Nimbus 9 PORTFOLIO MANAGEMENT

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1 Nimbus 9 STRATEGY HIGHLIGHTS Ticker: N/A CUSIP: 77955H105 As of September 30, 2018 Total International Growth Equity Strategy Assets: 1 $21.2 billion 2 Total Portfolio Assets: $327.4 million 2 INVESTMENT APPROACH p We particularly favor companies that can generate long-term earnings growth and excess cash flow. p We look for companies with sustainable double-digit earnings growth and cash flow growth, which we believe are rare and often underappreciated by the market. p We aim to capitalize on the differences between cyclical and secular growth. p We seek to take advantage of near-term trends that can often be overemphasized by the market. p We favor companies with strong management teams and thoughtful capital allocation to exploit these secular trends and bridge cyclical difficulty. p The Portfolio s share price is subject to market risk, as well as risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Funds that invest overseas generally carry more risk than funds that invest strictly in U.S. assets. PORTFOLIO CONSTRUCTION p Typically stock portfolio p Country Ranges: +/- 15% of benchmark p Emerging Markets Exposure: +/- 15% of benchmark p Broad Sector Ranges: +/- 15% of benchmark p Stock: Typical position size range: 0.5% to 5.0% p Cash Target Range: Less than 5% p Currency Hedging: Currency views incorporated into stock selection BENCHMARK p p Lipper Variable Annuity Underlying International Multi-Cap Growth Funds Average PORTFOLIO MANAGEMENT Richard N. Clattenburg, CFA Portfolio Manager p 15 years of investment experience; 13 years with T. Rowe Price. p B.S., The Wharton School, University of Pennsylvania PORTFOLIO SPECIALISTS Jason A. White p 17 years of investment experience; 14 years with T. Rowe Price. p M.B.A., University of Chicago, Booth School of Business p M.Eng., Rensselaer Polytechnic Institute p A.B., Kenyon College For a complete list of the members of the Portfolio s Investment Advisory Committee, please refer to the Portfolio s prospectus. 1 Includes U.S.-registered mutual funds, a variable annuity portfolio, a common trust fund, and subadvised portfolios. 2 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 SECTOR DIVERSIFICATION % of Portfolio AIA Group 2.2% Bayer 2.1 British American Tobacco 1.9 Alibaba Group Holding 1.8 Taiwan Semiconductor Manufacturing 1.8 Essity 1.8 Tencent Holdings 1.8 UBS 1.7 Thales 1.7 CK Hutchison Holdings 1.7 Total 18.5% 25% 20% 15% 10% 5% 0% Over/Underweight -5% -10% Financials Health Care Cons Stpls Info Tech Indust & Bus Svcs Cons Disc Comm Svcs Materials Energy Utilities Real Estate PORTFOLIO CHARACTERISTICS Portfolio Projected Earnings Growth Rate (IBES) 9.4% 8.2% Price to Earnings (Current Fiscal Year) 18.2X 14.6X Return on Equity (Current Fiscal Year) 13.9% 13.3% Price to Book 2.9X 2.0X Investment Weighted Median Market Cap (mm) $35,147 $35,398 Investment Weighted Average Market Cap (mm) $67,290 $68,632 Number of Holdings 125 2,089 Top 20 Holdings as % of Total 33.0% 15.5% Portfolio Turnover 34.0% Active Share 81.6% Investment Weighted Median. Based on the VIP 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 Europe 43.0% Pacific Ex Japan 26.9% Japan 14.8% North America 8.9% Middle East & Africa 2.5% Latin America 2.4% Reserves 1.5% United States Hong Kong India Austria Germany France Europe 44.8% Pacific Ex Japan 26.5% Japan 16.9% North America 6.6% Middle East & Africa 2.3% Latin America 2.9% Canada United Kingdom Japan Australia -10% 0% 10% 20% MSCI All Country World Index ex USA 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 0.12% -2.19% 1.19% 9.93% 5.47% 6.53% 6.80% Lipper Variable Annuity Underlying International Multi-Cap Growth Funds Average 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. Figures shown do not reflect fees at the insurance product or contract level; if these fees were included, returns would be lower. The Portfolio s gross and net expense ratios as of its most recent prospectus were 1.05% and 0.95%, respectively. 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. 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, Information Ratio Sharpe Ratio Tracking Error R-Squared Beta Alpha % % 1.56% 3.44% Average Annual Return (%) ISP 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. The specific securities identified and described do not represent all of the securities purchased or sold for this Portfolio. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified and discussed were or will be profitable. 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