T. Rowe Price Funds SICAV (The Company )

Transcription

1 T. Rowe Price Funds ICAV (The Company ) A ICAV established under the laws of Luxembourg on 5 June 21 January 211 implified Prospectus This simplified prospectus contains only key information about the Company. For more information, including the current full prospectus with the latest annual and semi-annual reports that describe in detail s objectives, fees and expenses, risks and other matters of interest, please contact your financial advisor or request the latest full prospectus with the latest annual and semi-annual reports from: JP Morgan Bank Luxembourg.A., European Bank & Business Centre, 6, route de Trèves, L-2633, enningerberg, Grand Duchy of Luxembourg. uch documents are available, at any time, free of charge, for existing and future investors.

2 IMPORTANT INFORMATION Legal tructure Investment Manager Custodian Auditor Central Administration Duration of the Company Promoter upervisory Authority umbrella ICAV submitted to Part I of the law of 2 December 22 on undertakings for collective investment t. Rowe Price International Ltd JP Morgan Bank Luxembourg.A. pricewaterhousecoopers.à.r.l. JP Morgan Bank Luxembourg.A. Unlimited T. Rowe Price International Ltd ( T. Rowe Price ) Commission de urveillance du ecteur Financier ( All capitalised terms contained in this document which are not defined herein will have the same meaning as those described in the full prospectus of the Company. Past performance is not indicative of future results. The price of hares and the income from them may fall as well as rise. There can be no assurance that an investor may get back the amount invested. There can be no assurance that any of s will achieve their investment objectives.

3 CONTENT MANAGEMENT AND ADMINITRATION... i INVETMENT INFORMATION... 1 T. Rowe Price Funds ICAV Emerging Local Markets Bond Fund... 1 T. Rowe Price Funds ICAV EURO Corporate Bond Fund... 2 T. Rowe Price Funds ICAV European High Yield Bond Fund...3 T. Rowe Price Funds ICAV Global Aggregate Bond Fund... 4 T. Rowe Price Funds ICAV Global Emerging Markets Bond Fund... 5 T. Rowe Price Funds ICAV Global Emerging Markets Corporate Bond Fund... 6 T. Rowe Price Funds ICAV Global Fixed Income Absolute Return Fund... 7 T. Rowe Price Funds ICAV Global High Yield Bond Fund... 8 T. Rowe Price Funds ICAV U Aggregate Bond Fund... 9 T. Rowe Price Funds ICAV U Dollar Investment Grade Corporate Bond Fund... 1 T. Rowe Price Funds ICAV Asian Ex-Japan Equity Fund T. Rowe Price Funds ICAV Emerging Europe Equity Fund...12 T. Rowe Price Funds ICAV European Equity Fund T. Rowe Price Funds ICAV European Ex-UK Equity Fund T. Rowe Price Funds ICAV European maller Companies Equity Fund T. Rowe Price Funds ICAV European tructured Research Equity Fund T. Rowe Price Funds ICAV Global Emerging Markets Equity Fund T. Rowe Price Funds ICAV Global Equity Fund T. Rowe Price Funds ICAV Global Infrastructure Equity Fund T. Rowe Price Funds ICAV Global Large Cap Equity Fund... 2 T. Rowe Price Funds ICAV Global Natural Resources Equity Fund T. Rowe Price Funds ICAV Global Real Estate ecurities Fund T. Rowe Price Funds ICAV Japanese Equity Fund T. Rowe Price Funds ICAV Latin American Equity Fund T. Rowe Price Funds ICAV Middle East & Africa Equity Fund T. Rowe Price Funds ICAV U Blue Chip Equity Fund T. Rowe Price Funds ICAV U Large Cap Core Equity Fund...27 T. Rowe Price Funds ICAV U Large Cap Growth Equity Fund T. Rowe Price Funds ICAV U Large Cap Value Equity Fund T. Rowe Price Funds ICAV U maller Companies Equity Fund... 3 GENERAL INVETMENT POLICIE FINANCIAL INFORMATION COMMERCIAL INFORMATION IDENTIFICATION CODE AND INCEPTION DATE FIXED INCOME FUND IDENTIFICATION CODE AND INCEPTION DATE EQUITY FUND INFORMATION FOR INVETOR IN CERTAIN COUNTRIE... 4 DICLOURE

