Past performance is not a reliable indicator of future performance.

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1 Nimbus 9 QUARTERLY REVIEW T. Rowe Price Australian Equity Fund As of 31 December 2018 PORTFOLIO HIGHLIGHTS Relative performance was driven by: p Negative stock selection within materials, industrials and business services, and energy. p Weak stock selection and an unfavourable overweight in consumer discretionary. p Good stock selection in consumer staples and health care and a beneficial underweight to energy. FUND INFORMATION APIR ETL0328AU 1 Inception Date of Fund 26 April Benchmark S&P/ASX 200 Index 3 Total Trust Assets $44,375,033 (AUD) 4 Percent of Portfolio in Cash 4.0% 5 Additional highlights: p We modestly reduced some of our cyclical holdings (e.g., information technology (IT) and materials) and slightly increased our defensive positioning (e.g., consumer staples). p We also topped up existing holdings that we thought were oversold. p Following the recent sell-off, we see the Australian equity market valuation as attractive, with price/earnings ratios in line with longer-term averages. We expect this to provide support to the market. PERFORMANCE (NAV, total return in base currency) Three Months One Year Three Years Annualized Five Years Since Inception 26 Apr 2012 T. Rowe Price Australian Equity Fund (Gross - AUD) % -5.71% 7.08% 5.49% 9.71% T. Rowe Price Australian Equity Fund (Net - AUD) S&P/ASX 200 Index (AUD) CALENDAR YEAR PERFORMANCE (NAV, total return in base currency) Inception Date T. Rowe Price Australian Equity Fund (Gross - AUD) 26 Apr % -0.21% 6.63% 13.27% 14.97% -5.71% T. Rowe Price Australian Equity Fund (Net - AUD) S&P/ASX 200 Index (AUD) Past performance is not a reliable indicator of future performance. Source of 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. For Wholesale Clients Only. Not for further Distribution. 1

2 PERFORMANCE REVIEW Weak End to Year for Australian Equities Australian stocks fell over the October-December quarter but outperformed most of their global developed peers. Factors holding back sentiment were the ongoing trade tensions between the U.S. and China, deepening concerns about the outlook for the global economy, and, domestically, corporate earnings growth. All sectors finished the quarter in negative territory. However, the best performing on a relative basis included defensives and bond proxies (consumer staples, utilities, real estate, and health care) along with industrials and business services. Materials also outperformed on the back of improved prices for iron ore and gold. The oil price dropped over the quarter. As a result, our underweight to the energy sector was beneficial to relative performance as it was the weakest-performing sector within the overall benchmark index. Other underperforming sectors within the index were the more cyclical areas such as IT, consumer discretionary, and communication services. Corporate and regulatory news that negatively affected the Australian equity market over the period included the announcement by the Australian Competition and Consumer Commission that its preliminary view on the TPG-Vodafone merger application was that it would lessen competition in both mobile and fixed broadband segments. A final decision will be made by March 28, The Australian Prudential Regulation Authority announced its intention to commence proceedings to disqualify financial services company IOOF's CEO and chairman from acting as trustees for IOOF entities and to impose additional license conditions on IOOF. There was also some significant mergers and acquisitions activity over the quarter, particularly within the financial services sector. AMP, for example, announced the sale of its ANZ wealth protection and mature businesses to Resolution Life, leading AMP's share price to fall, due to the sale of the business at a discount to market value and the loss of earnings for the remaining AMP business. Meanwhile, Commonwealth Bank of Australia sold its global asset management business, Colonial First State Global Asset Management, to Mitsubishi UFJ. On the macroeconomic front, data were generally weaker over the quarter, with third-quarter gross domestic product (GDP) slowing to an annual rate of 2.8%, down from 3.4% the previous quarter, and recent data showing an acceleration in house price falls in Sydney and Melbourne. Meanwhile, the latest reading of the National Australia Bank survey showed a downward trend in both business confidence and business conditions. Recent retail sales and car sales data are also weakening. The Reserve Bank