THE EUROPEAN EQUITYLANDSCAPE – IDENTIFYINGTHE OPPORTUNITIESAndrew CliftonPortfolio Specialist, T. Rowe Price European Equi...
T. Rowe Price Overview1 The combined assets under management of the T. Rowe Price group of companies in Euros. The T. Rowe...
T. Rowe Price’s European Equity CapabilitiesAs of 31 March 20131 Assets under management are calculated in U.S. dollars an...
Structural Improvements Have Been Achieved In EuropeCompetitiveness adjustment is about two thirds complete| 4 |Nominal Un...
The Scale Of The Adjustment| 5 |Ireland National Residential Property Price Index2005 = 100Spain Current Account Balance a...
A Robust Global BackdropNote: SA = Seasonally Adjusted.Source: Census Bureau, FHFA, Bureau of Labor Statistics, Haver Anal...
European Equity Valuations Are Still Attractive, Below Other Regions| 7 |Price Earnings Ratio Next 12 MonthCyclically Adju...
European Equity Investment PhilosophyTANGIBLES• Sustainable and superior profitability across the market cycle• Durable an...
European Equity Investment Process| 9 |Investment UniverseApproximately 2,500 European companiesInitial Screening• Fundame...
EUROPEANBROADCASTERSSPANISHUTILITIESGERMANTECHNOLOGYSELECTFINANCIALSAIR TRAVELCAPITAL GOODSEurope Is Rich With Opportuniti...
20 Largest Overweight PositionsThe specific securities identified and described above do not represent all of the securiti...
Luxury Goods – Fulfilling Dreams Around The World| 12 |The security identified is intended to illustrate our buy disciplin...
Enagas Next 12 Months Price Earnings RatioSpanish Utilities – Domestic Defensives Can Also Be Attractive| 13 |Spanish Util...
European Banks – Selectively, Some Very Attractive Opportunities| 14 |Price to Tangible Book RatiosMSCI Europe Index – Ban...
Sector and Industry Diversification| 15 |Sector WeightsAs of 31 May 2013T. Rowe Price Funds SICAV — European Equity Fund v...
Country Diversification, By Domicile| 16 |Top Five and Bottom Five Relative Country Weights-15 0 15 30 45SpainItalyBelgium...
BNPCapitaCC HellenicEnagasEniFraportGas Natural GecinaGjensidigeIntesaKBCLiberty GNordeaDIeterenSampoSimcorpSEBSky Deutsch...
Total Return PerformanceOneMonthThreeMonthsYear-to-DateOneYearThreeYearsSinceManagerInception6 May 2009FiveYearsSinceIncep...
Consistency of Performance| 19 |1 Returns shown with gross dividends reinvested.2 Portfolio manager assumed responsibiliti...
FURTHER INFORMATION:EUROPEAN EQUITY FUND
Attribution Analysis – Major Impacts| 21 |Three Years Ended 31 March 2013Figures Shown in EurosT. Rowe Price Funds SICAV –...
Portfolio Characteristics1 Three years ended 31 March 2013. Statistics are based on monthly net returns of Class I shares....
Expected Investment Parameters1 The expected parameters are relative to the MSCI Europe Index and represent anticipated ra...
Total Return Performance| 24 |1 Fund shares are subject to investment risk, including possible loss of principal amount in...
Fee SchedulesThe fee schedule represents only the management fee of the SICAV sub-fund and excludes custodial and administ...
Total Return Performance| 26 |1 Portfolio manager assumed responsibilities on 10 October 2005, whereas composite and index...
Fee Schedule| 27 |1 A transitional credit is applied to the fee schedule as assets approach or fall below the breakpoint.A...
GIPS® Disclosure| 28 |1 Reflects deduction of highest applicable fee schedule without benefit of breakpoints. Investment r...
FURTHER INFORMATION:EUROPEAN SMALLERCOMPANIES EQUITY FUND
Sector and Industry Diversification| 30 |Sector WeightsAs of 31 May 2013T. Rowe Price Funds SICAV — European Smaller Compa...
Country Diversification| 31 |Top Five and Bottom Five Relative Country Weights-10 0 10 20 30 40GermanyUnited KingdomSpainI...
Attribution Analysis – Major Impacts| 32 |Since Inception (26 November 2008) to 31 March 2013Figures Shown in EurosT. Rowe...
Portfolio Characteristics1 Market capitalisations are calculated in U.S. dollars and converted to euros using an exchange ...
Expected Investment Parameters1 The expected parameters are relative to the S&P Pan Europe SmallCap Index and represent an...
Total Return Performance| 35 |OneMonthThreeMonthsYear-to-DateOneYearTwoYearsThreeYearsSinceInception26 Nov2008European Sma...
Total Return PerformancePeriods Ended 31 May 2013Figures Shown in Euros1 Fund shares are subject to investment risk, inclu...
Fee SchedulesThe fee schedule represents only the management fee of the SICAV sub-fund and excludes custodial and administ...
APPENDIX
Andrew Clifton| 39 |Andrew Clifton, European Equities Portfolio SpecialistAndrew Clifton is a portfolio specialist in the ...
Equity Research Team1 Also has portfolio management responsibilities.2 8 sector portfolio managers, 91 research analysts, ...
European Equity Research ResourcesAs of 31 March 2013| 41 |Equity AnalystsResponsibility LocationJoinedT. RowePriceYears o...
Indications Of Structural ReformsITALY PORTUGALPension system: good progress - contribution-based, life expectancy adjuste...
Important InformationThis document has been issued by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC...
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The european equity landscape identifying the opportunities

  1. 1. THE EUROPEAN EQUITYLANDSCAPE – IDENTIFYINGTHE OPPORTUNITIESAndrew CliftonPortfolio Specialist, T. Rowe Price European EquitiesJune 2013.
  2. 2. T. Rowe Price Overview1 The combined assets under management of the T. Rowe Price group of companies in Euros. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd,T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc.Assets under management are calculated in U.S. dollars and converted to Euros using an exchange rate determined by an independent third party.| 2 |As of 31 March 2013A Strong Firm With Deep ResourceT. Rowe Price’s Global Team of Investment ProfessionalsAssets under management: €480.8bn175 years of dedicated investment management and related services within an independent, highly stable organisation and a culture that puts client interests first423 investment professionals in 7 offices across the globeAn experienced team of portfolio managers with an average firm tenure of 15 yearsFirm led by a 7 person Management Committee with an average tenure of 22 yearsStrong balance sheet with no long-term debtInstitutional assets represent over 50% of the firm’s diversified assets under management191182182202 237256285330 33938542342639601002003004005002001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD2013InvestmentProfessionalsPMs, PM / Analysts, Associate PMsAnalysts, Associate Analysts, Specialty AnalystsOthers inc Portfolio Specialists, Traders, Quant Analysts0100200300400500600700MSCIAllCountryWorldIndex
  3. 3. T. Rowe Price’s European Equity CapabilitiesAs of 31 March 20131 Assets under management are calculated in U.S. dollars and converted to euros using an exchange rate determined by an independent third party.2 As of 30 April 2013. Absolute performance may be negative for certain time periods. Access troweprice.com/sicavfunds for the latest performance information. 2012 Morningstar, Inc. All Rights Reserved.Data as of 31 March 2013 and based on a comparison of the I Class of each T. Rowe Price Funds SICAV sub-fund to their respective Morningstar peer group, filtered by the field ‘Institutional: Yes’. Onlyshare classes that are categorised as ‘Institutional’ are included in the analysis thereby reducing the data-set to include only comparable share classes within each peer group. This filter should only be used asan indicative guide. The 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 ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.| 3 |Dean Tenerelli, Portfolio Manager21 years of investment experienceJoined T. Rowe Price in 2000Justin Thomson, Portfolio Manager21 years of investment experienceJoined T. Rowe Price in 1998Total firm investment in European equities in excess of €20billion1• Investing in European equities since 1980An experienced and coordinated European equity teamA global research platform offering broad and deep European and global coverage• 20 European research analysts within a global team of 130 investment professionalsActive interaction with other experienced European investors• Fixed Income colleagues provide additional perspectives (71 Fixed Income analysts worldwide)Consistent and disciplined investment processes• Confidence in ability to pursue strong risk-adjusted performance in the long-termKey PointsT. Rowe Price Funds SICAV –European Smaller Companies Equity FundT. Rowe Price Funds SICAV –European Equity FundSICAV PercentileRankings inMorningstar FundCategories (I Share Class)2PercentileAbsolute20/44 44th1 yr.Absolute Percentile5/32 13th3 yr.SICAV PercentileRankings inMorningstar FundCategories (I Share Class)2PercentileAbsolute42/266 16th1 yr.Absolute Percentile14/227 6th3 yr.
