The Strength of T. Rowe Price s Investment Expertise in European Equities

T. Rowe Price EUROPEAN EQUITIES The Strength of T. Rowe Price s Investment Expertise in European Equities T. Rowe Price has been investing in European equities since the inception of our International Growth Equity Strategy in 1980, launching our dedicated Europe Equity Core Composite in 1995. Since then, we have carefully built up our research capability and coverage of the European equity market, launching strategies in Emerging Europe and Mediterranean, European Smaller Companies, and European Structured Research. The following tables indicate the relative and absolute performance that these products have delivered. European Equity Performance (31 Mar 2011) Figures shown in Euros Annualized 10 Years or 3 Months 1 Year 3 Years 5 Years Since Inception Inception Date Europe Equity Core Strategy 1 Europe Equity Core Composite (Gross of Fees) 1.51% 12.24% 3.36% 1.81% 2.34% 30 Jun 1995 Europe Equity Core Composite (Net of Fees) 2 1.38 11.63 2.79 1.26 1.78 MSCI Europe Index 3 0.74 8.02 0.10-0.58 1.30 Value Added (Gross of Fees) 4 0.77 4.22 3.26 2.39 1.04 Emerging Europe and Mediterranean Equity Strategy 1 Emerging Europe and Mediterranean Equity Composite (Gross of Fees) -2.28 18.99-0.55 1.11 14.91 30 Sep 2000 Emerging Europe and Mediterranean Equity Composite (Net of Fees) 2-2.49 17.99-1.39 0.25 13.94 Benchmark 3,5 5.66 17.90 3.42 2.03 11.02 Value Added (Gross of Fees) 4-7.94 1.09-3.97-0.92 3.89 European Smaller Companies Equity Strategy 1 European Smaller Companies Equity Composite (Gross of Fees) 0.83 21.40 38.27 30 Nov 2008 European Smaller Companies Equity Composite (Net of Fees) 2 0.65 20.50 37.26 S&P Pan Europe SmallCap Index 0.65 16.82 29.75 Value Added (Gross of Fees) 4 0.18 4.58 8.52 1 Valuations and performance are computed in U.S. dollars and converted to euros. When converting U.S. dollar composite returns, benchmarks, dispersion, and asset data, the same exchange rate source is used consistently. Total returns in non-u.s. dollar currencies are calculated by adjusting U.S. dollar performance by the percent change in the U.S. dollar/foreign currency exchange rate (as determined by an independent third party) for the periods selected. 2 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. 3 MSCI indices are shown with gross dividends reinvested. 4 Value Added figures represent Composite performance (Gross of fees) versus the respective index performance for that Composite. 5 Effective 1 June 2010, the benchmark for the composite was changed to MSCI Emerging Markets Europe Index. Prior to 1 June 2010, the benchmark was the MSCI Emerging Markets Europe & Middle East Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. Supplemental information. See GIPS Disclosure for additional performance information.

European Equity Performance European Structured Research Strategy (Euros) Performance for the European Structured Research Strategy is shown above and performance for the European Structured Research Composite is shown below. Composite performance is shown for the indicated periods from 28 February 2005 through 31 January 2009 and from 1 August 2009 through 31 March 2011. No performance is reflected for the period of 1 February 2009 through 31 July 2009 since no portfolios were included in the composite due to portfolios in this strategy not meeting the minimum asset level for equity portfolios. Annualized 1 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. 2 Primary benchmark is MSCI Europe Index and secondary benchmark is MSCI Europe (Net) Index. The MSCI Europe (Net) Index reflects the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the maximum rate applicable to institutional investors. MSCI uses different dividend withholding tax depending if the index series is international or domestic: International index series: the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties; Domestic index series: the maximum rate applicable to resident institutional investors. 