AUSTRALIAN UNIT TRUST

T. Rowe Price Global Equity (Hedged) Fund – Carbon
Footprint
As of 30 June 2024
At T. Rowe Price, we recognize that many of our clients wish to understand the carbon footprint of their portfolios and, assuch, we provide the following analysis.
While carbon footprint analysis can be a useful tool for comparing portfolios, we would caution that a significant portion of thecarbon emissions data set is estimated as many companies do not report this figure. In particular, there is typically a greater
degree of estimation included in Scope 3 Carbon Emissions data.
Additionally, the statistic of carbon intensity can lack informational relevance in some cases. Carbon intensity is a calculationof carbon emissions divided by revenues, so a low emitting company selling an inexpensive product can have a higher
carbon footprint than a high emitting company selling an expensive product; and trend movements can be skewed bycurrency moves affecting revenues.
The following analysis is produced by T. Rowe Price using data provided by Sustainalytics.
The benchmark of the Fund is the MSCI All Country World Index ex Australia (hedged to AUD) Net.

EXECUTIVE SUMMARY
Data Availability

Carbon Metrics

Total
Percentage
Percentage Percentage Percentage of Carbonof Dataof Dataof Data
Metrics
Available
Reported Estimated
Pro-rated

CarbonTotal Emissions perCarbon
US $1 mn
Emissions
Invested

Weighted
Average
CarbonIntensity%%%%mtCO2emtCO2e /US$1 mn
AuM

mtCO2e /US$1 mn
Revenue

Fund

87.55

81.94

5.61

12.45

13,100

27.23

63.95

Benchmark

99.28

92.93

6.35

0.72

35,62874.07

128.91-63.2%-63.2%-50.4%

Scope 1 & 2 Carbon Emissions

Fund vs Benchmark
Scope 1, 2 & 3 Carbon Emissions
Fund87.55

71.70

15.85

12.45

160,248333.15652.92

Benchmark

99.14

81.79

17.35

0.86

272,270566.04859.00-41.1%-41.1%-24.0%

Fund vs Benchmark

The benchmark carbon metrics are calculated using the total net assets of the Fund invested according to the compositionof the benchmark.
An explanation of the terms used in the above table is included in the Glossary.

For Australian Residents and Wholesale Investors in New Zealand only. Not for further distribution.

T. Rowe Price Global Equity (Hedged) FundAs of 30 June 2024

TOTAL SCOPE 1&2 CARBON EMISSION ALLOCATION BY SECTOR

Total Carbon Emissions by Sector (mtCO2e)
40,00035,00030,00025,00020,00015,00010,0005,0000Fund

BenchmarkMaterials

EnergyIndustrials & Business Services

Consumer Staples

Information Technology

Consumer Discretionary

Utilities

Financials

Communication Services

Health Care

Real Estate

TOP 10 COMPANY CONTRIBUTORS TO TOTAL SCOPE 1&2 CARBON EMISSIONS

CompanySector

WeightCarbon
EmissionsContribution

CarbonEmissions%%%

mtCO2ePortfolioWeightActive

CF Industries

Materials

0.33

0.31

18.19

2,383

Linde PLC

Materials

0.93

0.64

7.00

917

Sumber Alfaria TrijayaConsumer Staples

1.01

1.01

6.88902

Galp Energia Sgps

Energy

0.73

0.72

6.49

850

West Fraser Timber

Materials

0.41

0.40

5.60

733

Targa Resources

Energy

0.28

0.24

4.73

619

Reliance Industries

Energy

0.53

0.37

3.95

518

ConocoPhillips

Energy

0.71

0.53

3.58

468

Steel Dynamics

Materials

0.32

0.29

3.25

425

LG Chemical

Materials

0.13

0.11

3.03

396

5.38–

62.70

8,214

Total of Top 10

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 Global Equity (Hedged) FundAs of 30 June 2024

WEIGHTED AVERAGE SCOPE 1&2 CARBON INTENSITY CONTRIBUTION BY SECTOR

Weighted Average Carbon Intensity Contributions by Sector(mtCO2e / US$1 mn Revenue)
140.0
120.0
100.0
80.0
60.0
40.0
20.00.0
FundMaterials
Consumer Staples
Utilities
Health CareBenchmark
EnergyInformation Technology
Financials
Real Estate

Industrials & Business Services
Consumer Discretionary
Communication Services

TOP 10 COMPANY CONTRIBUTORS TO WEIGHTED AVERAGE SCOPE 1&2 CARBON
INTENSITY
Company

SectorActiveWeighted
Average
CarbonIntensity

Portfolio
WeightWeight%%mtCO2e /US$1 mn
Revenue

Linde PLC

Materials

0.93

0.64

12.02

CF Industries

Materials

0.33

0.31

5.98

Waste Connections

Ind. & Business Services

0.50

0.44

3.88

Reliance Industries

Energy

0.53

0.37

2.99

Taiwan Semiconductor Manufacturing

Information Technology

1.46

0.45

2.74

Sumber Alfaria TrijayaConsumer Staples

1.01

1.01

1.96

Constellation Energy

Utilities

0.43

0.34

1.88

Targa Resources

Energy

0.28

0.24

1.75

ConocoPhillips

Energy

0.71

0.53

1.65

MicrosoftInformation Technology

4.33

-0.03

1.62

10.52

–36.47

Total of Top 10

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 Global Equity (Hedged) FundAs of 30 June 2024

