Daniel Hurley, CFA Let’s Talk InvestmentsNovember 2019

AN ERA OF CHANGE, DISRUPTION AND THE AGING BULL

FOR PROFESSIONAL CLIENTS ONLY. NOT FOR FURTHER DISTRIBUTION.

Global Equities

2

T. Rowe PriceAll figures as at 30 September 2019.

Firmwide AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.

LONDON

123 TOKYO

9HONG KONG

41 SINGAPORE

7SYDNEY

9

SAN FRANCISCOBALTIMORE

421

U.S. $1.2tn

• Founded at the height of the Great Depression

• London office since 1979

• Locations in 16 countries

• Over 7,200 employees worldwide

1937Assets Under Management

3

Local Research, Global Perspective

The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the portfolio, and no assumptions should be made that the securities identified and discussed were or will be profitable. The trademarks shown are the property of their respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise authorized by or affiliated with any of the trademark owners represented by these trademarks.

Autos Sector

Joel Grant (U.S.)

Konstantin Stoev

(London)

Dennis Hou(Hong Kong)

Andrew Chang

(Singapore)

Research, research, researchOur research teams look beyond thenumbers to really understand whatthey are investing in.

A refreshing thought for your clients.

Collaborate to understandSector and asset class teams share views and scrutinize investments from every angle – as it’s the onlyway to reveal true potential, now and in the future.

Long-term view Few firms really look beyond the short term. Our 360 degree perspective means we invest for your clients’ long-term needs, not short-term targets.

4

Forward-looking Research And Strategic Active Investing

Past performance is not a reliable indicator of future results. Source: Copyright © 2019 FactSet Research Systems Inc. All rights reserved.The specific securities identified and described above do not necessarily represent securities purchased or sold by T. Rowe Price. This information is not intended to be a recommendation to take any particular action and is subject to change. No assumptions should be made that the securities identified and discussed above were or will be profitable.

Value of $1 invested at Amazon.com’s IPO date (15 May 1997 – 31 March 2019)

THE POWER OF CHANGE

$341

$909

$8$5$2

Macy’s S&P 500 ConsumerDiscretionary

S&P 500 Index Apple Amazon.com

This is no time for auto-pilot.

WE ARE LIVING IN A LOW GROWTH WORLD

OIL

TOOMUCH

DEBT

TOOMUCH

AUTO-MATION

TOOMUCH

6

As at 31 December 2018

Sources: FactSet, MSCI/S&P GICS Sectors. Analysis by T. Rowe Price Associates, Inc.

CHINA HAS ENTERED A NEW LOWER GROWTH ERA…(China’s nominal GDP growth, 5 year moving average)

-505

1015202530

1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017

Perc

ent (

%)

As at 30 June 2019

US OIL PRODUCTION CONTINUES TO RISEUS Crude Oil Field Production (Thousand Barrels Per Day) (L)

02,0004,0006,0008,000

10,00012,00014,000

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Oil; Too Much Supply, Not Enough Demand

The information presented herein is shown for illustrative, informational purposes only. This is not intended to be investment advice or a recommendation to take any particular investment action. The specific securities/companies identified and described above do not necessarily represent securities/companies that were purchased, sold or recommended and no assumptions should be made that the securities/companies identified and discussed were or will be profitable. The trademarks shown above are the property of the respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise affiliated with any of the trademark owners represented by the trademarks shown above. Tesla Roadster hero image courtesy of Tesla Motors Inc.

Technologyis successfully unlocking capacity

8

June 1998 through June 2019

Past performance is not a reliable indicator of future performanceTop chart: U.S. High Yield, Euro High Yield, U.S. Leveraged Loan, and European Leveraged Loan market growth determined by Credit Suisse, not based off an index. Emerging Market Corporate market growth is determined by J.P. Morgan Global Index Research. Sources: Credit Suisse, J.P. Morgan Chase & Co, Barclays and Bank of America/Merrill Lynch. Numbers may not add up to 100% due to rounding. Bottom Chart: data based on the Bloomberg Barclays Corporate Investment Grade Index.

