AUSTRALIAN UNIT TRUSTT. Rowe Price Global High Income Fund – ESG Report
Providing transparency on Environment, Social and Governance aspects of the FundAs of 30 June 2024

ESG INTEGRATION APPROACH•Our central mission is to help our clients reach their long-term financial goals and we believe that incorporating
environmental, social and governance (ESG) factors into our investment process alongside financials, valuation, macroeconomics and other factors is consistent with that objective. Our philosophy is that ESG factors are a component of theinvestment decision – meaning that they are not the sole driver of an investment decision, nor are they consideredseparately from more traditional analysis.

•The process of ESG integration takes place on two levels: first, with our research analysts as they incorporate
environmental, social and governance factors into issuer valuations and ratings; and, second, with the portfolio manager
as he balances these ESG factor exposures at the portfolio level. Both the analysts and portfolio manager are able toleverage dedicated, in-house resources to assist them 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 that are notin 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 T. Rowe Price Global High Income Fund seeks to generate alpha by focusing on proprietary, bottom up research toidentifying companies offering long-term performance potential. The Global High Income investment team examines
each potential investment; each holding; and the entire portfolio with an approach deeply rooted in fundamental analysis
along with a macro and industry top-down view. These processes naturally incorporate an analysis of each company’senvironmental, social, and governance factors. We find that this process tends to yield an ESG-friendly set ofcompanies. However, our Global High Income investment team collaborates closely with our ESG specialists toaugment their work. We also screen the portfolio using T. Rowe Price’s proprietary RIIM analysis at regular intervals.
This helps us understand the ESG characteristics of the portfolio and makes us aware of any exposures to specific ESG
factors or how these ESG factors may impact a company’s business operations and market performance.

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.

For Investment Professionals only. Not for further distribution.

T. Rowe Price Global High Income FundAs of 30 June 2024

BBVA (2nd Quarter 2024 Engagement)
Focus

Environment

Company
Description

BBVA is a retail-focused Spanish bank with a long-established presence in Latin America.

Engagement
ObjectiveWe engaged with BBVA on its climate strategy.
From BBVA: Global Head of Sustainability & Net-Zero

Participants
From T. Rowe Price Associates, Inc: Responsible Investing Analyst
We joined a collaborative investor meeting with BBVA to discuss the bank’s overall climate strategy andprogress.
We believe the bank is aligned with European peers on topics relating to sustainable financing,decarbonizing the loan book, and engaging with counterparties on their transition plans. However, thebank falls behind the industry gold standard on various topics and the meeting gave us an opportunity toprovide feedback to the bank on future enhancements.
Sustainable finance: The bank is on track to meet its 2018 –2025 EUR 300bn sustainable financing
target, with EUR 226bn committed as of March 2024. Most of this has been allocated to climate (80%)
and inclusive growth (20%) categories, with BBVA noting that it expects the allocation to natural capitalto grow from 2024 onward. The company also noted that its sustainable lending accounts for 15% –20%of all new lending, but it remains challenging for investors to understand the impact this is having on its
profit and loss account. We recommended the bank report the revenue contribution from its sustainablefinancing to bring it in line with the leading industry standards.
Engagement
Outcome

Sectoral targets: BBVA has financed emission reduction targets on eight sectors and noted it intends toannounce targets for the commercial real estate, residential real estate, and aluminum sectors by June
2024 to meet its Net-Zero Banking Alliance (NZBA) commitments. We endorsed the bank’s actions,which would bring it in line with the industry gold standard. We also encouraged the bank to set targets
for its facilitated emissions (driven from its capital markets business) now that the Partnership for Carbon
Accounting Financials (PCAF) has published its guidance. BBVA intends to report these in the firstquarter of 2025.
Client engagement: The bank has developed a framework (Transition Risk Indicator) to measure theclimate maturity of its counterparties and is reporting the % of customers (80% as of FY23) who areactively managing transition risks. We encouraged the bank to continue reporting this metric on anannual basis so that investors can better understand how the clients’ transition efforts are maturing.
The engagement provided us with reassurance that the bank continues to evolve its climate strategy andis aligned with the “above average” banks in Europe. We also provided a series of recommendations tohelp the bank align with the industry gold standard.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for thefund, 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.

T. Rowe Price Global High Income FundAs of 30 June 2024

Seadrill (2nd Quarter 2024 Engagement)
Focus

Governance

Company
Description

Seadrill is an offshore drilling contractor providing services to the oil and gas industry

Engagement
Objective

We engaged with Seadrill for a discussion focused on a number of governance issues, including theproposed issuance of “blank check” preferred shares.
From Seadrill: General Counsel; Investor Relations Representative; Chief Financial Officer

Participants
From T. Rowe Price Associates, Inc: Head of Corporate Governance, Investment Analyst
We engaged with Seadrill ahead of its upcoming annual general meeting. The issue of main concern
was a series of bylaw amendments in anticipation of the company's conversion from Foreign Private
Issuer status to a full U.S. listing with a Bermuda incorporation.
While most amendments were housekeeping in nature, one provision required further discussion.
Seadrill wants to establish a new class of up to 5 million "blank check" preferred shares. Such pools ofpreferred stock are common, but only because they were established when companies were originallylisted. Generally, shareholders are not inclined to approve such pools now because they can bedeployed defensively in the event of an unsolicited offer.
The reason that blank-check preferred stock serves as a takeover defense is because it is the funding
mechanism for a poison pill. If a pill were ever to be activated, the company would need a preapproved
pool of shares to issue to "friendly" shareholders in amounts that overwhelm the hostile party's holdings.
Engagement
OutcomeIn this unique case, Seadrill put in enough guardrails that we were comfortable approving the preferredstock. The guardrails are: (a) the class will only be used for this potential defensive purpose, not for any
capital raising purposes, and (b) any poison pill adopted by the board in the future will be subject toshareholder approval if it exceeds one year in length.
The other takeover defense that will remain in the Seadrill bylaws is that it takes the approval of two
thirds of shares outstanding to approve the sale of the company in any deal that the board has notendorsed. In a board-approved transaction, it would only take a 50% vote.
The other factors we considered in our decision were the company's relatively short history in thiscurrent incarnation. It is rational for newer and smaller companies to maintain some basic forms ofprotective provisions in their first 10 years. We also considered the current competitive environment andSeadrill's potential acquirors.
The engagement allowed us to provide feedback to the company and make a more informed proxyvoting decision ahead of the shareholder meeting.

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for thefund, 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.

T. Rowe Price Global High Income 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

 Green Orange
 Red
Not in scope / not covered Reserves
TotalBenchmark

No. ofsecurities% weight

No. ofsecurities% weight

13564.1

1,949

60.1

50

24.0630

22.510.7

55

1.6

218.9

610

15.812.400.0

208

100.0

3,244

100.0

 No/few Flags  Medium Flags  High Flags

The benchmark of the Fund is the ICE BofA Global High Yield Index Hedged to AUD.

T. Rowe Price Global High Income FundAs of 30 June 2024

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