Harbour NZ Corporate Bond Fund

Harbour NZ Corporate Bond Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund provides access to favourable income yields through a diversified portfolio of primarily investment grade corporate bond fixed interest securities. Benchmark Fund Update Portfolio performance was supported by a solid performance from corporate securities, with credit spreads reasonably stable through July. S&P/NZX A-Grade Corporate Bond Total Index. Fund Objective The investment objective of the Fund is to exceed the return of the benchmark portfolio after fees on a rolling 12 month basis. Click here for the Harbour Market Commentary for this month. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) Benchmark return (after deductions for charges, before tax) 0.31% 1.34% 4.37% 3.61% 4.41% 5.26% 5.96% 0.29% 1.29% 4.16% 3.39% 4.26% 5.25% 5.88% 0.25% 1.17% 3.70% 2.96% 3.74% 4.59% 5.29% Inception: February 2009 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: after all fund charges but before tax. $ 16,286 NZ Corporate Bond Fund

Credit Sectors 35% 30% 25% 20% 15% 10% 5% 0% Top 10 Issuer Exposures New Zealand Local Government ASB Bank Dunedin City Treasury Ltd Bank of New Zealand Fonterra Co-operative Group ANZ Bank New Zealand Westpac Banking Corp Rabobank UA/New Zealand Cash Auckland City Council % Portfolio 12.5% 5.5% 5.5% 5.1% 4.9% 4.6% 4.5% 3.1% 3.1% 2.8% Ratings Key Information 19% 10% 0% 3% 14% 1% AAA AA Govt AA Other (and A- 1+) A (and A-1) Unit Price 1.0686 Unit Pricing Fund Size (GAV) Fund Inception Date Estimated Total Fund charge: Performance fee Entry/exit fees Daily $359,680,148 16 February 2009 0.63%pa BBB (and A-2) Distribution frequency Quarterly 53% BB NR Last distribution CPU Portfolio Yield Portfolio Duration Immigrant Investor Category 2 % eligibility 0.81 2.94% 2.61 81.1% Risk Profile This Fund has a risk rating of 2, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Mark Brown Director, Fixed Income Portfolio Manager Christian Hawkesby Executive Director, Head of Fixed Income & Economics Simon Pannett Director, Research Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. NZ Corporate Bond Fund

Harbour NZ Core Fixed Interest Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund is an actively managed investment grade bond fund that invests mainly in New Zealand Government and corporate bond fixed interest securities. Benchmark 50:50 weighted average of S&P/NZX Govt Bond Index and S&P/NZX A-Grade Corporate Bond Total Index. Fund Objective The investment objective of the Fund is to outperform the benchmark by 100 basis points per annum over a rolling three year period. Fund Update Portfolio performance was boosted by a continuation of the steady rally in 10 year NZ Government Stock prices (yields have been falling), which started in March. The Fund return lagged its benchmark modestly, as we had expected yields to rise in line with moves experienced globally. New Zealand is beating to its own drum at present. Click here for the Harbour Market Commentary for this month. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 0.28% 1.39% 4.52% 3.25% 4.62% 5.38% 5.53% 0.36% 1.50% 4.21% 2.67% 3.99% 4.98% 5.14% (after deductions for charges, before tax)** 0.23% 1.23% 3.84% 2.59% 3.90% 4.60% 4.78% * for NZ Core Fixed Interest Fund- wholesale in which this retail Fund invests. Inception: May 2011. ** for the NZ Core Fixed Interest Fund- retail. $14,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) $13,000 $12,000 $11,000 $10,000 If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: $ 13,987 after all fund charges but before tax. Harbour NZ Core Fixed Interest Fund

