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Why Emerging Markets Are Critical to Global Equity Investing 27 August 2008 Scott Berg, CFA Global Equity Strategy Associate Portfolio Manager Presentation to PortfolioConstruction Conference 2008 Presentation to PortfolioConstruction Conference 2008 Issued by T. Rowe Price Global Investment Services Limited (“TRPGIS”), Level 29, Chifley Tower, 2 Chifley Square, Sydney NSW 2000, Australia, as Investment Manager, and Equity Trustees Limited (“EQT”) (ABN 46 004 031 298 / AFSL 240975) as the Responsible Entity for the T. Rowe Price Global Equity Fund (“Fund”). EQT is located at Level 2, 575 Bourke Street, Melbourne, VIC 2000. TRPGIS is the Investment Manager for the Fund and is exempt from the requirement to hold an AFSL in respect of the financial services it provides in Australia. TRPGIS is regulated by the FSA under UK laws, which differ from Australian laws. This material is not intended for use by Retail Clients as defined by the UK FSA or as defined in the Corporations Act (Australia) as appropriate Before purchasing units in the Fund potential investors should carefully read the Fund's product UK FSA, or as defined in the Corporations Act (Australia), as appropriate. Before purchasing units in the Fund, potential investors should carefully read the Fund s product disclosure statement issued by EQT which is available from T. Rowe Price or EQT. The Fund is not available for direct investment by retail investors and is only available for investment by wholesale clients, including platform operators. This presentation does not take into account any investor's particular objectives, advice should be taken before investing, applications for the fund can only be made on an application form accompanying a current PDS. T. Rowe Price, Invest With Confidence and the Bighorn Sheep logo is a registered trademark of T. Rowe Price Group, Inc. in the United States, European Union, Australia, and other countries. This material was produced in the United Kingdom.

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Why Emerging Markets Are Critical to Global Equity Investing27 August 2008

Scott Berg, CFAGlobal Equity Strategy Associate Portfolio ManagerPresentation to PortfolioConstruction Conference 2008Presentation to PortfolioConstruction Conference 2008Issued by T. Rowe Price Global Investment Services Limited (“TRPGIS”), Level 29, Chifley Tower, 2 Chifley Square, Sydney NSW 2000, Australia, as Investment Manager, and Equity Trustees Limited (“EQT”) (ABN 46 004 031 298 / AFSL 240975) as the Responsible Entity for the T. Rowe Price Global Equity Fund (“Fund”). EQT is located at Level 2, 575 Bourke Street, Melbourne, VIC 2000. TRPGIS is the Investment Manager for the Fund and is exempt from the requirement to hold an AFSL in respect of the financial services it provides in Australia. TRPGIS is regulated by the FSA under UK laws, which differ from Australian laws. This material is not intended for use by Retail Clients as defined by the UK FSA or as defined in the Corporations Act (Australia) as appropriate Before purchasing units in the Fund potential investors should carefully read the Fund's productUK FSA, or as defined in the Corporations Act (Australia), as appropriate. Before purchasing units in the Fund, potential investors should carefully read the Fund s product disclosure statement issued by EQT which is available from T. Rowe Price or EQT. The Fund is not available for direct investment by retail investors and is only available for investment by wholesale clients, including platform operators. This presentation does not take into account any investor's particular objectives, advice should be taken before investing, applications for the fund can only be made on an application form accompanying a current PDS.T. Rowe Price, Invest With Confidence and the Bighorn Sheep logo is a registered trademark of T. Rowe Price Group, Inc. in the United States, European Union, Australia, and other countries. This material was produced in the United Kingdom.

Biographical BackgroundAs of 30 June 2008

Scott Berg, CFAAssociate Portfolio Manager for the Global Equity Strategy;

• 6 years investment experience

• 6 years with T. Rowe Price

– Joined in 2002 as a research analyst (November 2005 y (recipient of the Institutional Investor “Best of the Buy Side”)1

– 2002-2006, responsible for covering processors and outsourcing stocks in the business services sector, and managed assets for firm’s structured Research Strategyg gy

– 2005-Present, Associate portfolio Manager, Global Equity Strategy

• 2000-2002, MBA from Stanford University (#1 in class)

1997 2000 Financial Anal sis and Planning Manager for Mead• 1997-2000, Financial Analysis and Planning Manager for Mead Consumer and Office Products

• 1995-1997, Business analyst for McKinsey & Company

1991 1994 Graduate of Macquarie University (#1 in class)• 1991-1994, Graduate of Macquarie University (#1 in class)

2

1 Institutional Investor selects its winning “Best of the Buy Side” analysts each year by asking the Wall Street sell-side analysts who receive All-America Research Team votes to designate outstanding buy-side analysts at money management firms. This data has been compiled based on the responses of approximately 550 sell-side analysts from 85 firms in 2005.

