About us 3

Investment process and philosophy 4 Fundamental research 5 Collaborative culture 6 Disciplined process 7

Why T. Rowe Price for European equities 8

European research 9

European equity fund range 10

Performance, awards and ratings 12

Contact us 16

October 2013

Rely on our consistent investment approach. You’ll be

pleasantly unsurprised

EUROPEAN EQUITIES FUND RANGE

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About usWORlDWIDE REACh COmPlEmENTS lOCAl ExPERTISE

* As of 30 June 2013. Figures shown in US dollars. The combined assets under management of the T. Rowe Price group of companies. 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.

Founded in 1937 by Thomas Rowe Price, Jr., T. Rowe Price is an independent investment management firm solely focused on long-term results for our clients.

Today, T. Rowe Price:n Manages global assets valued at €478 Bn*

n Clients in 37 countries across Europe, the Americas, Asia, and the Middle Eastn Offers a full range of investment strategies across

multiple asset classes and regionsn Has significant financial stability, no long-term

debt, considerable liquidity, and substantial shareholder equity

This global reach is strengthened by local expertise. Our portfolio managers, research analysts, and client service professionals:n Pursue local investment ideasn Keep close to the people we serve: advisors and investors like you

FUNDAmENTAl RESEARCh

DISCIPlINED PROCESS

COllABORATIvE CUlTURE

Our approach to managing investments centres on the long term. Three vital aspects of this approach enable us to focus on our ultimate goal—reliable, competitive performance for you.

Investment PROCESS AND PhIlOSOPhy

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GlOBAl PRESENCE

“Our primary emphasis isn’t on getting bigger; it’s on getting better. And the key to that is having an open culture, one that requires everyone to share their best thinking.

BIll STROmBERG, HEAd OF EqUITY

”

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It’s our lifeblood ThE CORE vAlUE WE OFFER ClIENTSn Supported by one of the industry’s largest global buy-side research platformsn Grounded in proprietary analysis from both equity and credit points of viewn Provides reliable insights into individual companies

n Enhanced by continuous investment—no matter the market environment

COllABORATION

TR

AN

SPA

RE

NC

y

DIS

CIP

lIN

E

SECTOR STRATEGIES

REG

ION

Al

STRATEGIES

GlobalResearchPlatform

accountability

CROSS-REGIONAl STRATEGIES

It’s methodicalWITh A FOCUS ON CONSISTENT, COmPETITIvE RESUlTSn Consistency is the hallmark of our investment approachn Strict adherence to stated objectives and styles–regardless of market conditions and investment fashions–has distinguished our process for decadesn Application of a bottom-up approach to equity valuation drives the pursuit of consistent outperformance with diminished risk n Cultivation of deep familiarity with companies across the corporate life cycle, from IPO to market leadership, is essential to our method

A CONSISTENT CyClE

It’s an advantage hElPING US UNCOvER OPPORTUNITIES OThERS mAy mISSn Invites debate on high-conviction ideasn Ensures that knowledge is transferred across geographies and asset classes

n Daily dissemination of equity research (blue sheets)n Daily investment callsn Weekly conference calls with geographic and sector investment professionalsn Equity Steering Committee reviews

FORmAl COmmUNICATION

n Regular verbal and e-mail interaction between the global equity team, the Global Investment Advisory Committee, and global research resourcesn Blast e-mail distributions from investment analysts, portfolio managers, and trading desks

INFORmAl COmmUNICATIONRESOURCES IN GlOBAl mARKETSEQUITY PROFESSIONALSFIXED INCOME PROFESSIONALS

306

5

7

7

26

JAPAN

hONG KONG

AUSTRAlIA

UNITED KINGDOm

UNITED STATES

2003 2013

5

0

2003 2013

7

2

2003 2013

7

2

2003 2013

306

170 2003 2013

81

34

2003 2013

26

7

SINGAPORE

280152 FIxED INCOmE PROFESSIONAlS

EQUITy PROFESSIONAlS

81PROFESSIONALS PROFESSIONALS

PROFESSIONALS

PROFESSIONALS

PROFESSIONALS

PROFESSIONALS

As at 30 September 2013

FUNDAmENTAl RESEARCh

DISCIPlINED PROCESS

COllABORATIvE CUlTURE

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Why T. Rowe Price for European equities DEEP FAmIlIARITy WITh COmPANIES ACROSS ThE CORPORATE lIFE CyClE

T. Rowe Price has been investing in European equities for over 30 years—beginning with our International Growth Equity Strategy in 1980, and followed by the launch of our dedicated Europe Equity Strategy in 1995.

