Australian Equities WE SEEK QUALITY, PURE AND SIMPLE.

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1 PRICE POINT May 2017 Timely intelligence and analysis for our clients. Australian Equities WE SEEK QUALITY, PURE AND SIMPLE. KEY POINTS Randal Jenneke, Head of Australian Equities The DNA of what we do as an investment manager is based on quality and this is the investment approach we take for investing in Australian equities. Why do we do this? Because we believe that investing in quality companies provides attractive riskadjusted returns. Coupled with a focus on growth and embedding strong valuation discipline, the power of the quality factor in generating investment returns could be significantly enhanced. High-quality, growing businesses trading at attractive long-term valuations not only compound value at a faster rate than the broader market, but also offer downside risk support, with lower potential drawdowns during periods of heightened volatility or market stress. Tom Shelmerdine Research Analyst Ryan Martyn Research Analyst Our proprietary Business Quality Assessment framework, which ranks companies based on their return on capital and earnings growth prospects, differentiates our investment approach from that of our competitors. Consistent application of this framework, alongside our valuation-based ratings system, leads to a portfolio of stocks that we believe could generate attractive alpha over time in a risk-controlled fashion. The combination of local market expertise, experience and insight, with T. Rowe Price s global research perspectives, provide us with a potential information advantage in the management of our high conviction investment portfolio. Our core objective is to create value for clients by investing in companies where we believe we have differentiated insights that the market does not yet fully understand or appreciate. Our research depth, combined with disciplined capacity management, allows us to build a highly active portfolio of Australian shares from across the market capitalisation spectrum. FOR WHOLESALE CLIENTS ONLY. NOT FOR FURTHER DISTRIBUTION.

2 A QUALITY GROWTH APPROACH AIMED AT MANAGING DOWNSIDE RISK We believe that the best long-term results for investors can be achieved by focusing on a quality growth-oriented investment strategy, combined with a strong valuation discipline. High-quality businesses not only compound value at a faster rate, but also offer the prospect of better risk-adjusted returns due to lower volatility and greater downside protection, with lower potential drawdowns. Our proprietary Business Quality Assessment (BQA) framework, which focuses on a company s return on capital profile and earnings growth prospects, differentiates our approach from that of competitors. Consistent application of this framework through the cycle, alongside our valuation-based ratings system, leads to a portfolio of stocks that we believe will compound value faster than the overall market, thereby generating alpha over time. Accordingly, our fundamental analysis focuses on identifying companies with strong competitive advantages, that are operating in industries with attractive return on capital prospects, and that are run by experienced managers who are adept at deploying capital at profitable rates of return. Our unique, consistently applied BQA analysis has proven effective in identifying outperforming stocks over time (Figure 1). Valuation discipline is also central to our investment strategy. Our strict focus in this regard helps us to avoid overpaying for companies. This valuation discipline may mean that we fail to capture some of the momentum that can sometimes replace a focus on fundamentals in certain market environments. Figure 1: Unique Business Quality Assessment analysis a proven driver of long-term excess returns Quality is defined by returns (ROE) and growth (EPS) As of 31 December 2016 Relative Median, Excess Return 1 15% 10% 5% 0% -5% A B C D E F A-D E-F -10% -15% Quality Assessment Buckets A B C D E F A-D E-F 3-year -1.00% -1.18% 0.51% 3.34% 1.76% -3.44% 0.50% 0.04% 5-year 5.82% 2.76% -2.49% -0.03% % -8.61% 1.60% % 10-year 8.79% 5.46% 4.35% 0.18% -8.40% -4.98% 4.64% -7.06% High Quality Low Quality Past performance cannot guarantee future results. 1 Relative return calculated by subtracting the median price return of each stock for each category compared to the ASX 200 Accumulation Index. The categories (A-F) are created from T. Rowe Price s BQA framework based on the ASX 200 Accumulation Index. Source: Analysis by T. Rowe Price. The specific securities identified and described above 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. This information demonstrates, in part, the firm s Risk/Return analysis. 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. However, the benefits of this discipline to performance through the cycle was underscored as recently as 2016, as we avoided following many peer group funds as they crowded into a number of very high-multiple, momentumdriven stocks, only to see them subsequently pull-back sharply. PRICE POINT 2 2 2

