Benefits of investing in the T. Rowe Price Global High Income Fund

An investment in the Fund provides diversified exposure to global, corporate fixed income opportunities and, more uniquely, to the extensive global resources of fixed income professionals at T. Rowe Price worldwide. T. Rowe Price has a very experienced team of senior investment professionals that have a long track record of investing in global fixed income products.

The extensive experience of T. Rowe Price's global fixed income team is invaluable in its ability to gain insight into global fixed income opportunities and to consistently apply the strategy's investment philosophy and process. A strong collaborative culture allows T. Rowe Price's investment staff to leverage the T. Rowe Price global research platform in order to gain unique insights when analysing businesses around the world. In addition to the above, some of the other benefits of investing in the Fund include the following:

• a truly diversified global exposure to high yield credit;

• a portfolio which seeks to deliver a high level of income; and

• improved risk-adjusted returns.

Risk level

High

Investor suitability

The Fund may be suitable for investors seeking the potential for a high level of current income and some appreciation over time, that can accept the risk associated with investments in global fixed income securities as well as those associated with the extensive use of derivatives.

About the Fund

The investment objective of the Fund is to seek high current income and capital appreciation primarily through investment in global fixed income securities rated below investment grade. The Fund also seeks global diversification by targeting North American, European and emerging markets high yield corporate issuers.

The Investment Manager may seek to achieve the Fund's objective through investment of up to 100% of the Fund's assets in one or more managed investment schemes, managed by the Investment Manager or an affiliate of the Investment Manager, that have the same or similar investment objectives as the Fund.

How we invest your money

The Investment Manager seeks to generate income and investment growth over the long-term by:

• Providing global exposure to corporate issuers primarily rated below investment-grade as well as bank loans across North America, Europe and emerging markets.

• Capitalizing on an expanding global opportunity set with potential to profit from market inefficiencies and volatility between regions.

• Holding a high-conviction concentrated portfolio that flexibly takes meaningful over- and underweights to individual credits, regions, industries and ratings classes, as against the benchmark.

The Fund is actively managed based on proprietary bottom-up, fundamental analysis that adapts to and seeks to exploit changing market conditions and identifies improving issuers using factors such as credit statistics, free cash flow generation, strategic values of a company, security structure, and quality of management team. Our bottom-up approach is augmented by a top-down overlay.

Asset allocation

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

• Below investment grade exposure - There is no limit on the Fund's investment in securities rated below investment grade;

• Investment grade corporate securities - Up to 15% of the Fund's total market value may be invested in investment grade corporate debt;

• Bank loans - Up to 20% of the Fund's total market value may be invested in bank loans.

• Country exposure - Up to 15% of the Fund's total market value may be invested in a single country. The US is excluded from this limitation.

• Currency exposure - The Fund will aim to be fully hedged to AUD

• Derivatives - The Fund may use derivatives for hedging and efficient portfolio management 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.