3 Value Added figures represent composite or strategy performance (Gross of fees) versus the primary index performance for the composite or strategy as applicable. 4 Value Added figures represent composite or strategy performance (Gross of fees) versus the secondary index performance for the composite or strategy as applicable. 5 The composite s inception date is 28 Feb 2005. Performance is shown for the indicated periods from 28 Feb 2005 through 31 Jan 2009 (middle chart) and from 1 Aug 2009 through 31 Mar 2011 (bottom chart). No performance is reflected for the period of 1 Feb 2009 through 31 July 2009 since no portfolios were included in the composite due to portfolios in this strategy not meeting the minimum asset level for equity portfolios. See GIPS Disclosure for additional information. Valuations and performance are computed in U.S. dollars and converted to euros. When converting U.S. dollar composite returns, benchmarks, dispersion, and asset data, the same exchange rate source is used consistently. Total returns in non-u.s. dollar currencies are calculated by adjusting U.S. dollar performance by the percent change in the U.S. dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Supplemental information. Please see the GIPS Disclosure for information on the composite. 2 EUROPEAN EQUITIES Annualized For Period Ended 31 Mar 2011 Since Inception 3 Months 1 Year 3 Years 5 Years 28 Feb 2005 European Structured Research Strategy (Gross of Fees) 0.81% 9.02% 1.33% 0.44% 4.61% European Structured Research Strategy (Net of Fees) 1 0.71 8.59 0.92 0.04 4.19 MSCI Europe Index (Total Return) 2 0.74 8.02 0.10-0.58 3.86 Value Added (Gross of Fees) 3 0.07 1.00 1.23 1.02 0.75 MSCI Europe (Net) Index 2 0.64 7.38-0.56-1.16 3.28 Value Added (Gross of Fees) 4 0.17 1.64 1.89 1.60 1.33 For Period 28 Feb 2005 through 31 Jan 2009 28 Feb 2005 through 1 Year 3 Years 5 Years 31 Jan 2009 5 European Structured Research Composite (Gross of Fees) -37.21% -12.37% -4.66% European Structured Research Composite (Net of Fees) 1-37.48-12.73-5.04 MSCI Europe Index (Total Return) 2-38.13-13.12-5.10 Value Added (Gross of Fees) 3 0.92 0.75 0.44 MSCI Europe (Net) Index 2-38.53-13.58-5.59 Value Added (Gross of Fees) 4 1.32 1.21 0.93 Annualized For Period 1 Aug 2009 through 31 Mar 2011 1 Aug 2009 through 3 Months 1 Year 3 Years 5 Years 31 Mar 2011 5 European Structured Research Composite (Gross of Fees) 0.81% 9.02% 17.42% European Structured Research Composite (Net of Fees) 1 0.71 8.59 16.96 MSCI Europe Index (Total Return) 2 0.74 8.02 0.1-0.58 15.89 Value Added (Gross of Fees) 3 0.07 1.00 1.53 MSCI Europe (Net) Index 2 0.64 7.38-0.56-1.16 15.36 Value Added (Gross of Fees) 4 0.17 1.64 2.06

European Equity Investment Team Portfolio Manager Location Responsibility Years With T. Rowe Price Years of Investment Experience Dean Tenerelli London Europe Equity 10 19 Leigh Innes, CFA* London Emerging Europe and Mediterranean Equity 8 13 Justin Thomson London European Smaller Companies Equity 12 19 Kamran Baig London European Structured Research Equity 6 19 *Also has analyst responsibilities. Portfolio Manager Experience The experience and tenure of our team of European equity portfolio managers are invaluable to our ability to gain insight into investment opportunities in the European equity market. Our various European equity managers have an average of 18 years of investment experience and 9 years with T. Rowe Price. While some strategies employ a team approach to investing and others have a single portfolio manager, the investment process of all strategies is highly interactive, with portfolio managers and analysts sharing ideas and information irrespective of investment style. European Research Coverage Analyst Sector Years With T. Rowe Price Years of Investment Experience Ulle Adamson, CFA Emerging Markets Generalist 8 8 Leigh Innes, CFA* Emerging Markets Generalist 8 13 Joseph Rohm* Emerging Markets Generalist 5 11 Ben Griffiths, CFA Small-Cap Generalist 4 11 Sebastien Mallet Small-Cap Generalist 5 6 