1. 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
.

2. T. ROWE PRICE | INVEST WITH CONFIDENCE T. ROWE PRICE | INVEST WITH CONFIDENCE
3
About us
Worldwide 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 East
n Offers a full range of investment strategies across
multiple asset classes and regions
n 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 ideas
n 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
2
T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE
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
”

3. 5
T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCET. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE
7
It’s our lifeblood
the core value we offer clients
n Supported by one of the industry’s largest global buy-side research platforms
n Grounded in proprietary analysis from both equity and credit points of view
n Provides reliable insights into individual companies
n Enhanced by continuous investment—no matter the market environment
COLLABORATION
TRANSPARENCY
DISCIPLINE
SECT
O
R
STRATEGIES
REGIONALSTRAT
EGIES
Global
Research
Platform
accountability
c
r
o
ss-regional strategies
It’s methodical
with a focus on consistent,
competitive results
n Consistency is the hallmark of our investment approach
n Strict adherence to stated objectives and styles–regardless of market conditions and
investment fashions–has distinguished our process for decades
n 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 miss
n Invites debate on high-conviction ideas
n Ensures that knowledge is transferred across geographies and asset classes
n Daily dissemination of equity research (blue sheets)
n Daily investment calls
n Weekly conference calls with geographic and sector
investment professionals
n 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 resources
n Blast e-mail distributions from investment analysts,
portfolio managers, and trading desks
Informal CommunicationRESOURCES IN GLOBAL MARKETS
EQUITY PROFESSIONALS
FIXED 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
280
152 FIXED INCOME PROFESSIONALS
EQUITY PROFESSIONALS
81
PROFESSIONALS PROFESSIONALS
PROFESSIONALS
PROFESSIONALS
PROFESSIONALS
PROFESSIONALS
As at 30 September 2013
Fundamental
research
DiSCIPLINED
process
CollAborative
Culture

4. T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE
8 9
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 research
Experience ensures
continuity for our clients
EUROPEAN EQUITY RESEARCH RESOURCES
INDUSTRY LOCATION Years OF
INVESTMENT
EXPERIENCE
EDUCATION
CONSUMER/RETAIL
Sebastian Schrott
Jonty Starbuck, CFA
Retail luxury goods
Beverages, Tobacco
London
London
5
13
M.B.A., Stanford University
Ph.D., Bristol University
FINANCIAL SERVICES
Fred Rizzo, CFA
Mitchell Todd
Marta Yago
Hari Balkrishna
Banks
Insurance
Real Estate
Banks
London
London
London
London
11
12
5
6
M.B.A., DePaul University
M.A., University of Aberdeen
M.B.A., Columbia Business School
M.B.A., Harvard Business School
HEALTH CARE
Melissa Gallagher
John Sherman
Pharmaceuticals
Chemicals, Defense,
Medtech, Transport
London
London
9
17
Ph.D., Cambridge University
M.B.A., Stanford University
INDUSTRIALS
Heather McPherson
Rick de los Reyes
Jin Jeong, CPA
Craig Pennington, CFA
Ami Shah
Paper and forest products
Metals and mining
Capital goods, Autos
Oil and gas
Utilities
Baltimore
Baltimore
London
London
London
13
14
8
19
3
M.B.A., Duke University
M.B.A., Harvard Business School
M.B.A., Harvard Business School
M.Phil., Oxford University
M.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, CFA
Sin Dee Tan, CFA
Luis Fananas
London
London
London
14
5
15
M.A., Oxford University
M.B.A., London Business School
B.Ec., University of Madrid
EMERGING MARKETS GENERALIST
Ulle Adamson, CFA
Jeneiv Shah, CFA
Oxana Lyalina
Consumer, Telecoms,
Media, Financials
Energy, Industrials, Materials
Generalist
London
London
London
10
5
4
M.A., Sussex University
B.S., University of Warwick
B.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 Bn
Total assets in European equities
As of 30 SEPTEMBER 2013
Figure includes assets across global
and regional portfolios
EUROPEAN
SMALLER
COMPANIES
EQUITY
managed by
Justin Thomson
EUROPEAN
STRUCTURED
RESEARCH
EQUITY
managed by
Kamran Baig
EUROPEAN
EQUITY
managed by
Dean Tenerelli
EUROPEAN
EX-UK
EQUITY
managed by
Dean 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 by
Leigh Innes
interim portfolio manager
Ulle Adamson*
EMERGING EUROPE EQUITY

5. 10 11
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 THOMSON
Joined T. Rowe Price in 1998,
21 years of experience
KAMRAN BAIG
Joined T. Rowe Price in 1998,
18 years of experience
LEIGH INNES
Joined T. Rowe Price in 2002,
15 years of experience
Dean Tenerelli
Joined T. Rowe Price in 2000,
21 years of experience
Dean Tenerelli
Joined T. Rowe Price in 2000,
21 years of experience
Large-capmid-capsmall-capLarge-capmid-capsmall-cap
Ulle Adamson*
Joined T. Rowe Price in November 2002
11 years of Investment Experience
200–300
stocks
AGNOSTIC
50–80
stocks
AGNOSTIC
72–125
stocks
GROWTH
Large-capmid-capsmall-cap
50–80
stocks
AGNOSTIC
* Ulle will resume her role as a full time emerging Europe equity
analyst when Leigh Innes returns from maternity leave
90–120
stocks
GROWTH

6. T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE T. ROWE PRICE | INVEST WITH CONFIDENCE
12 13
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 Fee
Class I 55 basis points
Class A 150 basis points
Class I 65 basis points Class I 65 basis points
Class A 180 basis points
Class I 95 basis points
Class A 190 basis points
Class I 100 basis points
ISIN
Valoren
SEDOL
Class I LU0207128991
Class I 2026940
Class I B39LDN8
Class A LU0285830955
Class I LU0285831334
Class A 3097766
Class I 3253501
Class A B39LFM1
Class I B39LFP4
Class Q (GBP) LU0938199691
Class Q (GBP) 21508567
Class I 3253520
Class Q (GBP) BBBVGY4
Class I B39LFY3
Class A 4854515
Class I 4854532
Class A B3F17Q3
Class 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 LX
Class 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 ThomsonDean 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

7. 15
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:

8. 17
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 Higginbotham
Head of Global Investment Services
16
T. ROWE PRICE | EUROPEAN EQUITIES FUND RANGE

9. 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 investors
in 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.