TOTAL SCOPE 1,2&3 CARBON EMISSION ALLOCATION BY SECTOR

Total Carbon Emissions by Sector (mtCO2e)
300,000
250,000
200,000
150,000
100,000
50,000

0Fund

BenchmarkEnergyIndustrials & Business Services

Materials

Consumer Staples

Information Technology

Utilities

Consumer Discretionary

Health Care

Financials

Communication Services

Real Estate

TOP 10 COMPANY CONTRIBUTORS TO TOTAL SCOPE 1,2&3 CARBON EMISSIONS

Company

Sector

WeightCarbonEmissionsContribution

CarbonEmissions%%%

mtCO2ePortfolio
WeightActiveGE

Ind. & Business Services

0.60

0.36

17.03

27,296

EQTEnergy

0.74

0.72

15.88

25,443

Galp Energia Sgps

Energy

0.73

0.72

7.63

12,233

CF Industries

Materials

0.33

0.31

6.28

10,058

AirbusInd. & Business Services

0.49

0.38

6.25

10,009SiemensInd. & Business Services

0.57

0.36

5.97

9,573

ConocoPhillips

Energy

0.71

0.53

4.58

7,343

West Fraser Timber

Materials

0.41

0.40

2.56

4,100

InRetail Peru

Consumer Staples

0.48

0.48

2.32

3,712

EOG Resources

Energy

0.41

0.31

2.27

3,644

5.48

–

70.77

113,412

Total of Top 10

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 Global Equity (Hedged) FundAs of 30 June 2024

WEIGHTED AVERAGE SCOPE 1,2&3 CARBON INTENSITY CONTRIBUTION BY SECTOR

Weighted Average Carbon Intensity Contributions by Sector(mtCO2e / US$1 mn Revenue)
1,000.0
900.0
800.0
700.0
600.0
500.0
400.0
300.0
200.0
100.00.0
Fund
EnergyConsumer Staples
Consumer Discretionary
Communication Services

BenchmarkIndustrials & Business Services
Information Technology
Health Care
Real Estate

Materials
Utilities
Financials

TOP 10 COMPANY CONTRIBUTORS TO WEIGHTED AVERAGE SCOPE 1,2&3 CARBON
INTENSITY
Company

SectorActiveWeighted
Average
CarbonIntensity

Portfolio
WeightWeight%%mtCO2e /US$1 mn
RevenueGE

Ind. & Business Services

0.60

0.36

128.59EQT

Energy

0.74

0.72

70.93

SiemensInd. & Business Services

0.57

0.36

37.97

AirbusInd. & Business Services

0.49

0.38

35.54

ConocoPhillips

Energy

0.71

0.53

25.94

CF Industries

Materials

0.33

0.31

25.25

Linde PLC

Materials

0.93

0.64

20.26

Ares Management

Financials

0.370.34

19.78

EOG Resources

Energy

0.41

0.31

18.53

Constellation Energy

Utilities

0.43

0.34

18.25

5.59

–401.03

Total of Top 10

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 Global Equity (Hedged) FundAs of 30 June 2024

GLOSSARY OF TERMS
Scope 1 - Direct Carbon Emissions from owned or controlled sources (e.g. fuel combustion, company vehicles, fugitiveemissions).
Scope 2 - Indirect Carbon Emissions from the generation of purchased electricity, steam, heating and cooling consumed by
the reporting company.
Scope 3 - Includes all other indirect Carbon Emissions that occur in a company’s value chain (e.g. purchased goods andservices, business travel, employee commuting, waste disposal, use of sold products, transportation and distribution (up- anddownstream), Investments, leased assets and franchises).
mtCO2e - Metric tons of carbon dioxide equivalent.

Percentage of Data Reported - The percentage for which Carbon Emissions data is reported by Companies.
Percentage of Data Estimated - The percentage for which Carbon Emissions data is estimated by Sustainalytics.
Percentage of Carbon Metrics Pro-rated - The percentage of the Fund and Benchmark which are pro-rated based on theCarbon Metrics of the remainder.
Total Carbon Emissions - Total amount of greenhouse gas (GHG) emissions that are released by the Fund holdings thatare attributable to the % ownership of the Fund in each company, aggregated to give the total carbon emissions equivalent forthe Fund. This metric is grossed up using the percentage of data available to give the overall carbon footprint of the Fund.
Only applicable to equities.

Carbon Emissions per US$1mn investment in the Fund - This metric enables an investor to calculate the carbon
emissions of their investment in the Fund. Only applicable to equities.
Weighted Average Carbon Intensity - The weighted average, by Fund weight, of the total carbon emissions per US$1mn ofrevenues for each of the Fund holdings. This metric gives the Fund’s exposure to carbon intensive companies and can beapplied across equity and fixed income portfolios. This is the Task Force on Climate-Related Financial Disclosures (TCFD)
recommended metric.

T. Rowe Price Global Equity (Hedged) FundAs of 30 June 2024

ADDITIONAL DISCLOSURES

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Source: MSCI. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express orimplied 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 financialproducts. 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 investment
decision and may not be relied on as such.
The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark ofMorgan Stanley Capital International Inc, ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
("S&P") and is licensed for use by T. Rowe Price. Neither MSCI, S&P nor any third party involved in making or compiling theGICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standardor classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties
of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or suchstandard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third
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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. For Australian Residents and Wholesale Investors in NewZealand only.
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 [eqt.com.au]). A Target Market Determination is a document which is required to be made available
from 5 October 2021. It describes who the financial product is likely to be appropriate for (i.e. the target market), and any
conditions 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.
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.
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person 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.
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).
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