  4. 4. Structural Improvements Have Been Achieved In EuropeCompetitiveness adjustment is about two thirds complete| 4 |Nominal Unit Labour CostsIndexed (Q1 2000 = 100)Eurozone Periphery Current Account Balance% of GDP, Rolling 12 Month PeriodSource: Eurostat, Haver.90100110120130140150Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12Italy SpainIreland GreecePortugal GermanyFrance-18%-12%-6%0%6%Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12Italy SpainIreland GreecePortugal FranceAs of 31 May 2013
  5. 5. The Scale Of The Adjustment| 5 |Ireland National Residential Property Price Index2005 = 100Spain Current Account Balance and Labour Costs4060801001201402005 2006 2007 2008 2009 2010 2011 2012 2013Source: Left hand exhibit Eurostat, Haver, right hand Central Statistics Office Ireland, Haver.(12,000)(9,000)(6,000)(3,000)03,0006,0009,00012,0002000 2002 2004 2006 2008 2010 2012Monthly,Mil.EUR,SA80859095100105110115120SA/WDA,2005=100Spain, Current Account Balance, lhsSpain, Unit Labor Cost, rhsAs of 31 May 2013
  6. 6. A Robust Global BackdropNote: SA = Seasonally Adjusted.Source: Census Bureau, FHFA, Bureau of Labor Statistics, Haver Analytics, Chinese Elevator Association, KONE Corporation, CLSA.| 6 |Income Distribution In Mainland China0204060801002000200220042006200820102012E2014E2016E2018E2020E< US$500 US$500-2,500 US$2,500-5,000US$5,000-7,500 US$7,500-10,000 > US$10,000Growth in Chinese Elevator Market050,000100,000150,000200,000250,000300,000350,000400,000450,00019921994199619982000200220042006200820102012China new lift equipment market, units05001,0001,5002,0002,5003,0001992 1994 1997 2000 2003 2006 2009 2012Thousands-15-10-5051015PriceChange,%yoyOccupied Housing Units (yoy, lhs) Housing Starts (SAAR, lhs)House Price Index (% yoy, rhs)Housing Statistics3579112003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013SA,%Civilian Unemployment Rate: 16 yr + (SA, %)Unemployment RateAs of 31 May 2013United States – Recovery Is Taking Hold China – What Kind Of Growth?
  7. 7. European Equity Valuations Are Still Attractive, Below Other Regions| 7 |Price Earnings Ratio Next 12 MonthCyclically Adjusted Real PERCAPE, Europe vs. USSource: Factset, Morgan Stanley.010203040501987 1990 1992 1995 1998 2000 2003 2005 2008 2010 2013EuropeUSJapan01020301987 1990 1992 1995 1998 2000 2003 2005 2008 2010 2013EuropeUSJapan0.40.60.81.01.21987 1990 1992 1995 1998 2000 2003 2005 2008 2010 2013Europe vs. USAverageAs of 31 May 2013
  8. 8. European Equity Investment PhilosophyTANGIBLES• Sustainable and superior profitability across the market cycle• Durable and superior cash flow profile• Balance sheet qualityINTANGIBLES• Management strategy and use of capital• A rational and growing industry• Barriers to entry and pricing disciplineVALUATION• Zero growth discounted cash flow valuation• Controlling risk at the individual stock level• Strong sell discipline| 8 |High quality companies acquired at attractive valuations – a disciplined andtimeless approach to investingIdentify Quality Businesses in EuropeValuation Discipline
  9. 9. European Equity Investment Process| 9 |Investment UniverseApproximately 2,500 European companiesInitial Screening• Fundamental analysis by research team• Quantitative screening for “Quality”Focus Universe300-350 quality businesses with sustainable earningsIn-Depth Fundamental Analysis• Detailed company analysis• Assess industry dynamics• Identify good management teams focused on shareholder returns• Absolute and relative stock valuationRisk Management and Portfolio ConstructionHigh-conviction portfolio containing50-80 stocks
  10. 10. EUROPEANBROADCASTERSSPANISHUTILITIESGERMANTECHNOLOGYSELECTFINANCIALSAIR TRAVELCAPITAL GOODSEurope Is Rich With Opportunities – Some Current ExamplesSource: T. Rowe Price.| 10 |Both domestically and internationally orientated companies, as well as defensiveand those more economically sensitiveLUXURY GOODSAs of 31 May 2013REAL ESTATE
  11. 11. 20 Largest Overweight PositionsThe specific securities identified and described above do not represent all of the securities purchased, sold, or recommended for the Fund, and no assumptions should be made thatthe 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 torounding.| 11 |As of 31 March 2013Market Capitalisations Shown in EurosT. Rowe Price Funds SICAV — European Equity FundCompany% ofFund% ofIndex DifferenceMarket Capitalisation(Millions) Country IndustryWirecard 2.4% 0.0% 2.4% $3,131 Germany IT ServicesRestaurant Group 2.0 0.0 2.0 1,423 United Kingdom Hotels, Restaurants, and LeisureGas Natural 1.9 0.1 1.8 17,746 Spain Gas UtilitiesEnagas 1.8 0.1 1.7 5,569 Spain Gas UtilitiesBolsas Y Mercados Espanoles 1.6 0.0 1.6 2,057 Spain Diversified Financial SevicesFresenius SE & Co KGaA 1.8 0.2 1.6 22,033 Germany Health Care Providers and ServicesBankinter 1.5 0.0 1.5 2,731 Spain Commercial BanksKBC 1.6 0.1 1.5 13,592 Belgium Commercial BanksSimcorp 1.5 0.0 1.5 1,209 Denmark SoftwareCapita 1.6 0.1 1.5 8,957 United Kingdom Professional ServicesMediaset Espana Comunicacion 1.4 0.0 1.4 2,926 Spain MediaAnheuser-Busch InBev 2.4 1.1 1.3 159,399 Belgium BeveragesRolls-Royce Holdings 1.8 0.4 1.4 32,262 United Kingdom Aerospace and DefenseLiberty Global 1.3 0.0 1.3 18,784 Germany MediaUnibail-Rodamco 1.6 0.3 1.3 22,140 France Real Estate Investment Trusts (REITs)Autoliv 1.3 0.0 1.3 6,604 Sweden Auto ComponentsThe Swatch Group 1.6 0.3 1.3 30,599 Switzerland Textiles, Apparel, and Luxury GoodsAmadeus IT Holding 1.4 0.1 1.3 12,113 Spain IT ServicesPrysmian 1.3 0.1 1.2 4,421 Italy Electrical EquipmentSkandinaviska Enskilda Banken 1.4 0.2 1.2 22,079 Sweden Commercial BanksTotal 33.0% 3.1%
  12. 12. Luxury Goods – Fulfilling Dreams Around The World| 12 |The security identified is intended to illustrate our buy discipline and does not represent all of the securities purchased for the SICAV sub-fund. No assumptions should be madethat the security identified and discussed was or will be profitable. To further illustrate our buy discipline, a complete list of purchases of securities in the SICAV sub-fund duringthe past year is available upon request, subject to applicable law. A complete list of sales of securities in the SICAV sub-fund during the past year is also available upon request,subject to applicable law. Tod’s comprised 1.17% of the SICAV as of 31/03/2013Source: FactSet, MSCI, “The Emerging Middle Class In Developing Countries”, Homi Kharas, OECD Working Paper No 285, 2010. Data as of 31 December 2012.Middle East &Africa8%Latin America10%North America18%Europe36%Asia Pacific28% Middle East &Africa7%Latin America6%North America7%Europe14%Asia Pacific66%2009 2030Global Middle Class Breakdown By RegionLuxury Goods Industry Performance0.40.81.21.62.02.4Dec-06 Oct-07 Jul-08 May-09 Feb-10 Dec-10 Sep-11 Jul-12 Apr-130.60.81.01.21.41.6RelativeP/EN12M,Dec-06=1Relative Performance Relative ValuationRelativeTotalReturn,EUR,Dec-06=1
