QUARTERLY REVIEW T. Rowe Price Global Equity (Hedged) Fund (AUD) As of 31 December 2018

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1 QUARTERLY REVIEW T. Rowe Price Global Equity (Hedged) Fund (AUD) As of 31 December 2018 PORTFOLIO HIGHLIGHTS The portfolio outperformed the MSCI All Country World Index ex- Australia (hedged) for the three-month period ended December 31, Relative performance drivers: Stock selection in financials and consumer staples helped. Health care names detracted. Stock picks and an overweight emerging markets helped, while names in developed Europe hurt. FUND INFORMATION APIR ETL0312AU Inception Date of Fund 05 April 2016 Benchmark MSCI ACWI ex Australia Hedged to AUD TotalAssets $88,300,285 (AUD) Percent of Portfolio incash 2.2% Additional highlights: Our allocation to information technology increased, while our exposure to real estate and utilities decreased. Regionally, our allocation to Pacific ex-japan increased while our allocation to North America decreased. While there is a decent amount of fear and caution in the market, we remain focused on owning high-quality, well-run, growing, and profitable businesses that can perform well in any environment. PERFORMANCE (NAV, total return in base currency) Three Months Year-to- Date One Year Annualized Since Inception 5 Apr 2016 T. Rowe Price Global Equity (Hedged) Fund (AUD) (Gross - AUD) % -4.81% -4.81% 12.61% T. Rowe Price Global Equity (Hedged) Fund (AUD) (Net - AUD) MSCI All Country World Index ex Australia Hedged to AUD (AUD) CALENDAR YEAR PERFORMANCE (NAV, total return in base currency) T. Rowe Price Global Equity (Hedged) Fund (AUD) (Gross - AUD) 33.24% -4.81% T. Rowe Price Global Equity (Hedged) Fund (AUD) (Net - AUD) MSCI All Country World Index ex Australia Hedged to AUD (AUD) Past performance is not a reliable indicator of future performance. Source for fund 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. Gross of fees performance is the net return with fees and expenses added back. 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. 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 PERFORMANCE REVIEW Fears of Slowing Growth Spur Global Sell-off In Australian dollar terms, global equities tumbled over the quarter as fear gripped markets amid concerns about slowing global growth, U.S. monetary policy, and ratcheting trade tensions between the U.S. and China. U.S. stocks plunged, marking the U.S. market s worst annual performance since Stocks fell sharply due to factors such as expectations for additional Federal Reserve interest rate increases in 2019 following an expected rate hike in December; expectations for slowing corporate earnings growth in 2019, as the tailwinds from the late-2017 tax reform that boosted earnings in 2018 subside; signs of slowing economic growth in different parts of the world; and increased U.S. tensions with China. Turmoil in the Trump administration also weighed on investor sentiment. Developed European shares lost significant ground. UK shares dropped in part because of Brexit-related uncertainty. Prime Minister Theresa May reached an agreement with the European Union (EU) on the terms of the country s withdrawal, but the departure of several top officials in protest raised fears that her government could collapse, although May did survive the resulting no-confidence vote. Parliament is expected to vote on the Brexit agreement before the end of January, but the unclear outcome added to the market's jitters. Italian stocks also fell as the country s populist government was in a standoff with Brussels for much of the quarter over its plans to increase government spending above a threshold that is acceptable to the EU. Near the end of the year, Italy and the EU reached a budget agreement that was later passed by the Italian legislature. Developed Asian markets also fell. Japanese shares traded down as the yen strengthened. Other developed Asian markets declined but held up somewhat better. Stocks in emerging markets fell but held up better than shares in developed markets. Emerging Asian markets were broadly lower, but certain countries that are major oil importers benefited from the significant drop in oil prices. Indonesia shares rose, as did markets in the Philippines and India. However, stocks in China and many other Asian markets dropped. In emerging Europe, Turkish shares rose, helped by falling oil prices and signs of improving relations with the U.S. Russian stocks, however, fell amid weakness in oil prices and a significant drop in the ruble. In Latin America, Mexican shares fell due to concerns about President Andrés Manuel López Obrador s governing style, as well as a lack of coordination with his allies in the legislature. Brazilian