4 MANAGEMENT AND ADMINITRATION REGITERED OFFICE European Bank & Business Centre 6 route de Trèves L-2633 enningerberg Grand Duchy of Luxembourg BOARD OF DIRECTOR Chairman Edward C. Bernard director T. Rowe Price Group, Inc. 1 East Pratt treet Baltimore, Maryland 2122 United tates of America Directors R. Todd Ruppert president - International Investment ervices T. Rowe Price International Ltd 6 Queen Victoria treet London, EC4N 4TZ United Kingdom Christopher D. Alderson President - International Equity T. Rowe Price International Ltd 6 Queen Victoria treet London, EC4N 4TZ United Kingdom Peter Preisler Vice President t. Rowe Price International Ltd Lautrupsgade 7 21 Copenhagen Ø Denmark PERON CONDUCTING THE BUINE OF THE COMPANY Ian Hoddy Vice President T. Rowe Price International Ltd 35 Boulevard Prince Henri L-1724 Luxembourg Grand Duchy of Luxembourg Jeremy Fisher Vice President T. Rowe Price International Ltd 6 Queen Victoria treet London, EC4N 4TZ United Kingdom i

5 CUTODIAN JP Morgan Bank Luxembourg.A. European Bank & Business Centre 6 route de Trèves L-2633 enningerberg Grand Duchy of Luxembourg DOMICILIARY, ADMINITRATION, REGITRAR AND TRANFER AGENT JP Morgan Bank Luxembourg.A. European Bank & Business Centre 6 route de Trèves L-2633 enningerberg Grand Duchy of Luxembourg REPREENTATIVE AND PAYING AGENT IN GERMANY JP Morgan AG Junghofstraße Frankfurt am Main Germany REPREENTATIVE IN WITZERLAND first Independent Fund ervices Ltd Klausstrasse Zürich witzerland PAYING AGENT IN WITZERLAND JP Morgan Chase Bank National Association, Columbus, uccursale Zurich Dreikönigstrasse Zürich witzerland INVETMENT MANAGER t. Rowe Price International Ltd 6 Queen Victoria treet London, EC4N 4TZ United Kingdom INVETMENT UB-MANAGER t. Rowe Price Associates, Inc. 1 East Pratt treet Baltimore, Maryland 2122 T. Rowe Price Hong Kong Limited 21/F Jardine House 1 Connaught Place Central, Hong Kong T. Rowe Price ingapore Private Ltd. 29 Orchard Road 14-4 Paragon ingapore AUDITOR OF THE FUND pricewaterhousecoopers.à.r.l. 4 route d Esch B.P L-114 Luxembourg Grand Duchy of Luxembourg LEGAL ADVIER linklaters LLP 35 avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg ii

6 INVETMENT INFORMATION t. rowe price funds sicav emerging local markets bond fund The Fund s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supranational and corporate issuers established, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. The portfolio s emphasis will be on investing in securities denominated in the currencies of the respective emerging countries. In the execution of its objective, the Fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in currencies and bonds using various derivative instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps. This Fund may be suitable for long-term, risk-oriented investors seeking the potential for a high level of current income and some capital appreciation. The Fund may also be suitable for those investors seeking diversification for their investments and those who can accept the special risks that accompany investing in emerging markets, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Higher risk designation among fixed income portfolios based on its exposure to a diversified global portfolio of emerging markets bonds which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, regulatory risks and accounting standards in emerging markets, custodial risk and emerging markets risk. N/A UD Portfolio turnover rate (29)* Categories A Ad I I (GBP) Ih (EUR) J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* 1.1 Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) CALENDAR YEAR PERFORMANCE* (Total return in UD) 2 1 Ad, Jd & ubstantially all distributable income will be distributed. JP Morgan Emerging GBI-EM Global Diversified Index 1 INCE INCEPTION PERFORMANCE As at 31 December BM Inception date 9 August 27 Class Class Jd Class J Class ID Class The Fund may make direct investments in Russia. Other than investments in securities traded on the `Russian Trading tock Exchange and the `Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. 1 Effective 31 January 211, the Investment Management Fee will be reduced to Ah (EUR) [Total re

