European European High High Yield Yield –– Rich Pickings?Rich Pickings?

Mike Della Vedova

T. Rowe Price European High Yield Portfolio Manager

Citywire – Montreux, May 2012

2

Common Misconceptions About European High Yield

Levis

Continental

Renault

Swissport

European High Yield issuers you may recognizeFord

General Motors

Manchester United

Virgin Media1 Source: Credit Suisse2 Source: BofA European High Yield excluding subordinated financials vs. JP Morgan Global High Yield top 6 sectors (46%)3 As at 31st March 20124 Hedged to Euro

Returns are not sufficient enough to justify the risks this asset class poses

Common MisconceptionsIt is a small market, representing only 10% of the US High Yield market

Most issuances are by small, privately owned companies

Primarily used for aggressive LBOs

Dominated by a single industry

Euro-centric issuance focus

T. Rowe Price has limited European High Yield experience

8.7324.026.45BofA Merrill Lynch European Currency High Yield Constrained (Excl. Subordinated Financials)4

10 Year3 Year1 YearAnnualised Return %3

Reality

Actually represents 28% of US High Yield market1

57% of the market is issued by public companies

72% in 2011 was for refinancing1

The top 6 sectors represent 54% of the market (similar to the US)2

Global market

Active in European High Yield market since 1999

Dedicated European High Yield SICAV since 2011

3

Fixed Income At T. Rowe Price

141 Fixed Income ProfessionalsAs of 31 Mar 2012Figures Shown in U.S. Dollars

1 Total fixed income 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.

2 The portfolio management team average is composed of portfolio managers and associate portfolio managers.3 The credit research team average is composed of portfolio managers/analysts and credit analysts.4 Of the 19 High Yield portfolio managers and analysts, 3 are combined portfolio managers/analysts.

Number of Professionals

Portfolio Managers 24

Portfolio Managers/Analysts 5

Associate Portfolio Managers 2

Credit Analysts 42

Economists 2

Traders 22

Trading Assistants 9

Quantitative Analysts and Strategists 22

Portfolio Specialists 4

Management 3

Other 6

Total Fixed Income Professionals 141

A strong franchise supported by a large investment platform

Established 1971—$145.7 billion1 fixed income assets under management

Diversified range of strategies supported by broad sector expertise

Seasoned portfolio management team supported by deep research resources

Portfolio management and credit research teams average 22 years2 and 12 years3 of investment experience, respectively

Fixed Income Profile

High Yield Profile

5 High Yield portfolio managers

14 High Yield analysts4

5 dedicated High Yield traders

4

T. Rowe Price European High Yield Bond Strategy

European High Yield Team

Portfolio Manager – Mike Della Vedova

2 credit analysts with coverage of European High Yield credit opportunities

Dedicated High Yield trading desks in both London and US

Supported by a Global High Yield team of 24 investment professionals

Strategy History

European High Yield has been utilised by T. Rowe Price in its funds since 1999

A dedicated European High Yield SICAV was launched in September 2011

The market has reached a level of depth and maturity which T. Rowe Price’s skill set can capitalise upon for clients

Portfolio Manager:Mike Della Vedova

18 years of investment experience

14 years of experience in European High Yield market

Joined T. Rowe Price in 2009

5

T. Rowe Price European High Yield Bond Strategy

Investment Approach

The Fund’s objective is to maximise total return through a diversified portfolio of High Yield corporate bonds denominated in European currencies.

Invests in sound companies within industries expected to outperform.

Invests in European currencies on a global basis.

Focuses on:

Quantitative and qualitative fundamental research that drives an independent credit rating.

Long-term balance sheet and external rating improvements.

Strict risk-management practices.

Portfolio Construction

At least 80% of assets invested in securities denominated in European currencies—mainly the euro and the pound.

Up to 20% of assets invested in other currencies, including US dollar High Yield and investment-grade corporate bonds.

Investment-grade exposure is limited to 20% of assets.

Currency exposure is fully hedged back to the euro.

Target excess return: 100–150 basis points.

Target tracking error: 300–400 basis points.