Uebe Rezeck Filho Small-Cap Generalist <1 2 Sin Dee Tan, CFA Small-Cap Generalist 2 2 Ken W. Allen* Technology 10 10 David J. Eiswert, CFA* Technology 7 10 Nalin Yogasundram Technology, Natural Resources 3 3 Melissa Gallagher, Ph.D. Health Care 2 6 Christopher Whitehouse Media/Telecom 5 13 Hari Balkrishna Financial Services <1 3 Fred Rizzo, CFA Financial Services 3 9 Mitchell Todd Financial Services 3 10 Marta Yago Financial Services 3 3 Sebastian Schrott Consumer/Retail 3 3 Jonty Starbuck, CFA, Ph.D. Consumer/Retail 6 10 Jin Jeong, CPA Industrials 1 6 John Sherman Industrials, Natural Resources 11 14 Vitaliy Elbert Natural Resources 2 2 Jonathan Matthews, CFA* Natural Resources 2 12 Heather K. McPherson* Natural Resources 8 10 Craig Pennington Natural Resources <1 16 Rick de los Reyes Natural Resources 4 11 Ami Shah Natural Resources <1 <1 Jeneiv Shah, CFA Natural Resources, Industrials <1 2 *Also has portfolio management responsibilities. EUROPEAN EQUITIES 3

Analysts This team is integrated into the broader T. Rowe Price global research organization of equity and fixed income analysts, and each works in close collaboration with the other analysts in his or her area(s) of specialization. They are responsible for idea generation, detailed models and analysis, and internal company ratings all shared through a global research platform, regular meetings, written research notes, and informal interaction. Summary and Philosophy The summary objectives of each of our European strategies are described below: Europe Equity Core Strategy seeks long-term capital appreciation primarily through investment in established companies, in developed European markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages. The strategy generally includes 0-10% exposure to emerging-market stocks, as defined by inclusion in the European segment of MSCI s Emerging Markets (Free) Index. Emerging Europe and Mediterranean Equity Strategy seeks long-term capital appreciation primarily through investment in companies in eastern Europe, Russia, Middle East, and northern Africa, with faster earnings growth and reasonable valuation levels relative to market/sector averages. European Smaller Companies Equity Strategy seeks long-term capital appreciation primarily through investment in small- and mid-cap companies traded in European markets, typically with superior earnings growth and reasonable valuation levels relative to market/sector averages. European Structured Research Strategy seeks sector- and industry-neutral exposure to the MSCI Europe Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfolio construction process to achieve its investment objectives. The core of our investment philosophy is consistent and based on the following concepts: The stocks of many European companies are frequently mispriced due to investor perception and market inefficiencies. A bottom-up approach to investing allows us to avoid the noise surrounding a particular company caused by macroeconomic factors and short-term trends and to focus on companies with strong fundamentals and appealing valuation in order to achieve favorable results over time. A long-term approach, consistent investment process, rigorous portfolio construction, and strict trading discipline support effective risk management. Portfolio managers and analysts continually evaluate their investment theses, relative valuation factors, qualitative and quantitative company assessments, and portfolio-level risk analysis to make balanced investment decisions. In summary, we believe that our proven investment expertise in European equities helps identify the companies that will be the long-term winners in the European market across a variety of economic environments. As our coverage of European equities expands, new advantages are identified that we believe will help realize our continued goal to produce strong absolute and relative returns for our clients. 4 EUROPEAN EQUITIES