of Australia once again left interest rates on hold since its last cut in August 2016, with the central bank's meeting minutes noting that housing credit growth is slowing on the back of tighter lending conditions and weakening demand and that real average earnings have been "relatively unchanged" for five years. Reflecting the risk-off environment, bond yields fell, with both 10-year Treasuries and 10-year Australian bonds declining. Materials Holdings Drag Our choice of securities within the materials space was by far the largest drag on relative performance over the review period. This was due to overweight positions in names such as James Hardie, Boral, Syrah Resources, and Orocobre as well as an underweight to BHP. Shares in building materials supplier James Hardie sold off on the back of an earnings downgrade from management in November as well as more general concerns about the health of the U.S. property market. We are of the view that the fall in U.S. mortgage rates and long-term yields will be positive going forward and added to our existing position over the quarter. In the case of Boral, shares in this large construction and building materials supplier underperformed due to concerns over the strength of the U.S. and Australian housing cycles and the impact of the weather on its U.S. business. We eliminated the position (more details below) due to our more cautious outlook for the Australian housing market. Shares in Syrah Resources plummeted following a fire at its Balama graphite processing plant, which disrupted production. We think this is a short-term distraction and maintain our longer-term positive thesis on the stock, namely that Syrah is a major producer of graphite and stands to benefit from demand from lithium-ion battery manufacturers in order to meet expected rising electric vehicle penetration. Orocobre, a producer of lithium concentrate, also saw its shares decline significantly over the review period. In its latest trading update, the company highlighted lower-than-expected lithium price realization due to a higher level of spot sales for the December half. This is a temporary issue, in our view, and does not detract from our long-term thesis, which is based on the company's Olaroz expansion and firm lithium prices as demand improves due to the electrification of the automobile industry. Our underweight to diversified mining group BHP also sapped relative returns over the quarter. Despite the overall market sell-off, its shares held up well, in part due to a strengthening in iron ore prices. (Rio Tinto, in which we were overweight at the start of the quarter, also outperformed on a relative basis, making it a positive contributor to portfolio returns.) Relative Returns Held Back by Consumer Discretionary Names Our choice of securities within the consumer discretionary sector, as well as our overweight stance, hindered relative performance over the period as it was one of the weakest-performing sectors in the benchmark index. This was primarily due to overweight positions in Aristocrat Leisure, Domino's Pizza Enterprises, and Star Entertainment. Some of this weakness was due to the relative underperformance of growth stocks in the recent market sell-off. In the case of Aristocrat, this gaming machine manufacturer announced its full-year profit result, which, while strong, modestly missed market expectations. This was largely due to lower-than-expected margins in its digital and North American gaming businesses. We believe these issues are largely temporary and expect the company to continue to take market share in its key gaming businesses and achieve strong profit growth. Shares in Domino's Pizza Enterprises also sold off sharply after investors were concerned by the company's trading update, which highlighted that while Australia, New Zealand, and Japan are For Wholesale Clients Only. Not for further Distribution. 2

3 growing at a decent rate, Europe has underperformed. We continue to like the name; the company is the largest Domino's Pizza master franchisee globally, with master franchises in a number of markets including Australia, Japan, and much of western Europe. Our investment thesis is that Domino's has a long growth runway in Europe, where it is building a scale advantage and rolling out its digital ordering platform, which should underpin share gain and store rollout. This, coupled with continued growth and margin expansion in Australia and New Zealand, could allow Domino's to deliver high EPS growth over the medium term, in our view. The portfolio's holding in gaming and entertainment group Star