Benchmark

BofA Merrill Lynch European Currency High Yield Constrained Excluding Subordinated Financials Index (Hedged to EUR)

6

What We Look For In An Investment Opportunity

As market conditions improve…

A better fundamental picture today versus 2008

European corporate management have markedly improve their leverage profile relative to 2008

European High Yield market now has a higher average rating than in 2008

European corporations now undertaking more conservative and sustainable financing than in 2008

Improving European High Yield Corporate Fundamentals (2008 vs. 2011/2012)Source: JP Morgan

2008 2011 2012E

Net debt/Adj. EBITDA 3.9x 3.3x 2.9x

Free cash flow, euro million -35 192 255

EBITDA margin 13.2% 13.6% 13.9%

Adj. EBITDA/Interest expense 3.8x 4.4x 4.9x

A “wall of maturities” is a wall of opportunities

Quality company in a strong performing sector/industry

Accessible and knowledgeable management team

Strong and achievable business plan

Deleveraging

Generating cash

...companies with these characteristics appear attractive:

7

European High Yield Strategy: A broadly diversified

portfolio with 70-150 securities chosen through careful fundamental

and detailed credit analysis by eliminating illiquid, unattractive securities from a universe of

1,200 Issuers

US Perspective

Emerging Market

PerspectiveMacro Perspective

European Perspective

Equity Perspective

Investment Grade

Perspective

Liquidity Pers

pectiv

e

How We Uncover Investment Opportunities

Soverei

gn Perspec

tive

Different perspectives give T. Rowe Price

an advantage

8

T. Rowe Price Funds SICAV – European High Yield Bond Fund:Country Diversification

Overweight United Kingdom:Strength of the local economy

Bankruptcy regimes

Examples: Manchester United, Virgin Media

Macro Perspective

Emerging Market Perspective

Sovereign Perspective

European Perspective

US Perspective

Using different T. Rowe Price perspectives… …helps shape the portfolio

Underweight France:Large concentration of fallen angels

Near-term austerity concerns and strength of the local economy

Examples: Peugeot, Pages Jaunes

Fund vs. BofA Merrill Lynch European Currency High Yield

Constrained Excluding Subordinated Financials Index Hedged to EUR

Geographic Diversification As of 31st March 2012

0.20.81.21.1

1.70.1

3.91.9

5.05.8

0.55.2

-1.2

-3.6

-6.1

18.916.212.011.98.77.25.14.23.62.21.91.91.81.41.4

98.4

United KingdomGermanyLuxembourgUnited StatesFranceNetherlandsPolandItalyIrelandBelgiumDenmarkCzech RepublicSwedenSwitzerlandSpainTotal

% of Fund

The specific securities identified and described above do not represent all of the securities purchased, sold, or recommended for the SICAV sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

The securities mentioned above comprised 4.09% of the Fund as of 31st March 2012.

9

T. Rowe Price Funds SICAV – European High Yield Bond Fund:Industry Diversification

Overweight Cable Operators:Transparent

Robust and cash-generating business models

Country by country

Examples: UPC, Ziggo

Using different T. Rowe Price perspectives… …helps shape the portfolio

Underweight Automotives:Weakening industry outlook

Most are fallen angels

Examples: Peugeot, Fiat

Fund vs. BofA Merrill Lynch European Currency High Yield

Constrained Excluding Subordinated Financials Index Hedged to EUR

Industry Diversification (Top 15)1

US Perspective

Macro Perspective

Equity Perspective

European Perspective

Investment Grade Perspective

Emerging Market Perspective

As of 31st March 2012

1.10.2

1.53.03.1

1.81.6

3.1

6.13.3

6.3

-2.1

-1.8

-3.4-8.0

11.311.08.77.97.87.87.05.54.24.03.93.33.12.81.9

90.3

ContainerCable OperatorsWireless CommunicationsAutomotivesFinancialHealthcare Building ProductsChemicalsGamingConsumer ProductsEntertainment & LeisureBroadcastingFood/TobaccoInformation TechnologyServicesSubtotal

% of Fund

1 Based on TRP industry classifications

The specific securities identified and described above do not represent all of the securities purchased, sold, or recommended for the SICAV sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

The securities mentioned above comprised 9.05% of the Fund as of 31st March 2012.