  13. 13. Enagas Next 12 Months Price Earnings RatioSpanish Utilities – Domestic Defensives Can Also Be Attractive| 13 |Spanish Utilities Relative To MSCI Europe IndexEnagas Return On Capital Employed05101520Oct-02 Feb-04 Jun-05 Oct-06 Jan-08 May-09 Sep-10 Jan-12 Apr-13PER02468102003 2004 2005 2006 2007 2008 2009 2010 2011 2012Percent0.60.70.80.91.01.11.21.31.41.51.6Dec-06 Oct-07 Jul-08 May-09 Feb-10 Dec-10 Sep-11 Jul-12 Apr-1331December2006=1The security identified is intended to illustrate our buy discipline and does not represent all of the securities purchased for the SICAV sub-fund. No assumptions should be made that the security identified anddiscussed was or will be profitable. To further illustrate our buy discipline, a complete list of purchases of securities in the SICAV sub-fund during the past year is available upon request, subject to applicablelaw. A complete list of sales of securities in the SICAV sub-fund during the past year is also available upon request, subject to applicable law.Enagas comprised 1.75% of the SICAV as of 31/03/2013. Source: Factset, company data. As of 31 May 2013.
  14. 14. European Banks – Selectively, Some Very Attractive Opportunities| 14 |Price to Tangible Book RatiosMSCI Europe Index – BanksReturn on Tangible Equity012345Jan-80 Jul-85 Jan-91 Jul-96 Jan-02 Jul-07 Dec-12USEurope-10%0%10%20%30%198019831986198919921995199820012004200720102013e020406080100120Dec-06 Oct-07 Jul-08 May-09 Feb-10 Dec-10 Sep-11 Jul-12 Apr-13TotalReturn,EUR,Dec-06=100Source: MSCI, Morgan Stanly Research, Bank of America Merrill Lynch, Factset, Barclays, As of 31 May 2013.
  15. 15. Sector and Industry Diversification| 15 |Sector WeightsAs of 31 May 2013T. Rowe Price Funds SICAV — European Equity Fund vs. MSCI Europe IndexTop Five and Bottom Five Relative Industry Weights-10 -5 0 5 10 15MediaGas UtilitiesIT ServicesReal Estate InvestmentTrustsCommercial BanksOil, Gas and ConsumerableFuelsInsuranceMetals and MiningPharmaceuticalsFood Products-15 -10 -5 0 5 10 15 20 25Consumer DiscretionaryInformation TechnologyIndustrials andBusiness ServicesFinancialsUtilitiesTelecommunicationServicesHealthcareEnergyMaterialsConsumer StaplesT. Rowe Price uses the MSCI/S&P Global Industry Classification Standard (GICS) for sector and industry reporting. Each year, MSCI and S&P reviewthe GICS structure. The last change occurred on 1 July 2010. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.European Equity Fund MSCI Europe Index Over/Underweighting
  16. 16. Country Diversification, By Domicile| 16 |Top Five and Bottom Five Relative Country Weights-15 0 15 30 45SpainItalyBelgiumSwedenGreeceGermanySwitzerlandFranceNetherlandsUnited KingdomAs of 31 May 2013T. Rowe Price Funds SICAV — European Equity Fund vs. MSCI Europe IndexEuropean Equity Fund MSCI Europe Index Over/Underweighting
  17. 17. BNPCapitaCC HellenicEnagasEniFraportGas Natural GecinaGjensidigeIntesaKBCLiberty GNordeaDIeterenSampoSimcorpSEBSky Deutsch.SwedbankUnibail-RodamcoWirecard0%10%20%30%40%50%60%70%80%90%100%0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%OtherEuropeDomesticEuropean Equity – Geographic ExposuresA3 TVBankInterBolsas y Merc.IliadLand Secs.M6 TVMediaset EspanaPersimmonRed ElectricaRestaurant GroupSnam Utilities (esp. Spain) Financials (esp. Nordic) Broadcasters (various) Property (France, UK)Country Diversification, By Revenue ExposureSource: T. Rowe Price, company accounts. Data as of 31 May 2013. The specific securities identified and described above do not represent all of the securities purchased, sold, or recommended for theFund, 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.| 17 |
  18. 18. Total Return PerformanceOneMonthThreeMonthsYear-to-DateOneYearThreeYearsSinceManagerInception6 May 2009FiveYearsSinceInception26 Feb 2007European Equity Fund Class I1 2.88% 7.80% 14.46% 31.77% 14.49% 15.50% 3.29% 0.58%MSCI Europe Index2 2.09 5.66 9.73 29.39 10.76 13.32 2.11 -0.13Value Added (Net of Fees) 0.79 2.14 4.73 2.38 3.73 2.18 1.18 0.71Periods Ended 31 May 2013Figures Shown in Euros1 Fund shares are subject to investment risk, including possible loss of principal amount invested. Figures are shown at NAV and include changes in principal value, reinvesteddividends, and capital gain distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Pastperformance cannot guarantee future results. For performance calculation purposes, securities are valued with prices taken at the official NAV pricing time. Pricing sourcesmay vary between the official NAV, the benchmark, and the sub-manager. Performance is shown for the funded classes of the Fund as of the date shown above. For availabilityof other classes of shares and their respective fees, expenses, and performance, please refer to the prospectus or contact the fund’s distributor.2 Returns shown with gross dividends reinvested.Returns for MSCI Europe Index are calculated in USD and converted to EUR using an exchange rate determined by an independent third party.Annualised| 18 |T. Rowe Price Funds SICAV — European Equity FundCalendar Years26 Feb 2007 –31 Dec 2007 2008 2009 2010 2011 2012European Equity Fund Class I1 -3.20% -47.42% 37.33% 15.59% -6.81% 20.32%MSCI Europe Index2 -1.48 -43.29 32.55 11.75 -7.51 18.09Value Added (Net of Fees) -1.72 -4.13 4.78 3.84 0.70 2.23
  19. 19. Consistency of Performance| 19 |1 Returns shown with gross dividends reinvested.2 Portfolio manager assumed responsibilities on 6 May 2009, whereas Fund and index returns are as of 30 June 2009.Each point represents the performance of the Fund and its benchmark for a 1-year annualized period. Points above the diagonal represent outperformance relative to thebenchmark. Points below the diagonal represent relative underperformance.Figures for the Sub-Fund and Index are shown in gross of fees. Past performance cannot guarantee future results.Performance is computed in U.S. dollars and converted to euros using an exchange rate determined by an independent third party.Figures Shown in EurosOne-Year Rolling Returns — T. Rowe Price Funds SICAV — European Equity Fund vs. MSCI Europe Index1Calculated Monthly Since Manager Inception2 30 June 2009 to 31 March 2013-60-40-200204060-60 -40 -20 0 20 40 60EuropeEquityFundPercentFundUnderperformanceMSCI Europe Index1FundOutperformance
  20. 20. FURTHER INFORMATION:EUROPEAN EQUITY FUND