Entertainment was another source of relative losses over the October-December quarter. The shares of Australia's casino operators in general came under pressure in 2018, due to concerns about domestic consumer spending and the impact of an economic downturn in China. ALS a Big Negative on Industrials and Business Services Having been a major positive contributor to relative performance in the July-September quarter, our choice of securities within industrials and business services detracted from returns over this review period. This was largely due to a sharp sell-off in ALS, a provider of analytical testing services to the mineral exploration and oil and gas sector and a sizable overweight position in the portfolio. Although ALS' half-year earnings came in ahead of guidance, investors were disappointed by management's expectations for volume growth in some business areas for the balance of this fiscal year. As ALS has clients in the oil and gas industry, the lower oil price also dented sentiment, as did the market bias away from growth names. We retain our view that a recovery in gold exploration spending from trough levels could drive significant growth and margin expansion in ALS' mineral testing laboratories. We believe this, in turn, could lead to significant consensus upgrades. Beneficial Energy Underweight Offset by Weak Stock Selection We have been underweight the energy sector since the end of the April-June quarter, and this stance served the portfolio's performance well over the review period. The oil price dropped over the last few months of On the one hand, the spectre of a slowdown in the global economy prompted concerns of lower demand. On the supply side, growing output of U.S. shale more than offset the announced productions curbs from Saudi Arabia, Russia, and the Canadian province of Alberta. However, this positive allocation effect was more than offset by weak stock selection in the sector. For example, our overweight position in Worley Parsons, a provider of services to the oil and gas industry, had by far the most negative impact here. Its shares sold off over the quarter on fears that the significant decline in the oil price could delay or curtail oil and gas sector capital expenditure. Investors were also concerned about the timing of Worley's acquisition of Jacob's energy, chemicals, and resources unit for USD $3.3 billion, funded by a rights issue. While we recognize this risk, most projects use oil price assumptions well below recent spot levels. In addition, following the significant pullback in sector capital expenditure over recent years, we believe oil and gas companies will need to increase their expenditure to grow or maintain existing production. Consumer Staples a Relative Haven Our choice of securities within the consumer staples space was an important positive contributing factor to relative performance over the quarter. In particular, shares in Woolworths posted decent gains in the market sell-off. In part, the stock benefited from the supermarket's status as a relative haven in turbulent times. Investors were also encouraged by better-than-expected results in November. Woolworths' announced sale of its petrol business to convenience and fuel retailer EG Group further boosted sentiment toward the name. We are of the view that a successful conclusion of the deal, worth AUD $1.725 billion, could give Woolworths the flexibility to return excess franking credits to shareholders some time in 2019 through a capital return. ResMed Continued to Outperform A long-standing key holding in the portfolio, ResMed was a significant source of added value over the most recent quarter. The respiratory medical device manufacturer delivered another set of solid results, with robust year-on-year revenue growth and an expansion of the product portfolio with new masks and upgrades to its digital health solutions. Long term, we believe that ResMed's fundamentals are attractive and that the company's move into connected care will deliver business model integration and help give it a competitive advantage. PORTFOLIO POSITIONING AND ACTIVITY In recent months, as we became somewhat more cautious about the health of the Australian economy and earnings growth, we modestly reduced some of the portfolio's cyclical exposure. In the October-December quarter, we continued, to some extent, with selectively reducing some specific sources of cyclicality out of the portfolio (mainly in materials but also IT) and raised defensive exposure (through consumer staples and health care). Notwithstanding these shifts, the market sold off so rapidly