AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Total Strategy Assets : $. billion Investment Approach Single decision-maker provides clear accountability. Identify best ideas by assessing companies in a global sector context, using bottom-up approach to create focused, high-conviction portfolio. Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals. Macroeconomic and local market factors are integrated in stock selection decisions. Valuation appeal is measured against local market and broad sector opportunity set. Broad range of large-cap stocks, incorporating developed and emerging markets. Portfolio Construction Number of holdings: 90-30 Individual positions: Typically 0.3%-3.0%, maximum 5% Emerging markets exposure: +/- 5% of benchmark Broad sector ranges: +/- 0% of benchmark Country ranges: +/- 0% of benchmark (USA is +/- 20%) Currency hedging: Currency views incorporated in stock selection Cash target range: Typically less than 5% Expected tracking error: 300 to 700 basis points Performance target: 300 basis points or greater, in excess of the benchmark Benchmark Portfolio Management Team 2 R. Scott Berg, CFA Portfolio Manager 8 years of investment experience; 8 years with T. Rowe Price. BE, Macquarie University MBA, Stanford University Jay Nogueira, CFA Associate Portfolio Manager 9 years of investment experience; 6 years with T. Rowe Price. MBA, Harvard Business School Global Investment Advisory Team consisting of 2 senior T. Rowe Price regional and sector portfolio managers. Includes U.S.-registered mutual funds, a common trust fund, a subfund of the T. Rowe Price Funds SICAV, and separate accounts. 90 (3/200)
Top 0 Holdings Company % of Portfolio Apple 2.9% Google 2.5 Axis Bank 2. SM Investments.6 Qualcomm.5 Schlumberger.4 Amazon.com.4 Mitsui.4 BHP Billiton.3 Peabody Energy.3 Total 7.3% Percent 40 30 20 0 0-0 Sector Diversification Consmr. Disc. Global Large-Cap Equity Representative Portfolio Over/Underweighting Consmr. Staples Energy Financials Health Care AS OF3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Indust. & Bus. Servs. Info. Tech. Materials Telecom Services Utilities Portfolio Characteristics Global Large-Cap Equity MSCI All Country Portfolio Characteristics Representative Portfolio World Large-Cap Index Projected Earnings Growth Rate 2 7.5%.8% Price to Earnings (Current Fiscal Year) 2 6.8X 3.5X Return on Equity (Current Fiscal Year) 6.% 5.2% Price to Book 2.9X 2.3X Investment Weighted Median Market Capitalization (Millions) $25,767 $47,245 Number of Holdings 30,66 20 Largest Holdings 29.2% 6.0% Turnover (One Year) 6.8% N/A The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of the composite and of the other accounts in the composite. Information regarding the representative portfolio and the other accounts in the composite is available upon request. 2 Source: IBES. The specific securities identified and described above do not represent all of the securities purchased, sold, or recommended for clients in the composite, and no assumptions should be made that the securities identified and discussed were or will be profitable. The information shown does not reflect any ETFs that may be held in the portfolio. Numbers may not total due to rounding. Supplemental information. T. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P make changes to the GICS structure. The last change occurred on July 200. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.
AS OF3 DEC 200 Regional Composition Top and Bottom Five Over/Underweights Global Large-Cap Equity Representative Portfolio Emerging Asia Ex-Japan 8.8% Middle East and Africa 2.4% Cash.3% India China Developed Asia Ex-Japan Japan 3.0% 3.6% Emerging Europe 0.4% Europe 8.6% Latin America 6.% Canada 2.0% U.S. 43.9% Brazil Philippines Turkey Taiwan Australia Emerging Asia Ex-Japan 8.% Developed Asia Ex-Japan 5.3% Japan 8.6% Emerging Europe.3% Europe 25.0% Latin America 3.6% Middle East and Africa.4% Canada 4.3% U.S. 42.5% Canada Germany Japan -0-5 0 5 0 Percent Global Large-Cap Equity Representative Portfolio Over/Underweighting The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of the composite and of the other accounts in the composite. Information regarding the representative portfolio and the other accounts in the composite is available upon request. Supplemental information. Numbers may not total due to rounding.