A Snapshot of the WorldAs of 30 June 2008

Share of Global Market Cap

Share of Global GDP

Share of Estimated 2008 Global GDP

G

Estimated 2008 GDP Growth2

Estimated 2008 EPS Growth

Estimated 2008 Price-to-EarningsMarket Cap GDP Growth GDP Growth EPS Growth Price to Earnings

Europe 29% 22% 28% 1.6% 4.7% 11.1X

United States 42% 24% 68% 1.1% 9.7% 14.8X

Japan 9% 8% 8% 1.0% -0.1% 15.8X

Australia 3% 2% 2% 3.20% 14.0% 12.5X

Canada 4% 2% 2% 1.0% 23.0% 14.8X

Emerging Markets 12% 30% 50% 5.7% 28.9% 11.2X

1 Does not total 100% as residual percentage is derived outside regions that are shown.

Total $28.80 Trillion4 $60.10 Trillion 91%1 3.3%3 9.6%3 13.1X3

3

2 The Europe figures are for the European Union only.3 Based on MSCI free float adjusted market cap.

Source: MSCI, Morgan Stanley, IMF, and UBS.

Relative Performance

140

160

MSCI Emerging Markets Index /MSCI World Index (rebased to 100)

Emerging Markets Index vs. Developed Markets IndexAs of 31 March 2008

80

100M SCI Emerging M arkets Index Annual Total ReturnM SCI Emerging M arkets Index Excess Annual Total Return over M SCI World Index

Emerging Markets vs. Developed MarketsAs of 31 December 2007

80

100

120

Per

cent

20

40

60

Per

cent

0

20

40

60

-60

-40

-20

0

0Dec-95 Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07

601988 1990 1992 1994 1996 1998 2000 2002 2004 2006

Pace of absolute gains and magnitude of relative outperformance are not sustainable versus the developed markets.

4

MSCI Emerging Markets Index versus MSCI World Index.Source: MSCI, CSFB Research, through Dec 2007 (right chart only).Past performance cannot guarantee future results.

Secular Rise in Emerging Market Labor Force As of 30 May 2008

Working Age Population, 15-64 Cohort Global Population

3,5403,795 3,911 3,937

3,500

4,000

4,500

EmergingDeveloped

34.5

28.724.9 18.2 13.9 14.2

31.830.1

20 2 17.2 15.76 13.835

40

45Percent under 15 YrsPercent over 65 Yrs

1 301

1,693

2,197

2,669

3,174

1 500

2,000

2,500

3,000

3,500

20.6

19.9

19.8

17.4

8

6.4

5.8

5

25.3 17.320.4

20.2

15

20

25

30

35

Mill

ions

Mill

ions

8861,035

1,301

526

580

646

713 76

9

804

830

808

776

748

722

0

500

1,000

1,500

50 55 60 65 70 75 80 85 90 95 00 05 0E 5E 20E

25E

30E

35E

40E

45E

50E

1115

13.5

12.6

10.7

7.9

6.3

5.9

5.7

4.1

5.1

0

5

10

15

nes

ndia

esia

xico

razi

l

hina tina

ates ada

dom

nce

one

any

taly

pan

19 19 19 19 19 19 19 19 19 19 20 20 201

201

202

202

203

203

204

204

205

Phi

lippi I n

Indo

ne

Mex Br

Ch

Arg

ent

Uni

ted

Sta

Can

a

Uni

ted

Kin

gd

Fran

Eur

ozo

Ger

ma It

Jap

Demographic shifts are fueling faster growth in emerging economies

5Source: Bloomberg.

Demographic shifts are fueling faster growth in emerging economies.

Emerging Markets Continue to Grow Faster than Developed Markets

8

9

)

Emerging MarketsWorld

Comparative Real GDP GrowthAs of April 2008

10China

Household Consumption Spending, 2007eAs of 30 April 2007

4

5

6

7

DP

Gro

wth

(% p

.a.)