Credit Sectors 40% 35% 30% 25% 20% 15% 10% 5% 0% Top 10 Issuer Exposures New Zealand Government New Zealand Local Government Westpac Banking Corp ANZ Bank New Zealand Fonterra Co-operative Group ASB Bank Cash Kiwibank Bank of New Zealand Kommunalbanken AS % Portfolio 39.8% 7.5% 4.9% 4.4% 3.0% 2.9% 2.9% 2.6% 2.3% 2.3% Ratings Key Information 14% 32% Risk Profile 5% 2% 7% 40% AAA AA Govt AA Other (and A- 1+) A (and A-1) BBB (and A-2) This Fund has a risk rating of 2, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). BB Unit Price 1.1133 Unit Pricing Daily Fund Size (GAV) $149,595,933 Fund Inception Date 24 May 2011 Estimated Total Fund charge: Performance fee Entry/exit fees Distribution frequency Investment Team for this Fund 0.63%pa Quarterly Last distribution CPU 0.76 Portfolio Yield 2.47% Portfolio Duration 3.20 Immigrant Investor Category 2 % eligibility 87.7% Mark Brown Director, Fixed Income Portfolio Manager Christian Hawkesby Executive Director, Head of Fixed Income & Economics Simon Pannett Director, Research Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour NZ Core Fixed Interest Fund

Harbour Australasian Equity Focus Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund is an actively managed fund investing in New Zealand and Australian listed equities. It is a high conviction fund where the portfolio will consist of companies our analysts have researched and have a high belief will perform over the medium to longer-term. A higher rated company will have a higher weighting in the portfolio. Fund Update Portfolio performance whilst positive was behind its benchmark in July. Investments in Vista Group, GTN, Challenger, Janus Henderson and Kathmandu boosted the portfolios performance. Investments in a2 milk, Xero, Pacific Edge, Gentrack and Sydney Airport which delivered negative returns detracted from overall portfolio performance. Benchmark 50% S&P/NZX 50 and a 50% S&P/ASX 200 Index (which is 50% hedged into NZ dollars). Fund Objective Click here for the Harbour Market Commentary for this month. The investment objective of the Fund is to deliver medium to long term capital growth through investing in quality businesses with strong growth prospects. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 0.46% 7.73% 31.29% 20.70% 20.63% na 17.51% 0.59% 6.35% 16.81% 11.91% 12.03% na 11.92% (after deductions for charges, before tax)** 0.38% 7.28% 28.53% 18.63% 18.49% na 15.49% * Gross for the Australasian Equity Focus Fund wholesale, in which this retail Fund invests. Inception: March 2014. ** for the Australasian Equity Focus Fund retail. $19,000 $18,000 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: after all fund charges but before tax. $ 18,600 Harbour Australasian Equity Focus Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Health Care Consumer Staples Financials Information Technology Industrials Consumer Discretionary Energy Materials Cash Property 0 5 10 15 20 25 A2 Milk CSL Mainfreight Macquarie Group Summerset Group Holdings Vista Group International Janus Henderson Group Apn Outdoor Group Challenger Scales Corp 12.56% 8.89% 7.00% 6.29% 5.72% 5.00% 4.99% 4.97% 4.97% 4.30% Security Type Key Information 44.73% 3.85% 51.42% NZD Equities AUD Equities Cash & Cash Equivalents Unit Price 1.8358 Unit Pricing Daily Fund Size $18,496,279 Fund Inception Date 10 April 2014 Currency NZD Estimated Total Fund charge: 1.26%pa Performance fee Yes Entry/exit fees Distribution frequency Not for this fund Risk Profile This Fund has a risk rating of, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Andrew Bascand Managing Director Shane Solly Director, Portolio Manager Craig Stent Executive Director, Head of Equities Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour Australasian Equity Focus Fund

