Global Allocation StrategyMarch 2017

The world’s investment opportunities. Our firm’s global research.ONE STRATEGY.

Balancing Global Perspectives with Local InsightsGlobally diversified dynamic balanced portfolio seeks long-term growth and income across market cycles. Seeks to protect against inflation and sustain performance in rising interest-rate environments.

MULTI-ASSET EXPERIENCE

The Asset Allocation group has over 25 years of experience managing multi-asset-class portfolios, with US$239 billion1 of assets under management in multi-asset strategies.

GLOBAL EXPERTISE

Portfolio Manager Charles Shriverleverages the expertise of ourAsset Allocation Committee—representing senior equity, fixedincome and multi-asset investment professionals—for top-down decisions across global asset classes.

ACTIVE MANAGEMENT

Bottom-up security selection is expected to be a significant driver of added value. Security selection by experienced sector specialists draws on the fundamental research of our 240+ analysts worldwide.

¡ U.S. Large-Cap Growth ¡ U.S. Large-Cap Value ¡ Europe ¡ Japan ¡ Asia ex-Japan ¡ Australia ¡ Canada ¡ Emerging Markets ¡ Global Real Estate ¡ Global Natural Resources

¡ Global Investment Grade ¡ Global High-Yield ¡ Emerging Markets

(Hard Currency) ¡ Emerging Markets

(Local Currency)

Global Unconstrained Bond Seeks: ¡ Sustainable income ¡ Capital preservation and

downside risk management ¡ Generally low correlation with

risk markets

1 The combined asset allocation portfolios managed by T. Rowe Price group of companies as of 31 December 2016. 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 Includes cash.

FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION

Strategic Asset Allocation

60%

Strategic Asset Allocation

30%

Strategic Asset Allocation

10%

ALTERNATIVE ALPHAFIXED INCOME2EQUITIES

IMPORTANT INFORMATIONThe views contained herein are as of the date of publication and may have changed since that time. Unless indicated otherwise the source of all market data is ICE Benchmark Administration.This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recording provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only. The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The material has not been reviewed by any regulatory authority in any jurisdiction. The material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. EEA – Unless indicated otherwise this material is issued and approved by T. Rowe Price International Ltd, 60 Queen Victoria Street, London, EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.Switzerland – Issued in Switzerland by T. Rowe Price (Switzerland) GmbH, Talstrasse 65, 6th Floor, 8001 Zurich, Switzerland. For Qualified Investors only.DIFC – Issued in the Dubai International Financial Centre by T. Rowe Price International Ltd. This document is communicated on behalf of T. Rowe Price International Ltd by its representative office which is regulated by the Dubai Financial Services Authority. For Professional Clients only.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, European Union, and other countries. This material is intended for use only in select countries.

C47EZZM4K2017-GL-5700

PEOPLE

Asset Allocation Group ¡ Portfolio Management ¡ Asset Allocation Research & Development ¡ Portfolio Analysis & Cash Flow Management

Asset Allocation Committee ¡ Senior investment professionals from Equity, ¡ Fixed Income and Asset Allocation groups

Active Management ¡ Senior Equity and Fixed Income professionals

PHILOSOPHY

¡ Risk/Return profile—Moderate

¡ Active management within underlying strategies represents a significant driver of excess returns

¡ Tactical asset allocation—6-18 month horizon, tilts portfolio weights with emphasis on relative value

¡ Risk Management Portfolio-level—Continuous “look through”

monitoring, portfolio risk aggregation, decomposition and analysis.

Sub-portfolio-level—Monitoring and management by managers of component portfolios, with Asset Allocation steering committee oversight

¡ Co-head of the Asset Allocation Committee ¡ B.A. in economics and rhetoric/communications

studies from the University of Virginia ¡ M.S.F. in finance from Loyola University Maryland ¡ Graduate diploma in public economics from

Stockholm University.

PROCESS

Charles M. Shriver, CFA Portfolio ManagerInvestment Experience: 17 yearsAt T. Rowe Price: 24 years

Global Allocation Strategy March 2017

¡ Portfolio construction ¡ Implementation of tactical allocation decisions ¡ Ongoing portfolio management and oversight

Tactical asset allocation: Meet monthly to decide over- and underweights to asset and sub-asset classes, with an emphasis on relative valuation

Security selection by experienced sector specialists drawing insights from T. Rowe Price’s global team of fundamental research analysts