7 t. rowe price funds sicav euro corporate bond fund The Fund s objective is to maximise total return through investment primarily in a diversified portfolio of corporate bonds denominated in Euro. Investments may include preferred stock and other transferable debt securities including transferable debt securities issued by the governments of those countries participating in the Euro. The Fund may maintain a limited exposure to securities denominated in other European currencies. In the execution of its objective, the Fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. This Fund may be suitable for investors seeking the potential for a high level of current income and some capital appreciation and can accept the risks associated with investing in corporate bonds, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Moderate risk designation among fixed income portfolios based on its exposure to a diversified portfolio of corporate bonds which may enhance liquidity and help keep currency and investment risk at a moderate level. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to ; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, ratings of securities and sovereign debt. N/A EUR Portfolio turnover rate (29)* Class Class Jd Class J Class ID Class.2 Ah (EUR) [Total return in Euro] Ad Class Categories A Ad I Ih (EK) J Jd ales Charge (up to) 5. Investment Management Fee (up to).9.5 TER* Minimum initial investment and holding amount EUR 15, EUR 2,5, EUR 1,, EUR 1,, EUR 25,, Minimum subsequent investment EUR 1, EUR 1, Minimum Redemption amount EUR 1, (for performance comparison) CALENDAR YEAR PERFORMANCE* (Total return in Euro) Class Ad, Jd & ubstantially all distributable income will be distributed. Barclays Capital Euro Corporate Index INCE INCEPTION PERFORMANCE As at 31 December Class Inception date 9 November 24 Inception date 5 February Class Inception date 28 October Inception date 2 June 21 2

8 t. rowe price funds sicav european high yield bond fund The Fund s objective is to maximise total return through investment primarily in a diversified portfolio of high yield corporate bonds denominated in European currencies. Investments may include, income producing convertible securities and preferred stock and other transferable debt securities. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. This Fund may be suitable for long-term, risk-oriented investors seeking the potential for a high level of current income and some appreciation and can accept the special risks associated with investments in high yield bonds as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Higher risk designation among fixed income portfolios based on its exposure to a diversified portfolio of high yield bonds which may increase credit, currency, political and investment risk and amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, warrants ratings of securities and sovereign debt. T. Rowe Price Associates, Inc. EUR Categories A Ad J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount EUR 15, EUR 2,5, EUR 1,, EUR 1,, EUR 25,, Minimum subsequent investment EUR 1, EUR 1, Minimum Redemption amount EUR 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. 3

9 t. rowe price funds sicav global aggregate bond fund The Fund s objective is to maximise total return through investment primarily in a global portfolio of fixed income securities which may include, but is not limited to, transferable debt securities of governments and their agencies, state and provincial entities, supranational organisations, corporations and banks as well as mortgage- and asset backed securities that qualify as eligible investments for UCIT within the meaning of article 41(1) of the law of 2 December 22 on undertakings for collective investments. Investment in mortgage and asset-backed securities by may exceed 2 of Net Asset Value. In the execution of its objective, may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in currencies, bonds and credit indices using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. This Fund may be suitable for those who are long-term, risk-oriented investors seeking the potential for a high level of current income and some appreciation potential and can accept the risks associated with investments in global fixed income securities, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Moderate risk designation among fixed income portfolios based on its exposure to a portfolio of global fixed income securities, that may include high yield and emerging market debt, which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to ; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, ratings of securities and sovereign debt. N/A UD Portfolio turnover rate (29)* Categories A A (GBP) Ad I I (GBP) Id Ih (EK) Ih (GBP) Ih (EUR) Ih (NOK) J Jd ales Charge (up to) 5. Investment Management Fee (up to).9.55 TER* Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) Ad, Id, Jd & ubstantially all distributable income will be distributed. Barclays Capital Global Aggregate Index CALENDAR YEAR PERFORMANCE* (Total return in UD) Id Class INCE INCEPTION PERFORMANCE As at 31 December Id Class Inception date 28 March 23 Inception date 25 January 26 Id Class Inception date 25 January Inception date 9 July 21 The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. 4