Harbour Australasian Equity Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund provides actively managed exposure to New Zealand and Australian listed equities. This Fund has a growth-oriented investment approach to generate alpha (return over the benchmark) for investors. Benchmark S&P/NZX 50 Index including imputation credits. Fund Objective The investment objective of the Fund is to achieve a gross return of 5.0% per annum above the benchmark over the long term. Performance Fund Update Overall portfolio performance was a little ahead of its benchmark in July. A fall in NZ business confidence has set the scene for potentially weaker profit results from NZ oriented companies, whereas global companies may be set for a stronger period of performance. Vista Group, GTN, Challenger, Janus Henderson and Kathmandu were the key outperformers in the portfolio. An underweight position in Z Energy, which downgraded earnings, was also a positive contributor. a2 milk was a detractor from performance while underweight positions in Ebos, Trade Me, Ryman and Chorus, which outperformed the market, detracted from performance. Click here for the Harbour Market Commentary for this month. 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return -0.05% 6.79% 25.11% 17.10% 19.68% 18.66% 15.99% -0.23% 5.83% 17.31% 11.53% 16.04% 15.92% 14.25% (after deductions for charges, before tax)** -0.15% 6.49% 23.74% 15.79% 18.33% 17.21% 14.34% * Gross for the Australasian Equity Fund wholesale, in which this retail Fund invests. Inception: April 2010. ** for the Australasian Equity Fund retail. $32,000 $30,000 $28,000 $26,000 $24,000 $22,000 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: after all fund charges but before tax. $ 30,451 Australasian Equity Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Health Care Consumer Staples Industrials Financials Utilities Consumer Discretionary Telecommunication Services Materials Information Technology Cash 0 5 10 15 20 A2 Milk Spark New Zealand Mainfreight Contact Energy Fletcher Building Summerset Group Holdings Fisher & Paykel Healthcare Auckland Intl Airport Meridian Energy CSL 12.33% 6.50% 6.25% 5.95% 4.71% 4.46% 4.34% 4.15% 3.66% 3.18% Security Type Key Information 23.11% 4.04% 72.85% NZD Equities AUD Equities Cash Unit Price 2.8401 Unit Pricing Daily Fund Size (GAV) $253,326,839 Fund Inception Date 11 April 2010 Currency NZD Estimated Total Fund charge: 1.10%pa Performance fee Yes Entry/exit fees Distribution frequency Not for this fund Risk Profile This Fund has a risk rating of 4, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Andrew Bascand Managing Director Shane Solly Director, Portolio Manager Craig Stent Executive Director, Head of Equities Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Australasian Equity Fund

Harbour Australasian Equity Income Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund is designed to generate quarterly income from a diversified portfolio of Australasian listed equities that pay sustainable and growing dividend yields (the amount a company pays out in dividends each year relative to its share price) as well as holding cash and fixed interest securities. Benchmark 60% S&P/ASX Industrials Index (equally weighted and 90% hedged to NZD) and 40% S&P/NZX Portfolio Index. Fund Objective The investment objective of the Fund is to generate a higher yield than the New Zealand and Australian markets. Fund Update Portfolio performance was ahead of its benchmark over July. Super Retail, Kathmandu, Spark NZ, Vital Healthcare and Janus Henderson were the key outperformers in the portfolio. Investments in underperformers Scentre Group, Contact Energy, Investa Office, Restaurant Brands and Vector detracted from overall portfolio performance. Click here for the Harbour Market Commentary for this month. Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 1.37% 7.09% 10.20% 7.39% 9.56% 13.44% 15.99% 0.72% 5.74% 16.60% 11.80% 13.80% 14.06% 15.98% (after deductions for charges, before tax)** 1.27% 6.78% 9.00% 6.21% 8.34% 12.18% 14.24% * Gross for the Australasian Equity Income Fund wholesale, in which this retail Fund invests. Inception: November 2011. ** for the Australasian Equity Income Fund retail. $26,000 $24,000 $22,000 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: after all fund charges but before tax. $ 24,570 Harbour Australasian Equity Income Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Property Utilities Financials Industrials Cash Consumer Discretionary Telecommunication Services Materials Energy 0 10 20 30 40 Contact Energy Spark New Zealand Investa Office Fund Meridian Energy Mainfreight Kathmandu Holdings National Australia Bank Janus Henderson Group Vital Healthcare Property Restaurant Brands NZ 5.58% 4.87% 4.82% 4.63% 3.82% 3.74% 3.67% 3.53% 3.38% 3.26% Security Type Key Information 39.04% 9.87% 51.09% NZD Equities AUD Equities Cash & Cash Equivalents Unit Price 1.7729 Unit Pricing Daily Fund Size (GAV) $38,117,114 Fund Inception Date 1 November 2011 Currency NZD Estimated Total Fund charge: 1.05%pa Performance fee Entry/exit fees Distribution frequency Quarterly Last distribution CPU 1.88 Risk Profile This Fund has a risk rating of 4, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Craig Stent Executive Director Head of Equities Shane Solly Director, Portolio Manager Andrew Bascand Managing Director Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour Australasian Equity Income Fund

