Nimbus 9. STRATEGY HIGHLIGHTS Ticker: RPIHX CUSIP: 77956H559 As of June 30, 2018 Global High Income Bond Fund Total Fund Assets: $99.

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1 Nimbus 9 STRATEGY HIGHLIGHTS Ticker: RPIHX CUSIP: 77956H559 As of June 30, 2018 Total Fund Assets: $99.6 million 1 INVESTMENT APPROACH p Integrates fundamental research and holistic capital structure considerations with a focus on global diversification targeting high yield companies from North American and European regions plus issuers located in emerging markets countries. p Represents the natural evolution of T. Rowe Price s core high yield credit competency and recognizes the global growth of the high yield market that is expected to continue. p Invests primarily in global issuers rated below investment-grade and focuses on: Proprietary fundamental analysis that drives independent credit and conviction ratings. Global diversification of high yield corporate issuers. Credits with long-term potential for balance sheet and external rating improvements. Strict risk management practices. p Utilizes active management in the high yield market where credit selection is critical. p All investments are subject to risk, including the possible loss of principal. Fixed-income securities are subject to credit risk (high-yield bonds carry a greater default risk than higher-rated bonds), liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. The investments in high-yield bonds, bank loans, and foreign securities, including those of emerging markets, involve additional risks. PORTFOLIO CONSTRUCTION p High-conviction, concentrated approach targeting approximately credit issuers across the globe with the flexibility to take meaningful over- and underweights to countries, regions, industries, ratings and individual credits. p Incorporates a truly global corporate composition using a top-down overlay based on relative and absolute valuation characteristics across regions, countries, credit qualities and industries to complement core bottom-up position selections targeting the following regional allocations: U.S. high yield: range of 30%-70% European high yield: range of 10% to 50% Emerging markets: range of 0% to 40% p Single country exposure maximum of 15% excluding the U.S. p Sovereign debt up to 10% p Investment-grade corporates up to 15% p Bank loans up to 20% p Seeks to neutralize currency risk by hedging back into the base currency BENCHMARK p The BofA Merrill Lynch Global High Yield Index Hedged to USD PORTFOLIO MANAGEMENT Mark J. Vaselkiv Co-Portfolio Manager p 34 years of investment experience; 30 years with T. Rowe Price. p M.B.A., New York University, Leonard N. Stern School of Business p B.A., Wheaton College Michael Della Vedova Co-Portfolio Manager p 24 years of investment experience; 8 years with T. Rowe Price. p GDLP, University of Technology, Sydney p LL.B., University of New South Wales p B.Com., University of New South Wales PORTFOLIO SPECIALISTS Gregor T. Dannacher, CFA p 26 years of investment experience; 3 years with T. Rowe Price. p M.B.A., New York University, Leonard N. Stern School of Business p B.S., Villanova University 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 March 31, FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 1

2 TOP 10 ISSUERS 15 LARGEST INDUSTRIES % of Fund PETROBRAS INTERNATIONAL 2.2% Asurion 1.5 SIGMA HOLDCO BV 1.5 BWAY 1.5 INTELSAT 1.5 IHEARTMEDIA 1.4 YUZHOU PROPERTIES 1.3 ARD HOLDINGS 1.2 HORIZON 1.1 TEVA PHARMACEUTICAL % 15% 10% 5% 0% The BofA Merrill Lynch Global High Yield Index Hedged to USD Over/Underweight Total 14.2% -5% -10% Energy Financial Cable Operators Health Care Food/Tobacco Metals & Mining Building & Real Estate Services Info Tech Container Wireless Communications Gaming Chemicals Utilities Broadcasting PORTFOLIO CHARACTERISTICS Fund The BofA Merrill Lynch Global High Yield Index Hedged to USD Weighted Average Maturity 6.47 years 5.80 years Weighted Average Effective Duration 3.61 years 4.05 years Number of Holdings 231 3,228 ss FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 2

3 CREDIT QUALITY DIVERSIFICATION % of Fund % of Index BBB/BB Rated & Above BB Rated BB/B Rated B Rated B/CCC Rated CCC and Below Credit Default Swaps Default Equities Not Rated Short-Term QUARTER-OVER-QUARTER CHANGE Fund - Prior Quarter (3/31/18) Fund - Current Quarter (6/30/18) 50% 40% 30% 20% 10% 0% -10% BBB/BB & Abv BB BB/B B B/CCC CCC & Below CDS Default Equities Not Rated Short- Term FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 3

4 PERFORMANCE Three Months Year-to- Date One Year Annualized (only pertains to the total return figures) Since Three Inception Years 1/22/ % -1.59% 1.79% 5.31% 6.08% The BofA Merrill Lynch Global High Yield Index Hedged to USD Morningstar High Yield Bond Category Morningstar Ranking 400 of of 575 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 gross and net expense ratios as of its most recent prospectus were 1.13% and 0.78%, respectively. The Fund operates under a contractual expense limitation that expires on April 30, Figure is equivalent to the annual Operating Expense ratio. 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. FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 4

5 RISK/RETURN CHARACTERISTICS Three Years ended June 30, Information Ratio Sharpe Ratio Tracking Error R-Squared Beta Alpha % % 1.09% % The BofA Merrill Lynch Global High Yield Index Hedged to USD Average Annual Return (%) GHI Average Annual Standard Deviation (%) The BofA Merrill Lynch Global High Yield Index Hedged to USD 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 ADDITIONAL DISCLOSURES Portfolio Construction: There is no guarantee that the investment will remain within the anticipated ranges of exposure. Weighted Average Maturity is an average of the maturities of the underlying bonds, with each bond s maturity weighted by the percentage of Fund assets it represents. Weighted Average Effective Duration is a calculation that seeks to measure the price sensitivity of the Fund to changes in interest rates. In general, the longer the average maturity or duration, the greater the Fund s sensitivity to interest rates. Duration is a better indicator of price sensitivity because it takes into account the time value of cash flows. Unless indicated otherwise the source of all data is T. Rowe Price. Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch Indices "as is," makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch Indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend T. Rowe Price Associates, Inc., or any of its products or services. Industry classification was determined by T. Rowe Price s high yield industry structure. Diversification exhibits may not add to 100% due to exclusion or inclusion of cash. Sources for credit quality: Moody s Investors Service and Standard & Poor s (S&P); split ratings (e.g., BB/B and B/CCC) are assigned when the Moody s and S&P ratings differ. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. Short-term holdings are not rated. 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