Nimbus 9 PORTFOLIO MANAGEMENT

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1 Nimbus 9 STRATEGY HIGHLIGHTS Ticker: TRCEX CUSIP: 74144Q880 As of June 30, 2018 Total Assets: $190.9 million 1 INVESTMENT APPROACH p Emphasize companies with a favorable combination of growth prospects and valuation. p Employ rigorous and comprehensive research to identify and assess investment opportunities. p Allocate country and sector positions through consideration of: Attractiveness of individual investments Macroeconomic environment p Stock selection drives portfolio construction. p The fund s share price will fluctuate with changes in market, political, economic, and foreign currency exchange conditions. s that invest overseas generally carry more risk than funds that invest strictly in U.S. assets. PORTFOLIO CONSTRUCTION p Typically stock portfolio p Individual positions typically range from 0.25% to 5.00%. Average position size of 0.6% p Regional, country and sector weights vary from +/-10% absolute deviation from the benchmark p Reserves range from 0% to 5% p Target tracking error between 3.00% to 6.00% p Target Information Ratio: 0.5 or greater than the benchmark BENCHMARK p PORTFOLIO MANAGEMENT Raymond A. Mills, CFA, Ph.D. Portfolio Manager p 20 years of investment experience; 20 years with T. Rowe Price. p Ph.D., Stanford University p S.M., Massachusetts Institute of Technology p B.S., Virginia Polytechnic Institute and State University PORTFOLIO SPECIALISTS Jason A. White p 16 years of investment experience; 13 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 s Investment Advisory Committee, please refer to the s prospectus. 1 Assets reported are as of March 31, FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 1

2 As of June 30, 2018 TOP 10 ISSUERS SECTOR DIVERSIFICATION % of Nestle 2.4% Unilever 2.0 Novartis 1.8 Total 1.7 Siemens 1.7 Bayer 1.7 Roche Holding 1.6 Nippon Telegraph & Telephone 1.6 Koninklijke Philips 1.4 Toyota Motor 1.4 Total 17.1% 30% 25% 20% 15% 10% 5% 0% Over/Underweight -5% -10% Financials Health Care Cons Disc Indust & Bus Svcs Info Tech Cons Stpls Materials Telecomm Svcs Energy Utilities Real Estate PORTFOLIO CHARACTERISTICS Projected Earnings Growth Rate (IBES) 8.2% 7.6% Price to Earnings (Current Fiscal Year) 13.3X 14.4X Return on Equity (Current Fiscal Year) 12.6% 12.5% Price to Book 2.0X 2.0X Investment Weighted Median Market Cap (mm) $40,910 $37,762 Investment Weighted Average Market Cap (mm) $71,461 $62,449 Number of Holdings Top 20 Holdings as % of Total 28.3% 18.7% Portfolio Turnover (12 Months) 23.0% Active Share 68.4% ss Investment Weighted Median. Based on the fund s underlying holdings and is not a projection of future portfolio performance. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 2

3 As of June 30, 2018 GEOGRAPHICAL DIVERSIFICATION TOP AND BOTTOM FIVE OVER/UNDERWEIGHTS Europe 58.0% Japan 20.7% Pacific Ex Japan 14.9% North America 3.6% Reserves 2.0% Latin America 0.8% Canada China South Korea Taiwan Norway Australia Europe 63.3% Japan 24.0% Pacific Ex Japan 12.0% Latin America 0.1% Middle East & Africa 0.5% France Hong Kong Spain Japan -10% 0% 10% 20% 30% Over/Underweighting FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 3

4 As of June 30, 2018 PERFORMANCE Annualized -1.65% -1.87% 8.21% 5.51% 7.24% 6.57% 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 s gross and net expense ratios as of its most recent prospectus were 0.84% and 0.75%, respectively. The fund operates under a contractual expense limitation that expires on 2/28/19. The Lipper since inception returns are calculated from 10/31/10 through the date of this report. Three Months Year-to- Date One Year Three Years Five Years Since Inception 10/27/10 FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 4

5 As of June 30, 2018 RISK/RETURN CHARACTERISTICS Five Years ended June 30, 2018 Information Ratio Sharpe Ratio Tracking Error R-Squared Beta Alpha % 2.44% % 0.70% Average Annual Return (%) IIC 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 June 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. 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 August 31, 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, 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. T. Rowe Price Investment Services, Inc., Distributor US FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 6