and sharply over the quarter that this led us to identify investment opportunities in stocks that had, in our view, become oversold. As of the end of December 2018, our largest relative sector overweights were in consumer discretionary, consumer staples, and industrials and business services. Our key underweights are real estate, materials, and energy. Overall, the portfolio is modestly overweight financials, but this masks a divergence between our significant underweight to banks and overweight to the insurance sector. Our view of the Australian domestic economy is reflected in the strategy; we have very little direct domestic exposure. Rather, we favour structural growers and companies that have direct exposure to stronger economic environments, particularly the U.S. Topped-Up Names That Looked Oversold The final quarter of 2018 saw a widespread sell-off in Australian equities, and at times this felt indiscriminate, with high-quality names being sold off alongside lower-quality stocks. We took the opportunity to top up holdings, which we felt had become oversold. For example, we increased the size our positions in gaming machine manufacturer Aristocrat Leisure (the biggest position in the portfolio) and James Hardie. In the case of the latter, we had trimmed our holding in the July-September quarter on the weaker U.S. housing outlook. In the most recent quarter, we started to rebuild the position in this manufacturer of fiber-cement cladding and other building products. We have seen mortgage rates and long-term yields come down, and we believe that this sets James For Wholesale Clients Only. Not for further Distribution. 3

4 Hardie up well going into the second half of Other existing positions that we added to, on the back of share price weakness, included fund administration business Link Administration and casino operator Start Entertainment. Modestly Raised Defensive Tilt of the Portfolio Our somewhat more cautious outlook led us to add to the portfolio's defensive exposure over the June-September quarter. In this most recent quarter, we incrementally continued this shift, increasing the weightings to consumer staples, health care, and insurance. We did this through a growth stock, infant milk manufacturer a2 Milk. The company is a pioneer in the A2 milk segment and the leading player in the premium infant formula marketplace. We believe that the company has the potential to grow its market share in China. It has already moved into the U.S. in fresh milk, and the strategy in that market is to invest heavily and grow distribution, with the aim of eventually launching infant formula in the U.S. market. We added to an existing position within health care. CSL is a global specialty biopharmaceutical company that researches, develops, manufactures, and markets biotherapies to treat and prevent a range of human medical conditions. We believe the base business remains well placed to continue to take market share, and CSL has been successful in responding quickly to meet strong demand, something with which some of its rivals have struggled. Within the traditionally defensive insurance industry, we added to our existing holding in Insurance Australia Group. Both life and general insurers are seeing rising premiums, which could result in improved margins, in our view. Participated in WorleyParsons New Rights Issue As indicated earlier in this report, WorleyParsons shares saw a steep decline over the quarter on the back of a lower oil price and what the market judged to be an ill-timed acquisition funded by a large rights issue. We made the decision to participate in the rights issue, as we believe this acquisition has strong industrial logic and is taking place at an attractive point in the oil and gas capital expenditure cycle. As an engineering company, Worley is exposed to oil and gas capital spending rather than directly from the oil price. As such, we believe the fundamentals remain in place for the company to benefit from higher capital expenditure in the sector. MANAGER'S OUTLOOK While we became more cautious on equity markets several months ago on the back of U.S.