  21. 21. Attribution Analysis – Major Impacts| 21 |Three Years Ended 31 March 2013Figures Shown in EurosT. Rowe Price Funds SICAV – European Equity Fund vs. MSCI Europe Index-20246Total Industrials& BusinessServicesConsumerDiscretionaryInformationTechnologyUtilities Materials TelecomServicesFinancials Health Care ConsumerStaplesEnergyValueAdded-PercentTotal Value AddedValue Added fromSector WeightValue Added fromStock SelectionBy Sector-20246Total Germany France Spain Italy Sweden Denmark Greece Switzerland Ireland RussiaValueAdded-PercentTotal Value AddedValue Added fromCountry WeightValue Added fromStock SelectionBy Country (Top Five and Bottom Five Effects Shown)Numbers may not add to 100% due to rounding; all numbers are percentages. Analysis represents the equity-only performance of the portfolio as calculated by the Wilshire Atlas attribution model and is exclusiveof cash, trusts, mutual funds, de-listed securities, and other non-equity holdings. Returns will not match official TRP performance because Wilshire uses different pricing and exchange rate sources and does notcapture intra-day trading or fair-value pricing. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party.Source: Wilshire Atlas, MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc.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 1July 2010.T. Rowe Price will adhere to all future updates to GICS for prospective reporting.Figures are shown gross of fees. Past performance cannot guarantee future results.
  22. 22. Portfolio Characteristics1 Three years ended 31 March 2013. Statistics are based on monthly net returns of Class I shares. Past performance cannot guarantee future results.2 Market capitalisations are calculated in U.S. dollars and converted to euros using an exchange rate determined by an independent third party.3 Source: IBES.Statistics are investment-weighted median unless otherwise noted.As of 31 March 2013Market Capitalizations Shown in Euros| 22 |T. Rowe Price Funds SICAV — European Equity FundEuropean Equity Fund MSCI Europe IndexNumber of Holdings 74 424Return on Equity (Current Fiscal Year) 14.0% 14.4%Beta1 1.05 1.00Investment Weighted Average Market Capitalisation (Millions)2 €31,293 €56,832Price to Earnings (Current Fiscal Year) 14.2X 13.2XProjected Earnings Growth Rate (Current Fiscal Year)3 9.4% 7.6%Price to Book Ratio 2.5X 2.1X
  23. 23. Expected Investment Parameters1 The expected parameters are relative to the MSCI Europe Index and represent anticipated ranges of exposures at the time of purchase. Market fluctuations may cause actualexposure to fall outside these ranges.| 23 |T. Rowe Price Funds SICAV – European Equity Fund1As of 31 March 2013Benchmark: MSCI Europe IndexCountry Ranges: Typically +/- 10% relative to benchmarkBroad Sector Ranges: Typically +/- 10% relative to benchmarkStock Positions: Typical position size range: 0.5% to 4.0%Cash Target Range: Fully invested (typically <5%)Turnover Range: 60% to 100%Expected Tracking Error: Typically 3.0% to 6.0%Performance Target (Before Fees): 250 bps or greater
  24. 24. Total Return Performance| 24 |1 Fund shares are subject to investment risk, including possible loss of principal amount invested. Figures are shown at NAV and include changes in principal value, reinvesteddividends, and capital gain distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Pastperformance cannot guarantee future results. For performance calculation purposes, securities are valued with prices taken at the official NAV pricing time. Pricing sourcesmay vary between the official NAV, the benchmark, and the sub-manager. Performance is shown for the funded classes of the Fund as of the date shown above. For availabilityof other classes of shares and their respective fees, expenses, and performance, please refer to the prospectus or contact the fund’s distributor.2 Returns shown with gross dividends reinvested.Returns for MSCI Europe Index are calculated in USD and converted to EUR using an exchange rate determined by an independent third party.T. Rowe Price Funds SICAV — European Equity FundPeriods Ended 31 May 2013Figures Shown in EurosCalendar Years2 May 2007 –31 Dec 2007 2008 2009 2010 2011 2012European Equity Fund Class A1 -5.10% -47.84% 35.96% 14.71% -7.64% 19.35%MSCI Europe Index2 -4.08 -43.29 32.55 11.75 -7.51 18.09Value Added (Net of Fees) -1.02 -4.55 3.41 2.96 -0.13 1.26OneMonthThreeMonthsYear-to-DateOneYearThreeYearsSinceManagerInception6 May 2009FiveYearsSinceInception2 May 2007European Equity Fund Class A1 2.86% 7.54% 13.98% 30.73% 13.52% 14.51% 2.41% -0.50%MSCI Europe Index2 2.09 5.66 9.73 29.39 10.76 13.32 2.11 -0.57Value Added (Net of Fees) 0.77 1.88 4.25 1.34 2.76 1.19 0.30 0.07Annualised
  25. 25. Fee SchedulesThe fee schedule represents only the management fee of the SICAV sub-fund and excludes custodial and administrative fees. A full list of the currently issued Share Classesincluding Distributing, Hedged and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.1 In euros.Sales Charge(up to)Minimum Initial Investmentand Holding Amount1Minimum SubsequentInvestment1InvestmentManagement FeeClass I N/A €2,500,000 €100,000 65 basis pointsClass A(Category A & Ad)5.00% €15,000 €1,000 150 basis pointsAs of 31 March 2013| 25 |T. Rowe Price Funds SICAV — European Equity Fund
  26. 26. Total Return Performance| 26 |1 Portfolio manager assumed responsibilities on 10 October 2005, whereas composite and index returns are as of 31 October 2005.2 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 forthis mandate, without the benefit of breakpoints. Please be advised that the composite may include other investment products that are subject to management fees that areinapplicable 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 belower than the Model Net Fee performance. However, such Model Net Fee performance is intended to provide the most appropriate example of the impact management feeswould 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.3 Returns shown with gross dividends reinvested.4 The Value Added is shown as Europe Equity Composite (Gross of Fees) minus MSCI Europe Index.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, thesame 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.MSCI index returns are shown with gross dividends reinvested.Periods Ended 31 March 2013Figures Shown in EurosAnnualisedThreeMonthsOneYearThreeYearsFiveYearsSince ManagerInception31 Oct 20051TenYearsEurope Equity Composite (Gross of Fees) 7.58% 18.04% 11.29% 6.28% 6.13% 10.19%Europe Equity Composite (Net of Fees)2 7.45 17.46 10.74 5.75 5.60 9.64MSCI Europe Index3 5.58 15.42 7.33 2.80 3.43 8.55Value Added (Gross of Fees)4 2.00 2.62 3.96 3.48 2.70 1.64Europe Equity Composite
  27. 27. Fee Schedule| 27 |1 A transitional credit is applied to the fee schedule as assets approach or fall below the breakpoint.As of 31 March 2013Figures Shown in EurosEurope Equity CompositeFirst €40 million 50 basis pointsNext €40 million 45 basis pointsWhen assets exceed €80 million 40 basis points on all assets1When assets exceed €160 million 35 basis points on all assets1Minimum separate account size €40 millionThe Europe Equity Composite seeks long-term capital appreciationprimarily through investment in established companies, in developedEuropean markets, with faster earnings growth and reasonable valuationlevels relative to market/sector averages. The strategy generally includes0-10% exposure to emerging markets stocks as defined by inclusion inthe European segment of the MSCI Emerging Markets (Free) Index.(Created June 2006) (Formerly known as the Europe Equity Composite)