GIPS Disclosure for Select Composites Europe Equity Core Composite Period Ended March 31, 2011 Figures Shown in Euro 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD 2011 Gross Annual Returns (%) -15.33-29.80 14.85 9.03 26.86 18.87 5.05-39.78 31.60 17.51 1.51 Net Annual Returns (%)¹ -15.80-30.20 14.23 8.43 26.17 18.23 4.48-40.13 30.89 16.88 1.38 MSCI Europe Index (%) -15.26-30.50 15.76 12.65 26.68 20.18 3.17-43.29 32.55 11.75 0.74 Composite 3-Yr St. Dev. 17.09 19.06 20.20 17.65 11.32 8.45 9.70 16.46 19.48 20.90 19.85 MSCI Europe Index 3-Yr St. Dev. 16.01 18.67 20.11 17.85 11.31 7.37 8.73 16.22 20.22 20.85 19.82 Composite Dispersion N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Comp. Assets (Millions) 1,201.3 790.7 959.2 903.3 688.2 766.7 786.1 407.6 506.1 550.0 565.3 # of Accts. in Comp. 2 2 2 2 1 1 1 1 2 2 2 Total Firm Assets (Billions) 172.8 132.0 149.1 172.7 228.0 253.1 271.9 198.3 275.4 361.5 N/A 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 Please related to see net page of fee 7 calculations. for full GIPS disclosure. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow greater than or equal to 20% 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. Emerging Europe and Mediterranean Equity Composite Period Ended March 31, 2011 Figures Shown in Euro 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD 2011 Gross Annual Returns (%) -0.91-10.43 43.20 22.75 85.56 22.04 16.79-74.19 121.57 44.70-2.28 Net Annual Returns (%)¹ -1.76-11.20 42.02 21.72 84.07 21.02 15.81-74.43 119.80 43.51-2.49 Benchmark (%)² -11.49-21.83 38.43 22.01 67.31 13.37 18.71-61.19 72.91 26.52 5.66 Composite 3-Yr St. Dev. N/A N/A 30.47 22.09 19.50 21.08 19.64 33.44 39.01 40.02 38.82 Benchmark 3-Yr St. Dev. N/A N/A 29.40 22.43 19.03 18.81 18.22 27.11 30.41 30.90 29.21 Composite Dispersion N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Comp. Assets (Millions) 22.9 22.3 44.9 112.8 898.0 1,220.7 1,233.4 213.5 492.7 623.2 565.0 # of Accts. in Comp. 1 1 1 1 1 1 1 1 2 1 1 Total Firm Assets (Billions) 172.8 132.0 149.1 172.7 228.0 253.1 271.9 198.3 275.4 361.5 N/A 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 Please to see net page of fee 7 calculations. for full GIPS disclosure. ²Effective June 1, 2010, the benchmark for the composite was changed to MSCI Emerging Markets Europe Index. Prior to June 1, 2010, the benchmark was the MSCI Emerging Markets Europe and Middle East Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the composite. Historical benchmark representations have not been restated. Compositepolicyrequiresthetemporaryremovalofanyportfolioincurringaclientinitiatedsignificantcashinfloworoutflowgreaterthanorequalto20%ofportfolioassets.Thetemporaryremovalofsuchanaccountoccurs atthebeginningofthemeasurementperiodinwhichthesignificantcashflowoccursandtheaccountreentersthecompositeonthelastdayofthecurrentmonthafterthecashflow.additionalinformationregardingthe treatmentofsignificantcashflowsisavailableuponrequest. AportfoliomanagementchangeoccurredeffectiveJuly1,2007.Therewerenochangestotheinvestmentprogramorstrategyrelatedtothiscomposite. EUROPEAN EQUITIES 5

GIPS Disclosure for Select Composites EuropeanSmallerCompaniesEquityComposite PeriodEndedMarch31,2011 FiguresShowninEuro 1Jan2009 1Aug2009 31Jan 31Dec YTD 2005² 2006 2007 2008 2009 3 2009 3 2010 2011 GrossAnnualReturns(%) 18.97 20.59 4.73 43.12 2.97 14.60 13.12 0.81 NetAnnualReturns(%)¹ 18.58 20.12 4.32 43.36 3.01 14.42 12.67 0.71 MSCIEuropeIndex(%) 4 20.01 20.18 3.17 43.29 3.50 13.58 11.75 0.74 MSCIEurope(Net)Index(%) 4 19.48 19.61 2.69 43.65 3.53 13.49 11.10 0.64 Composite3YrSt.Dev. N/A N/A N/A 16.86 N/A N/A N/A N/A MSCIEuropeIndex3YrSt.Dev. N/A N/A N/A 16.22 N/A N/A N/A N/A MSCIEurope(Net)Index3YrSt.Dev. N/A N/A N/A 16.17 N/A N/A N/A N/A CompositeDispersion N/A N/A N/A N/A N/A N/A N/A N/A Comp.Assets(Millions) 4.6 5.6 5.8 3.3 3.2 4.4 4.9 4.9 #ofaccts.incomp. 