10 t. rowe price funds sicav global emerging markets bond fund The Fund s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra-national and corporate issuers established or conducting the predominant part of their business activity in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. In the execution of its objective, may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in currencies and bonds using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps. This Fund may be suitable for long-term, risk-oriented investors seeking the potential for a high level of current income and some capital appreciation. The Fund may also be suitable for those investors seeking diversification for their investments and those who can accept the special risks that accompany investing in emerging markets, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Higher risk designation among fixed income portfolios based on its exposure to a diversified global portfolio of emerging markets bonds which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, regulatory risks and accounting standards in emerging markets, custodial risk and emerging markets risk. T. Rowe Price Associates, Inc. UD Portfolio turnover rate (29)* Categories A Ad I Id Ih (EUR) J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) Ad, Id, Jd & ubstantially all distributable income will be distributed. JP Morgan Emerging Markets Bond Index Global Diversified CALENDAR YEAR PERFORMANCE* (Total return in UD) Id Class Class Effective 31 January 211, the Investment Management Fee will be reduced to INCE INCEPTION PERFORMANCE As at 31 December ID Inception date 27 June 26 Inception date 31 December 24 Id Class Inception date 7 October Class Inception date 28 October 28 The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus

11 t. rowe price funds sicav global emerging markets corporate bond fund The Fund s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by companies established, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. The fund may, from time to time, maintain a limited exposure to transferable debt securities issued by the governments of the same countries. In the execution of its objective, the fund may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in currencies and bonds using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps. This Fund may be suitable for long-term, risk-oriented investors seeking the potential for a high level of current income and some capital appreciation. The Fund may also be suitable for those investors seeking diversification for their investments and those who can accept the special risks that accompany investing in emerging markets as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Higher risk designation among fixed income portfolios based on its exposure to a diversified global portfolio of emerging markets corporate bonds which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, regulatory risks and accounting standards in emerging markets, custodial risk and emerging markets risk. T. Rowe Price Associates, Inc. UD Categories A Ad I Id J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER*.28 Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) Ad, Id, Jd & ubstantially all distributable income will be distributed. The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information. For more information, see above Investment in Russia. 6

12 t. rowe price funds sicav global fixed incomeabsolute return fund The Fund s objective is to provide positive absolute return by investing primarily in an actively managed global portfolio of fixed income securities including, transferable debt securities of governments and their agencies, state and provincial entities, supranational organisations, corporations and banks, mortgage- and asset-backed securities and money market instruments that qualify as eligible investments for UCIT within the meaning of article 41(1) of the law of 2 December 22 on undertakings for collective investments. Investment in mortgage and asset-backed securities by may exceed 2 of Net Asset Value. In the execution of its objective, may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On a regular basis, may create synthetic short positions in currencies, bonds and credit indices using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. The total absolute aggregate net short positions in currencies will not exceed 4 of the Net Asset Value of the fund. The total aggregate net short position in terms of duration will not exceed minus 3 years of duration at the fund level. This Fund may be suitable for those who are long-term, risk-oriented investors seeking the potential for positive absolute return and can accept the risks associated with investments in global fixed income securities with reduced liquidity as well as those associated with the enhanced use of derivative instruments. The Fund seeks higher levels of return than are usually achievable with money market investments. This Fund has been assigned a Moderate risk designation among fixed income portfolios based on its exposure to a portfolio of global fixed income securities that may include high yield and emerging market debt, which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, ratings of securities and sovereign debt. N/A UD Portfolio turnover rate (29)* Categories A Ad I I (GBP) Id Ih (EUR) Ih (JPY) J Jd ales Charge (up to) 5. Investment Management Fee (up to).9.55 TER*.91** Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, Ad, Id, Jd & ubstantially all distributable income will be distributed. (for performance comparison) The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. ** Class incepted during the year ended 31 December 29; the Total Expense Ratio indicated is an annualised figure. 7