An Era Of Unprecedented Credit And Financing

GLOBAL BOND MARKET, BY YIELD (% SHARE)

“BBB” DEBT EXCEEDS 50% OF BLOOMBERG BARCLAYS CORPORATE INVESTMENT GRADE INDEX

0

20

40

60

80

100

Dec-03 Dec-06 Dec-09 Dec-12 Dec-15 Dec-18

% o

f Ind

ex

Sub-zero 0 to 0.5% .5 to 1% 1 to 2% 2 to 3% 3 to 4% 4 to 5% 5% and Above

0123456

Jun

98

Jun

99

Jun

00

Jun

01

Jun

02

Jun

03

Jun

04

Jun

05

Jun

06

Jun

07

Jun

08

Jun

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Jun

10

Jun

11

Jun

12

Jun

13

Jun

14

Jun

15

Jun

16

Jun

17

Jun

18

Jun

19

Trill

ions

(USD

) AAA AA A BBB

9

How Long Does It Take To Reach 50 Million Users?

A monumental era of investment, fuelled by credit and re-enforced by new technology, has accelerated and enabled disruption

Source: Marketing 360. The information presented herein is shown for illustrative, informational purposes only. This is not intended to be investment advice or a recommendation to take any particular investment action. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended by T. Rowe Price, and no assumptions should be made that the securities identified and discussed were or will be profitable. The trademarks shown above are the property of the respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise affiliated with any of the trademark owners represented by the trademarks shown above.

19 days

2 years

4 years

7 years

12 years

14 years

18 years

22 years

28 years

46 years

50 years

62 years

64 years

0 10 20 30 40 50 60 70

Pokemon Go

WeChat

Facebook

Internet

Mobile Phones

Computers

ATMs

Television

Credit Cards

Electricity

Telephone

Automobiles

Arlines

Years

A era of disruption has implications for investors:

Plan for an era of lower GDP growth

Search for the right side of change

Politics are impacting real economy

Be active, be nimble

11

Disruption, Deflation And The Right Side Of Change

Source: FactSet. The specific securities identified and described do not necessarily represent securities purchased or sold by T. Rowe Price. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumptions should be made that the securities identified and discussed above were or will be profitable. The trademarks shown above are the property of the respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise affiliated with any of the trademark owners represented by the trademarks shown above.

As of 31 December 2018

REVENUE GROWTH 2011-2018

Companies with disruptive technology create opportunity in a lower-growth world

19%

6% S&P 500 Multiline Retail

S&P 500 Media

384%

393%

ü Buying the index entails risk in a lower-growth, high disruption worldû

12

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

U.S.

China

Asia ex-JP& CN

Europe

Japan

Global Natural Monopolies – Concentrating Wealth

Source: Factset; Analysis by T. Rowe Price Associates, Inc. The securities represented are the largest companies by market capitalization within the Information Technology and Communications Services sector and the Internet & Direct Marketing Retail industry portion of the Consumer Discretionary sector within each region as represented by the MSCI USA Index, MSCI China Index, MSCI All Country World Index ex-Japan (with Chinese companies excluded), MSCI Europe Index, and MSCI Japan Index.The following companies are represented within each region, in order of market capitalization: U.S. – Microsoft, Amazon, Apple, Alphabet, Facebook; China – Alibaba, Tencent, China Mobile, Baidu, JD.com; Asia ex-JP & CN – Samsung, Taiwan Semiconductor, Tata Consultancy, Infosys, SK hynix; Europe – SAP, ASML, Deutsche Telekom, Vodafone, Telefonica; Japan – Softbank, Nippon, NTT DoCoMo, Keyence, KDDI.The specific securities identified and described do not represent all of the securities purchased, sold, or recommended by T. Rowe Price, and no assumptions should be made that the securities identified and discussed were or will be profitable.

As of 30 June 2019

MARKET CAP OF THE TOP 5 TECHNOLOGY STOCKS BY REGION (BILLIONS USD)

13

Secular Change Implies Stock Dispersion And Active Decisions

Past performance is not a reliable indicator of future performance. Note: * Effective 28 September 2018, S&P Dow Jones Indices and MSCI broadened and renamed the Telecommunication Services Sector as Communication Services. ** On 31 August 2016, S&P Dow Jones Indices and MSCI moved stock-exchange listed Equity REITs and other listed real estate companies from the Financials Sector of their Global Industry Classification Standard (GICS®) to a new Real Estate Sector.Source: Wilshire Atlas and Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved.