Experience has shown that by fostering a collegial environment, we quickly accelerate the best ideas into powerful investment strategies.

European researchExPERIENCE ENSURES CONTINUITy FOR OUR ClIENTS

EUROPEAN EQUITy RESEARCh RESOURCES

INDUSTRY LOCATION YeARS OFINVeSTMeNTeXPeRIeNCe

eDUCATION

CONSUMeR/ReTAIL

Sebastian SchrottJonty Starbuck, CFA

Retail luxury goodsBeverages, Tobacco

LondonLondon

513

M.B.A., Stanford UniversityPh.D., Bristol University

FINANCIAL SeRVICeS

Fred Rizzo, CFAMitchell ToddMarta YagoHari Balkrishna

BanksInsuranceReal EstateBanks

LondonLondonLondonLondon

1112

56

M.B.A., DePaul UniversityM.A., University of AberdeenM.B.A., Columbia Business SchoolM.B.A., Harvard Business School

HeALTH CARe

Melissa GallagherJohn Sherman

PharmaceuticalsChemicals, Defense, Medtech, Transport

LondonLondon

917

Ph.D., Cambridge UniversityM.B.A., Stanford University

INDUSTRIALS

Heather McPhersonRick de los ReyesJin Jeong, CPACraig Pennington, CFAAmi Shah

Paper and forest productsMetals and miningCapital goods, AutosOil and gasUtilities

BaltimoreBaltimoreLondonLondonLondon

1314

819

3

M.B.A., Duke UniversityM.B.A., Harvard Business SchoolM.B.A., Harvard Business SchoolM.Phil., Oxford UniversityM.B.A., London Business School

MeDIA/TeLeCOM

Christopher Whitehouse Media, Telecom services London 16 M.A., Oxford University

TeCHNOLOGY

Tobias Mueller Technology London 7 M.B.A., University of Chicago

SMALL CAP GeNeRALIST

Ben Griffiths, CFASin Dee Tan, CFALuis Fananas

LondonLondonLondon

145

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M.A., Oxford UniversityM.B.A., London Business SchoolB.Ec., University of Madrid

eMeRGING MARKeTS GeNeRALIST

Ulle Adamson, CFA

Jeneiv Shah, CFAOxana Lyalina

Consumer, Telecoms, Media, FinancialsEnergy, Industrials, MaterialsGeneralist

London

LondonLondon

10

54

M.A., Sussex University

B.S., University of WarwickB.S., University of London

Our deep European coverage includes 20 European analysts who are part of a global team of 130 research professionals averaging 12 years of experience.

In addition, the European team includes four portfolio managers who average 20 years of industry experience and eight years with T. Rowe Price.

€23.326 BnTOTAl ASSETS IN EUROPEAN EQUITIES

As of 30 SEPTEMBER 2013 Figure includes assets across global

and regional portfolios

EUROPEAN SmAllER COmPANIES EQUITymanaged byJustin Thomson

EUROPEAN STRUCTURED RESEARCh EQUITymanaged byKamran Baig

EUROPEAN EQUITymanaged bydean Tenerelli

EUROPEAN Ex-UK EQUITymanaged bydean Tenerelli

The combined European Equity assets under management of the T. Rowe Price group of companies. Assets under management are calculated in U.S. dollars and converted to Euros using an exchange rate determined by an independent third party.

* Ulle will resume her role as a full time emerging Europe equity analyst when Leigh Innes returns from maternity leave.

managed byLeigh Innes

interim portfolio managerUlle Adamson*

EmERGING EUROPE EQUITy

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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE

European equity fund range T. ROWE PRICE FUNDS SICAv

T. Rowe Price offers European equity funds with established track records. In addition, all benefit from skilled portfolio managers whose experience offers you and your clients stability and continuity of process.