  28. 28. GIPS® Disclosure| 28 |1 Reflects deduction of highest applicable fee schedule without benefit of breakpoints. Investment return and principal value will vary. Past performance cannot guarantee futureresults. See below for further information related to net of fee calculations.T. Rowe Price (“TRP”) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verifiedfor the 10-year period ended June 30, 2012 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all thecomposite construction requirements of the GIPS standards on a firm-wide basis and (2) the firms policies and procedures are designed to calculate and present performance incompliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial ServicesAuthority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as adiscretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S., international, and global strategies butexcluding the services of the Private Asset Management group. The minimum asset level for equity portfolios to be included in composites is $5 million and prior to January 2002the minimum was $1 million. The minimum asset level for fixed income and asset allocation portfolios to be included in composites is $10 million; prior to October 2004 theminimum was $5 million; and prior to January 2002 the minimum was $1 million. Valuations and performance are computed in U.S. dollars and converted to Euro. Whenconverting 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 currenciesare 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 thetime periods selected.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 thehighest applicable management fee that would be charged based on the fee schedule appropriate to you for this mandate, without the benefit of breakpoints. Gross and netperformance returns are net of nonreclaimable withholding taxes on dividends, interest income, and capital gains. Policies for valuing portfolios, calculating performance, andpreparing compliant presentations are available upon request. Dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within acomposite for the full year. Dispersion is not calculated for the composites in which there are five or fewer portfolios. Some portfolios may trade futures, options, and otherpotentially high-risk derivatives which generally represent less than 10% 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 15% 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 compositeon the last day of the current month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request.The firms list of composite descriptions and/or a presentation that adheres to the GIPS® standards are available upon request.Periods Ended 31 March 2013Figures Shown in EurosEurope Equity Composite2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD 2013Gross Annual Returns (%) 14.85 9.03 26.86 18.87 5.05 -39.78 31.6 17.51 -5.34 22.42 7.58Net Annual Returns (%)1 14.28 8.49 26.24 18.29 4.53 -40.09 30.96 16.94 -5.81 21.82 7.45MSCI Europe Index (%) 15.76 12.65 26.68 20.18 3.17 -43.29 32.55 11.75 -7.51 18.09 5.58Composite 3-Yr St. Dev. 20.2 17.65 11.32 8.45 9.7 16.46 19.48 20.9 17.4 14.03 13.17MSCI Europe Index 3-Yr St. Dev. 20.11 17.85 11.31 7.37 8.73 16.22 20.22 20.85 16.98 13 12.30Composite Dispersion N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AComp. Assets (Millions) 959.2 903.3 688.2 766.7 786.1 407.6 506.1 550 502 688.1 757.5# of Accts. in Comp. 2 2 1 1 1 1 2 2 2 2 2Total Firm Assets (Billions) 149.1 172.7 228 253.1 271.9 198.3 275.4 361.5 379.8 439.8 483.4
  29. 29. FURTHER INFORMATION:EUROPEAN SMALLERCOMPANIES EQUITY FUND
  30. 30. Sector and Industry Diversification| 30 |Sector WeightsAs of 31 May 2013T. Rowe Price Funds SICAV — European Smaller Companies Equity Fund vs. S&P Pan Europe SmallCap IndexTop Five and Bottom Five Relative Industry Weights-5 0 5 10 15-10 0 10 20 30T. 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 tothe GICS structure. The last change occurred on 1 July 2010. T. Rowe Price will adhere to all future updates to GICS for prospective reporting.European Smaller Companies Equity Fund S&P Pan Europe SmallCap Index Over/UnderweightingInformationTechnologyHealth CareConsumerDiscretionaryTelecommunicationServicesEnergyUtilitiesConsumer StaplesMaterialsIndustrials andBusiness ServicesFinancialsCapital MarketsSoftwareSpecialty RetailIT ServicesProfessional ServicesCommercial BanksReal Estate InvestmentTrusts (REITs)Food ProductsReal Estate Managementand DevelopmentInsurance
  31. 31. Country Diversification| 31 |Top Five and Bottom Five Relative Country Weights-10 0 10 20 30 40GermanyUnited KingdomSpainIrelandNorwayNetherlandsDenmarkSwedenFranceSwitzerlandAs of 31 May 2013T. Rowe Price Funds SICAV — European Smaller Companies Equity Fund vs. S&P Pan Europe SmallCap IndexEuropean Smaller Companies Equity Fund S&P Pan Europe SmallCap Index Over/Underweighting
  32. 32. Attribution Analysis – Major Impacts| 32 |Since Inception (26 November 2008) to 31 March 2013Figures Shown in EurosT. Rowe Price Funds SICAV – European Smaller Companies Equity Fund vs. S&P Pan Europe SmallCap Index-10123456789Total Financials Health Care Industrials& BusinessServicesInformationTechnologyTelecomServicesUtilities Energy ConsumerDiscretionaryConsumerStaplesMaterialsValueAdded-PercentTotal Value AddedValue Added fromSector WeightValue Added fromStock SelectionBy Sector-10123456789Total Germany Spain Switzerland Italy France Ukraine Austria Denmark Sweden UnitedKingdomValueAdded-PercentTotal Value AddedValue Added fromCountry WeightValue Added fromStock SelectionBy Country (Top Five and Bottom Five by Total Value Added)Numbers may not add to 100% due to rounding; all numbers are percentages. Analysis represents the equity-only performance of the portfolio as calculated by the Wilshire Atlas attribution model and is exclusiveof cash, trusts, mutual funds, de-listed securities, and other non-equity holdings. Returns will not match official TRP performance because Wilshire uses different pricing and exchange rate sources and does notcapture intra-day trading or fair-value pricing. Performance for each security is obtained in the local currency and, if necessary, is converted using an exchange rate determined by an independent third party.Source: Wilshire Atlas, MSCI/S&P GICS Sectors; Analysis by T. Rowe Price Associates, Inc.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 1July 2010.T. Rowe Price will adhere to all future updates to GICS for prospective reporting.Figures are shown gross of fees. Past performance cannot guarantee future results.
