AUSTRALIAN UNIT TRUSTT. Rowe Price Concentrated Global Equity Fund– Proxy Voting
Summary
6 months ending 30 June 2024

PROXY VOTING PROGRAM OVERVIEW
Proxy voting is a crucial link in the chain of stewardship responsibilities we execute on behalf of our clients. Each voterepresents 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 of corporate
governance and company-specific circumstances. Our overarching objective is to cast votes to foster long-term, sustainablesuccess for the company and its investors.
T. Rowe Price portfolio managers are ultimately responsible for the voting decisions within the strategies they manage. They
receive recommendations and support from a range of internal and external resources:••••

The T. Rowe Price 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 ina 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, areuniversal across the markets where we invest. Other voting issues are unique to select regions. For management-sponsoredproposals, a vote “FOR” is a vote aligned with the board’s recommendation. For shareholder-sponsored proposals, a vote“FOR” is generally a vote contrary to the board’s recommendation.

T. Rowe Price Concentrated Global Equity FundAs of 30 June 2024

Proposals Sponsored by Company
Management (Number of Proposals)% Voted w/Mgmt% Voted Against Mgmt

Add/Amend anti-takeover provisions (0)0%0%Reduce/repeal anti-takeover provisions (1)

100%

0%

Appoint or ratify auditors (25)

100%

0%

Capital structure provisions (8)

100%

0%

Compensation - All types (43)

98%

2%

Director and auditor compensation (10)

100%

0%

Employee stock purchase plans (1)100%0%Other equity compensation plans (7)

86%

14%

Executive compensation: Say on Pay (25)

100%

0%

Election of Directors, uncontested (327)

96%

4%

Election of Directors, contested (0)0%0%Amend/adopt shareholder rights (2)

100%

0%

Mergers, acquisitions and reorganizations (0)0%0%Routine/procedural proposals (14)

93%

7%

% Voted w/Mgmt% Voted Against Mgmt

Remove anti-takeover provisions (2)

50%

50%

Compensation-related proposals (1)

100%

0%

Separate Chair and CEO roles (0)0%0%Amend/adopt shareholder rights (4)

75%

25%

Social/environmental proposals - All types (25)

100%0%

Social proposals (10)100%0%

Disclose political/lobbying activity (4)

100%

0%

Environmental proposals (8)100%0%% Voted w/Mgmt% Voted Against Mgmt

Total Management Proposals (420)

96%

4%

Total Shareholder Proposals (32)

94%

6%

Total Proposals (452)

96%

4%

Proposals Sponsored by Shareholders(Number of Proposals)

All Proposals (Number of Proposals)

T. Rowe Price Concentrated Global Equity FundAs of 30 June 2024

SIGNIFICANT VOTESThe definition of a significant vote can vary across the investment industry. At T. Rowe Price, meetings may be tagged as
significant where the situation is particularly contentious, or the vote illustrates a key aspect of our voting approach. 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 a result, 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 andis not intended as an offer or recommendation concerning investments, investment strategies, products, and account types.

CASE STUDY: Amazon.com – Agenda item number 12
Summary of theresolution(s)Agenda item number 12: Commission Third Party Assessment on Company's Commitment to Freedomof Association and Collective Bargaining

CountryU.S.

Company
description

Amazon.com is one of the world’s largest online retailers and a leading cloud service provider.

Date of voteMay 22, 2024

Meeting typeAnnualProponent

Shareholder

How we voted

Agenda item number 12: AgainstRationale for thevoting decision(s)In our assessment, the company's existing level of disclosure on this topic is sufficient, and such thirdparty reviews consume significant amounts of corporate resources. This shareholder proposal is notaligned with our interests. A vote with management was therefore appropriate, and we voted AGAINST
this shareholder proposal.

T. Rowe Price Concentrated Global Equity FundAs of 30 June 2024

IMPORTANT INFORMATION
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298 AFSL 240975) is a subsidiary of EQT Holdings Limited (ABN22 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 and AFSL: 503741) are, respectively, the responsible entity andinvestment manager of the T. Rowe Price Australian Unit Trusts.
A Target Market Determination for each T. Rowe Price Australian Unit Trust (or class of units in a Trust) is available here
(www.eqt.com.au/insto). It describes who the financial product is likely to be appropriate for (i.e. the target market), and anyconditions around how the product can be distributed to investors. It also describes the events or circumstances where Equity
Trustees Limited, the responsible entity of the T. Rowe Price Australian Unit Trusts may need to review the Target Market
Determination for the financial product.
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 particular investor. For further details, please refer toeach fund’s product disclosure statement and reference guide which are available from Equity Trustees(www.eqt.com.au/insto) and TRPAU (www.troweprice.com.au/investor).
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.
This document has been prepared without taking account of any person’s individual objectives, financial situation or needs. Aperson should, before making any investment decisions, consider the appropriateness of the information in this document andseek independent professional advice having regard to their objectives, financial situation and needs.
Any person should consider the relevant product disclosure statement (“PDS”) in relation to the fund(s) named in thisdocument (if any) before making a decision in relation to the relevant product. Contact Equity Trustees Limited, the responsible
entity and T. Rowe Price Australia Limited, the investment manager, for a copy of the PDS.
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