13 t. r o w e p r i c e f u n d s s i c av g l o b a l h ig h y i e l d b o n d f u n d The Fund s objective is to maximise total return by investing primarily in a widely diversified, global portfolio of highyield corporate bonds, income producing convertible securities and preferred stocks. In the execution of its objective, may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. This Fund may be suitable for long-term, risk-oriented investors seeking the potential for a high level of current income and some appreciation and can accept the special risks associated with investments in high yield bonds, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Higher risk designation among fixed income portfolios based on its exposure to a diversified global portfolio of high yield bonds which may increase credit, currency, political and investment risk and amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, warrants ratings of securities and sovereign debt. T. Rowe Price Associates, Inc. UD Portfolio turnover rate (29)* Categories A Ad Ah (EUR) Ah (NOK) J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* ** Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. JP Morgan Global High Yield Index CALENDAR 6 YEAR PERFORMANCE* (Total return in UD) Ah (EUR) [Total return in Euro] Jd Class Class INCE INCEPTION PERFORMANCE As at 31 December Jd Class Ah (EUR) [Total return in Euro] Inception date 17 August 21 Jd Class Inception date 5 December 23 Ad Class Inception date 2 June 29 Ah (EUR) [Total return in Euro] Inception date 2 April 23 Inception date 4 March 22 Class Inception date 28 October 28 Inception date 28 June 21 The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. ** Class incepted during the year ended 31 December 29; the Total Expense Ratio indicated is an annualised figure. 8

14 t. r o w e p r i c e f u n d s s i c av u s a g g r e g at e b o n d f u n d The Fund s objective is to maximise total return through investment primarily in a portfolio of U fixed income securities which may include, but is not limited to, transferable debt securities of the U government and its agencies, state and provincial entities, corporations and banks as well as mortgage and asset backed securities that qualify as eligible investments for UCIT within the meaning of article 41(1) of the law of 2 December 22 on undertakings for collective investments. Investment in mortgage and asset-backed securities by may exceed 2 of Net Asset Value. In the execution of its objective, may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in bonds using various instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps and credit default swaps. This Fund may be suitable for those who are long-term, seeking the potential for a high level of current income and some capital appreciation and can accept the risks associated with investments in U fixed income securities, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Moderate risk designation among fixed income portfolios based on its exposure to a diversified portfolio of U fixed income securities which may preserve liquidity and help keep investment risk at a moderate level. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, ratings of securities and sovereign debt. T. Rowe Price Associates, Inc. UD Portfolio turnover rate (29)* Categories A Ad I Ih (EUR) Ih (EK) J Jd ales Charge (up to) 5. Investment Management Fee (up to).9.5 TER*.6 Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) CALENDAR YEAR PERFORMANCE* (Total Return in UD) Ad, Jd & ubstantially all distributable income will be distributed. Barclays Capital U Aggregate Index INCE INCEPTION PERFORMANCE As at 31 December Ad Class Jd Class Jd Class Inception date Ah 5 December (EUR) 23 [Total return in Euro] Jd Class

15 t. rowe price funds sicav us dollar investment grade corporate bond fund The Fund s objective is to maximise total return through investment primarily in a widely diversified portfolio of investment grade corporate debt securities denominated in U dollars. In the execution of its objective, may make enhanced use of derivative instruments including, but not limited to, bond futures, forward rate notes, forward foreign exchange contracts (including non-deliverable forwards), fixed interest warrants, interest rate futures, options on interest rate futures, convertible bonds, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, may create synthetic short positions in bonds and credit indices using various derivative instruments including interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices. This Fund may be suitable for those who are long-term, risk-oriented investors seeking the potential for a high level of current income and some capital appreciation and can accept the risks associated with investments in U investment grade corporate bonds, as well as those associated with the enhanced use of derivative instruments. This Fund has been assigned a Moderate risk designation among fixed income portfolios based on its exposure to a diversified portfolio of investment grade corporate bonds that may include a wide range of credit quality which may increase credit, political and investment risk and amplify the unpredictability of return. The portfolio may also make enhanced use of derivative instruments to achieve its objective. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks and use of derivative instruments, ratings of securities and sovereign debt. T. Rowe Price Associates, Inc. UD Categories A Ad I Ih (EK) J Jd ales Charge (up to) 5. Investment Management Fee (up to).9.5 TER* Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, Ad, Jd & ubstantially all distributable income will be distributed. 1