Harbour Income Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund is designed to give a favourable level of income. The Fund invests predominantly in New Zealand investment grade fixed interest securities and Australasian equities which pay a sustainable dividend yield. Other tools, such as active management and scope to invest in sub investment grade securities may also be used to enhance returns. Fund Benchmark 68% S&P/NZX A Grade Corporate Bond Total Index; 16% S&P/ASX200 Industrials Index (100% hedged to NZ dollars); and 16% S&P/NZX Portfolio Index. Performance Fund Objective The investment objective of the Fund is to exceed the Official Cash Rate (OCR) plus 3.5% pa over rolling three year periods. Fund Update The Fund enjoyed positive performance in July, with Australian equities providing the strongest source of returns. Positioning in the New Zealand Dollar also contributed to returns, while fixed income markets and domestic equities were stable. The muted performance of New Zealand equities can mostly be attributed to the recent decline in the domestic growth outlook. Click here for the Harbour Market Commentary for this month. 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) Benchmark return (after deductions for charges, before tax) 0.67% 3.24% 6.24% 3.52% na na 5.86% 0.48% 2.77% 7.28% 4.08% na na 7.31% 0.61% 3.06% 5.42% 4.03% na na 5.02% Inception: 28 October 2015. $11,500 $11,250 $11,000 $10,750 $10,500 $10,250 $10,000 $9,750 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: after all fund charges but before tax. $ 11,447 Harbour Income Fund

Yield Top 10 Issuer Exposures % Portfolio INCOME FUND COMBINED RUNNING YIELD (including imputation credits) Running Yield on Corporate Bonds S&P Corporate A Grade Index Running Yield 12m Fwd Dividend Yield on Australasian Equities (including imputation credits) 12m Fwd Dividend Yield on Australasian Equities (excluding imputation credits) NZX 50 Index 12m Fwd Dividend (including imputation credits) NZ 6 Month Term Deposit Rate* 3.77% New Zealand Government Westpac Banking Corp 7.7% 5.7% 3.09% Cash 5.4% 2.80% NAB Low Carbon Shared Portfolio 4.5% ASB Bank 3.8% 4.94% New Zealand Local Government Harbour Australasian Eq Focus Wsale PIE 3.6% 3.5% 4.68% Realm Capital Series Fund 3.0% Contact Energy Limited 2.9% 5.13% ANZ Bank New Zealand 2.7% 3.16% Actual Investment Mix Key Information Risk Profile 5.8% 10.1% 56.7% Australasian Equities International Equities International fixed interest 27.4% NZ Fixed Interest Cash & cash equivalents This Fund has a risk rating of 3, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Unit Price 0.9913 Unit Pricing Daily Fund Size (GAV) $73,445,448 Fund Inception Date 28 October 2015 Currency Estimated Total Fund charge: Performance fee Entry/exit fees Distribution frequency Investment Team for this Fund NZD 0.63%pa Quarterly Last distribution CPU 1.25 Mark Brown Director, Fixed Income Portfolio Manager Craig Stent Executive Director,Head of Equities Simon Pannett Director, Research Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour Income Fund

