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

ESG INTEGRATION APPROACH•

The T. Rowe Price Global Growth Equity Fund embeds environmental, social and governance (ESG) integration within
its investment process. This means incorporating environmental, social and governance factors to enhance investment
decisions. Our philosophy is that ESG factors are an integrated component of the investment decision—meaning thatthey are not the sole driver of an investment decision, nor are they considered separately from more traditional security
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 T. Rowe Price Global Growth Equity Fund applies an active, growth-oriented approach in order to identify
companies with the potential for sustainable growth or relative improvement. We look for such opportunities inindustries where the outlook over time is becoming more attractive and is conducive to profitable growth. As such, ourprimary emphasis is on company fundamentals, which include the consideration of environmental, social andgovernance factors. We find that this process tends to yield an ESG-friendly set of companies; however, 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 elevated exposures to specific ESG factors.

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 Equity FundAs of 30 June 2024

Amazon (1st Quarter 2024 Engagement)
Focus

Environment, SocialCompany
Description

Amazon is a multinational technology company engaged in e-commerce, cloud computing, online
advertising, digital streaming, and artificial intelligence (AI).

Engagement
Objective

We engaged with Amazon on a range of ESG matters, including worker treatment, greenhouse gas(GHG) emissions, and AI.
From Amazon: Investor Relations ESG Representatives; Associate General Counsel of Labor andEmployee Relations, Senior Counsel

Participants

From T. Rowe Price Associates, Inc: Director of Research, Responsible Investing, Responsible Investing
AnalystWe engaged with Amazon on a range of ESG matters, with a particular focus on environmental andsocial concerns related to Artificial Intelligence (AI).
AI: We discussed the emerging regulation regarding AI. Amazon did not comment on the EU AI Act due
to its nascence but mentioned its approach to regulation and tax on the company’s policy positions page.
Amazon Web Services (AWS) has announced collaborations with governments on AI safety, including apaper on best practices for responsible AI. Amazon’s strategy to improve the carbon intensity of AI
training and inference includes its custom silicon and emphasis on using renewable or carbon-freeenergy. The company does not have plans to disclose the emissions associated with AI processing or
the amount of renewable power being used as a percentage for AI operations. There are currently nosustainability targets related to AI operations.

Facial Recognition Technology: Recognition, a facial recognition technology that can be used within
AWS databases for facial analysis, was previously criticized for potential bias and negative impact on
people of color. The technology has since improved, but Amazon has maintained an indefinite
moratorium on the use of the technology by enforcement agencies until federal legislation on facialrecognition technology was implemented.

Engagement
OutcomeGHG Emissions Reporting: We have had several engagements with Amazon regarding its GHG
emissions – specifically, we have requested that it disclose its scope 3¹ emissions in alignment with theGHG Protocol categories. We reiterated this request and felt the company was receptive to our feedback
to report scope 3 GHG emissions in line with industry standards. In July 2024, the company released its
sustainability report which showed a substantial improvement in its scope 3 reporting.
Net Zero Targets: Amazon is one of many companies that has had to remove the net zero targets it
submitted to the Science Based Targets initiative (SBTi) for validation. The issue the company faces isthat the transportation and logistics methodology is still in development. In the absence of industryspecific guidance, Amazon would need to use an absolute reduction plan, which we think is not feasiblefor a fast-growing company. We also discussed the consideration of third-party sellers in net zerotargets. The company helps third-party sellers account for their carbon emissions, but because Amazon
is not the seller of record, those emissions will not be included in Amazon’s net zero target.
Employee Safety & Treatment: The company provided updates on its incident rates and wage changes.
Its recordable injury rate has decreased by 30% in 2019 and 8% year over year. Amazon has spent USD
750mn on safety initiatives in 2023. Amazon has also increased its wages for U.S. and UK employees.
The engagement allowed us to impart our views on best practices around GHG emissions reporting andnet zero targets as well as the topics of AI and employee safety & treatment. We were pleased to seethat the company’s 2023 sustainability report released in July 2024 showed improvement in the area of
GHG emissions disclosure as well as continued reduction in its GHG emissions intensity.

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 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 Equity FundAs of 30 June 2024

Jollibee Foods (2nd Quarter 2024 Engagement)
Focus

Environment, SocialCompany
Description

Jollibee Foods (Jollibee) is a leading quick-service restaurant operator in the Philippines.

Engagement
Objective

We engaged with Jollibee on its environmental and social initiatives and disclosure practices.

Participants

From Jollibee: Head of Investor Relations, Head of Sustainability
From T. Rowe Price Associates, Inc: Responsible Investing Analysts
We engaged with Jollibee to follow up on an earlier meeting in the first quarter of 2024 in which
we called upon the company to compile group-wide ESG data. We also sought to gain moreclarity on some of its ESG objectives. Jollibee has been working with a Philippines consultant andcompleted baseline emissions data for its domestic operations, including scope 1 and 2emissions.¹ The company is now working with PricewaterhouseCoopers to develop aninternational baseline. Management was unable to provide a timeline for group-wide data to becomplete but committed to establishing better greenhouse gas reduction targets. We
communicated our preference for setting greenhouse gas (GHG) reduction targets that are
science-based and that best practices would be to seek Science Based Targets initiative (SBTi)
validation.

Engagement
Outcome

Jollibee confirmed that it has been working on setting nutrition targets and developing responsible
practices regarding its children’s menus. The company’s nutrition strategy will focus on better
consumer information, calorie reduction, and reductions of foods that are high in fat, sugar, andsalt, and management has committed to timebound goals. Additionally, the company shared thatit plans to publish targets specific to children’s menus, with a goal of 50% of menu options
meeting World Health Organization guidelines.
The company began its responsible sourcing process last year and has taken steps to joininternational alliances and certification schemes. Progress so far includes commitments to cagefree eggs in the U.S. and becoming a Roundtable on Sustainable Palm Oil signatory. However,Jollibee’s target for palm oil to reach 100% certification by 2035 lags industry best practice.
Furthermore, traceability progress for key inputs like beef, palm oil, and coffee appears limited.
Packaging has been a key focus for the company in 2023, and targets (e.g., increasing
proportions of recycled inputs and commitments on recyclability) will appear in its upcoming
sustainability report. Jollibee confirmed that it is in compliance and on track for future
developments with respect to the Philippines’ extended producer responsibility laws.
The engagement gave us the opportunity to encourage Jollibee to further develop its ESG
disclosures by publishing group-wide data and to set timebound, quantifiable goals. Goingforward, we will monitor for baseline energy and emissions data, quantitative emissions goals,
and timebound goals for nutrition progress.

¹ Scope 1 (direct emissions from owned or controlled sources), scope 2 (indirect emissions from the generation ofpurchased 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 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 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. Forcertain 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 RedNot in scope / not covered Reserves
TotalBenchmark

No. ofsecurities% weight

No. ofsecurities% weight

162

82.2

2,075

83.6

22

13.3

581

15.7

00.0

390.6

20

4.1

60.1

10.3

00.0

205

100.0

2,701100.0

 No/few Flags  Medium Flags  High Flags

The benchmark of the Fund is the MSCI All Country World Index ex Australia Net (unhedged).

T. Rowe Price Global Equity FundAs of 30 June 2024

ADDITIONAL DISCLOSURES
Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or
implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial
products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not betaken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data isintended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investmentdecision and may not be relied on as such.

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
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Trustees Limited, the responsible entity of the T. Rowe Price Australian Unit Trusts may need to review the Target Market
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Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however,
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