1 1 1 1 1 1 1 1 TotalFirmAssets(Billions) 228.0 253.1 271.9 198.3 N/A 275.4 361.5 N/A ¹Reflectsdeductionofhighestapplicablefeeschedulewithoutbenefitofbreakpoints.Investmentreturnandprincipalvaluewillvary.Pastperformancecannotguaranteefutureresults.Seebelowforfurtherinformationrelatedto netoffeecalculations. Please see page 7 for full GIPS disclosure. ²February28,2005throughDecember31,2005. Please see page 7 for full GIPS disclosure. 3 NoportfolioswereinthecompositefromFebruary1,2009throughJuly31,2009.Therefore,2009performanceiscalculatedfromJanuary1,2009throughJanuary31,2009andfromAugust1,2009throughDecember31,2009. 4 PrimarybenchmarkisMSCIEuropeIndexandsecondarybenchmarkisMSCIEurope(Net)Index.TheMSCIEurope(Net)Indexreflectstheminimumpossibledividendreinvestment.Thedividendisreinvestedafterdeductionof withholdingtax,applyingthemaximumrateapplicabletoinstitutionalinvestors.msciusesdifferentdividendwithholdingtaxdependingiftheindexseriesisinternationalordomestic:internationalindexseries:themaximumrate applicabletononresidentinstitutionalinvestorswhodonotbenefitfromdoubletaxationtreaties;domesticindexseries:themaximumrateapplicabletoresidentinstitutionalinvestors. Benchmarksaretakenfrompublishedsourcesandmayhavedifferentcalculationmethodologies,pricingtimes,andforeignexchangesourcesfromthecomposite. Compositepolicyrequiresthetemporaryremovalofanyportfolioincurringaclientinitiatedsignificantcashinfloworoutflowgreaterthanorequalto20%ofportfolioassets.Thetemporaryremovalofsuchanaccountoccursatthe beginningofthemeasurementperiodinwhichthesignificantcashflowoccursandtheaccountreentersthecompositeonthelastdayofthecurrentmonthafterthecashflow.additionalinformationregardingthetreatmentof significantcashflowsisavailableuponrequest. YTD 2011 2008² 2009 2010 GrossAnnualReturns(%) 2.87 67.94 29.38 0.83 NetAnnualReturns(%)¹ 2.93 66.74 28.43 0.65 S&PPanEuropeSmallCapIndex(USD)(%)³ 3.50 48.08 27.57 0.65 MSCIAllCountryEuropeSmallCapIndex(%)³ 4.05 61.78 30.76 0.18 Composite3YrSt.Dev. N/A N/A N/A N/A S&PPanEuropeSmallCapIndex(USD)3YrSt.Dev. N/A N/A N/A N/A MSCIAllCountryEuropeSmallCapIndex3YrSt.Dev. N/A N/A N/A N/A CompositeDispersion N/A N/A N/A N/A Comp.Assets(Millions) 4.7 7.9 10.1 10.1 #ofaccts.incomp. 1 1 1 1 TotalFirmAssets(Billions) 198.3 275.4 361.5 N/A ¹Reflectsdeductionofhighestapplicablefeeschedulewithoutbenefitofbreakpoints.Investmentreturnandprincipalvaluewillvary.Pastperformancecannotguaranteefutureresults.Seebelowforfurtherinformation relatedtonetoffeecalculations. Please see page 7 for full GIPS disclosure. ²November30,2008throughDecember31,2008. ³PrimarybenchmarkisS&PPanEuropeSmallCapIndexandsecondarybenchmarkisMSCIAllCountryEuropeSmallCapIndex. Compositepolicyrequiresthetemporaryremovalofanyportfolioincurringaclientinitiatedsignificantcashinfloworoutflowgreaterthanorequalto20%ofportfolioassets.Thetemporaryremovalofsuchanaccountoccurs atthebeginningofthemeasurementperiodinwhichthesignificantcashflowoccursandtheaccountreentersthecompositeonthelastdayofthecurrentmonthafterthecashflow.additionalinformationregardingthe treatmentofsignificantcashflowsisavailableuponrequest. EuropeanStructuredResearchComposite PeriodEndedMarch31,2011 FiguresShowninEuro 6 EUROPEAN EQUITIES

GIPS Disclosure for Select Composites Europe Equity Core Composite Emerging Europe and Mediterranean Equity Composite European Smaller Companies Equity Composite European Structured Research Composite EffectiveJanuary1,2011,theGIPSfirmsknownasT.RowePriceAssociates,Inc.( TRPA )andt.rowepriceinternational,inc.( TRPI )weremergedintoasinglegipsfirmandredefinedtonowbeknownast.roweprice ( TRP ).TRPhaspreparedandpresentedthisreportincompliancewithGlobalInvestmentPerformanceStandards(GIPS ).TRPAandTRPIhavebeenindependentlyverifiedforthe10yearperiodendedJune30,2010byKPMG LLP.Theverificationreportisavailableuponrequest.Verificationassesseswhether(1)thefirmhascompliedwithallthecompositeconstructionrequirementsoftheGIPSstandardsonafirmwidebasisand(2)thefirm's policiesandproceduresaredesignedtocalculateandpresentperformanceincompliancewiththegipsstandards.verificationdoesnotensuretheaccuracyofanyspecificcompositepresentation. TRPisaU.S.investmentmanagementfirmwithvariousinvestmentadvisersregisteredwiththeU.S.SecuritiesandExchangeCommission,theU.K.FinancialServicesAuthority,andotherregulatorybodiesinvariouscountries