMISSION ALLOCATION BY SECTORWEIGHTED AVERAGE SCOPE 1,2&3 GHG INTENSITY CONTRIBUTION BY SECTORSIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

DECARBONIZATION PATHWAY
While the fund does not set specific decarbonization targets, we have provided below the GHG emissions of the fund incomparison with a synthetic EU Climate Transition Benchmark, which requires a 30% reduction in GHG emissions versus thebenchmark, followed by a 7% year on year decarbonization trajectory. This is based on the industry approved EU Climate
Benchmark methodology with a base date of 31 December 2020.

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

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition 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 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.
Fund







BenchmarkNo. ofsecurities% weight

No. ofsecurities% weight

Green

147

85.2

2,117

83.1

Orange

22

14.2

597

16.3

Red

0

0.0

39

0.6

Not in scope /not covered

1

0.0

6

0.1

Cash

1

0.6

0

0.0

Total

171

100.0

2,759

100.0

 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 the fund’s
benchmark, which is used for performance comparison purposes only.

SUSTAINABLE INVESTMENTS
The fund promotes environmental characteristics by aiming to support the transition to net zero, with a specific focus on reducing
GHG emissions. This is achieved by investing in companies that are on the path to aligning with net zero emissions by 2050. Thisis assessed according to the investment manager’s net zero status framework.
The fund also promotes E/S (environmental and social) characteristics through a commitment to maintain at least 50% of thevalue of its portfolio invested in sustainable investments. Specifically, the fund commits to a minimum of 10% of the value of its
portfolio invested in sustainable investments with an environmental objective and a minimum of 10% of the value of its portfolio
invested with a social objective.
A sustainable investment is an investment in an economic activity that contributes to an E/S objective, provided that theinvestment does not significantly harm any E/S objective and that the investee companies follow good governance practices.
In determining whether a company’s activities contribute to an E/S objective, the investment manager uses the following pillars:

PillarActivities

Climate and resource impact

Reducing greenhouse gases
Promoting healthy ecosystems
Nurturing circular economies

Social equity and quality of life

Enabling social equity
Improving healthEnhancing quality of life

The percentage exposure of the fund to sustainable investments is:
TargetMinimum
Commitment

Fund
Exposure

Sustainable Investments

%
50.0

%
54.8

with an Environmental Objective

10.0

23.7

with a Social Objective

10.0

31.1

SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

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 companies
that have the potential for above-average and sustainable rates of earnings growth. The companies may be anywhere in theworld, including emerging markets. 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 the value of
its portfolio invested in sustainable investments, while, at the same time, aiming for 100% of the value of the portfolio to haveachieved the transition required to limit global warming to 1.5 degrees by 2050. The fund may use derivatives for hedging andefficient portfolio management. For full investment objective and policy details refer to the prospectus. The manager is notconstrained by the fund’s benchmark, which is used for performance comparison purposes only.
Effective 1 November 2023, the fund changed its name from Global Growth Equity Fund to Global Growth Equity Net Zero
Transition Fund.

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 fora variety of reasons and can remain at low prices indefinitely. ESG and sustainability - ESG and Sustainability risk may result ina 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 ormarket conditions affecting those countries or regions in which the fund's assets are concentrated. Investment fund - Investing infunds involves certain risks an investor would not face if investing in markets directly. Management - Management risk may resultin 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 of factors. Operational - Operational risk may cause losses
as a result of incidents caused by people, systems, and/or processes.

GLOSSARY OF GHG EMISSIONS TERMS
Scope 1 - Direct GHG emissions from owned or controlled sources (e.g. fuel combustion, company vehicles, fugitive emissions).
Scope 2 - Indirect GHG emissions from the generation of purchased electricity, steam, heating and cooling consumed by thereporting company.
Scope 3 - Includes all other indirect GHG emissions that occur in a company’s value chain (e.g. purchased goods and services,business travel, employee commuting, waste disposal, use of sold products, transportation and distribution (up- and downstream),
Investments, leased assets and franchises).
mtCO2e - Metric tons of carbon dioxide equivalent.

ADDITIONAL DISCLOSURES

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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 be taken as an indication or guaranteeof any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or arecommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of
Morgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P")
and is licensed for use by T. Rowe Price. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any
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SIS III SICAV T. Rowe Price Global Growth Equity Net Zero Transition FundAs of 30 June 2024

(or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality,
accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification,
Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making orcompiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any
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Holdings-based analytics are calculated using T. Rowe Price's internal Investment Book of Records (IBOR). Due to timing andaccounting methodology differences, IBOR data may differ from the Accounting Book of Records (ABOR) data provided by theFund’s accountant.

IMPORTANT INFORMATIONThe Funds are sub-funds of the Select Investment Series III SICAV, a Luxembourg investment company with variable capitalwhich is 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 the articles ofincorporation 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
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