AUSTRALIAN UNIT TRUST PORTFOLIO UPDATE T. Rowe Price Australian Equity Fund – S Class As of 31 August 2021 Portfolio Manager: Randal Jenneke Joined Firm: 2010 Investment Experience: 30 Years

INVESTMENT OBJECTIVE SECTOR EXPOSURE (%) % of Fund vs. S&P/ASX 200 The Fund's investment objective is long-term capital Fund Total Return Index (AUD) appreciation through investment primarily in a portfolio of Consumer Discretionary 21.9 13.8 securities of Australian companies listed on the S&P/ASX Financials 20.0 -9.9 200 Total Return Index (ASX200). The portfolio will include 3.0 the securities of a broad range of companies across the Health Care 13.6 -6.9 market capitalisation. Materials 12.3 Industrials & Business Services 6.0 -0.9 Communication Services 5.8 1.6 S&P/ASX Consumer Staples 5.5 0.0 TOP 10 HOLDINGS (%) 200 Total Information Technology 5.0 0.6 % of Return Index Real Estate 4.7 -2.3 Fund (AUD) Utilities 3.0 1.5 Bhp 9.0 6.4 Energy 0.0 -2.7 Banking 6.5 4.5 S&P/ASX 200 5.7 1.4 PORTFOLIO CHARACTERISTICS Total Return Coles 5.4 1.1 Index ResMed 5.2 0.7 Fund (AUD) 4.5 3.2 Number of Issuers 34 200 4.3 4.3 Top 20 Issuers as Percent of Total 80.6% 59.1% CSL 4.3 6.7 Percent of Portfolio in Cash 2.2% – 4.0 2.7 Portfolio Turnover (12 Months) 71.9% – 3.7 1.8 Active Share 56.0% --

PERFORMANCE Since Share Class Inception One Three Year-to- One 22 Jan 2019 Month Months Date Year (Annualised) T. Rowe Price Australian Equity Fund – S Class (Net –AUD)* 4.55% 8.94% 19.66% 29.12% 14.61% S&P/ASX 200 Total Return Index (AUD) 2.50 5.97 17.00 28.15 14.24 Value Added (Net) ** 2.05 2.97 2.66 0.97 0.37

Past performance is not a reliable indicator of future performance. Source for performance: T. Rowe Price. *Net-of-fees performance is based on end-of-month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception. For further details, please refer to the Fund’s Product Disclosure Statement and Reference Guide which are available from Equity Trustees or TRPAU. **The Value Added is shown as the Fund (Net) minus its Index.