10

A Good Investment Opportunity: Ziggo

Company characteristics: Quality company in a strong performing sector/industry

Accessible and knowledgeable management team

Strong and achievable business plan

Deleveraging

Generating cash

Profile:

Lead cable TV operator in the Netherlands

Covers 55% of the country

More than 8.8m customers

Market Cap of €4.75bn1

Emerging Market Perspective

US Perspective

Macro Perspective

Investment Grade Perspective

Sovereign Perspective

European Perspective

Equity Perspective

1 As at 30th April 2012As at 31st March 2012, Ziggo represented 2.97% of the T. Rowe Price Funds SICAV - European High Yield Fund.The security identified and described 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 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 during the 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.

0

50

100

150

200

250

300

350

400

2008 2009 2010 2011 2012E0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

FCF Net Total Leverage

Ziggo

Free

Cas

h Fl

ow (€

in M

Ms)

Leve

rage

(Net

Deb

t / E

BIT

DA

)

11

Why Choose European High Yield

1) Increasingly Significant MarketRelative size of European High Yield market versus US

High Yield market (1994 – 31 Mar 2012)

Source: Credit Suisse

2) Structural Growth of the MarketEuropean High Yield and Institutional Leveraged

Loans (Dec 1999 – Dec 2011)

Source: Credit Suisse

3) Market DiversificationEuropean High Yield market composition

4) Attractive ValuationsEuropean High Yield Spread and Yield to Maturity

Source: BofA Merrill Lynch European Currency High Yield Constrained Excluding Subordinated Financials Index.

Source: BofA Merrill Lynch Indices: European Currency High YieldConstrained Excluding Subordinated Financials as of 31 Mar 2012.

0

100

200

300

400

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

European Inst itut ional Leverage Loan M arket Size

European High Yield M arket Size

CAGR: 6%

CAGR: 32%

0

2

4

6

8

10

12

31 M arch 2012

Spread6.38%

1.05%

Yield to Maturity:7.43%

0

10

20

30

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

F

Finanical

Cable Operators

Container

Building Products

Automotives

All Other

Heatlhcare

€ BillionPercent

12

Why Choose European High Yield At T. Rowe Price

SICAV Global High Yield Bond Fund launched in 2001

History

Experienced investors in Global High Yield

Active in European High Yield since 1999

Dedicated European High Yield SICAV launched in 2011

Process

Disciplined and consistent

Holistic fundamental research as the foundation

Collaborative approach – interaction between fixed income and equity research analysts can provide a broad capital structure perspective and an information advantage

In-depth quantitative analysis – facilitates robust portfolio construction and effective risk management

Team

Highly tenured and experienced portfolio management team – average 17 years of investment experience and 14 years with T. Rowe Price

Dedicated European High Yield team since 2009

Portfolio manager, Mike Della Vedova has more than 14 years of experience in European High Yield

Two credit analysts with coverage of European High Yield credit opportunities

Support from dedicated High Yield trading desks in London and US

Superior long-term returns, with below-market volatility through:Proprietary fundamental researchInvesting primarily in BB and B rated securities, with the ability to invest in lower-quality High Yield bonds when compelling valuation opportunities ariseAdherence to strict risk management practices

Philosophy

AppendixAppendix

14

Fixed Income Research At T. Rowe Price

1 Also has portfolio management responsibilities2 Team leader3 Reports to other managers4 Provides coverage in multiple areas5 Portfolio Manager not counted as Research6 Associate Portfolio Manager not counted as Research7 Consists of 5 portfolio manager/analysts, 42 credit analysts, 22 quantitative analysts and strategists (including Martin G. Lee)