FUND NAmE EUROPEAN STRUCTURED RESEARCh EQUITy FUND

EUROPEAN EQUITy FUND EUROPEAN Ex-UK EQUITy FUND

EUROPEAN SmAllER COmPANIES EQUITy FUND

EmERGING EUROPE EQUITy FUND

STOCK mARKET CAPITAlISATION

STylE

INvESTmENT PhIlOSOPhy n Fundamental bottom-up stock research and selection to exploit market inefficiencies

n Consistent outperformance of the benchmark can be achieved with benchmark-like volatility and characteristics

n Portfolio construction rules can effectively manage risk and isolate stock selection skills

n Identify quality businesses across Europe with sustainable earnings across the market cycle

n Buy stocks below their intrinsic value, paying as little as possible for future earnings growth

n Avoid style constraints to maintain a balanced portfolio over time

n Identify quality businesses across Europe ex-UK with superior returns across the market cycle

n Buy stocks below their intrinsic value, paying as little as possible for future earnings growth

n Avoid style constraints to maintain a balanced portfolio over time

n Identify at an early stage high-quality, durable-growth franchises with good capital allocation and high stan- dards of corporate governance

n Exploit a broad universe where poor coverage can lead to pricing inefficiencies and undiscounted change

n Long-term investment horizon to exploit market inefficiencies– short-term nature of the market can present attractive opportunities

n Identify strong, growing businesses with proven management teams; corporate governance is key

n Macro factors are important and used as a negative screen

INvESTmENT PROCESS n Capital allocated across the team to align industry weights with the MSCI Europe Index

n Each analyst determines security weights and trading of their coverage within overall risk management constraints

n Industry- and sector-neutral portfolio constructed to exhibit tracking error of less than 2%

n Ideas generated from research platform with continual screening of the universe

n Discounted cash flow valuation with zero-growth assumption beyond the visible horizon

n High-conviction portfolio of 50–80 names, with risk appropriately diversified

n Ideas generated from research platform with continual screening of the universe

n Discounted cash flow valuation with zero-growth assumption beyond the visible horizon

n High-conviction portfolio of 50–80 names, with risk appropriately diversified

n Ideas generated by three dedicated small-cap analysts, wider European team, and global research platform

n Focus portfolio on durable growth companies, while also pragma- tically exploiting opportunities elsewhere

n High-conviction portfolio of 75–125 names, with risk appropriately diversified

n Dedicated resources search across the full opportunity set, including small-caps and frontier markets

n Careful stock selection can mitigate the risks of volatility and use volatility as an opportunity to buy and sell

n High-conviction portfolio of 30–60 names, with risk appropriately diversified

PORTFOlIO mANAGER

lARGE-CAPmID-CAPSmAll-CAP lARGE-CAPmID-CAPSmAll-CAP

JUSTIN ThOmSONJoined T. Rowe Price in 1998,21 years of experience

KAmRAN BAIGJoined T. Rowe Price in 1998,18 years of experience

lEIGh INNES

Joined T. Rowe Price in 2002,15 years of experience

DEAN TENEREllIJoined T. Rowe Price in 2000,21 years of experience

DEAN TENEREllIJoined T. Rowe Price in 2000,21 years of experience

lARGE-CAPmID-CAPSmAll-CAPlARGE-CAPmID-CAPSmAll-CAP

UllE ADAmSON*Joined T. Rowe Price in November 200211 years of Investment Experience

200–300 stocksAGNOSTIC

50–80 stocksAGNOSTIC

72–125 stocksGROWTh

lARGE-CAPmID-CAPSmAll-CAP

50–80 stocksAGNOSTIC

* Ulle will resume her role as a full time emerging Europe equity analyst when Leigh Innes returns from maternity leave

90–120 stocksGROWTh

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Performance, awards and ratings EUROPEAN EQUITIES

fund name european Structured reSearch equity

european equity europe ex-uK equity european Smaller companieS equity

emerging europe equity

inveStment region Pan-European Pan-European Europe Ex-UK Pan-European Emerging Europe

BenchmarK MSCI Europe Index MSCI Europe Index FTSE All World Developed Europe ex United Kingdom Index

S&P Pan Europe SmallCap MSCI All Country Europe Small Cap Index

MSCI Emerging Markets Europe 10/40 Index

launched January 2005 February 2007 February 2007 November 2008 November 2008

management feeClass I 55 basis points

Class A 150 basis points Class I 65 basis points Class I 65 basis points

Class A 180 basis pointsClass I 95 basis points

Class A 190 basis pointsClass I 100 basis points

iSin

valoren

Sedol

Class I LU0207128991

Class I 2026940

Class I B39LDN8

Class A LU0285830955Class I LU0285831334

Class A 3097766Class I 3253501

Class A B39LFM1Class I B39LFP4

Class Q (GBP) LU0938199691

Class Q (GBP) 21508567Class I 3253520

Class Q (GBP) BBBVGY4Class I B39LFY3

Class A 4854515Class I 4854532

Class A B3F17Q3Class I B3F17S5

Class A LU0382933892 Class I LU0382934197

Class A 4804754 Class I 4804756

Class A B3F17Z2 Class I B3F1815

BloomBerg codeS Class I TRPESRI LX Class A TRPEEQA LXClass I TRPEEQI LX

Class Q (GBP) TRPEXQA LX Class I TRPEXEI LX

Class A TPESCEA LX Class I TPESCEI LX

Class A TRPEEMA LX Class I TRPEEMI LX

currency € € € € €

quartile ranKingS 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR 1-yR 3-yR 5-yR