andholdsitselfoutassuchtopotentialclientsforgipspurposes.trpfurtherdefinesitselfundergipsasadiscretionaryinvestmentmanagerprovidingservicesprimarilytoinstitutionalclientswithregardtovariousmandates, whichincludeu.s.,international,andglobalstrategiesbutexcludingtheservicesoftheprivateassetmanagementgroup.theminimumassetlevelforequityportfoliostobeincludedincompositesis$5millionandpriorto January2002theminimumwas$1million.Theminimumassetlevelforfixedincomeandassetallocationportfoliostobeincludedincompositesis$10million;priortoOctober2004theminimumwas$5million;andpriorto January2002theminimumwas$1million.ValuationsandperformancearecomputedinU.S.dollarsandconvertedtoEuro.WhenconvertingU.S.dollarcompositereturns,benchmarks,dispersionandassetdata,thesame exchangeratesourceisusedconsistently.totalreturnsinnonu.s.dollarcurrenciesarecalculatedbyadjustingu.s.dollarperformancebythepercentchangeintheu.s.dollar/foreigncurrencyexchangerate(asdetermined byanindependentthirdparty)forthetimeperiodsselected. Grossperformancereturnsarepresentedbeforemanagementandallotherfees,whereapplicable,butaftertradingexpenses.Netoffeesperformancereflectsthedeductionofthehighestapplicablemanagementfeethat wouldbechargedbasedonthefeescheduleappropriatetoyouforthismandate,withoutthebenefitofbreakpoints.grossandnetperformancereturnsarepresentednetofnonreclaimablewithholdingtaxeson dividends,interestincome,andcapitalgains.policiesforvaluingportfolios,calculatingperformance,andpreparingcompliantpresentationsareavailableuponrequest.dispersionismeasuredbythestandarddeviationacross assetweightedportfolioreturnsrepresentedwithinacompositeforthefullyear.dispersionisnotcalculatedforthecompositesinwhichtherearefiveorfewerportfolios. Someportfoliosmaytradefuturesandoptions,potentiallyhighriskderivativeswhichgenerallyrepresentlessthan10%ofaportfolio. Benchmarksaretakenfrompublishedsourcesandmayhavedifferentcalculationmethodologies,pricingtimes,andforeignexchangesourcesfromthecomposite. Thefirm'slistofcompositedescriptionsand/orapresentationthatadherestotheGIPS standardsareavailableuponrequest. EUROPEAN EQUITIES 7

Fee Schedules for Select Composites Figures shown in Euros Europe Equity Core Composite. The Europe Equity Core Composite seeks long-term capital appreciation primarily through investment in established companies, in developed European markets, with faster earnings growth and reasonable valuation levels relative to market/sector averages. The strategy generally includes 0-10% exposure to emerging-market stocks, as defined by inclusion in the European segment of the MSCI's Emerging Markets (Free) Index. (Created June 2006) (Formerly known as the Europe Equity Composite.) Fee Schedule First 40 million 55 basis points Next 40 million 50 basis points When assets exceed 80 million 45 basis points on all assets 1 When assets exceed 160 million 40 basis points on all assets 1 1 A transitional credit is applied to the fee schedule as assets approach or fall below the breakpoint. Minimum separate account size 40 million. Emerging Europe & Mediterranean Equity Composite. The Emerging Europe & Mediterranean Equity Composite seeks long-term capital appreciation primarily through investment in companies in eastern Europe, Russia, Middle East, and northern Africa, with faster earnings growth and reasonable valuation levels relative to market/sector averages. (Created August 2000) Fee Schedule First 40 million 85 basis points Next 160 million 75 basis points Above 200 million 70 basis points Minimum separate account size 40 million. European Smaller Companies Equity Composite. The European Smaller Companies Equity Composite seeks longterm capital appreciation primarily through investment in smalland midcap companies traded in European markets, typically with superior earnings growth and reasonable valuation levels relative to market/sector averages. (Created November 2008) Fee Schedule First 40 million 75 basis