69 Fixed Income Analysts worldwide7

HEAD OF FIXED INCOME CREDIT RESEARCH HEAD OF FIXED INCOME QUANTITATIVE RESEARCH

Michael J. McGonigle Martin G. Lee

CORPORATES EMERGING MARKETS HIGH YIELD MUNICIPAL SECURITIZED PRODUCTS QUANTITATIVE ANALYSIS

Steven E. Boothe, CFA1

Cable, Media, TelecommunicationsSteven G. Brooks, CFA2

Aerospace/Defense, Consumer Products, Food, Beverage & Tobacco, Leisure, Manufacturing, TransportationMichael Lambe, CFAEuropean Energy, Telecommunications, UtilitiesMatthew LawtonHealth Care, PharmaceuticalsSamy B. Muaddi, CFA4

Global FinancialsAlex S. ObazaGlobal Insurance, TechnologyMiso Park, CFAEuropean Aerospace / Defense, European Industrials & Services,Euro ChemicalsTheodore E. Robson, CFA4

Brokers, U.S. Money Center Banks, REITsBrian M. Ropp, CPAEnergy, U.S. Regional BanksKimberly A. StokesElectric Utilities, Natural Gas PipelinesRobert D. ThomasEuropean BanksLauren M. WagandtChemicals, Paper, Metals & Mining, RetailHoward Woodward, CFA1

Global Autos, European Consumer Products, European Retail

Anil AndhavarapuQuantitative Investment AnalystSecuritized Modeling & AnalyticsChristopher P. Brown, CFA2,6

Securitized ProductsJason Collins, CFA3

Portfolio Investment AnalystStable ValueChris Copsey3

Portfolio Investment AnalystGlobal Levent Demirekler, CFAQuantitative Investment AnalystCore Analytics SpecialistLucy Dwyer, CFA3

Portfolio Investment AnalystGlobalMike FangQuantitative Investment AnalystMultisector Portfolio AnalyticsJill HirschPortfolio Investment AnalystEmerging MarketsYongheon Lee, Ph.D.Quantitative Investment AnalystRisk Models and Derivatives AnalyticsPeter D. Leiser, Jr.Manager, Core AnalyticsGreg A. Lewis, CPA3

Portfolio Investment AnalystHigh Yield

Richard Lin, CFAQuantitative Investment AnalystCredit Modeling & AnalyticsPeggy Meckel3

Portfolio Investment AnalystHigh YieldChristina Ni, FRM, CFAQuantitative Investment AnalystSecuritized Modeling & AnalyticsMichael F. Reinartz, CFAPortfolio Investment StrategistShort-Term Bond & Stable ValueRebecca L. SetcavagePortfolio Investment AnalystCore/Core PlusMichael K. Sewell, CFAPortfolio Investment AnalystMunicipalsScott D. SolomonQuantitative Investment AnalystCore/Core Plus Alexander StreyPortfolio Investment AnalystGlobalZhen XiaPortfolio Investment AnalystInvestment Grade CorporatesBenjamin T. Yeagle2

Quantitative Investment StrategistCredit Modeling & AnalyticsGrace Zheng, Ph.D., FRMQuantitative Investment AnalystAttribution & Credit Modeling

Austin L. Applegate, CFATransportationR. Lee Arnold, CFA2

Airlines, Life Care/Nursing, Real Estate, Tribal GamingPatricia S. DefordHousing, Life Care/Nursing, Solid Waste, TobaccoG. Richard Dent, J.D.Charter Schools, Education, Student HousingCharles E. EmrichGeneral Obligations, PublicPower, Transportation, Water and SewerKathryn A. Floyd, CFAGeneral Obligations, Hospitals, Water and SewerMarcy M. LashHospitalsLinda A. Murphy2

General Obligations,Hotels/Conference Centers, Water and Sewer

Baltimore AssociatesLondon AssociatesHong Kong Associate

Alisa Fiumara-Yoch, CFACMBS, Structured FinanceJung M. LieuStructured FinanceTheodore E. Robson, CFA4

CMBSEvan S. ShayGSE Credit, Structured FinanceSusan G. Troll, CPA2

Structured Finance

Roy AdkinsAfrica and Middle East SovereignSheldon ChanAsian CorporatesMichael J. Conelius5

Eastern Europe Sovereign Carolyn Chu, CPA2

Asian CorporatesChristopher J. Kushlis, CFA Asia and Brazil SovereignChristopher C. Loop, CFA2

