T. Rowe Price Funds SICAV - US Smaller Companies Equity Fund

When investing in funds, certain risks apply, which include those specific to equities, geographic concentration and small and mid‑cap stocks. For a full list of risks applicable to this fund, please refer to the prospectus.

202511–4958009

Risks – the following risks are materially relevant to the fund (refer to prospectus for further details):

Equity – Equities can lose value rapidly for a variety of reasons and can remain at low prices indefinitely. 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. Small and mid‑cap – Small and mid‑size company stock prices can be more volatile than stock prices of larger companies.

General risks: Conflicts of Interest – The investment manager's obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages. Counterparty – Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund. Custody – In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain fund's assets. Cybersecurity – The fund may be subject to operational and information security risks resulting from breaches in cybersecurity of the digital information systems of the fund or its third-party service providers. ESG – ​ESG integration as well as events may result in a material negative impact on the value of an investment and performance of the fund. Inflation – Inflation may erode the value of the fund and its investments in real terms. Investment Fund – Investment Fund involves certain risks an investor would not face if investing in markets directly. Market – Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors. Market Liquidity – In extreme market conditions it may be difficult to sell the fund's securities and it may not be possible to redeem shares at short notice. Operational – Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes. Sustainability – Funds that seek to promote environmental and/or social characteristics may not or only partially succeed in doing so.

Important Information

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which 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, risks and sustainability information are located in the prospectus 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 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.funds.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 not constitute or undertake to give advice of any nature, including fiduciary investment advice. 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 guarantee or a reliable indicator of future results. 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 to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed 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 to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

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