  33. 33. Portfolio Characteristics1 Market capitalisations are calculated in U.S. dollars and converted to euros using an exchange rate determined by an independent third party.2 Source: IBES.Statistics are investment-weighted median unless otherwise noted.As of 31 March 2013Market Capitalizations Shown in Euros| 33 |T. Rowe Price Funds SICAV — European Smaller Companies Equity FundEuropean SmallerCompanies EquityFundS&P Pan EuropeSmallCap IndexNumber of Holdings 93 1,310Investment Weighted Median Market Capitalisation (Millions)1 €1,686 €2,424Investment Weighted Average Market Capitalisation (Millions)1 €2,349 €2,979Price to Earnings (Current Fiscal Year) 16.4X 14.4XProjected Earnings Growth Rate (12 Months Forward)2 12.5% 9.1%Price to Book Ratio 3.0X 2.0XReturn on Equity (Current Fiscal Year) 18.7 14.1
  34. 34. Expected Investment Parameters1 The expected parameters are relative to the S&P Pan Europe SmallCap Index and represent anticipated ranges of exposures at the time of purchase. Market fluctuations may causeactual exposure to fall outside these ranges.| 34 |T. Rowe Price Funds SICAV – European Smaller Companies Equity Fund1As of 31 March 2013Benchmark: S&P Pan Europe SmallCap IndexCountry Ranges: Unconstrained within EuropeEmerging Europe Exposure: Maximum 10%Broad Sector Ranges: UnconstrainedStock Positions: Typical position size range: 0.2% to 5.0%Cash Target Range: Maximum 10%Expected Tracking Error: Typical range 350-700 bpsNumber of Holdings: Generally from 75-125
  35. 35. Total Return Performance| 35 |OneMonthThreeMonthsYear-to-DateOneYearTwoYearsThreeYearsSinceInception26 Nov2008European Smaller Companies Equity Fund – SICAVClass I1 3.37% 4.29% 10.79% 28.56% 10.90% 16.05% 24.64%S&P Pan Europe SmallCap Index 3.45 5.30 12.31 31.63 6.86 12.77 19.59Value Added2 -0.08 -1.01 -1.52 -3.07 4.04 3.28 5.05Periods Ended 31 May 2013Figures Shown in EurosAnnualisedT. Rowe Price Funds SICAV — European Smaller Companies Equity Fund1Calendar Years20084 2009 2010 2011 2012European Smaller Companies Equity Fund – SICAV Class I1 -0.10% 65.77% 27.66% -14.19% 34.40%S&P Pan Europe SmallCap Index -0.24 48.08 27.57 -15.59 25.43Value Added2 0.14 17.69 0.09 1.40 8.971 Fund shares are subject to investment risk, including possible loss of principal amount invested. Figures are shown at NAV and include changes in principal value, reinvested dividends, and capital gaindistributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Past performance cannot guarantee future results. Forperformance calculation purposes, securities are valued with prices taken at the official NAV pricing time. Pricing sources may vary between the official NAV, the benchmark, and the sub-manager.Performance is shown for the funded classes of the Fund as of the date shown above. For availability of other classes of shares and their respective fees, expenses, and performance, please refer to theprospectus or contact the fund’s distributor.2 The Value Added is shown as T. Rowe Price Funds SICAV – European Smaller Companies Equity Fund Class I minus S&P Pan Europe SmallCap Index
  36. 36. Total Return PerformancePeriods Ended 31 May 2013Figures Shown in Euros1 Fund shares are subject to investment risk, including possible loss of principal amount invested. Figures are shown at NAV and include changes in principal value, reinvesteddividends, and capital gain distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Pastperformance cannot guarantee future results. For performance calculation purposes, securities are valued with prices taken at the official NAV pricing time. Pricing sourcesmay vary between the official NAV, the benchmark, and the sub-manager. Performance is shown for the funded classes of the Fund as of the date shown above. For availabilityof other classes of shares and their respective fees, expenses, and performance, please refer to the prospectus or contact the fund’s distributor.2 The Value Added is shown as T. Rowe Price Funds SICAV – European Smaller Companies Equity Fund Class A minus S&P Pan Europe SmallCap Index.| 36 |T. Rowe Price Funds SICAV — European Smaller Companies Equity Fund1OneMonthThreeMonthsYear-to-DateOneYearTwoYearsThreeYearsSinceInception26 Nov2008European Smaller Companies Equity Fund – SICAVClass A1 3.31% 4.05 10.39% 27.43% 9.90% 14.98% 23.51%S&P Pan Europe SmallCap Index 3.45 5.30 12.31 31.63 6.86 12.77 19.59Value Added2 -0.14 -1.74 -1.92 -4.20 3.04 2.21 3.92AnnualisedCalendar Years20084 2009 2010 2011 2012European Smaller Companies Equity Fund – SICAV Class A1 -0.20% 64.23% 26.54% -15.00% 33.18%S&P Pan Europe SmallCap Index -0.24 48.08 27.57 -15.59 25.43Value Added3 0.04 16.15 -1.03 0.59 7.75
  37. 37. Fee SchedulesThe fee schedule represents only the management fee of the SICAV sub-fund and excludes custodial and administrative fees. A full list of the currently issued Share Classesincluding Distributing, Hedged and Accumulating Categories may be obtained, free of charge and upon request,from the registered office of the Company.1 In euros.As of 31 March 2013| 37 |Sales Charge(up to)Minimum Initial Investmentand Holding Amount1Minimum SubsequentInvestment1InvestmentManagement FeeClass I N/A €2,500,000 €100,000 95 basis pointsClass A(Category A & Ad)5.00% €15,000 €1,000 180 basis pointsT. Rowe Price Funds SICAV — European Smaller Companies Equity Fund
  38. 38. APPENDIX
  39. 39. Andrew Clifton| 39 |Andrew Clifton, European Equities Portfolio SpecialistAndrew Clifton is a portfolio specialist in the Equity Division at T. Rowe Priceresponsible for European Equity strategies. Mr. Clifton is a vice president ofT. Rowe Price International Ltd.Mr. Clifton has over 23 years of investment experience. Prior to joining the firmin 2010, he was an executive director at UBS Global Asset Management.Mr. Clifton earned a B.Sc. in economics from the London School of Economicsand a M.Sc. in econometrics from the University of Southampton.