shares rose amid hopes that that newly elected president Jair Bolsonaro would pursue business-friendly reforms and pension reforms in addition to keeping his promises to fight crime and corruption. Sector performance in the MSCI All Country World Index ex- Australia (hedged) was mostly negative. Energy, information technology, and industrials and business services were the worst performers, while utilities was the only sector to produce positive results. Sector Attribution Highlights Stock Selection in Financials Contributed the Most to Relative Returns While the financials sector was down broadly, our strong stock selection helped us outperform. In particular, our focus on high-quality emerging market banks assisted the most. Shares of conservatively run Indian lender Kotak Mahindra Bank advanced during the quarter along with the broader Indian market. The bank has benefited from positive operating trends highlighted by rising revenues and improving cost controls. We think Kotak Mahindra remains well positioned to take market share with improving pricing power as non-banking financial companies pull back due to funding challenges. Indonesian private bank Bank Central Asia experienced positive operating trends across the board in its most recent quarter, which helped propel its stock higher. Bank Central Asia reported strong loan growth, driven by both corporate and commercial segments, improving net interest margin, and an increase in fee income. We continue to view Bank Central as a premier banking franchise in Asia with its strong transaction banking, deposit franchise, and conservative credit underwriting culture. Consumer Staples Names Also Helped Relative Results While the sector was broadly down for the period, our focus on highquality staples companies operating in demographically growing emerging markets helped us outperform. Peruvian retail and shopping mall conglomerate InRetail Peru delivered quarterly results that were well above consensus expectations due to stronger than anticipated gross profit margin expansion in its pharmacy division and financial deleveraging. The supermarket division also continued to perform well as the company continued with its fast roll out of the discount format and opened its first Cash and Carry store. With retail penetration remaining low in Peru, we think InRetail still has a long runway for growth. Shares of Britannia Industries, the leading biscuit maker in India, advanced after the company reported strong volume growth and better profitability in its most recent fiscal quarter. We think Britannia should benefit from solid volume growth, cost efficiencies, and pricing power over the next few years as well as from the large presence of unorganized players from whom they can gain market share. Holdings in Industrials Boosted Relative Returns The industrials and business services sector suffered over the quarter due to fears of slowing global demand and the effects of trade wars. However, our holdings outperformed due to our focus on less cyclical names and those that are more staples-like in nature while operating in attractive regions like emerging markets. SM Investments is a Philippine conglomerate with leading positions in key sectors via business interests in shopping malls, retail merchandising, banks, real estate development, and tourism-related development. The company has benefited from its mix of consumercentric businesses as favorable demographics and rising incomes have led to increased private consumption. Shares of Rentokil Initial, the leading global commercial pest control company, rose on solid quarterly results, driven by accelerating organic growth that was helped by favorable weather in Europe and the UK. Management also indicated that the company was on track to meet 2018 expectations. We continue to think Rentokil is a well-positioned, high-quality company with attractive exposure to emerging markets, particularly India and China, that could benefit from industry consolidation. Health Care Names Proved Detrimental Despite posting a nearly double-digit loss, health care was one of the benchmark s better-performing sectors over the quarter. On a relative basis, our focus on innovative Chinese health care names hurt us over the period. WuXi Biologics, a leading contract development and manufacturing organization focused on biologics research and development and manufacturing, sold off along with other Chinese health care stocks as increasing macro headwinds and government health care reforms in China pressured the group. We think WuXi, which provides us with pure exposure to a large and fast-growing biologics industry, remains well positioned to benefit from the research and development outsourcing trend due to their end-to-end platform. A sell-side research report that raised concerns about organic growth weighed on shares of Eurofins Scientific. We think Eurofins, which is engaged in some of the most scientifically advanced areas of the testing, inspection, and certification (TIC) space, should benefit from scale efficiencies, implementation of operational systems, and disciplined capital allocation to reduce leverage, and view the concerns regarding organic growth as being largely overdone. 2

