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

ESG INTEGRATION APPROACH•

The US Select Value Equity Fund uses ESG integration as part of its investment process. This means incorporating
environmental, social and governance factors to enhance investment decisions. Our philosophy is that ESG factors are
a component of the investment decision—meaning that they are not the sole driver of an investment decision, nor are
they considered separately from more traditional analysis.

•

The process of ESG integration takes place on two levels: first, with our research analysts as they incorporate ESG
factors into company valuations and ratings, and second, with the portfolio manager as he balances these ESG factor
exposures at the portfolio level. Both the analysts and the portfolio manager are able to leverage dedicated, in-house
resources to assist in analyzing ESG criteria.

•

Our ESG specialist teams provide investment research on ESG issues at the company level and on thematic topics.
Additionally, they have built tools to help proactively and systematically analyze the environmental, social, andgovernance factors that could impact our investments. The foundation of the analysis is a proprietary flagging tool
called the Responsible Investing Indicator Model (RIIM). It covers over 15,000 companies and pulls from data sets thatare not in the wheelhouse of traditional financial analysis. These data sets include:- ESG performance data (e.g., number of accidents, carbon emissions, strength of whistle-blower programs, etc.);- ESG targets (e.g., plans to reduce carbon emissions, increase diversity, etc.)- ESG incidents and controversies (e.g., environmental fines paid, local community controversies/protests against acompany, etc.)•

Our US Select Value Equity Fund seeks to invest in relatively high-quality companies where the share price isdepressed due to controversy in one form or another. When the process works as intended, our clients benefit as theperceived problem is addressed, earnings growth reaccelerates, the controversy is lifted and often, the valuation
multiple moves higher as investors are more comfortable with the name. At times the source of controversy can beassociated with poor past-practices involving environmental, social, or governance-related issues. Companies with poor
historical ESG track records are not automatically eliminated from our investment universe. Working collaboratively withinvestment analysts and our internal ESG resources, the strategy’s portfolio managers develop an understanding of the
key issues, consider their materiality, and assess the potential for improvement. To be considered seriously as aninvestment, we must determine the company has a credible plan to address past weaknesses. In our experience,companies with a sharp focus on addressing previous deficiencies can be very attractive investments.

•

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 high conviction portfolio of shares ofcompanies in the United States that are selling at discounted valuations relative to their historical average and/or the
average of their industries. Although the fund does not have sustainable investment as an objective, the promotion ofenvironmental and/or social characteristics is achieved through the fund’s commitment to maintain at least 10% of thevalue of its portfolio invested in sustainable investments, as defined by the SFDR. In addition to the E/S characteristics
promoted, the fund also applies the investment manager’s proprietary responsible screen (the T. Rowe Price Responsible
Exclusion List). The fund may use derivatives for hedging and efficient portfolio management. For full investment objective
and policy details refer to the prospectus. The manager is not constrained by the fund’s benchmark, which is used for
performance comparison purposes only.
This marketing communication is for investment professionals only. Not for further distribution.

T. Rowe Price Funds SICAV US Select Value 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 US Select Value Equity FundAs of 30 June 2024

Sanofi (2nd Quarter 2024 Engagement)

Focus

Governance

Company
Description

Sanofi is a French pharmaceuticals company.

Engagement
Objective

We engaged with Sanofi ahead of its 2024 annual general meeting (AGM) on board composition andremuneration.
From Sanofi: Senior Vice President (VP) and General Secretary; Head of Corporate Governance; Headof ESG Performance, Head of Legal & Corporate FinanceParticipants

From T. Rowe Price Associates, Inc: Head of Governance, EMEA & APAC; Responsible Investing
Analyst, Corporate
Board composition
At the 2024 AGM the company plans to appoint three new directors and increase the number of board
members from 16 to 17. Two new financial experts were needed, as well as a scientific expert. The
Board conducted an evaluation in 2023 and the key areas of progress and vigilance identified were: (1)closer monitoring of the governance of R&D and drug pipeline development; (2) refinement of acquisition
strategy; (3) more focus on digitalization; (4) regular monitoring of all the transformation projects, suchas the ones related to the manufacturing footprint, the evolution of the consumer health care businessand the saving plans, and (5) human capital, talent management, and succession planning given all past
CEOs were external and the company wants to develop the in-house bench. The Board has theopportunity to meet with high potential employees on site visits and through presentations to the Board
and Committees.

Compensation

Engagement
Outcome

To reflect investors' feedback, the weighting of financial objectives has increased from 50% to 60%. The
company removed criteria related to business net income, earnings before interest and taxes (EBIT)
margin and new asset growth and added a new criteria of business earnings-per-share (EPS) in line withguidance. On equity-based compensation, the criteria related to business net income has been replacedby business EPS. The reason for switching to business EPS is this metric is used in the annual
guidance.
The company included a new key performance indicator (KPI) linked to the R&D pipeline to reflect
Sanofi's commitment to delivering on the strategic roadmap. Pursuant to the new NASDAQ listing rules
as amended in 2023, the Board adopted a claw-back policy which in full or in part can claw back thecompensation paid to the CEO and other executive directors based on erroneous financial information or
misconduct.