1 T. Rowe Price Australian Equity Fund - S Class As of 31 August 2021

FUND REVIEW OUTLOOK The Australian equity market rose again in August, the 11th In our view, we are now in a new deceleration phase of the consecutive month of gains, further extending total returns for market cycle, characterized by slowing economic and the S&P/ASX200 in the year to date. The Australian market earnings growth. This phase also typically sees late cycle slightly underperformed its developed peers but outperformed behaviour such as increased corporate activity. The emerging markets for the month. complication for investors in this deceleration phase will be the impact of the Delta variant on economic activity. We The top performing sectors for the month included information expect a dampening impact on growth and inflation. technology,consumerstaples,andhealthcare.AmongtheEconomic indicators have recently started to disappoint and key underperforming sectors were materials, energy, and GDP growth is being revised downwards in most parts of the utilities. Continued concerns over the impact of the Delta world. Seen in this context, the decline in bond yields over variant of the coronavirus on demand and waning supply recent months is unsurprising. discipline from OPEC+ saw Brent oil prices fall for the month. Iron ore prices also declined due to significant weakness in With equity markets hitting new highs on a monthly basis, and Chinese steel production. This has been coming for some economic risks rising, we are becoming increasingly cautious. time, with the Chinese government seeking to limit annual The combination of high valuations and the prospect of steel production to 2020 levels. Gold prices were largely flat earnings downgrades—which we are already seeing in the for the month. Following months of yield weakness due to Australian market courtesy of the lockdowns on the Eastern economic growth concerns, 10-year U.S. Treasuries rose eight seaboard—is a bad combination which typically leads to equity basis points to 1.30%. Australian 10-year bond yields fell two market weakness. In the absence of any further meaningful basis points to 1.16% as lockdowns weighed on the Australian fiscal or monetary stimulus, we are cautious on markets in the economy. The Australian dollar fell against the its U.S. near term. counterpart. Reflecting our near-term caution, we have continued to PORTFOLIO HIGHLIGHTS significantly increase our exposure to quality and more defensive names in the portfolio. This has consisted of The T. Rowe Price Australian Equity Fund outperformed the topping up positions in our health care names and adding market in August. Good performances were posted by consumer staples and utilities exposure to the portfolio. We , Domino’s Pizza, and Star Entertainment. Notable have funded these moves by taking profits in domestic and underperformers included BHP, , and APA. global cyclical names, which have outperformed. Overall, we After several months of gains, mining stocks fell sharply in see the market environment as being ripe for quality defensive August, largely due to the significant decline in the iron price companies to perform well. We also expect the interest rate as measures to curb Chinese steel production bit hard. environment to be supportive for growth names. Afterpay performed strongly following the announcement of its acquisition by Square Inc in an all-scrip transaction which valued the company at AU$ 39 billion, making this the largest M&A transaction in Australian history. In our view, this represents a powerful fintech combination with the capability to take on established players in the financial services industry. Domino’s shares also performed well after the company delivered a strong full-year 2021 profit result and showed confidence in its growth prospects by upgrading its long-term store number target. Conversely, BHP came under pressure following the significant fall in the iron price over August. The company also announced its intention to collapse its complicated Australian/UK dual listing structure and dispose of its oil and gas assets to Woodside in all-scrip transaction. We view both these developments as positive.

This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. The views and portfolio holdings contained herein are as of date noted on the material and are subject to change without further notice. The specific securities identified and described do not necessarily represent all of the securities purchased, sold, or recommended for the Fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

2 T. Rowe Price Australian Equity Fund - S Class As of 31 August 2021 CONTACT US For more information about the Fund, please contact our Relationship Management team on 02 8667 5700.

FUND INFORMATION Minimum investment amount $50,000 AUD APIR ETL0493AU ARSN 155 367 481 ISIN AU60ETL04933 Inception Date 22 January 2019 Benchmark S&P/ASX 200 Total Return Index (AUD) Management Fees^ 0.80% p.a. Distribution Annually Buy/Sell Buy +0.10% / Sell -0.10% ^The Management Fee for the T. Rowe Price Australian Equity Fund is 0.80% p.a. and the Indirect Cost is 0.00% p.a. Full details of other fees and charges are available within the Fund's Product Disclosure Statement and Reference Guide.

ADDITIONAL DISCLOSURES Unless indicated otherwise the source of all data is T. Rowe Price. Source for S&P data: Copyright © 2021, S&P Global Market Intelligence (and its affiliates, as applicable). Reproduction of of S&P/ASX 200 Total Return Index in any form is prohibited except with the prior written permission of S&P Global Market Intelligence (“S&P”). None of S&P, its affiliates or their suppliers guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. In no event shall S&P, its affiliates or any of their suppliers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of S&P information. The information shown does not reflect any ETFs that may be held in the portfolio. Source for Sector Diversification: T. Rowe Price uses the current MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all updates to GICS for prospective reporting. Certain numbers in this report may not equal stated totals due to rounding. Unless otherwise stated, all data is as of the report production date.

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 and AFSL: 503741) are, respectively, the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts. 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 to each 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 to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, 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. A person should, before making any investment decisions, consider the appropriateness of the information in this document and seek 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 this document (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. © 2021 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/or apart, trademarks of T. Rowe Price Group, Inc.

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