3 Regional Attribution Effect: At the regional level, stock selection in emerging markets, coupled with an overweight position, contributed the most to relative returns. Conversely, holdings in developed Europe hurt relative results. PORTFOLIO POSITIONING AND ACTIVITY As always, our trading activity during the quarter was driven from the bottom up. The portfolio's sector allocations are driven primarily by individual stock considerations but are also influenced, to a lesser degree, by an assessment of macroeconomic and geopolitical considerations. That being said, the broad-based sell-off during the quarter presented us with a good opportunity to trim some of our more defensive names that had held up well and pick up high-quality but more idiosyncratic ideas at compelling valuations. Over the quarter, our allocations to information technology and industrials and business services increased, while our exposure to more defensive areas like real estate and utilities decreased. Regionally, our allocation to Pacific ex-japan increased while our allocation to North America decreased. We continue to favor what we consider the more fertile and demographically advantaged emerging market regions, such as China, India, the Philippines, Peru, and Indonesia. Information Technology Over the past year, we have increased our exposure to AI-related names, as we believe the technology will be transformative to a number of industries. We remain positioned to benefit from the ongoing transition toward greater computing mobility, increasing use of the web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward e-commerce, social media, payment, gaming, particularly in Asia, and cloud software. We reinitiated a position in Netherlands-based Adyen on weakness. Adyen offers a revolutionary and comprehensive integrated payments platform to merchants. Adyen s platform combines all blocks of the payment value chain under one system, where traditional platforms required separate functions to house gateway, risk management, processing, and acquiring solutions. We think Adyen s best-in-class technologies and unique offering make it a compelling growth opportunity, and recent stock price weakness created an attractive entry point. We initiated a position in StoneCo, the first and largest independent merchant acquirer in Brazil. StoneCo has a unique position in the industry versus peers, with a massive personal sales force, differentiated technology advantage, and sizable market share in its most mature hubs. We think StoneCo has the potential for double-digit growth as the merchant-acquiring market accelerates and the industry consolidates further. We also think management is top notch. We eliminated our position in Red Hat. The firm is being acquired by IBM and there is now limited remaining upside. Industrials and Business Services We are focused on high-quality companies that can benefit from multiyear growth trends and increases in global trade and capital spending. We are attracted to less-cyclical, durable earnings growers in industries with attractive growth dynamics and are largely avoiding companies with commodity capital expenditures exposure. We initiated a position in U.S. conglomerate GE. The stock has been mired in negative sentiment involving the durability of the company s profitability due to several struggling business segments, mainly involving financial services and a large health insurance liability on the balance sheet. However, we are encouraged by the recent hiring of new CEO Larry Culp and believe the company can successfully divest its underperforming businesses and focus on growing its high-quality segments in health care and aerospace. We initiated a position in Europe-based aerospace manufacturer Airbus. The company has been challenged in recent months amid a number of management changes and product transitions, but we think the company is now well positioned for accelerating returns and free cash flow growth over the near term. Consumer Discretionary Our holdings in consumer discretionary are diversified across industries and geographies. However, many of our holdings have a strong presence in online retail and/or exposure to emerging markets with attractive demographics. We