AUSTRALIAN UNIT TRUSTT. Rowe Price Global Focused Growth Fund – Proxy Voting
Summary
6 months ending 31 December 2023

PROXY VOTING PROGRAM OVERVIEW
Proxy voting is a crucial link in the chain of stewardship responsibilities we execute on behalf of our clients. Each
vote represents both the privileges and the responsibilities that come with owning a company’s equity instruments.
We take our responsibility to vote our clients’ shares very seriously - taking into account both high-level principles ofcorporate governance and company-specific circumstances. Our overarching objective is to cast votes to foster longterm, sustainable success for the company and its investors.
T. Rowe Price portfolio managers are ultimately responsible for the voting decisions within the strategies theymanage. They receive recommendations and support from a range of internal and external resources:••••

The T. Rowe Price Environmental, Social & Governance (ESG) Committee
Our global industry analysts
Our specialists in corporate governance and responsible investment
ISS, our external proxy advisory firm

Our proxy voting program serves as one element of our overall relationship with corporate issuers. We use our voting
power in a way that complements the other aspects of our relationship with these companies, including engagement,investment diligence, and investment decision-making.

SUMMARY OF MAJOR PROPOSAL ITEMSThe following table breaks down voting records into categories. Some categories, such as the election of directors,
are universal across the markets where we invest. Other voting issues are unique to select regions. For
management-sponsored proposals, a vote “FOR” is a vote aligned with the board’s recommendation. Forshareholder-sponsored proposals, a vote “FOR” is generally a vote contrary to the board’s recommendation.

For Investment Professionals only. Not for further distribution.

T. Rowe Price Global Focused Growth Fund

6 months to 31 December 2023

T. Rowe Price Global Focused Growth Fund

6 months to 31 December 2023

SIGNIFICANT VOTESThe definition of a significant vote can vary across the investment industry. At T. Rowe Price, meetings may betagged as significant where the situation is particularly contentious, or the vote illustrates a key aspect of our votingapproach. Detailed below is the summary of a resolution, how we voted, and our rationale for that voting decision. T.
Rowe Price portfolio managers decide how to vote on the proxy proposals of companies in their portfolios and, as aresult, may not all vote the same.
This case study describes proxy voting being carried out on behalf of the fund. This material is for informational
purposes only and is not intended as an offer or recommendation concerning investments, investment strategies,products, and account types.

CASE STUDY: Microsoft – Agenda item number 9
Summary of theresolution(s)Agenda item number 9: Report on Climate Risk in Retirement Plan Options

CountryU.S.

Companydescription

Microsoft is a software company with leading positions in PC and server operating systems aswell as productivity suites.

Date of vote

December 7, 2023

Meeting type

AnnualProponent

Shareholder

How we voted

Agenda item number 9: Against
Microsoft received a shareholder resolution calling for the company to report on climate risk in
its retirement plan options.

Rationale for theThe company offers an option for employees who want to direct their savings toward funds thatvoting decision(s) emphasize Responsible Investing approaches.
We voted with management AGAINST the resolution given our view that it was overly
prescriptive and not in line with the interest of economically focused investors.

T. Rowe Price Global Focused Growth Fund

6 months to 31 December 2023

IMPORTANT INFORMATION
Equity Trustees Limited (“Equity Trustees”) (ABN: 46 004 031 298, AFSL: 240975) is a subsidiary of EQT Holdings
Limited (ABN: 22 607 797 615), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity
Trustees and T. Rowe Price Australia Limited ("TRPAU") (ABN: 13 620 668 895, AFSL: 503741) are, respectively,
the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts. Available in Australia for
Wholesale Clients only and in New Zealand for Wholesale Investors only.
Past performance is not a reliable indicator of future performance. The price of any fund may go up or down.
Investment involves risk including a possible loss to the principal amount invested. For general information
purposes only, does not take into account the investment objectives, financial situation or needs of any particularinvestor. For further details, please refer to each fund's product disclosure statement and reference guide which areavailable from Equity Trustees (www.eqt.com.au/insto) or TRPAU (www.troweprice.com.au)/(www.troweprice.nz).
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 tochange without notice; these views may differ from those of other T. Rowe Price group companies and/orassociates. 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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