EMEA CorporatesSamy B. Muaddi, CFA4

Emerging Markets BanksMichael D. Oh, CFALatin America SovereignKenneth A. Orchard, CFADeveloped Sovereign Siby ThomasLatin America Corporates

Jeffrey M. Anapolsky, J.D.3Distressed and Special Situations, PublishingJason A. Bauer, CFABroadcasting, Cable, Consumer Products, Satellites, TelecommunicationsAndrew L. Cohen, CFAAutomotives, Food & Tobacco, Manufacturing, Restaurants, Supermarkets, UtilitiesMichael F. Connelly, CFAServicesMichael Della Vedova1

European High YieldCarson R. Dickson, CFA, CPAAerospace/Defense, Airlines,Forest Products, Retail, TransportationStephen M. Finamore, CFAEntertainment & Leisure,Financials, Health CareJustin T. Gerbereux, CFA1,2

AutomotivesAndrew P. Jamison, CFA, CPAChemicals, Containers, EnergyPaul M. Massaro, CFA1

Wireless CommunicationsJamie ShinWireless TelecommunicationsWalter P. Stuart III, CFABuilding Products, Homebuilders,Metals & Mining, TechnologyMichael J. TrivinoGaming, Lodging, REITsDavid A. YatzeckEuropean High Yield

As of 31 March 2012

15

T. Rowe Price Funds SICAV – European High Yield Bond Fund

Portfolio CharacteristicsAs of 31 March 2012

7.43%7.65%Yield to Maturity2

T. Rowe Price Funds SICAV –European High Yield Bond Fund

BofA Merrill Lynch European Currency High Yield Constrained Excluding Subordinated

Financials IndexAverage Quality B+ BB-Weighted Average Maturity 6.60 Years 4.10 YearsWeighted Average Effective Duration1 4.13 Years 3.26 Years

Current Yield3 8.12% 7.41%Number of Issues 74 340

1 Weighted Average Effective Duration is a measure of a bond’s sensitivity to interest rates.2 The calculation for yield to maturity includes coupon income and any capital gains or losses that would be realized by holding a bond to maturity. The timing of cash

flows is considered, and it is assumed that coupon payments can be reinvested at an interest rate equal to the yield to maturity. Yield to maturity on an account is a weighted average of the yield to maturity on each bond held in the portfolio.

3 Current yield is calculated by dividing a bond’s annual coupon interest by its current market price. Current yield on an account is a weighted average of the current yield on each bond held in the portfolio.

Source: BoA Merrill Lynch. All yields will vary and are not guaranteed.

16

Portfolio Credit Quality1 And Top 10 Issues2

As of 31 March 2012

1 Sources: Moody’s Investors Service and Standard & Poor’s (S&P); split ratings (i.e., BB/B and B/CCC) are assigned when the Moody’s and S&P ratings differ.2 Top 10 issues account for 20.9% of portfolioNumbers may not total due to rounding.The specific securities identified and described above do not represent all of the securities purchased, sold, or recommended for the SICAV sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

% of Fund % of Index1

BBB/BB Rated & Above 4.1% 0.6%

BB Rated 27.8 60.1

BB/B Rated 10.2 -

B Rated 42.6 33.0

B/CCC Rated 9.0 -

CCC & Below 2.6 6.3

Not Rated 2.3 -

Equities 0.5 -

Short Term 0.8 -

Total 100% 100%

Holding Coupon Rate Maturity Industry

Cable & WirelessInternational Finance

8.625 25/03/2019 Wireless Communications

Cirsa Funding Luxembourg 8.750 15/05/2018 Gaming

Codere Finance Luxembourg 8.250 15/06/2015 Gaming

Conti-Gummi Finance BV 7.500 15/09/2017 Automotives

GMAC International Finance BV 7.500 21/04/2015 Financials

Labco SAS 8.500 15/01/2018 Healthcare

Lafarge 6.750 16/12/2019 Building Products

MU Finance Plc 8.750 01/02/2017 Entertainment & Leisure

Nordenia International AG 9.750 15/07/2017 Containers

Unitymedia 9.625 01/12/2019 Cable Operators

T. Rowe Price Funds SICAV – European High Yield Bond Fund

17

Performance (NAV, total return in base currency)