-China tensions and the potential for this to negatively feed back into the economy, we believe the recent market sell-off is overdone. We expect economic growth to slow and for this to flow through into slower corporate earnings; however, we do not expect this to translate into a global recession. Equity markets have rapidly moved to price in a much highly likelihood of this scenario than we believe is warranted. The fundamentals in most economies around the world remain positive, and we see reasonable, albeit slower, earnings growth prospects in The main risk to this view is a full flow trade conflict between the U.S. and China is a particularly important year for the Australian economy. We enter this year with house prices falling, and the economy is slowing. There will be a federal election that is highly likely to see a change of government, with a Labor government being installed. Australia has now had 27 years of uninterrupted economic growth, and the big question is, can that continue. We think the risk of a recession in the next few years is definitely higher than what it has been for most of the last 10 to 15 years. We are seeing house price falls domestically and believe that there is further downside likely in Most economic indicators are all coming in softer, and we think the risk to GDP growth is to the downside. The recent pullback has seen a number of attractive opportunities in high-quality growth names emerge, which we are taking advantage of. Our overall positioning is largely unchanged, and we remain overweight structural growers and to companies that have direct exposure to stronger economic environments, particularly the U.S. We have modestly reduced some of our cyclical exposures and slightly increased our defensive positioning. We also maintain our significant underweight to the banking and domestic cyclical sectors. Following the recent sell-off, we see the Australian equity market valuation as attractive, with price/earnings ratios in line with longer-term averages. We expect this to provide support to the market going forward. Sold Down Materials Moved Underweight Commodity-Related and Mining Names We were overweight commodity-related names for much of 2018, a strategy that worked well for us. However, we have been selling exposure as growth and inflation expectations have come down. Over the course of the quarter, we moved from a modest overweight to a significant underweight in materials. We remain underweight diversified mining group BHP, and over the quarter, we moved underweight to benchmark heavyweight Rio Tinto. Reduced IT Exposure We reduced the extent of our IT overweight over the course of the quarter. For example, we significantly reduced the size of our position in Computershare, the provider of share registry and employee equity plan services. The stock had been a good contributor to portfolio performance, but with bond yields coming down, we believed that the upside had been taken out of the stock. For Wholesale Clients Only. Not for further Distribution. 4

5 QUARTERLY ATTRIBUTION SECTOR ATTRIBUTION DATA VS. S&P/ASX 200 INDEX (AUD) (3 months ended 31 December 2018) Total Value Added Value Added from Group Weight Value Added from Stock Selection 1% 0% -1% -2% -3% -4% Total Consumer Staples Health Care Utilities Info Tech Energy Real Estate Communication Services Financials Industrials & Business Services Consumer Disc Over/Underweight 7% Over/Underweight 0.00% 3.37% -0.60% -2.02% 2.44% -7.36% -2.64% -1.80% 1.19% 3.41% 6.02% -6.17% Fund Performance Index Performance Value Add - Group Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. S&P/ASX 200 INDEX (3 months ended 31 December 2018) Security % of Equities Stock Return (%) Materials TOP 5 RELATIVE DETRACTORS VS. S&P/ASX 200 INDEX (3 months ended 31 December 2018) Net Contribution (Basis Points) Security % of Equities Stock Return (%) 0% -7% -14% -21% -28% Net Contribution (Basis Points) Woodside Petroleum Ltd 0.0% % 41 Worleyparsons Limited 2.8% % -110 Wesfarmers Limited Aristocrat Leisure Limited Lendlease Group Als Ltd Telstra Corporation Limited Star Entertainment Group Csl Limited James Hardie Industries Plc 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. Numbers may not total due to rounding; all other numbers are percentages. Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to AUD using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested. Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. 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. Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees. Performance returns are in AUD. For Wholesale Clients Only. Not for further Distribution. 5

