Nimbus 9. STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 European Stock Fund Total Fund Assets: $1.

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1 Nimbus 9 STRATEGY HIGHLIGHTS Ticker: PRESX CUSIP: 77956H401 As of September 30, 2018 Total Fund Assets: $1.1 billion 1 INVESTMENT APPROACH p Fundamental research is critical to successfully identify and assess long-term investment opportunities. We look for companies with high returns on capital and capable of providing sustainable earnings across the market cycle. p Style agnostic, focus on quality. By avoiding style constraints, we can invest in quality companies and maintain a balanced portfolio through market cycles. p Disciplined approach to valuation. We aim to buy businesses at a clear discount to their intrinsic value. p Risk management is essential and is assisted by diversification, quantitative analysis and automatic stabilizers built in to our investment process. p Share prices are subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Diversification cannot assure a profit or protect against loss in a declining market. PORTFOLIO CONSTRUCTION p Typically stocks p Individual position size: typically up to 4.0% relative to the benchmark p Sector ranges: typically +/ -10% relative to benchmark p Country ranges: typically +/ -10% relative to benchmark p Expected Tracking Error: typically 3.0% to 6.0% p Information Ratio objective: >0.5 p Cash target range: fully invested, typically less than 5% p Turnover range: typically 40% 100% BENCHMARK p PORTFOLIO MANAGEMENT Dean Tenerelli Portfolio Manager p 27 years of investment experience; 18 years with T. Rowe Price. p M.B.A., American Graduate School of Int'l Management p M.A., American Graduate School of Int'l Management p B.A., Rutgers University PORTFOLIO SPECIALISTS Andrew J. Clifton p 29 years of investment experience; 8 years with T. Rowe Price. p M.Sc., University of Southampton p B.Sc., London School of Economics For a complete list of the members of the Fund s Investment Advisory Committee, please refer to the Fund s prospectus. 1 Assets reported are as of June 30, FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 1

2 As of September 30, 2018 TOP 10 ISSUERS % of Fund Nestle 5.2% Roche Holding 3.6 Zurich Insurance Group 3.0 Novartis 2.8 British American Tobacco 2.7 Total 2.7 Allianz 2.5 Prudential 2.5 Eni 2.4 Schneider Electric 2.3 Total 29.8% SECTOR DIVERSIFICATION Over/Underweight 25% 20% 15% 10% 5% 0% -5% -10% Financials Indust & Bus Svcs Health Care Cons Stpls Energy Cons Disc Materials Utilities Comm Svcs Info Tech Real Estate PORTFOLIO CHARACTERISTICS Fund Projected Earnings Growth Rate (IBES) 9.2% 8.0% Price to Earnings (Current Fiscal Year) 15.3X 14.9X Return on Equity (Current Fiscal Year) 13.0% 13.2% Price to Book 2.6X 2.2X Investment Weighted Median Market Cap (mm) $30,964 $48,063 Investment Weighted Average Market Cap (mm) $67,347 $77,872 Number of Holdings Top 20 Holdings as % of Total 48.7% 28.9% Portfolio Turnover 31.7% Active Share 75.3% Investment Weighted Median. Based on the fund s underlying holdings and is not a projection of future portfolio performance. Portfolio Turnover represents 1 year period ending 12/31/17. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 2

3 As of September 30, 2018 GEOGRAPHICAL DIVERSIFICATION TOP AND BOTTOM FIVE OVER/UNDERWEIGHTS France 18.9% Switzerland 17.9% United Kingdom 17.8% Netherlands 8.2% Germany 8.1% Italy 7.3% Spain 6.6% Sweden 3.9% Denmark 2.4% Austria 1.9% Finland 1.3% Czech Republic 1.3% Belgium 1.0% Switzerland Italy Netherlands Spain Austria Belgium France 17.7% Switzerland 13.1% United Kingdom 27.6% Netherlands 5.3% Germany 14.9% Italy 3.5% Spain 4.7% Sweden 4.3% Denmark 2.7% Austria 0.4% Finland 1.7% Belgium 1.6% Norway 1.2% Ireland 0.9% Portugal 0.3% Luxembourg 0.1% Argentina 0.1% Chile 0.0% Mexico 0.0% Ireland Norway Germany United Kingdom -20% -10% 0% 10% 20% 30% Over/Underweighting FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 3

4 As of September 30, 2018 PERFORMANCE Three Months Year-to- Date One Year Annualized (only pertains to the total return figures) Five Ten Years Years 1.03% -0.53% 0.67% 4.45% 3.20% 6.57% 7.73% Lipper European Funds Index Lipper European Region Funds Average Lipper Ranking 60 of of of of of 58 Morningstar Europe Stock Category Morningstar Ranking 41 of of of of of 46 Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance or to request a prospectus or summary prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions. The performance information shown does not reflect the deduction of a 2.00% redemption fee on shares held for 90 days or less. If it did, the performance would be lower. The Fund s expense ratio was 0.96% as of its most recent prospectus. Effective July 1, 2018, the net version of the benchmark replaced the gross version of the benchmark. The net version of the benchmark assumes the reinvestment of dividends after the deduction of withholding taxes. Lipper rankings are based on cumulative total return. The Lipper Average consists of all share classes; each share class is counted separately. Morningstar rankings are based on average annual total returns Morningstar, Inc. All Rights Reserved. The Morningstar 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. Three Years Fifteen Years FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 4

5 As of September 30, 2018 RISK/RETURN CHARACTERISTICS Five Years ended September 30, 2018 Information Ratio Sharpe Ratio Tracking Error R-Squared Beta Alpha % % % 3.77% Average Annual Return (%) ESF Average Annual Standard Deviation (%) Past performance cannot guarantee future results. Figures are calculated using monthly data and are net of fees. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 5

6 As of September 30, 2018 ADDITIONAL DISCLOSURES Portfolio Construction: There is no guarantee that the investment will remain within the anticipated ranges of exposure. Active Share is a holdings based measure of active management representing the percentage of a portfolio s holdings that differ from those in its benchmark. Compared to tracking error, which measures the standard deviation of the difference in a manager s returns versus the Benchmark returns, Active Share allows investors to get a clearer understanding of what a manager is doing to drive performance, rather than drawing conclusions from observed returns. The greater the difference between the asset composition of a product and its benchmark, the greater the active share is. Unless indicated otherwise the source of all data is T. Rowe Price. Source for Lipper data: Lipper Inc. Lipper Data (excluding Performance and Risk Return exhibits) is estimated by T. Rowe Price based on information provided by Lipper, Inc., and LionShares. T. Rowe Price identifies the funds that compose the Lipper index and builds an aggregate portfolio for the index based on each fund s holdings as provided by LionShares. Please note that the portfolio holdings for each fund within the index are based on the most recent public information that is available, and since the funds have different reporting periods, some of this information may not be current. 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. MSCI Index Returns are shown with reinvestment of dividends after the deduction of withholding taxes. 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. Each year, MSCI and S&P review the GICS structure. The last change occurred on September 28, 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. 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. This material has been prepared for informational purposes only. The views and opinions stated in this commentary are those of the portfolio managers listed as of the date indicated. These views and opinions are subject to change based on market or other conditions and may differ from those of other T. Rowe Price associates. Actual market and investment results may differ materially from expectations T. Rowe Price. All rights reserved. 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. T. Rowe Price Investment Services, Inc., Distributor US FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 6