Harbour NZ Equity Advanced Beta Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund provides exposure to New Zealand equities. The Fund is designed to track the market index with some quantitative tilting to selected companies. 70% of the Fund mirrors the market index with the remaining 30% of the Fund tilted towards those companies in the index that score well on our financial models for value, yield & growth. Benchmark S&P/NZX 50 Portfolio Index. Fund Update The NZ Equity Advanced Beta Fund had a positive return and outperformed its benchmark over July. Growth, Yield and Value strategies outperformed the market. Mid-cap stocks displayed stronger performance than their large-cap counterparts. The portfolio s overweight positioning versus its fund benchmark in strong performers Kathmandu, Vital Healthcare, Trustpower and Sky TV boosted relative portfolio performance. Underweight positions in outperformers Genesis, Chorus and Ryman, and an overweight position in underperformer Synlait detracted from relative performance. Fund Objective The investment objective of the Fund is to outperform the benchmark. Performance Click here for the Harbour Market Commentary for this month. 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) Benchmark return 0.41% 6.54% 16.84% 12.62% 15.91% na 15.60% 0.09% 6.10% 17.44% 12.44% 16.27% na 15.67% (after deductions for charges, before tax) 0.36% 6.39% 16.23% 11.99% 15.24% na 14.93% Inception: December 2014. $17,000 Growth of $10,000 invested in Fund since inception (after deductions for charges, before tax) $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 If you had invested $10,000 in this Fund at inception, as at 31 Jul 2018 it would be worth: $ 16,645 after all fund charges but before tax. Harbour NZ Equity Advanced Beta Fund

Absolute Sector Weights % Top 10 Holdings % Portfolio Utilities Health Care Real estate Consumer Discretionary Industrials Telecommunication Services Consumer Staples Materials Energy Financials Cash Information Technology 0 5 10 15 20 Meridian Energy Spark New Zealand Contact Energy A2 Milk Mercury NZ Ryman Healthcare Z Energy Fisher & Paykel Healthcare Skycity Entertainment Group Mainfreight 5.26% 4.87% 4.17% 4.01% 3.79% 3.70% 3.70% 3.59% 3.58% 3.47% Actual Investment Mix 2.40% 97.60% NZD Equities Cash & Cash Equivalents Key Information Unit Price 1.5917 Unit Pricing Daily Fund Size (GAV) $155,615,781 Fund Inception Date 3 December 2014 Currency Estimated Total Fund charge: NZD 0.54%pa Performance fee Entry/exit fees Distribution frequency Not for this Fund Risk Profile This Fund has a risk rating of 4, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). Investment Team for this Fund Susanna Lee Director, Portfolio Manager Andrew Bascand Managing Director Craig Stent Executive Director, Head of Equities Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. Harbour NZ Equity Advanced Beta Fund

T. Rowe Price Global Equity Growth Fund MONTHLY FUND FACT SHEET Information as at 31 July 2018 Fund Description The Fund invests in a broadly diversified portfolio of global equities, typically comprising around 130 stocks. Fund Benchmark Fund Objective To provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. MSCI All Country World Index (unhedged). Performance 1 mth 3 mth 1 yr 2 yr 3 yr 5 yr Since inception (annualised) * Benchmark return 1.63% 6.93% 29.13% 23.02% na na 16.01% 2.45% 6.17% 22.20% 16.90% na na 10.88% (after deductions for charges, before tax)** Inception: 21 October 2015 1.51% 6.58% 27.49% 21.50% na na 14.60% Market Review In New Zealand dollar terms, global equities generated solid returns in July despite continued volatility. U.S. stocks rose over the month. Although trading volume was light for much of the month, equity markets were periodically volatile. The ebb and flow of trade worries dominated sentiment for much of the month as the U.S. made plans to follow through on a threat to impose tariffs on an additional $200 billion worth of Chinese goods, ranging from clothing to furniture. Nevertheless, shares were supported by favourable economic data, such as a stronger-than-expected June employment report and a drop in jobless claims to the lowest level since 1969. Stocks were also supported by mostly favourable second-quarter corporate earnings reports through the end of July. Developed Asian markets were modestly positive, even though U.S.-China trade tensions continued. Japanese shares finished the month lower, as the yen weakened. Late in the month, Japan and the European Union (EU) signed a broad-based, free trade pact. Some of the highlights of the deal included the eventual removal of tariffs on Japanese cars and auto parts sent to the EU and the elimination of tariffs on wine, cheese, and other European foods shipped to Japan. European automaker shares rallied at the end of the month after European Commission President Jean- Claude Juncker and U.S. President Donald Trump agreed to work towards zero tariffs. Most European nations produced healthy returns for the month, led by Switzerland, Denmark, and Sweden. Emerging markets stocks gained ground but underperformed developed markets. Emerging Asian markets were widely mixed. Chinese stocks fell, whereas stocks in Thailand, the Philippines, and India rose. In emerging Europe, Polish shares were exceptionally strong, while Turkish shares fell. The Turkish central bank has drawn criticism and skepticism from investors due to its perceived lack of independence and President Recep Tayyip Erdogan s stated preference for lower rates to spur growth. Latin American shares were mostly higher. Mexican stocks received a boost at the end of the month after the U.S. and Mexico agreed to step up efforts to revise the North American Free Trade Agreement (NAFTA) by August. Sector performance in the MSCI All Country World Index was positive. Health care, industrials and business services, and financials were the strongest performers, while consumer discretionary lagged but still produced solid returns. T. Rowe Price Global Equity Growth Fund

