Benefits of investing in the T. Rowe Price Global Equity (Hedged) Fund

An investment in the Fund provides the following benefits and features:

• exposure to larger capitalization global equities that are representative of the highest conviction securities held across sector and/or regional portfolios managed by T. Rowe Price.

• a currency hedging overlay strategy that aims to reduce the Fund's exposure to fluctuations between its currency of denomination (ie AUD) and the currencies of the Fund's investments.

• access to the expertise of T. Rowe Price which has a team of senior investment professionals that have a long track record of investing in sector or regional specialty portfolios and that provide investment insights and facilitate the comparison of stocks on a global basis. The extensive experience of this team is invaluable in its ability to effectively identify strong investment candidates from the universe of potential mid- to large-cap securities.

• access to the research of the firm's global research platform of regional and sector specialists. The diversity of the team and their involvement in the industries they cover ensure they are experts in their respective sectors.
• portfolios are constructed from the bottom-up, and T. Rowe Price looks for companies with the potential either for growth or relative improvement, located in industries where the outlook is becoming more attractive. T. Rowe Price believes bottom-up stock selection supported by proprietary, fundamental research can uncover and exploit anomalies among global equities, and is the key driver of value-added active management. T. Rowe Price's focus and commitment to fundamental research gives the firm an information edge that is a powerful competitive advantage.

The Fund may be suitable for investors seeking the potential for moderate capital appreciation over time and greater diversification for their equity investments and can accept the volatility associated with investing in equities as well as the special risks that accompany global investing.

About the Fund

The Fund's objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The portfolio may include investments in the securities of companies traded, listed or due to be listed, on recognised exchanges and/or markets, of developing countries.

The Investment Manager will seek, where material and to the extent reasonable, to reduce the Fund's exposure to the fluctuation between its currency of denomination (ie AUD) and the currencies of investment of the Fund through the use of various techniques including the use of Derivatives such as forward currency contracts, currency options and futures.

Investment Style and Approach

The investment process involves determining the Fund's investment universe, which includes companies traded, listed or due to be listed, on recognised exchanges and/or markets, of countries which T Rowe Price has determined are developed or developing countries.

T. Rowe Price leverages the proprietary fundamental research and analysis performed by the organisation's integrated worldwide network of more than 100 equity investment professionals to identify highly recommended companies. T. Rowe Price engages equity investment professionals to identify superior investment ideas, assess opportunities in a global sector context, overlay macroeconomic and local market factors to refine industry and company analysis, and select what they believe to be investments with the most attractive risk-reward characteristics.

The portfolio manager is actively involved with the network of equity investment professionals during the idea generation and refinement process. Ultimately, the portfolio manager applies judgment to construct a focused global portfolio consisting of the highest conviction investment ideas, typically a minimum of 90 holdings, within a diversified framework of country, sector and company guidelines.

How we invest your money

Asset allocation

The assets of the Fund will generally be invested in accordance with the following guidelines:

• The Fund aims to invest in companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. The Fund may achieve this through investing in securities directly and/or through a managed investment scheme managed by the Investment Manager or an affiliate of the Investment Manager that have a similar portfolio construction.

• The Fund may invest a portion of its portfolio in the securities of companies established, or conducting a significant part of their business activity, in countries which T. Rowe Price considers to be developing countries.

• The Fund may invest in derivatives to hedge and reduce its exposure to the fluctuation between its currency of denomination (ie AUD) and the currencies of investments of the Fund.
• The Fund aims to be fully invested in equities (including managed investment schemes invested in equities) however at times the Fund may hold cash or cash equivalents for transactional purposes.

Due to movements in the market or similar events, the guidelines set out above may not be adhered to from time to time. In these circumstances, the Investment Manager will seek to bring the Fund's investments within the guidelines within a reasonable period of time.