A Share Class N/A* 1 1 1 N/A* 3 2 N/A** 1 2 N/A**

I Share Class*** 3 3 2 1 1 1 1 1 2 3 1 N/A** 1 2 N/A**

awards and ratings

s&P

morningstar

citywire fund manager ratings

* No A class currently available. ** Less than 5-year track record.

DEAN TENEREllI JUSTIN ThOmSON DEAN TENEREllI

© 2013 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Source & Copyright: CITYWIRE. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance to 30 September 2013.

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency exchange rates may affect the value of investments. A long-term grading denotes a fund that has achieved an S&P Capital IQ fund grading for five or more consecutive years and continues to hold a grading. Copyright © 2013 by McGraw-Hill International (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.

2013 Morningstar, Inc. All Rights Reserved. Data as of 30 September 2013.  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 or timely. 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.

The A Class of each fund is compared against Luxembourg and Ireland domiciled funds in its Morningstar peer group.

The I Class of each fund is compared against Luxembourg and Ireland domiciled funds in its Morningstar peer group, filtered by the field `Institutional: Yes’.  If there is more than one ‘Institutional’ share class per fund, the following filters (shown in order of prior-ity) will be applied to enable fair comparison against one share class per competitor fund: unhedged, highest maximum manage-ment fee, lowest minimum investment amount, highest share class size, highest net expense ratio, oldest performance start date, accumulation preferred, US dollar currency.  This filter should only be used as an indicative guide.

1

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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE

ThE UNITED KINGDOm AND IRElAND Jim Smith e: jim_smith@troweprice.com t: +44 [0] 20 7651 8244 Daniel Khan e: daniel_khan@troweprice.com t: +44 [0] 20 7651 8357

mID-EUROPE Jandaan Felderhoff e: jandaan_felderhoff@troweprice.com t: +31 [0] 20 333 6202 Wim de Ruijter e: wim_de_ruijter@troweprice.com t: +31 [0] 20 333 6204

NORThERN EUROPE Jan Eggertsen e: jan_eggertsen@troweprice.com t: +45 [0] 33 36 05 07

SWITzERlAND Paolo Corredig e: paolo_corredig@troweprice.com t: +41 [0] 44 227 1563

SOUThERN EUROPE AND SOUTh AFRICA Peter Preisler e: peter_preisler@troweprice.com t: +45 [0] 33 36 05 04

ContaCt us T. Rowe Price offers more than European equities. Ask us about our other capabilities, including: US EQUITIES | EmERGING mARKETS | GlOBAl FIxED INCOmE

To learn more about our European investment expertise, please visit www.trowepriceeurope.com or contact us directly:

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T. ROWE PRICE | INVEST WITH CONFIDENCE

“Clients have relied on T. Rowe Price for our consistent, long-term investment strategy since the firm was founded in 1937. Looking ahead, investors around the world can continue to count on us for the same thoughtful approach. ”

ROBERT hIGGINBOThAmHEAd OF GLOBAL INvESTMENT SERvICES

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T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE

TRowePrice.co.uk/funds

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, Euro-pean Union, and other countries. This material is intended for use only in select countries.

This marketing communication is directed at institutional investors only. It is not intended for distribution to retail investorsin any jurisdiction.

The Fund is a sub-fund of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). The Fund is offered on the basis of the Key Investor Information Document, the prospectus and the annual and semi-annual reports (together “Fund Documents”).

This document does not constitute investment advice - investors should ensure they understand the legal, regulatory and tax conse-quences of an investment in the Fund.

Issued and approved by T. Rowe Price International Ltd (“TRPIL”), 60 Queen Victoria Street, London, EC4N 4TZ. TRPIL is authorised and regulated by the Financial Conduct Authority.

Issued in Switzerland by T. Rowe Price (Switzerland) GmbH (“TRPSWISS”), Talstrasse 65, 6th Floor, 8001 Zurich, Switzerland.