  40. 40. Equity Research Team1 Also has portfolio management responsibilities.2 8 sector portfolio managers, 91 research analysts, 23 associate research analysts, 5 quantitative analysts, and 3 specialty analysts as of 31 March 2013. Highlighted names reflectanalysts with European research responsibilities.| 40 |130 Equity Research Professionals worldwide.2As of 31 March 2013HEALTHCAREZiad Bakri, CFA, MD BALU.S. BiotechSimon Cheng, CFA HKGAsia Ex-Japan HC ServicesMelissa Gallagher, Ph.D. LONO.U.S. PharmaPaul O’Sullivan SYDHospital Supply, Pharma, HC ServicesTaymour R. Tamaddon, CFA1 BALMedical Supply, Life Sciences and SpecialtyPharmaceuticalsJean-Pierre Thibaud, CFA LONLatAm HCRouven Wool-Lewis, Ph.D. BALHC ServicesJohn Xie HKGAsia HC Services (ex Pharma)BUSINESS SERVICESAndrew Fones BALIT Consulting, Staffing, EducationClark R. Shields BALTransaction Processors,Financial Services Related, OtherBAL BaltimoreBA Buenos AiresLON LondonSYD SydneySGP SingaporeHKG Hong KongTOK TokyoFINANCIAL SERVICESMalik Asif LONAfrica & Middle East BanksHari Balkrishna LONCanada, Scandinavian, UK BanksJon Friar BALRegional BanksChristopher T. Fortune, CFA BALBanks (Smaller)/ThriftsTetsuji Inoue TOKJapan Real Estate & Non-Bank FinancialsNina Jones, CPA BALReal EstateYoichiro Kai, CMA SGPJapan Banks and Insurance,Greater China BanksAden Lau SGPAsia Ex-Japan Non-Bank Financials,Infrastructure FinanceDavid M. Lee, CFA1 BALReal EstateIan C. McDonald, CFA BALCanadian Ins Companies;Financial Exchanges, Life InsJihong Min SGPSouth East Asia and Korea BankingEric C. Moffett HKGAsia Ex-Japan Real EstateSridhar Nishtala SGPAsia Ex-Japan InsPaul O’Sullivan SYDMajor & Regional Banks, Asset Managers,P&C & Speciality Ins, Speciality FinanceViral Patel SYDAustralian REITSFrederick Rizzo, CFA LONEuropean BanksMatt Snowling, CFA BALFinancial Services CompaniesGabriel Solomon BALMulti-line, P&C InsMitchell Todd, CA LONEurope Ins/FinancialsEric L. Veiel, CFA1 BALAsset Managers, Investment Banks,Money Center BanksMarta Yago LONEuropean Real Estate, Asset Managers andBrokerage Firms, Rating AgenciesTECHNOLOGYKennard W. Allen1 BALHardware, SoftwareRhett K. Hunter BALSmid-Cap GeneralistJai Kapadia HKGAsia Ex-Japan Tech MaterialsShalin Mody, CFA BALSmid-Cap Telecom Equipment,SemiconductorsTobias Mueller LONEurope Semiconductors, SoftwareHiroaki Owaki, CFA TOKJapan GeneralistAdam Poussard, CFA BALSemiconductor Capital EquipmentJoshua K. Spencer, CFA1 BALSemiconductors & EquipmentThomas H. Watson, CFA BALSoftwareJustin P. White, CFA BALStorage, Network EquipmentNalin Yogasundram BALAlt EnergyAlison Yip HKGAsia Ex-Japan GeneralistMEDIA/TELECOMArchibald Ciganer, CFA TOKJapan Media, Telecom ServicesJim Friedland BALMedia CompaniesPaul D. Greene BALAdv, Diversified Media, Radio, TVRandal Jenneke1 SYDAustralia MediaRyan Martyn SYDAustralia/New Zealand TelecomDaniel Martino, CFA1 BALTelecom Services & CableCorey Shull, CFA BALMedia, InternetJustin P. White, CFA BALInternet Infrastructure, Cable,Christopher Whitehouse LONEurope Media, Telecom ServicesWenli Zheng HKGAsia Telecom, InternetCONSUMER/RETAILPaulina Amieva LONLatin America & South Africa RetailFrancisco M. Alonso BALSoft Goods, Hard Goods,Discount Stores, Textiles, ApparelIra W. Carnahan, CFA BALSoft Goods, Toys, Nutrition,Diet and Direct Sellers,Outdoor EquipmentArchibald Ciganer, CFA TOKJapan ConsumerJessie Ding HKGConsumer DiscretionaryBarry Henderson BALHard Goods, Discount Stores,GamingRandal Jenneke1 SYDAustralia GamingMichael Lasota BALCruise Lines, Commercial Brokers,LodgingIan C. McDonald, CFA BALHousingSridhar Nishtala SGPRetail, Consumer Products, LeisurePaul O’Sullivan SYDApparel & Footwear, Specialty RetailViral Patel SYDAustralia Food & Beverage RetailersRobert T. Quinn, Jr. BALFood, Beverage, Tobacco,Personal Care, Cosmetics,Conglomerates (Multi-Cap)Sebastian Schrott LONEuropean Retail and Luxury GoodsAmit Seth BALBranded Apparel, FootwearVivian Si BALSoft Goods, Textiles, ApparelJonty Starbuck, CFA LONEurope Food, Beverage, Tobacco,Personal Care, Gaming, LodgingAshley R. Woodruff, CFA BALRestaurants, SupermarketsINDUSTRIALSPaulina Amieva LONLatin America AirlinesHari Balkrishna LONEurope AutosSheena Barbosa,CFA SGPAsia Ex-Japan InfrastructurePeter J. Bates, CFA BALEnv Services, Ind Manufacturing,Agriculture Equipment, Capital Goods,Mega ConglomeratesJonathan Chou, CFA BALAuto Manufacturers, Distributors,Rental CarsArchibald Ciganer, CFA TOKJapan TransportAndrew Davis BALAirlines, Railroads, TruckingEric DeVilbiss, CFA BALAgricultureJin Jeong, CPA LONEurope Capital Goods, AutoJai Kapadia HKGAsia Ex-Japan ConglomeratesRyan Martyn SYDAustralia Building MaterialsSusanta Mazumdar1 SGPAsia Ex-Japan InfrastructureSridhar Nishtala SGPAirlinesCurt J. Organt, CFA BALSmid-Cap Generalist, DistributionAustin M. Powell, CFA TOKJapan Ind ManufacturingVivek Rajeswaran BALWaste ManagementDavid L. Rowlett, CFA BALAerospace and DefenseJeneiv Shah, CFA LONEastern Europe Autos, Transport, AirlinesJohn C. A. Sherman LONAerospace and Defense, Transport, LogisticsClark R. Shields BALAir Freight, LogisticsEunbin Song, CFA SGPSteel, Shipbuilding, E&C,Asia Ex-Japan Power EquipmentJean-Pierre Thibaud, CFA LONTransportation InfrastructureJohn Xie HKGAsia TransportChristopher Yip, CFA HKGAsia Ex-Japan Ind ManufacturingNATURAL RESOURCESHaider Ali SGPAsia Ex-Japan Oil and Gas, Mining,Non-ferrous MetalsMalik Asif LONMiddle East PetrochemicalsSheena Barbosa, CFA SGPAsia Ex-Japan UtilitiesRyan N. Burgess, CFA BALChemicals, UtilitiesArchibald Ciganer, CFA TOKJapan UtilitiesShawn T. Driscoll BALE&P, Coal, E&CRyan S. Hedrick, CFA BALCoalShinwoo Kim BALEnergy ServicesJeremy Kokemor, CFA BALSmid-Cap MetalsSteven D. Krichbaum, CFA1 BALSmall-Cap UtilitiesBen Landy BALE&C Fertilizer, Ind GasesRyan Martyn SYDAustralia Energy, Chemicals, E&PSusanta Mazumdar1 SGPAsia Ex-Japan Utilities, EnergyHeather K. McPherson1 BALPaper, Forest ProductsTimothy E. Parker, CFA1 BALEnergy Service, E&P,Global Energy MajorsCraig Pennington, CFA LONGlobal Energy Majors, E&P, RefiningRick de los Reyes1 BALMetals & MiningAmi Shah LONEurope UtilitiesJeneiv Shah, CFA LONEastern Europe Mid-Cap OilsThomas Shelmerdine SYDAustralia Metals & MiningJohn C. A. Sherman LONChemicalsJohn Williams, CFA BALEnergyREGIONAL GENERALISTSUlle Adamson, CFA LONEMEAMartin Baylac BALatin AmericaJosé Costa Buck1 BALatin AmericaSimon Cheng, CFA HKGGreater China Small-CapLuis Fananas LONEurope Small-CapVishnu Gopal HKGAsia Ex-Japan Small-CapBen Griffiths, CFA LONEurope Small-CapLeigh Innes, CFA1 LONEMEA GeneralistTetsuji Inoue TOKJapan Smid-CapJai Kapadia HKGIndia Small-CapMark Lawrence, CFA LONMiddle East and AfricaOxana Lyalina LONEMEAFrancisco Sersale BALatin AmericaMiki Takeyama, CMA TOKJapan Smid-CapSin Dee Tan, CFA LONEurope Small-CapVerena Wachnitz, CFA BALatin AmericaHiroshi Watanabe, CFA TOKJapan Smid-CapHEAD OF EQUITY DIRECTORS OF EQUITY RESEARCHASSOCIATE DIRECTORS OFEQUITY RESEARCHWilliam J. Stromberg, CFA BALKamran Baig LONEMEA and Latin AmericaAnna M. Dopkin, CFA BALNorth AmericaCharles G. Pepin BALNorth AmericaJason B. Polun, CFA BALNorth AmericaKes Visuvalingam, CFA SGPAsiaViral Patel SYDAustraliaEric C. Moffett HKGAsia