Portfolio Highlights The Fund underperformed the MSCI All Country World Index for the one-month period ended July 31, 2018. T. Rowe Price s position in electric carmaker Tesla was the largest relative detractor for the month. Shares tumbled on concerns about the Trump administration s consideration of auto tariffs, which could spark retaliatory actions from China and Europe. This would be a significant negative for Tesla, which sells approximately 25% of its Model S and X cars to Europe and is hoping to pick up market share in China as well. Despite near-term noise, T. Rowe Price continue to believe Tesla offers a strong earnings growth story. On a sector basis, stock selection in health care detracted the most from relative returns, including positions in Jiangsu Hengrui Medical, WuXi Biologics, and Chugai Pharmaceutical. On the positive side, holdings in real estate helped the most, led by their holding in Ayala Land. Outlook T. Rowe Price are more cautious on equity markets as they head into the second half of the year. The first half of the year brought a multitude of mixed economic and political data points, often in rapid succession. The positive benefits from the U.S. corporate tax cuts, repatriation of dollars, and buybacks have largely come through in corporate earnings. The structural winners continue to gain at a pace that has been somewhat surprising given the size and scale of many of the companies. However, T. Rowe Price think the risks are higher now given rising near-term macro and geopolitical uncertainties. Sector Diversification % Top 10 Holdings Country Information Technology Financials Consumer Discretionary Health Care Industrials & Business Services Consumer Staples Materials Energy Real Estate Utilities Telecommunication Services 0% 5% 10% 15% 20% 25% 30% Alibaba Group Holding Alphabet Altaba Amazon.com Facebook Intuit J.P. Morgan Chase & Co. SM Investments Tencent Holdings Tesla China United States United States United States United States United States United States Philippines China United States Geographical Diversification (Top 10) Key Information 2.7% 2.5% 2.3% 2.2% United States China 3.1% India 3.8% Japan 4.1% 6.5% 8.5% 46.8% United Kingdom Philippines Canada Indonesia Germany Unit Price 1.6671 Unit Pricing Daily Fund Size (GAV) $41,973,212 Fund Inception Date 21 October 2015 Estimated Total Fund charge: 1.22%pa Performance fee No Entry/exit fees Distribution frequency Not for this Fund Peru Risk Profile This Fund has a risk rating of 5, based on returns data from the 5 years to 31 July 2018. For more information on the risks associated with this Fund, please see our Product Disclosure Statement (PDS). T. Rowe Price Global Equity Growth Fund

Investment Team for this Fund Andrew Bascand Managing Director & Portfolio Manager Simon Pannett Investment Analyst Disclaimer: This Fund Fact Sheet is provided in good faith for general information purposes only. Information has been prepared from published information and sources believed to be reliable and accurate at the time of publication, but this is not guaranteed. Please refer to the full disclaimer on last page of this document or go to www.harbourasset.co.nz/disclaimer for more information. Full disclaimer for use of the S&P/NZX Index data can also be found on this site. T. Rowe Price Disclaimer: 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. in the United States, European Union, and other countries. This material is intended for use only in select countries. T. Rowe Price is not the issuer of this document nor authorized the issue thereof. T. Rowe Price takes no responsibility for the content herein, including but not limited to accuracy, timeliness and/or completeness. Accordingly, T. Rowe Price will not be liable or responsible to you or any other parties for any and all liabilities arising directly or indirectly from the use and/or reliance of this document. T. Rowe Price Global Equity Growth Fund