6 12-MONTH ATTRIBUTION SECTOR ATTRIBUTION DATA VS. S&P/ASX 200 INDEX (AUD) (12 months ended 31 December 2018) Total Value Added Value Added from Group Weight Value Added from Stock Selection 3% 0% -3% -6% Total Health Care Financials Consumer Staples Industrials & Business Services Communication Services Utilities Energy Info Tech Real Estate Consumer Disc Over/Underweight 9% Over/Underweight 0.00% 1.19% -0.60% 3.37% 3.41% -1.80% -2.02% -7.36% -2.64% 2.44% 6.02% -6.17% Fund Performance Index Performance Value Add - Group Weight Value Add - Stock Selection Total Contribution TOP 5 RELATIVE CONTRIBUTORS VS. S&P/ASX 200 INDEX (12 months ended 31 December 2018) Security % of Equities Stock Return (%) Materials TOP 5 RELATIVE DETRACTORS VS. S&P/ASX 200 INDEX (12 months ended 31 December 2018) Net Contribution (Basis Points) Security % of Equities Stock Return (%) 0% -9% -18% Net Contribution (Basis Points) Resmed Inc. 3.8% 46.94% 128 Star Entertainment Group 4.9% % -106 Macquarie Group Limited Syrah Resources Limited Computershare Limited Orocobre Limited Westpac Banking Corporation Bhp Group Limited Amp Limited Boral Limited 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. Numbers may not total due to rounding; all other numbers are percentages. Analysis represents the total performance of the portfolio as calculated by the FactSet attribution model and is inclusive of other assets that that will not receive a classification assignment in the detailed structure shown. Returns will not match official T. Rowe Price performance because FactSet uses different exchange rate sources and does not capture intra-day trading. Performance for each security is obtained in the local currency and, if necessary, is converted to AUD using an exchange rate determined by an independent third party. Figures are shown with gross dividends reinvested. Sources: Financial data and analytics provider FactSet. Copyright 2019 FactSet. All Rights Reserved. MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc. 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. Figures are shown gross of fees. Returns would be lower as a result of the deduction of such fees. Performance returns are in AUD. For Wholesale Clients Only. Not for further Distribution. 6

7 PORTFOLIO POSITIONING SECTOR DIVERSIFICATION CHANGES OVER TIME Fund - Prior Year (31 Dec 2017) Fund - Prior Quarter (30 Sep 2018) 35% 30% 25% 20% 15% Fund - Current Quarter (31 Dec 2018) S&P/ASX 200 Index - Current Quarter (31 Dec 2018) 10% 5% 0% -5% Financials Cons Disc Materials Indust & Bus Svcs Cons Stpls Health Care Info Tech Energy Comm Svcs Utilities Real Estate LARGEST PURCHASES LARGEST SALES Issuer Sector % of Fund Current Quarter 31 Dec 2018 % of Fund Prior Quarter 30 Sep 2018 Issuer Sector % of Fund Current Quarter 31 Dec 2018 % of Fund Prior Quarter 30 Sep 2018 Aristocrat Leisure 5.7% 5.1% Aristocrat Leisure 5.7% 5.1% Australia & New Zealand Banking National Australia Bank Woolworths ResMed Star Entertainment Suncorp Group Macquarie Group James Hardie Industries CSL Rio Tinto Link Administration Holdings Computershare a2 Milk (N) TPG Telecom Challenger Ltd/Australia (N) Boral (E) Reliance Worldwide (N) Amcor (E) (N) New Position (E) Eliminated For Wholesale Clients Only. Not for further Distribution. 7

8 HOLDINGS TOP 10 ISSUERS Issuer Industry % of Fund % of S&P/ASX 200 Index Aristocrat Leisure Hotels Restaurants & Leisure 5.7% 0.9% Australia & New Zealand Banking Banks Insurance Australia Insurance Woolworths Food & Staples Retailing Star Entertainment Hotels Restaurants & Leisure Macquarie Group Capital Markets CSL Biotechnology Commonwealth Bank of Australia Banks ALS Queensland Professional Services National Australia Bank Banks TOP 5 OVER/UNDERWEIGHT POSITIONS VS. S&P/ASX 200 INDEX Issuer Industry % of Fund % of S&P/ASX 200 Index Over/Underweight Aristocrat Leisure Hotels Restaurants & Leisure 5.7% 0.9% 4.8% Star Entertainment Hotels Restaurants & Leisure Insurance Australia Insurance ALS Queensland Professional Services Link Administration Holdings IT Services Commonwealth Bank of Australia Banks Bhp Metals & Mining Westpac Banking Banks Wesfarmers Multiline Retail Telstra Diversified Telecom Services PORTFOLIO MANAGEMENT Portfolio Manager: Randal Jenneke Managed Fund Since: 2012 Joined Firm: 2010 For Wholesale Clients Only. Not for further Distribution. 8

9 Additional Disclosures Source for S&P data: S&P. "Standard & Poor s ", "S&P ", "S&P 500 ", "Standard & Poor s 500", and "500" are trademarks of Standard & Poor s, and have been licensed for use by T. Rowe Price. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor s and Standard & Poor s makes no representation regarding the advisability of investing in the fund. 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. For Wholesale Clients Only. Not for further Distribution. 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. 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 For Wholesale Clients Only. Not for further Distribution. 10