Calendar Years 2014 to 2018

S&P 500

113%

80%71% 65%

57% 56% 49% 52% 59%

30% 28%

-41%-54%

-45% -46% -51%-37% -33% -36% -30% -26% -28%

-80%

-40%

0%

40%

80%

120%

Tech

nolo

gy

Dis

cret

iona

ry

Indu

stria

ls

Hea

lth C

are

Ene

rgy

Mat

eria

ls

Fina

ncia

ls

Sta

ples

Util

ities

Com

m S

vcs*

Rea

l Est

ate*

*Ave

rage

Top

/Bot

tom

Sto

ck R

etur

n 20

14-2

018

Avg Top Performer Avg Bottom Performer

14

Consumer – Choice In The Disruption Era

E-commerce and social media have reduced advertising barriers to entry and fuelled unpredictable changes in consumer taste

Past performance is not a reliable indicator of future performance. Source: T. Rowe Price.

+26%S&P 500 Consumer Discretionary Sector

+104%Internet & Direct Marketing Retail

+3%Apparel &Luxury Goods

S&P 500 CONSUMER DISCRETIONARY RETURNS31 December 2015 – 31 December 2018

15

Healthcare – Innovation Amidst The Politics

While performance dispersion creates risk, significant and ongoing change creates opportunity for active investors

Past performance is not a reliable indicator of future performance. Source: T. Rowe Price.

20%S&P 500 Health Care Sector

S&P 500 HEALTHCARE RETURNS31 December 2015 – 31 December 2018

+54%Equipment+ Supplies

-7%Biotech

This material is provided as an example of our internal research and is for informational purposes only. This material is not intended to be investment advice or a recommendation to take any particular investment action. The specific securities identified and described above do not necessarily represent securities that were purchased, sold or recommended by T. Rowe Price and no assumptions should be made that the securities identified and discussed were or will be profitable. The trademarks shown are the property of their respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise authorized by or affiliated with any of the trademark owners represented by these trademarks.

How does our view differ from consensus?Stock price was overly depressed on fears of trade war and weakness from both Apple and China Company’s strong position gives it pricing power and long-term revenue visibility

This material is provided as an example of our internal research and is for informational purposes only. This material is not intended to be investment advice or a recommendation to take any particular investment action. The specific securities identified and described above do not necessarily represent securities that were purchased, sold or recommended by T. Rowe Price and no assumptions should be made that the securities identified and discussed were or will be profitable. The trademarks shown are the property of their respective owners. T. Rowe Price is not endorsed, sponsored, or otherwise authorized by or affiliated with any of the trademark owners represented by these trademarks.

How does our view differ from consensus?Seeing a pivot back to the front foot after regulatory issuesIntegration of platforms should be favourable Disruption of traditional media advertising revenue should accelerate

18

Show Me The Bubble – no normal equity cycle1st January 2000 to 30 September 2019

Past performance is not a reliable indicator of future performance.The S&P 500 Index is made up of primarily large-capitalisation companies that represent a broad spectrum of the U.S. economy and a substantial part of the U.S. stock market’s total capitalisation.Sources: Standard & Poors, T. Rowe Price, Factset. T. Rowe Price calculations using data from FactSet Research Systems Inc. All rights reserved.

0

1,000

2,000

3,000

4,000

5,000

6,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

S&P 500 Index% Gain +/-

30 September 2019P/E (forward) = 16.8x

2,10724 March 2000

P/E (forward) = 27.2x

-47% | 1,1099 October 2002

P/E (forward) = 14.9x

+121% | 2,4479 October 2007

P/E (forward) = 15.8x

-55% | 1,0959 March 2009

P/E (forward) = 10.3x

+449% | 6,009

S&P 500 TOTAL RETURN INDEX

19

Growth Investing Within The ‘Virtuous’ Cycle

Past performance is not a reliable indicator of future performance. Source: T. Rowe Price analysis using data from FactSet Research Systems Inc. All rights reserved. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell® is a trademark of Russell Investment Group.

1 June 2007 through 31 January 2019

CUMULATIVE CHANGE

30%

59%

25%

105%

157%

58%

0%

60%

120%

180%

Earnings Per Share Free Cash Flow Sales Per Share

Russell 1000 Value Russell 1000 Growth

An era of low growth and accelerating disruption has impacted the outcome for investors, while simultaneously concentrating gains for successful companies

20

Inflation May End The Cycle It Created

Past performance is not a reliable indicator of future performance. Source: Credit Suisse, Empirical Research Partners Analysis.