16 t. rowe price funds sicav asian ex-japan equity fund The Fund s objective is to provide long-term capital appreciation by investing primarily in a diversified portfolio of transferable equity and equity-related securities of companies domiciled, or deriving the predominant part of their earnings, in the markets of Asia and the Far East (excluding Japan). This Fund may be suitable for investors seeking enhanced appreciation potential over time and greater diversification for their equity investments who can accept the volatility associated with investing in stocks, as well as the special risks that accompany international investing. This Fund has been assigned a High risk designation among equity portfolios based on its relatively limited geographic orientation and exposure to emerging markets. The fund price is subject to market risk in addition to risks associated with unfavourable currency exchange rates and political or economic uncertainty abroad. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, ratings of securities and sovereign debt. T. Rowe Price Hong Kong Limited UD Portfolio turnover rate (29)* Categories A Ad A (GBP) I I (AUD) J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount UD 15, UD 2,5, UD 1,, UD 1,, UD 25,, Minimum subsequent investment UD 1, UD 1, Minimum Redemption amount UD 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. MCI All Country Asia Ex-Japan Index CALENDAR YEAR PERFORMANCE* (Total return in UD) INCE INCEPTION PERFORMANCE As at 31 December ID Class Class Inception date 28 January 28 Inception date 13 December 26 Class Inception date 27 June 28 Class Inception date 28 October 28 Effective 1 April 28, the investment management fee for the Adviser (A & Ad) Class of hares of this Fund was increased from 1.6 to 1.9 and the Institutional (I & I(AUD) ) Class of hares from.9 to 1.. Had this change been effective during all of the illustrated performance periods, the Adviser (A & Ad) and Institutional (I & I(AUD)) hare Class returns would have been lower in the calendar years prior to

17 t. rowe price funds sicav emerging europe equity fund The Fund s objective is to provide long-term capital growth by investing primarily in a diversified, portfolio of transferable equity and equity-related securities of companies established, or conducting the predominant part of their business activity, in the economically developing countries of Central and Eastern Europe, including those of the former oviet Union, and Mediterranean region. This Fund may be suitable for investors seeking enhanced appreciation potential over time and greater diversification for their equity investments who can accept the volatility associated with investing in equities, as well as the special risks that accompany investing in emerging markets. This Fund has been assigned a High risk designation among equity portfolios based on its relatively limited geographic orientation and exposure to emerging markets. The fund price is subject to market risk in addition to risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks, use of derivative instruments, ratings of securities and sovereign debt. N/A EUR Portfolio turnover rate (29)* 74.9 Categories A Ad J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount EUR 15, EUR 2,5, EUR 1,, EUR 1,, EUR 25,, Minimum subsequent investment EUR 1, EUR 1, Minimum Redemption amount EUR 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. MCI Emerging Markets Europe 1/4 Index CALENDAR YEAR PERFORMANCE* (Total return in Euro) INCE INCEPTION PERFORMANCE As at 31 December I A Ad Class Ah (EUR) [Total return in Euro] Jd Class Inception date 11 November 28 Inception date 11 November 28 The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and the Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. 12

18 t. rowe price funds sicav european equity fund The Fund s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their economic activity, in Europe. This Fund may be suitable for investors seeking the potential for long-term appreciation and can accept the exposure and volatility levels which may be associated with investment in European large and medium capitalisation stocks. This Fund has been assigned a Moderate risk designation among equity portfolios based on its diversified exposure to established large and medium capitalisation European equities. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks and use of derivative instruments. N/A EUR Portfolio turnover rate (29)* Categories A Ad J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount EUR 15, EUR 2,5, EUR 1,, EUR 1,, EUR 25,, Minimum subsequent investment EUR 1, EUR 1, Minimum Redemption amount EUR 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. MCI Europe Index CALENDAR YEAR PERFORMANCE* (Total return in Euro) 6 INCE INCEPTION PERFORMANCE As at 31 December Ad Class Ah (EUR) [Total return in Euro] Jd Class -3.1 Inception date 2 May Inception date 26 February 27 Fund launched during the year ended 31 December 27. MATCH THEE BAR A CLOELY The Fund may make direct investments in Russia. Other than investments in securities traded on the Russian Trading tock Exchange and A the POIBLE Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. 13