points Next 40 million 70 basis points Above 80 million 70 basis points on all assets 1 Above 160 million 65 basis points on all assets 1 1 A transitional credit is applied to the fee schedule as assets approach or fall below the breakpoint. Minimum separate account size 40 million. European Structured Research Composite. The European Structured Research Composite seeks sectorand industryneutral exposure to the MSCI Europe Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfolio construction process to achieve its investment objectives. (Created January 2005) Fee Schedule First 40 Million 40 Basis Points Next 40 Million 35 Basis Points When assets exceed 80 Million 35 Basis Points on All Assets 1 When assets exceed 160 Million 30 Basis Points on All Assets 1 1 A transitional credit is applied to the fee schedule as assets approach or fall below the breakpoint. Minimum Separate Account Size 40 Million. 8 EUROPEAN EQUITIES

Important Information Issued in the USA by T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD, 21202, 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. 011-01162),located at NBF Hibiya Building 20F, 1-7, Uchisaiwai-cho 1-chome, Chiyoda-ku, Tokyo 100-0011. 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 Australia by T. Rowe Price International Ltd ( TRPIL ), Level 50, Governor Phillip Tower, 1 Farrer Place, Suite 50B, Sydney, NSW 2000, Australia. TRPIL is exempt from the requirement to hold an Australian Financial Services license ( AFSL ) in respect of the financial services it provides in Australia. TRPIL is authorised and regulated by the UK Financial Services Authority (the FSA ) under UK laws, which differ from Australian laws. This material is not intended for use by Retail Clients, as defined by the FSA, or as defined in the Corporations Act (Australia), as appropriate. 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 1978 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 in the Dubai International Financial Centre by T. Rowe Price International Ltd ( TRPIL ), 60 Queen Victoria Street, London EC4N 4TZ, which is authorised and regulated by the UK Financial Services Authority (the FSA ). This material is communicated on behalf of TRPIL by the TRPIL Representative Office which is regulated by the Dubai Financial Services Authority ( DFSA ) as a Representative Office. This material is not intended for use by Retail Clients, as defined by the FSA and DFSA. Retail Clients should not act upon information contained within this material. Issued in Hong Kong by T. Rowe Price Hong Kong Limited ( TRPHK ), 21/F, Jardine House, 1 Connaught Place, Central, Hong Kong, a Hong Kong limited company regulated by the Securities & Futures Commission. This material is intended for use by professional investors only and may not be redistributed without the prior approval of TRPHK. Issued outside of the USA, Japan, Canada, Australia, New Zealand, DIFC, and Hong Kong by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC4N 4TZ, which is authorised and regulatedby the UK Financial Services Authority (the FSA ). This material is not intended for use by Retail Clients, as defined by the FSA. This material is provided for informational purposes only and is not intended to be a solicitation for any T. Rowe Price products or services. Recipients are advised that T. Rowe Price shall not offer any products or services without an appropriate license or exemption from such license in the relevant jurisdictions. This material may not be redistributed without prior written consent from T. Rowe Price. The contents of this material have not been reviewed by any regulatory authority in any jurisdiction where this presentation is being made or by any other regulatory authority. This material does not constitute investment advice and should not be exclusively relied upon. Investors will need to consider their own circumstances before making an investment decision. 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. 101996 (1/2011) EUROPEAN EQUITIES 9