  41. 41. European Equity Research ResourcesAs of 31 March 2013| 41 |Equity AnalystsResponsibility LocationJoinedT. RowePriceYears ofInvestmentExperienceYears ofInvestment withT. Rowe Price EducationConsumer RetailSebastian Schrott Retail and Luxury Goods London 10/2007 5 5 M.B.A., Stanford UniversityJonty Starbuck, CFA Beverage, Tobacco London 8/2004 12 8 Ph.D., Bristol UniversityFinancial ServicesFred Rizzo, CFA Banks London 11/2007 11 5 M.B.A., DePaul UniversityMitchell Todd Insurance London 10/2007 12 5 M.A., University of AberdeenMarta Yago Real Estate London 12/2007 5 5 M.B.A., Columbia Business SchoolHari Balkrishna Banks London 9/2010 5 2 M.B.A., Harvard Business SchoolHealth CareMelissa Gallagher Pharmaceuticals London 7/2008 8 4 Ph.D., Cambridge UniversityJohn Sherman Chemicals, Defence, Medtech, Transport London 6/1999 16 13 M.B.A., Stanford UniversityIndustrialsHeather McPherson Paper Forest Products Baltimore 8/2002 12 10 M.B.A., Duke UniversityRick de los Reyes Metals and Mining Baltimore 9/2006 13 6 M.B.A., Harvard Business SchoolJin Jeong, CPA Cap Goods, Auto London 10/2009 8 3 M.B.A., Harvard Business SchoolCraig Pennington, CFA Oil and Gas London 5/2010 18 2 M.A., Oxford UniversityAmi Shah Utilities London 9/2010 2 2 M.B.A., London Business SchoolMedia/Telecom Christopher Whitehouse Media, Telecom Services London 7/2005 15 7 M.A., Oxford UniversityTechnology Tobias Mueller Technology London 9/2011 6 1 M.B.A., University of ChicagoSmall-CapGeneralistBen Griffiths, CFA London 9/2006 13 6 M.A. Oxford UniversitySin Dee Tan, CFA London 9/2008 4 4 M.B.A., London Business SchoolLuis Fananas London 9/2012 14 <1 B.Ec., University of MadridEmerging MarketsGeneralistUlle Adamson, CFA London 11/2002 10 10 M.A. Sussex UniversityJeniev Shah, CFA London 5/2010 4 2 B.S., University of WarwickWithin a global platform of 130 equity research professionals
  42. 42. Indications Of Structural ReformsITALY PORTUGALPension system: good progress - contribution-based, life expectancy adjusted Pension system: good progress – retirement age raisedLabour market: work in progress – reforms introduced for dismissal rules,unemployment benefits & participation; productivity proposalsLabour market: good progress – collective bargaining reduced, employmentprotection reduced, productivity initiatives; benefits reducedProduct & services market: select reforms in energy, closed professions Products & services market: work in progress – efforts to increase competitionin network industries (energy, transport, post, telecoms, etc)Business: works in progress – faster payment terms by public sector, reductionin red tapeBusiness: work in progress – costs of licensing and permits eased, EUcompetition law more integratedFiscal structures: work in progress – public spending efficiencies, tax evasionmeasures, property taxFiscal structures: good progress – budgetary framework & forecastingstrengthened; health care reformSPAIN IRELANDPension system: work in progress – retirement age adjustments Pension system: work in progress – retirement age adjustments, indexationchangesFinancial sector: good progress – consolidation of savings banks,recapitalisation of the sector, accelerate clearing up of balance sheetsFinancial sector: good progress – balance sheets cleared up via NAMA,recapitalisation & restructuring of remaining banks, enhanced supervisionLabour market: good progress – employment protection reduced, moreflexible contracts, collective bargaining reduced, improved trainingLabour market: good progress – unemployment system reformed, measures toreduce sector-wide wage agreementsProduct & services market: work in progress – improved coordination &reduced regulations on national, cross sector basisProduct & services market: good progress – competition law strengthened,enhanced regulation of closed professions| 42 |Source: T. Rowe Price, Credit Suisse.As of 31 May 2013
  43. 43. Important InformationThis document has been issued by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC4N 4TZ, which is authorised and regulated by the UK Financial Conduct Authority (the “FCA”). Thismaterial is not intended for use by Retail Clients, as defined by the FCA.Issued in the Dubai International Financial Centre by TRPIL. 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 DFSA. Retail Clients should not act upon information contained within this material.When issued in Hong Kong, this material is intended for use by professional investors only. 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 theprior approval of TRPHK.Representative in Switzerland is First Independent Fund Services Ltd, Klausstrasse 33, CH-8008 Zurich. Paying Agent in Switzerland is JPMorgan Chase Bank National Association, Columbus, Zurich Branch,Dreikönigstrasse 21, CH-8002 Zurich.Copies of the Articles, the prospectus, the Key Investor Information Documents (KIIDs) and the annual and semi-annual reports of the Company may be obtained free of charge from the Representative.The European Equity Fund and European Smaller Companies Fund are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg domiciled société d’investissement à capitale variable (SICAV) whichqualifies as an undertaking for collective investment in transferable securities (UCITS). Applications for shares of the funds can only be made on the basis of the current prospectus of the T. Rowe Price FundsSICAV together with the latest audited annual report (and, if published, subsequent semi-annual report). Please read the prospectus carefully prior to investing. It is the responsibility of any persons in possessionof this document and any persons wishing to make applications for shares pursuant to the prospectus to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions. Incertain jurisdictions, shares may not be available, publicly and/or otherwise, for purchase and the distribution of this document may be restricted.The T. Rowe Price Funds SICAV is currently registered for distribution only in Austria, Denmark, Estonia, Finland, Germany, Ireland, Italy (Institutional only), Latvia, Lithuania, Luxembourg, the Netherlands,Norway, Spain, Sweden, Switzerland, and the United Kingdom.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 productsor 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 thismaterial 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 andshould 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 design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. in the United States, EuropeanUnion, and other countries. This material is intended for use only in select countries.(05/2013)| 43 |
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