The company also presented the CEO Paul Hudson's 2023 pay and 2024 ex-ante pay. The new variable
compensation KPIs will consist of sales growth (20%), free cashflow (20%), business EPS (20%),
business transformation (15%), development pipeline (15%), and corporate social responsibility (10%).
We do not view the compensation contentious.
The engagement allowed us to impart our views on best practices regarding board composition andremuneration as well as inform our voting decision at the 2024 AGM, where we voted FOR all items.

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 Select Value Equity FundAs of 30 June 2024

CF Industries (1st Quarter 2024 Engagement)

Focus

Environment

Company
Description

CF Industries (CF) is a large nitrogen fertilizer producer.

Engagement
Objective

We engaged with the company for a discussion focused on climate strategy and biodiversity/water.

From CF Industries: Vice president (VP) Treasury & Investor Relations; VP EHS & Quality; Investor
Relations representative; VP Compensation; Associate General Counsel and Chief Compliance Officer
Participants
From T. Rowe Price Associates, Inc: Portfolio Manager; Head of Corporate Governance; Responsible
Investing Analyst
We wanted to obtain an update on progress toward the company’s climate goals. In terms of the scope
1-21 decarbonization pathway, CF Industries has a target to reduce its scope 1-2 emission intensity 25%
by 2030 and to be net zero by 2050. It is making good progress toward its 2030 target and believes it
has a clear line of sight to this. Given that it has already reduced its emissions 16% versus its baseline,
we asked whether there was potential to accelerate this target. CF said it is unlikely to bring this target
forward given the long lead times that many of its decarbonization projects have but noted that thistarget is a minimum rather than a ceiling on its ambition. It expects that decarbonization could accelerate
in the 2030s as a large part of its plan relies on carbon dioxide infrastructure being built out andpermitting for carbon dioxide storage sites (for producing blue hydrogen), both of which take a long timeto achieve. Once these are in place, then it should be able to accelerate its emission reduction efforts.

Engagement
OutcomeTurning to scope 3 emissions, CF has a target to reduce these by 10% by 2030. It is focusing its efforts
on reducing upstream emissions, mostly through purchases of certified natural gas, as this is somethingthat CF has more control over. The largest category of scope 3 emissions is use of sold products, andreducing these emissions requires farmers to change their practices, which would need industrywide
efforts. However, current scope 3 accounting rules would not allow CF to benefit from its customers
changing their practices, as the emission factors used in greenhouse gas (GHG) accounting for fertilizer
use are very broad and do not capture differences in practices between farms. CF does not believe thata scope 3 net zero target is yet credible for a fertilizer company, but once measurement and verificationof emissions on farms improve, then this is something it would consider.
We also discussed the Science Based Targets initiative (SBTi) sectoral decarbonization pathway. The
SBTi is currently working to develop a sectoral decarbonization pathway for the industry, and CF iscontributing to this through its trade associations. However, the timeline for publication is not certain.
Finally, we discussed biodiversity and water. The company’s disclosures related to both of these arestrong. We asked whether CF planned to set any targets related to its water use and withdrawals. It
intends to set a target related to biodiversity/nature in 2024, and CF considers water to be a part of this.
The company is set to publish an updated ESG report (including EEO-1 employee diversity data) in thesecond half of 2024.

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 Select Value 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

28

71.0

690

80.6

14

27.4

152

18.1

0

0.0

3

1.1

0

0.0

1

0.2

1

1.6

0

0.0

43

100.0

846

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 Russell 1000 Value Net 30% 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%
47.6%

with Environmental Objectives

0.5%

13.4%

with Social Objectives

0.5%

34.3%

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 Select Value Equity FundAs of 30 June 2024

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

MetricCoverage(%)

PAI Indicator

Metric Description

Unit ofMeasurement

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

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

Percentage of
total invested

0.0%

97.4%

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

36.0%

97.4%

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%

97.4%

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
(%)

1,088

92.7%

mtCO2e13092.7%

mtCO2e11,174

92.7%

Total GHG emissions

mtCO2e12,39192.7%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

980.7

92.7%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

1,794.2

93.4%

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

15.8%

97.4%

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

64.8%

93.4%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

0.9

93.4%

7. Activities negatively
affecting biodiversity
sensitive areas

Share of investments in investee companies withsites/operations located in or near to biodiversitysensitive areas where activities of those investee
companies negatively affect those areas

Percentage of
total invested

0.0%

97.4%

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

6.7%

97.4%

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 US Select Value 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): Issuer
concentration - Issuer concentration risk may result in performance being more strongly affected by any business, industry,
economic, financial or market conditions affecting those issuers in which the fund's assets are concentrated. Small and midcap - Small and mid-size company stock prices can be more volatile than stock prices of larger companies. Style - Style risk
may impact performance as different investment styles go in and out of favor depending 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
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE
Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Russell indexes or data vest in therelevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability forany errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication.
No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express writtenconsent. The LSE Group does not promote, sponsor or endorse the content of this communication.
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 Select Value Equity FundAs of 30 June 2024

IMPORTANT INFORMATIONThe Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital whichis registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective
investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in theprospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in
English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with thearticles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should
be made on the basis of the Fund Documents which are available free of charge from the local representative, local
information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in
English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
This material is being furnished for general informational and/or marketing purposes only. The material does notconstitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as theprimary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax
advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc.
and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliableindicator of future performance. The value of an investment and any income from it can go down as well as up. Investors
may get back less than the amount invested.
The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation tosell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not beenreviewed by any regulatory authority in any jurisdiction.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however,
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
202407-3717108