SELECT INVESTMENT SERIES III SICAVT. Rowe Price US Large Cap 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 Large Cap Value Equity Fund uses ESG integration as part of its investment process. means incorporating
environmental, social, and governance factors to enhance investment decisions. Our philosophy is that ESG factors arecomponents 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 Large Cap Value Equity Fund seeks to invest in relatively high-quality companies where the share price isdepressed because of controversy in one form or another. When the process works as intended, our clients benefit as
the perceived problem is addressed, earnings growth re-accelerates, 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 focusing sharply 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 diversified portfolio of shares from large
capitalisation companies 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, thepromotion of environmental and/or social characteristics is achieved through the fund’s commitment to maintain at least
10% of the value of its portfolio invested in sustainable investments, as defined by the SFDR. In addition to the E/Scharacteristics promoted, the fund also applies the investment manager’s proprietary responsible screen (the T. RowePrice Responsible Exclusion List). The fund may use derivatives for hedging and efficient portfolio management. For fullinvestment 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.

Select Investment Series III SICAV T. Rowe Price US Large Cap 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.

Select Investment Series III SICAV T. Rowe Price US Large Cap Value Equity FundAs of 30 June 2024

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 GeneralCounselFrom T. Rowe Price Associates, Inc: Responsible Investing Analyst
We engaged with Colgate-Palmolive to provide feedback and suggestions on its ESG oversight andreporting. The company’s sustainability team is overseen by the Group President for Growth andStrategy, who reports directly to the chief executive officer (CEO). A steering committee comprising mostsenior 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 also suggested
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 to achieve 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 roadmaps 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 toreduce emissions are not wholly apparent in the current disclosure.
The engagement allowed us to impart our views on best practices for ESG disclosure. In the next 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.

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.

Select Investment Series III SICAV T. Rowe Price US Large Cap Value Equity FundAs of 30 June 2024

Western Digital (2nd Quarter 2024 Engagement)

Focus

Environment, Social, Governance

Company
Description

Western Digital is a leading integrated provider of storage technology, specializing in hard disk drives(HDDs).

Engagement
Objective

We engaged with Western Digital on governance, compensation, renewables, emissions, cybersecurity,
and artificial intelligence (AI).

Participants

From Western Digital: Vice President (VP), Investor Relations and Financial Planning & Analysis; VP,
Executive Compensation; VP, Securities and Corporate Governance; Director, Corporate Sustainability
Strategy
From T. Rowe Price Associates, Inc: Portfolio Manager, Head of Corporate Governance; Investment
Analyst; Responsible Investing Analyst
We engaged with Western Digital on a variety of ESG topics. We discussed the company’s plans toadjust compensation before, during, and after the split of its HDD and Flash businesses. At the time of
the FY24 compensation plan design, the committee was considering milestone metrics tied to theupcoming strategic review. However, the strategic review was finalized too late, so the committee
decided without that clarity, milestones should not be included. The committee has shifted the focus ofcompensation from product-related metrics (such as exabyte chip metrics) to metrics related to cash
conversion cycle and efficient working capital operation. There are also stand-alone performance metrics
for individuals. Another standalone metric that will be used in compensation is reducing operationalemissions (scope 1 and 2¹) based on supply chain demand to lower carbon emissions. The committee
has also decided to develop six-month plans instead of annual plans because targets for a full year
would not align executives with the timeline of the company split. While the company mostly elaborated
on its synergy milestones, we highlighted the relevance of process milestones in order to ensure
potential weaknesses in financial controls, due to risks through the separation, are properly mitigated.

Engagement
OutcomeWestern Digital has a goal to run its global emissions on 100% renewable energy by 2030, which is a
supporting goal for its 2032 scope 1 and 2 net zero emissions goal. The company is 4% ahead of its
targeted trend line through the combination of onsite generation and virtual power-purchase agreements.
Market conditions are challenging in APAC (namely Malaysia), but it has devised workarounds in these
instances. Many semiconductor companies have goals related to their value chain, but given Western
Digital is planning to split its businesses, we will see the company re-baseline both companies. However,the company is still committed to its existing Science Based Targets initiative (SBTi) goal to reduce
scope 3 use-phase emissions per terabyte by 50% by 2030.
We also asked the company to discuss its approach to preventing and mitigating cyber and ransomware
attacks. Western Digital has experienced data breaches before, related to security vulnerabilities in hard
drives that allowed hackers to remotely wipe user data. Provided that generative AI lowers the barrier ofentry for cyber and ransomware attacks, we asked the company about its strategy to mitigate theseharms. The company is conducting a double materiality assessment at present where data privacy andsecurity are rising as key themes, and will publish this data as it comes available, likely within a year.
We gained greater insight into the company’s operational milestones before, during, and after the split of
its HDD and Flash businesses to ensure that risks are mitigated and financial controls are intact. We
also requested more information related to the company’s cybersecurity strategy and will look to see
how scope 3 emissions are rebased after the company split.

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.

Select Investment Series III SICAV T. Rowe Price US Large Cap 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

59

78.8

690

80.6

18

19.8

152

18.1

0

0.0

3

1.1

0

0.0

1

0.2

1

1.5

0

0.0

78

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%
40.7%

with Environmental Objectives

0.5%

9.8%

with Social Objectives

0.5%

30.9%

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.

Select Investment Series III SICAV T. Rowe Price US Large Cap 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%

97.6%

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

35.1%

97.6%

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%

97.6%

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
(%)

6,869

95.8%

mtCO2e

1,074

95.8%

mtCO2e117,396

95.8%

Total GHG emissions

mtCO2e125,340

95.8%

2. Carbon footprint

Carbon footprint

mtCO2e per mn
invested

1,084.3

95.8%

3. GHG intensity of investee
companies

GHG intensity of investee companies

mtCO2e per mnrevenue

1,969.4

95.8%

4. Exposure to companies
active in fossil fuel sector

Share of investments in companies active in thefossil fuel sector

Percentage of
total invested

17.2%

97.6%

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

68.0%

91.3%

6. Energy consumption
intensity

Energy consumption in GWh per million of revenueof investee companies

GWh/mn ofrevenue

0.6

93.8%

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%

97.6%

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

4.1%

97.6%

12. Unadjusted gender pay
gap

Average unadjusted gender pay gap of investee
companies

Percentage ofpay gapn/an/a

1. GHG Emissions

Select Investment Series III SICAV T. Rowe Price US Large Cap 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): 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.

Select Investment Series III SICAV T. Rowe Price US Large Cap Value Equity FundAs of 30 June 2024

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 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.
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Surveillance du Secteur Financier. For Professional Clients 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 Select Investment Series III SICAV are not available to US persons, as defined under Rule 902(k) of theUnited States Securities Act of 1933, as amended (“Securities Act”). The shares of the funds have not been nor will they beregistered under the Securities Act or under any state securities law. In addition the funds will not be registered under theUnited States Investment Company Act of 1940 (the "1940 Act"), as amended and the investors will not be entitled to thebenefits of the 1940 Act. Provided to global firms in the US by T. Rowe Price Investment Services, Inc.

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