initiated a position in gaming resort operator MGM Resorts International. While the stock has struggled due to several headwinds over the past year, we think the firm is emerging from these issues and has multiple drivers for growth going forward, including the opening of its new Macau property, implementing cost initiatives, and the relocation of NFL team the Oakland Raiders to Las Vegas, which could help drive business growth in the region. We eliminated our position in sporting goods company Adidas. While the stock has performed relatively well over the year, we think there is limited remaining upside potential given the difficult retail backdrop, and chose to reallocate to names where we have higher conviction. Real Estate In a low to moderate growth world, we think real estate is an area that offers solid yield backed by tangible, quality assets. That being said, we generally see better opportunities elsewhere and our weight has come down in recent months as the sector has outperformed. We look for highquality real estate and property development companies in select emerging markets. We eliminated our position in REIT AvalonBay Communities. We think there is limited upside remaining and chose to reallocate funds to names where we have higher conviction. We eliminated our position in technology REIT Equinix. We have come to believe the company s assets are less valuable than previously thought and chose to exit our position in favor of better ideas. MANAGER S OUTLOOK A confluence of disruptive market forces led to a downturn in global equities during the fourth quarter that was both sharp and broad. Concerns about slowing global growth, U.S. monetary policy, and geopolitical uncertainties, particularly around U.S. and China trade negotiations, weighed on investor sentiment. However, with corporate fundamentals remaining largely supportive, we are cautiously optimistic on global equities as we head into In our view, China-U.S. trade relations will be one of the most significant factors in determining the direction of equity returns in the new year. We think there is a higher likelihood that an agreement is reached at some point during the year, but we are tempered by the fact that there is a meaningful chance that no deal is reached, which would certainly be negative for markets. The U.S. economy has led global growth since the financial crisis, but recent data points across a broad set of different fronts have been consistent with an economy that is growing but growing more slowly; likewise, corporate profits should follow suit. Longer term interest rates are well off recent peaks, which we think meaningfully reduces the flexibility of the Fed to raise rates much more without inverting the yield curve. Inflation pressures have also eased with the recent decline in oil prices, keeping recession risks relatively low. 3

4 In Europe, while the Italian government appears to have reached a truce with the EU regarding its budget, the ongoing Brexit saga, increasingly violent protests across France, continued economic issues in Greece, and the impending change in leadership in Germany illustrate an unpredictable and more challenging economic environment. Despite the challenges, we have still found several great global technology and industrial companies in the region that we own. Even though there is a great deal of negative investor sentiment around China, it remains one of the most important economies in the world. Consequently, we continue to have significant exposure to leading internet and health care names in the country. We also continue to have a favorable view of other select emerging markets, including India, the Philippines, Indonesia, and Peru; countries that have strong long-term growth prospects driven by domestic consumption trends, as well as favorable demographic trends that can spur ongoing growth in a low to moderate growth world. While macro uncertainty will remain part of any environment, stocks are driven by valuations, changes in earnings power, and cash flow generation over the long term. While there is a decent amount of fear and caution in the market, we remain focused on owning high-quality, well-run, growing, and profitable businesses that can perform well in any environment. 4