As at 31 March 2019

S&P 500 AVERAGE P/E, 1871 TO PRESENT

10

11

12

13

14

15

16

17

18

19

20

21

-3%

or b

elow

-3 to

-2%

-2 to

-1%

-1 to

0%

0 to

+1%

+1 to

+2%

+2 to

+3%

+3 to

+4%

+4 to

+5%

+5 to

+6%

6% o

r abo

ve

Inflation Range Shown

12m FORWARD P/E 16.4

21

The Wealth Divide Is A Growing Issue For Society

Past performance is not a reliable indicator of future performance. Source: FactSet, (Standard & Poor’s Bureau of Economic Analysis, Federal Reserve Board, Tax Policy Center and Citizens for Tax Justice)/Haver. * Equal-weighted total return of U.S. equities (S&P 500) and U.S.10-year government bonds.

1950 – 4Q 2016: WALL STREET BOOM, MAIN STREET BUST

0%

5000%

10000%

15000%

20000%

25000%

30000%

40%

42%

44%

46%

48%

50%

52%

54%

1950 1970 1990 2010

Cum

ulat

ive

retu

rn

NA

ICS

U.S

. wag

es a

s %

of G

DP

Wages as % of GDP Equal-Wtd Equity and Bond Blend*

22

Conclusion: The Implications For Investors

Globalisation and technology are forces for human progress

3

The opportunities are significant if you are on the right side of change

4

We live in a world of “infinitely” more for less

1We shouldn’t mistake lower growth and deflationary pressures for stagnation

2

OUR GLOBAL EQUITY OFFERING

24

Past performance is not a reliable indicator of future results.Index returns shown with net dividends reinvested. The index shown is not a formal benchmark. It is shown only for comparison purposes.Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of the investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes, and other locally applied costs have not been deducted, and, if applicable, they will reduce the performance figures.Source: All data including fund performance is sourced from © Morningstar. IA Sector rankings, number of funds and sector performance may differ to other data vendors. Ranking data based on Primary Share classes only. © 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Please go to “Additional disclosures slide for more disclosures”.

Historical Performance – Global Focused Growth

T. ROWE PRICE FUNDS SICAV – GLOBAL FOCUSED GROWTH EQUITY FUND – CLASS Q EURFrom 28 October 2014 to 30 September 2019, in EUR

% annualised returns, in Euro 1 year 3 years Since inception

Global Focused Growth Equity Fund – Class Q (EUR) 9.16 15.25 15.70

MSCI All Country World Index Net 8.01 10.82 10.38

Fund relative return +1.15 +4.43 +5.32

Morningstar category percentile ranking – Global Large Cap Growth 30 10 5

Fund quartile rank in category 2 1 1

105

62.64

0

40

80

120

Fund return Index return

Cumulative return since share class inception (%)

Oct 2014 – Sept 2019

25

T. ROWE PRICE FUNDS SICAV – GLOBAL GROWTH EQUITY FUND – CLASS Q EURFrom 28 October 2014 to 30 September 2019, in EUR

Past performance is not a reliable indicator of future results.Index returns shown with net dividends reinvested. The index shown is not a formal benchmark. It is shown only for comparison purposes.Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of the investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes, and other locally applied costs have not been deducted, and, if applicable, they will reduce the performance figures.Source: All data including fund performance is sourced from © Morningstar. IA Sector rankings, number of funds and sector performance may differ to other data vendors. Ranking data based on Primary Share classes only. © 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Please go to “Additional disclosures slide for more disclosures”.

Historical Performance – Global Growth

% annualised returns, in Euro 1 year 3 years Since inception

Global Growth Equity Fund – Class Q (EUR) 11.62 14.02 13.23

MSCI All Country World Index Net 8.01 10.82 10.38

Fund relative return +3.61 +3.20 +2.85

Morningstar category percentile ranking – Global Large Cap Growth 18 15 12

Fund quartile rank in category 1 1 1

84.4

62.64

0

40

80

120

Fund return Index return

Cumulative return since share class inception (%)

Oct 2014 – Sept 2019

26

Global equity strategy comparison

Source for MSCI data: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCIdata 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.