3 The BQA and valuation framework has also meant we have avoided many of the bond-proxy equity sectors, such as real estate, in recent years. This was painful while long-dated bond yields were falling, however we believe that, moving forward, this positioning will contribute positively to performance as yields rise and idiosyncratic stock fundamentals come back into focus. LOCAL + GLOBAL INSIGHTS = INFORMATION ADVANTAGE T. Rowe Price s six person strong Australian Equity investment team has nearly a century of combined investment experience. In addition to long investment careers in the Australian market (average experience across the team is over 15 years) team members have tertiary qualifications specifically related to their areas of expertise or have worked in the industry. This specific knowledge provides us with a considerable advantage in assessing investment opportunities in highly technical segments of the equity market. Of course, many Australian companies do not only operate domestically. Being able to leverage the T. Rowe Price global research platform, with its significant on the ground presence in major regions around the world, is a key competitive advantage in our analysis of Australian companies. T. Rowe Price s significant footprint in overseas markets provides unparalleled corporate access to suppliers, customers and competitors of Australian companies. This allows us to better understand and forecast the offshore revenues of Australian companies which currently make up approximately 30% of total revenues 1. This advantage is perhaps best evidenced by way of tangible examples. In early 2016, for example, Tom Shelmerdine, our metals & mining analyst, was able to discuss the outlook for China s economy following recent stimulus, with our Hong Kong-based analysts specifically covering Chinese real estate and infrastructure-related companies. Combined with his own first-hand visits to China, these discussions directly influenced his more positive view on the mining sector, compared to the general consensus, for much of Similarly, a company that our materials sector analyst Ryan Martyn covers is James Hardie Industries, a business with substantial overseas operations and earnings, and his access to our US-based teams perspectives on the US housing cycle, US-based competitors and key input costs such as softwood pulp, have been instrumental to his research. More recently, in assessing the potential threat to domestic retailers caused by Amazon s entry into Australia, we have again been able to leverage the experience of our overseas analysts in order to better understand the likely impact on traditional bricks and mortar retail. A HIGH CONVICTION, HIGH ACTIVE SHARE PORTFOLIO We seek to deliver a truly active portfolio for our clients. Our average active share of the representative portfolio for the Australia Equity Strategy* of 52% is notably higher than our peers 2. Indeed, a number of features differentiate our approach from our core Australian equity peer group. Disciplined adherence to our investment process leads to a sharply focused portfolio comprising around 35 of our highest conviction stock ideas. We manage these positions actively, being contrarian and exploiting the behavioural and psychological biases of other market participants. By maintaining a flexible, unconstrained approach, rather than rigidly adhering to the designated benchmark, we look to add considerable value by investing down the capitalisation scale, identifying quality small and mid-cap businesses that are potentially still in the relatively early stages of their growth cycle. Importantly, we maintain a strict capacity discipline, which allows us to continue to invest across the market cap spectrum, while preserving the overall integrity of the Strategy. 1 Factset, as of 31 March Zenith Approved Product List. As of 31 March * Please refer to disclosures on page 4. PRICE POINT 3 3 3

4 T. Rowe Price Australian Equity Strategy Summary A highly active, core equity strategy with a quality growth investment focus aimed at delivering strong riskadjusted returns through the cycle. High conviction portfolio comprising around 35 stocks. Active share expected to average over 50% over the long term 1. Portfolio manager with 25 years experience investing in Australian equities, plus a specialist, locally-based research team. Supported by an integrated global research platform with over 240 investment professionals 2. * The representative portfolio is an account we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. 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. The average has been calculated from quarterly data since 30 June 2012 (the first quarter-end after inception of the strategy). 1 While it is the objective of the strategy to have an active share average over 50% over long term, there is no guarantee that this objective can be achieved. 2. As at 31 April 2017 PRICE POINT 4 4 4

5 Important Information This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recording provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only. 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. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The material has not been reviewed by any regulatory authority in any jurisdiction. The material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. 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 views contained herein are as of April 2017 and may have changed since that time. Australia Issued in Australia by T. Rowe Price International Ltd. (ABN ), Level 50, Governor Phillip Tower, 1 Farrer Place, Suite 50B, Sydney, NSW 2000, Australia. T. Rowe Price International Ltd. is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides in Australia. T. Rowe Price International Ltd. is authorised and regulated by the UK Financial Conduct Authority under UK laws, which differ from Australian laws. For Wholesale Clients only. 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. in the United States, European Union, and other countries. This material is intended for use only in select countries /17

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