PERIODS ENDED 3 DEC 200 FIGURES SHOWN IN U.S. DOLLARS Performance Annualized Three One Two Since Inception Total Return Performance Months Year Years 3 Oct 2008 Global Large-Cap Equity Composite (Gross of Fees) 8.89% 5.99% 32.83% 29.66% Global Large-Cap Equity Composite (Net of Fees) 8.74 5.3 32.05 28.89 2 8.53.68 22.3 8.48 MSCI All Country World Index 2 8.82 3.2 23.8 20.05 Net of fees performance reflects the deduction of the highest applicable management fee ( Model Net Fee ) that would be charged based on the fee schedule appropriate to you for this mandate, without the benefit of breakpoints. Please be advised that the composite may include other investment products that are subject to management fees that are inapplicable to you but are in excess of the Model Net Fee. Therefore, the actual performance of all the portfolios in the composite on a net fee basis will be different and may be lower than the Model Net Fee performance. However, such Model Net Fee performance is intended to provide the most appropriate example of the impact management fees would have by applying management fees relevant to you to the gross performance of the composite. Past performance cannot guarantee future results. Supplemental information. See GIPS Disclosure for additional performance information. 2 Returns shown with gross dividends reinvested.
Fee Schedule Global Large-Cap Equity Composite As of 3 Current Dec 200 Quarter End Figures Shown in U.S. Dollars The Global Large-Cap Equity Composite seeks long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of larger-cap companies listed on the world s stock markets. The portfolio may include investments in the securities of companies listed on the stock exchange of developed and developing countries. (Created October 2008) First $50 million Next $50 million 60 basis points 55 basis points Above $00 million 50 basis points on all assets Above $200 million 45 basis points on all assets Minimum account size $50 million A transitional credit is applied to the fee schedule as assets approach or fall below the break point.
GIPS Disclosure Global Large Cap Equity Composite Period Ended December 3, 200 Figures Shown in U S Dollar 2008² 2009 200 Gross Annual Returns (%) -0.50 52.0 5.99 Net Annual Returns (%)¹ -0.60 5.22 5.3 MSCI All Country World Large Capital Gross (%)³ -3.48 33.95.68 MSCI AC World Index (%)³ -3.07 35.4 3.2 Composite Dispersion N/A N/A N/A Comp. Assets (Millions) 23.6 567.0 592.6 # of Accts. in Comp. 3 4 5 Total Firm Assets (Billions) 37. 66.6 84. ¹Reflects deduction of highest applicable fee schedule without benefit of breakpoints. Investment return and principal value will vary. Past performance cannot guarantee future results. See below for further information related to net of fee calculations. ²October 3, 2008 through December 3, 2008. ³Primary benchmark is MSCI All Country World Large Cap Index and secondary benchmark is MSCI All Country World Index. T. Rowe Price International, Inc. ("TRPI") has prepared and presented this report in compliance with Global Investment Performance Standards (GIPS ). TRPI has been verified for the 0-year period ended June 30, 200 by KPMG LLP. A copy of the verification report is available upon request. TRPI is a U.S. registered investment management firm and holds itself out as such to potential clients for GIPS purposes. TRPI further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, including the non-u.s. and certain global strategies of T. Rowe Price Global Investment Services Limited ( TRPGIS ), an investment manager registered with the FSA and other regulatory bodies. The TRPGIS strategies were included in the TRPI firm definition effective January, 2009 as a result of an internal reorganization. Management believes this change represents the most appropriate Firm definition. The firm has not included any non-fee paying portfolios in its composites. Non-fee paying portfolios are included in the firm s total assets. The minimum asset level for equity portfolios to be included in composites is $5 million. Prior to January 2002, the minimum asset level for composite inclusion was $ million. The minimum asset level for fixed income and asset allocation portfolios to be included in composites is $0 million. Prior to October 2004, the minimum asset level for composite inclusion was $5 million, and prior to January 2002, the minimum asset level for composite inclusion was $ million. Valuations are computed and performance reported in U.S. dollars. Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee ("Model Net Fee") that would be charged based on the fee schedule appropriate to you for this mandate, without the benefit of breakpoints. Please be advised that the composite may include other investment products that are subject to management fees that are inapplicable to you but are in excess of the Model Net Fee. Therefore, the actual performance of all the portfolios in the composite on a net fee basis will be different, and may be lower, than the Model Net Fee performance. However, such Model Net Fee performance is intended to provide the most appropriate example of the impact management fees would have by applying management fees relevant to you to the gross performance of the composite. Gross and net performance returns are presented net of nonreclaimable withholding taxes. Dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within a composite for the full year. Dispersion is not calculated for the composites in which there are five or fewer portfolios. Supplemental performance history may be presented. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Withholding taxes, whether or not refundable, are accrued for equity securities at the time of dividend accrual and, where applicable, are accrued daily for fixed income securities. Where capital gains taxes apply, aggregate security value is reduced to net realizable value, considering holding periods, potential loss carry-forwards, and other relevant factors that may vary from country to country. Some accounts may trade futures and options, potentially high-risk derivatives. Futures and options contracts may be bought or sold for any number of reasons, including managing exposure to changes in securities prices and foreign currencies, as an efficient means of adjusting overall exposure to certain markets, in an effort to enhance income, as a cash management tool, or to protect the value of portfolio securities. Purchases and sales of futures and options are only affected in accordance with individual client portfolio guidelines and generally represent less than 0% of a portfolio. Benchmarks are taken from published sources and may have different calculation methodologies, pricing times, and foreign exchange sources from the composite. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow greater than or equal to 5% of portfolio assets. The temporary removal of such an account occurs at the beginning of the measurement period in which the significant cash flow occurs and the account re-enters the composite on the last day of the current month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. These results are intended to be used in the institutional market only. Consultants are advised to use this data in accordance with SEC guidelines. Past performance does not guarantee future results. Investment return and principal will vary. Where lawfully permitted, persons may access T. Rowe Price mutual fund information and T. Rowe Price Funds SICAV information at www.troweprice.com. A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request. This material is not to be distributed or disseminated without the express written consent of TRPI.
Additional Disclosure Issued in the USA by T. Rowe Price Associates, Inc., 00 East Pratt Street, Baltimore, MD, 2202, which is regulated by the U.S. Securities and Exchange Commission. The material is not intended to be a solicitation for any product or service not available to U.S. investors, including the T. Rowe Price Funds SICAV, and may be distributed only to institutional investors. Issued in Japan by T. Rowe Price International Ltd, Tokyo Branch ( TRPILTB ) (KLFB Registration No. 445 (Financial Instruments Service Provider), JSIAA Membership No. 0-062), located at NBF Hibiya Building 20F, -7, Uchisaiwai-cho -chome, Chiyoda-ku, Tokyo 00-00. This material is intended for use by professional investors only and may not be disseminated without the prior approval of TRPILTB. Issued in Canada by T. Rowe Price (Canada), Inc. T. Rowe Price (Canada), Inc. enters into written delegation agreements with affiliates to provide investment management services. T. Rowe Price (Canada), Inc. is not registered to provide investment management business in all Canadian provinces. Our investment management services are only available to select clients in those provinces where we are able to provide such services. This material is intended for use by accredited investors only. Issued in New Zealand by T. Rowe Price International Ltd ( TRPIL ). TRPIL is authorised and regulated by the UK Financial Services Authority under UK laws, which differ from New Zealand laws. This material is intended only for use by persons who are not members of the public, by virtue of section 3(2)(a)(ii) of the Securities Act 978 and is not intended for public distribution nor as a solicitation for investments from members of the public. This material may not be redistributed without prior written consent from TRPIL. Issued outside of the USA, Japan, Canada, and New Zealand by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC4N 4TZ, which is authorised and regulated by the UK Financial Services Authority (the FSA ). This material is not intended for use by Retail Clients, as defined by the FSA. T. Rowe Price, Invest With Confidence and the Bighorn Sheep logo are registered trademarks of T. Rowe Price Group, Inc. in the United States, European Union, Australia, Canada, Japan, and other countries. This material was produced in the United Kingdom.