5 QUARTERLY ATTRIBUTION SECTOR ATTRIBUTION DATA VS. MSCI ALL COUNTRY WORLD INDEX EX AUSTRALIA (AUD) (3 months ended 31 December 2018) Total Value Added Value Added from Group Weight Value Added from Stock Selection 2% 1% 0% -1% Total Financials Consumer Staples Past performance is not a reliable indicator of future performance. Net contribution is calculated versus a specific benchmark. It is the difference between the security s absolute contribution to the portfolio and the security s absolute contribution to the benchmark. This reflects the amount the security has impacted relative return. Source: T. Rowe Price. Stock return reflects reinvestment of dividends and capital gains and is not representative of the Fund s performance. Info Tech Over/Underweight 6% The unhedged version of the hedged fund and index are used in the attribution analysis above because the analysis does not reflect forward currency contracts, currency options and futures, which represent the hedged portion of the T. Rowe Price Global Equity (Hedged) Fund and its benchmark. All numbers are percentages. Note: Analysis represents the equity-only performance of the portfolio as calculated by the Wilshire Atlas attribution model and is exclusive of cash, trusts, mutual funds, delisted securities, and other non-equity holdings. Returns will not match official T. Rowe Price performance because Wilshire uses different pricing and exchange rate sources and does not capture intraday trading or fair-value pricing. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Source: Wilshire Atlas, MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P review the GICS structure. The last change occurred on 28 September The Telecommunications Services sector was expanded and renamed Communication Services. Some securities previously assigned to Information Technology or Consumer Discretionary were reclassified as Communication Services. These changes are reflected in the weightings shown. Value added represents the contribution to the sector where the security was previously classified prior to the recent change. T. Rowe Price will adhere to all future updates to GICS for prospective reporting. Figures are shown gross of fees. Returns shown with gross dividends reinvested. Performance returns are in AUD. Energy Industrials & Business Services Consumer Disc Materials Utilities Real Estate Communication Services Over/Underweight 0.00% 1.03% -0.12% 0.99% 2.21% -2.73% 4.51% -2.03% -2.61% -1.36% -0.10% -0.91% Fund Performance Index Performance Value Add - Group Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. MSCI ACWI EX AUSTRALIA (3 months ended 31 December 2018) Security % of Equities Health Care TOP 5 RELATIVE DETRACTORS VS. MSCI ACWI EX AUSTRALIA (3 months ended 31 December 2018) Net Contribution (Basis Points) Security % of Equities 3% 0% -3% Net Contribution (Basis Points) Tesla, Inc. 2.1% 63 Asos Plc 0.4% -44 Apple Inc Amazon.Com, Inc Red Hat, Inc Alibaba Group Holding Ltd Kotak Mahindra Bank Limited Nvidia Corporation Pt Bank Central Asia Tbk Seven Generations Energy Ltd

6 12-MONTH ATTRIBUTION SECTOR ATTRIBUTION DATA VS. MSCI ALL COUNTRY WORLD INDEX EX AUSTRALIA (AUD) (12 months ended 31 December 2018) Total Value Added Value Added from Group Weight Value Added from Stock Selection 5% 4% 3% 2% 1% 0% -1% -2% Total Info Tech Consumer Staples Past performance is not a reliable indicator of future performance. Net contribution is calculated versus a specific benchmark. It is the difference between the security s absolute contribution to the portfolio and the security s absolute contribution to the benchmark. This reflects the amount the security has impacted relative return. Source: T. Rowe Price. Stock return reflects reinvestment of dividends and capital gains and is not representative of the Fund s performance. Over/Underweight 10% The unhedged version of the hedged fund and index are used in the attribution analysis above because the analysis does not reflect forward currency contracts, currency options and futures, which represent the hedged portion of the T. Rowe Price Global Equity (Hedged) Fund and its benchmark. All numbers are percentages. Note: Analysis represents the equity-only performance of the portfolio as calculated by the Wilshire Atlas attribution model and is exclusive of cash, trusts, mutual funds, delisted securities, and other non-equity holdings. Returns will not match official T. Rowe Price performance because Wilshire uses different pricing and exchange rate sources and does not capture intraday trading or fair-value pricing. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party. Source: Wilshire Atlas, MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P review the GICS structure. The last change occurred on 28 September The Telecommunications Services sector was expanded and renamed Communication Services. Some securities previously assigned to Information Technology or Consumer Discretionary were reclassified as Communication Services. These changes are reflected in the weightings shown. Value added represents the contribution to the sector where the security was previously classified prior to the recent change. T. Rowe Price will adhere to all future updates to GICS for prospective reporting. Figures are shown gross of fees. Returns shown with gross dividends reinvested. Performance returns are in AUD. Financials Industrials & Business Services Utilities Materials Communication Services Real Estate Consumer Disc Over/Underweight 0.00% 2.21% -0.12% 1.03% 0.99% -2.61% -2.03% -0.10% -1.36% 4.51% -2.73% -0.91% Fund Performance Index Performance Value Add - Group Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. MSCI ACWI EX AUSTRALIA (12 months ended 31 December 2018) Security % of Equities Energy Health Care TOP 5 RELATIVE DETRACTORS VS. MSCI ACWI EX AUSTRALIA (12 months ended 31 December 2018) Net Contribution (Basis Points) Security % of Equities 8% 6% 4% 2% 0% -2% -4% Net Contribution (Basis Points) Amazon.Com, Inc. 3.6% 114 Asos Plc 0.4% -57 Workday, Inc Yes Bank Limited Tesla, Inc Ams Ag Inretail Peru Corp Nvidia Corporation Intuit Inc Tencent Holdings Ltd

7 PORTFOLIO POSITONING SECTOR DIVERSIFICATION CHANGES OVER TIME Percent Fund - Prior Year (31 Dec 2017) Fund - Prior Quarter (30 Sep 2018) Fund - Current Quarter (31 Dec 2018) MSCI ACWI ex Australia Hedged to AUD - Current 4 Quarter (31 Dec 2018) 2 0 Financials Info Tech Cons Disc Health Care Indust & Bus Svcs Comm Svcs Cons Stpls Energy Materials Real Estate Utilities LARGEST PURCHASES Issuer Sector % of Fund Current Quarter 31 Dec 2018 % of Fund Prior Quarter 30 Sep 2018 Amazon.com 3.6% 3.6% Alphabet Facebook Boeing Netflix GE (N) Adyen (N) Farfetch (N) StoneCo (N) NVIDIA LARGEST SALES Issuer Sector % of Fund Current Quarter 31 Dec 2018 % of Fund Prior Quarter 30 Sep 2018 Tesla 2.1% 2.5% Sempra Energy NVIDIA NextEra Energy Red Hat (E) Clorox (E) Walt Disney (E) Merck (E) Equinix (E) Adidas (E) (N) New Position (E) Eliminated 7

8 HOLDINGS TOP 10 ISSUERS Issuer Country Industry % of Fund % of MSCI ACWI ex Australia Hedged to AUD Amazon.com United States Internet & Direct Marketing Retail 3.6% 1.6% Alphabet United States Interactive Media & Services Tesla United States Automobiles Alibaba Group Holding China Internet & Direct Marketing Retail Facebook United States Interactive Media & Services Tencent Holdings China Interactive Media & Services Charles Schwab United States Capital Markets Boeing United States Aerospace & Defense SM Investments Philippines Industrial Conglomerates Workday United States Software TOP 5 OVER/UNDERWEIGHT POSITIONS VS. MSCI ACWI EX AUSTRALIA HEDGED TO AUD Issuer Country Industry % of Fund % of MSCI ACWI ex Australia Hedged to AUD Over/ Underweight Amazon.com United States Internet & Direct Marketing Retail 3.6% 1.6% 2.0% Tesla United States Automobiles Alibaba Group Holding China Internet & Direct Marketing Retail Alphabet United States Interactive Media & Services SM Investments Philippines Industrial Conglomerates Apple United States Technology Hardware, Storage & Peripherals Johnson & Johnson United States Pharmaceuticals Microsoft United States Software ExxonMobil United States Oil, Gas & Consumable Fuels Berkshire Hathaway United States Diversified Financial Services PORTFOLIO MANAGEMENT Portfolio Manager: R. Scott Berg Joined Firm:

9 ADDITIONAL DISCLOSURES 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 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. MSCI index returns are shown with gross dividends reinvested. The manager s views and portfolio holdings are historical and subject to change. This material should not be deemed a recommendation to buy or sell any of the securities mentioned. The specific securities identified and described do not 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. The information shown does not reflect any ETFs that may be held in the portfolio. Source for Sector Diversification: T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. T. Rowe Price will adhere to all future updates to GICS for prospective reporting. Diversification exhibits may not add to 100% due to exclusion or inclusion of cash. Certain numbers in this report may not equal stated totals due to rounding. Unless otherwise stated, data is as of the report date. Unless indicated otherwise the source of all data is T. Rowe Price. 9

10 IMPORTANT INFORMATION Equity Trustees Limited ( Equity Trustees ) (ABN AFSL ) is a subsidiary of EQT Holdings Limited (ABN ), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees and T. Rowe Price Australia Limited ( TRPAU ) (ABN and AFSL: ) are, respectively, the Responsible Entity and Investment Manager of the T. Rowe Price Australian Unit Trusts. For Wholesale Clients only. 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 ( or TRPAU ( 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. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. All rights reserved