Global Focused Growth Equity Global Growth Equity

Universe Global developed and emerging markets

Global developed and emerging markets

Fundamental research approach Improving return on capital Quality and durable growth

Process Bottom-up, stock-drivenTop-down intertwined

Bottom-up, stock-drivenTop-down mitigates risk

Benchmark MSCI All Country World MSCI All Country World

Style factor High growth Growth

Market capitalisation Some small, primarily mid and large-cap

Mid and large-cap

Volatility Higher Moderate

Holdings Typically around 60-80 Typically around 150

Geographic exposure Less diversified Broadly diversified

Sector positioning Wider range Tighter range

27

Key risks

Risks – the following risks are materially relevant to the funds (refer to prospectus for further details):

Country risk (China) – all investments in China are subject to risks similar to those for other emerging markets investments. In addition, investments that are purchased or held in connection with a QFII license or the Stock Connect program may be subject to additional risks.Country risk (Russia and Ukraine) – in these countries, risks associated with custody and counterparties are higher than in developed countries.Currency risk – changes in currency exchange rates could reduce investment gains or increase investment losses. Emerging markets risk – emerging markets are less established than developed markets and therefore involve higher risks. Small and mid-cap risk – stocks of small and mid-size companies can be more volatile than stocks of larger companies.Style risk – different investment styles typically go in and out of favour depending on market conditions and investor sentiment.

General Fund Risks

Capital risk – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different.Equity risk – in general, equities involve higher risks than bonds or money market instruments.Geographic concentration risk – to the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area.Hedging risk – a fund’s attempts to reduce or eliminate certain risks through hedging may not work as intended.Investment fund risk – investing in funds involves certain risks an investor would not face if investing in markets directly.Management risk – the investment manager or its designees may at times find their obligations to a fund to be in conflict with their obligations to other investment portfolios they manage (although in such cases, all portfolios will be dealt with equitably).Operational risk – operational failures could lead to disruptions of fund operations or financial losses.

28

Additional disclosures

FE Alpha Manager ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. All rights reserved.

© 2019 FE. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. FE shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE does not guarantee that a fund will perform in line with its FE Crown Fund Rating as it is a reflection of past performance only. Likewise, the FE Crown Fund Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision. https://www.trustnet.com/learn/learnaboutinvesting/FE Crown Fund Ratings.html

Elite Fund ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only. To read more on the methodology, visit https://www.fundcalibre.com/aboutus/ what-is-the-elite-rating. The award of an Elite Fund rating does not mean the fund is a suitable investment for you, and does not constitute a recommendation to buy. If a fund that you already hold does not, in the opinion of FundCalibre, merit an Elite Fund rating, this does not constitute a recommendation to sell. FundCalibre is an authorised representative of Chelsea Financial Services. © FundCalibre Limited 2019.

© Rayner Spencer Mills Research Limited. https://members.rsmgroup.co.uk/related/rd/fund-rating-methodology/

Citywire take into account the complete stable of managers a group currently has in a sector. All the individuals’ risk adjusted performance over a seven year period are factored in, as are moves people have made and changes in responsibility. The ratings are calculated over seven years and based on an average of their managers’ three year rolling risk-adjusted returns. Where managers have moved, their track records will follow them. A final score is generated for each group, on a sector by sector basis, with current stable of managers taken into account. Those delivering excellent levels of outperformance are placed in the ratings pool. Ratings areawarded to any group that is at least one third ahead of the average score. Within this top group, 10% receive a platinum rating, the next 20% a gold rating, the next 30% a silver rating, and the remaining 40% a bronze rating. Not all strategies included in the group ratings are available in all jurisdictions. The ratings are provided for information only and are not intended to be an endorsement, offer or solicitation for the sale of any product or service.

FactSet: Copyright © 2019 FactSet Research Systems Inc. All rights reserved.

MSCI: 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.

S&P: Copyright © 2019, S&P Global Market Intelligence (and its affiliates, as applicable). Reproduction of (S&P 500 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.

Morningstar: The information contained herein, (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

29

Important Information

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

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.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

EEA ex-UK – Unless indicated otherwise this material is issued and approved by T. Rowe Price (Luxembourg) Management S.à r.l. 35 Boulevard du Prince Henri L-1724 Luxembourg which is authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier. For Professional Clients only.

© 2019 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.

201911-996818

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