As of 31 March 2012

Since Inception

InceptionDate

One Month (%)

Three Months (%)

Fund(%)

Benchmark(%)

Class A 20 Sep 2011 0.54 9.56 12.30 14.08Class I 20 Sep 2011 0.54 9.75 12.60 14.08BenchmarkThe BofA Merrill Lynch European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

1.11 10.82

For performance 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.Fund shares are subject to investment risk, including possible loss of principal amount invested. Figures shown at NAV and include changes in principal value, reinvested dividends, 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. Past performance cannot guarantee future results.For availability of other classes of shares and their respective fees, expenses, and performance, please refer to the Prospectus or contact the Fund’s distributor

T. Rowe Price Funds SICAV – European High Yield Bond Fund:Performance

18

Fee Schedule

Sales Charge (up to)

Minimum Initial Investment and

Holding Amount1

Minimum Subsequent Investment1

Investment Management Fee

Class Z N/A €25,000,000 N/A 0 basis points2

Class S(Category S & Sd) N/A €10,000,000 N/A 0 basis points3

Class J(Category J & Jd) N/A €10,000,000 N/A 0 basis points4

Class I N/A €2,500,000 €100,000 60 basis points

Class A (Category A & Ad) 5.00% €15,000 €1,000 115 basis points

The fee schedule represents only the management fee of the SICAV sub-fund and excludes custodial and administrative fees.1 In Euros.2 All charges and operating and administrative expenses attributable to the ‘Z’ Class of shares will be borne by the Investment Manager. The ‘Z’ Class of shares is only available to institutional investors having a professional services arrangement with the Investment Manager.3 No management fees are charged to the ‘S’ Class of shares. All other expenses attributable to the ‘S’ Class of shares will be borne by the Class. The ‘S’ Class of shares is only available to institutional investors having a professional services arrangement with the Investment Manager.4 The fees attributable to the ‘J’ Class of shares, charged by the Administration Agent for its services, will be borne by the Investment Manager. All other expenses attributable to the ‘J’ Class of shares will be borne by the Class. The ‘J’ Class of shares are only available to institutional investors having a professional services arrangement with the Investment Manager.The European High Yield Bond is a sub-fund of the T. Rowe Price Funds SICAV, a Luxembourg domiciled société d’investissement à capitale variable (SICAV), which qualifies as an undertaking for collective investment in transferable securities (UCITS). Applications for shares of the fund can only be made on the basis of the current prospectus of the T. Rowe Price Funds SICAV 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 possession of 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. In certain 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 Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, and the United Kingdom.

T. Rowe Price Funds SICAV — European High Yield Bond FundAs of 31 March 2012Figures Shown in Euros

19

Additional Information

This document has been issued by T. Rowe Price International Ltd (“TRPIL”), 60 Queen Victoria Street, London EC4N 4TZ, which is authorised and regulated by the UK Financial Services Authority (the “FSA”). This material is not intended for use by Retail Clients, as defined by the FSA.

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 products or 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 this material 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 and should not be exclusively relied upon. Investors will need to consider their own circumstances before making an investment decision.

The European High Yield Bond Fund is a sub-Fund of T. Rowe Price Funds SICAV, a Luxembourg-domiciled société d’investissement à capital variable (SICAV), which qualifies as an undertaking for collective investment in transferable securities (UCITS). Applications for shares of the Fund can be made only on the basis of the current Prospectus of T. Rowe Price Funds SICAV 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 possession of 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. In certain 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 Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland and United Kingdom.

The specific securities identified and described do not represent all of the securities purchased or sold for this Fund. This information is not intended to bea recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified anddiscussed were or will be profitable.

T. Rowe Price, Invest With Confidence and the Bighorn Sheep logo are trademarks and/or registered trademarks of T. Rowe Price Group, Inc. in the United States, European Union, Australia, Canada, Japan, and other countries. This material was produced in the United Kingdom.