19 t. rowe price funds sicav european ex-uk equity fund The Fund s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of companies incorporated, or conducting the predominant part of their economic activity, in Europe excluding the UK. This Fund may be suitable for investors seeking the potential for long-term appreciation and can accept the exposure and volatility levels which may be associated with investment in European large and medium capitalisation stocks. This Fund has been assigned a Moderate risk designation among equity portfolios based on its diversified exposure to established large and medium capitalisation European equities. This grading is indicative of the level of risk believed to be associated with and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. The following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks and use of derivative instruments. N/A EUR Portfolio turnover rate (29)* Categories A Ad J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount EUR 15, EUR 2,5, EUR 1,, EUR 1,, EUR 25,, Minimum subsequent investment EUR 1, EUR 1, Minimum Redemption amount EUR 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. FTE All World Developed Europe Ex-UK Index CALENDAR YEAR PERFORMANCE* (Total return in Euro) INCE INCEPTION PERFORMANCE As at 31 December Ad Class Ad Class Inception date 11 July 27 Inception date 26 February Ad Class Ah (EUR) [Total return in Jd Class Fund launched during the year ended 31 December 27. The Fund may make direct investments in Russia. Other than investments in securities traded on the `Russian Trading tock Exchange and the `Moscow Interbank MATCH Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than THEE Eligible Transferable BAR ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. A CLOELY A POIBLE 14

20 t. rowe price funds sicav european smaller companiesequity fund The Fund s objective is to provide long-term capital appreciation through investment primarily in a diversified portfolio of transferable equity and equity-related securities of smaller companies established, or conducting the predominant part of their business activity, in Europe and whose market capitalisation, at the time of purchase, falls within or below the range covered by the &P Extended Market (EMI) Pan Europe Index. This Fund may be suitable for risk oriented, long term investors seeking the potential for long-term capital appreciation and can accept the special risks associated with European smaller company stocks. This Fund has been assigned a Higher risk designation among equity portfolios based on its diversified exposure to small capitalisation European equities. This grading is indicative of the level of risk believed to be associated with the Fund and is not intended to be a guarantee of any actual level of risk or an indication of likely returns. It should be used only for comparison with other Funds provided by the Company. the following risks which are explained in the Company s current full prospectus are applicable to this Fund; investment risk, political risks, currency risks, liquidity and settlement risks and use of derivative instruments. N/A EUR Portfolio turnover rate (29)* Categories A Ad I I (GBP) J Jd ales Charge (up to) 5. Investment Management Fee (up to) TER* Minimum initial investment and holding amount EUR 15, EUR 2,5, EUR 1,, EUR 1,, EUR 25,, Minimum subsequent investment EUR 1, EUR 1, Minimum Redemption amount EUR 1, (for performance comparison) Ad, Jd & ubstantially all distributable income will be distributed. &P Pan Europe mall Cap Index CALENDAR YEAR PERFORMANCE* (Total return in Euro) INCE INCEPTION PERFORMANCE As at 31 December I A Inception date 26 November 28 Inception date 26 November Ad Class Ah (EUR) [Total return in Euro] Jd Class Fund launched during the year ended 31 December 27. The Fund may make direct investments in Russia. Other than investments in securities traded on the `Russian Trading tock Exchange and the `Moscow Interbank Currency Exchange, direct investments in Russia will be at all times limited to 1 of the net assets of taken together with s investments in securities other than Eligible Transferable ecurities as defined under the chapter Further Information of the full prospectus. For more information, please refer to the Investment in Russia section of the full prospectus. 15