4

6

8 India

Mexico

Brazil

Korea

US

D, T

rillio

ns

0

1

2

3

80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10E

Rea

l GD

US EU Japan Selected EM0

2

4 Russia

Gulf

S. Africa

80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10E US EU Japan Selected EM

Transitioning to an Emerging Markets led global economy.

6

Source: IMF, Morgan Stanley Research, Worldbank, EIU, and Datasteam. Note to right hand chart: e = Morgan Stanley Research estimates for household spending.

Diversification in Exports

100% 30%

EM Countries – Share of Total Exports, %As of 17 April 2008

Total Exports to U.S. as Share of GDP, %As of October 2007

70%

80%

90%

25%

50%

60%

70%

15%

20%

20%

30%

40%

10%

0%

10%

20%

3 4 5 6 7 8 9 0 1 2 3 4 5 6

0%

5%a el a d n es le a a a a il y t a a h y d

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Other Intra EM EU US Malays

iaIsr

ael

China

Thaila

ndTaiw

anPhil

ippinesChil

eKore

aInd

ones

ia

South

Africa

India

Brazil

Hunga

ryEgy

ptRus

siaArge

ntina

Czech

Turkey

Poland

Intra-Emerging Markets trade boom feeding end-use demand and making

7

Source: Haver Analytics, Morgan Stanley Research. Note to right hand chart: Last 12 months as of October, 2007.

Intra Emerging Markets trade boom feeding end use demand and making Emerging Markets less dependent on exports for growth.

Strong Earnings Growth and Falling DebtAs of 31 December 2007

Earnings Growth Comparison Net Debt/Equity Comparisong p

30.9%31.9%30%

40%Global Emerging MarketsWorld

q y p

65.0%

54 1%60%

80%Global Emerging MarketsWorld

30.9%

18 6%

21.6%16.5%

19.7%

20%46.9%

37.5%

40.7%45.0%

43.8%47.8%

54.1%

40%

12.1%

15.2%

18.6%

12.9%

10.1%11.6%

12.5%

3.0%

14.1%

10%

37.5%

28.4%25.1% 25.1%

21.1%

15.1%

31.6%

20%

0%2002 2003 2004 2005 2006 2007E 2008E

0%2002 2003 2004 2005 2006 2007E 2008E

Performance of the asset class supported by strong earnings growth and improving balance sheets.

8Source: UBS.

Emerging Market IPO VolumesAs of October 2007

IPO Volume 2007 Year-to-Date (In US$ millions)

IPO Volume as a Percentage ofMarket Capitalization

2.0%

1.2%

1.6%

Cap

italiz

atio

n

36%

37%

0.4%

0.8%

% o

f Mar

ket C

Emerging Markets include: North Asia (including China), Latin America and the Caribbean Indian sub-continent and Middle East and Africa

0.0%22%3%

2%

North America

and the Caribbean, Indian sub continent, and Middle East and Africa.

Europe includes Eastern Europe, also an emerging market, which may contribute an additional 10 to 15% of emerging market IPOs.

Emerging Market Europe

9Source: UBS, Dealogic, T. Rowe Price

JapanAustralasia

Growth & Valuations by Region As of 4 August 2008

EPS Growth (%) P/E (X)

2007 2008E 2009E 2007 2008E 2009E

EM 30.1 28.5 15.5 14.3 11.0 9.5

EM Asia 37.3 21.3 10.6 16.3 12.2 11.1

EM Europe, Middle East and Africa 24.4 34.0 20.1 12.3 9.2 7.7

EM Latin America 25.7 34.9 17.7 13.3 11.5 9.7

US -5.1 2.0 29.4 15.7 15.4 11.9

Europe 9.9 3.1 13.2 11.0 10.7 9.4

Japan 7.6 -0.1 10.6 15.2 15.3 13.8

Earnings growth forecast to be slower than recent years but remain robust across all regions, keeping valuations attractive.

10Source: UBS Investment Research.

Financials

BanksFaster economic growth in peripheral markets and low interest rates make loans more affordable.

Capital MarketsOpportunities exist to capitalize on growing tradingOpportunities exist to capitalize on growing trading volumes and healthy M&A environment.

Asset ManagersThe growing affluent population creates demand for investment management and private banking servicesinvestment management and private banking services.

11

Energy

Exploration and ServicesFocus on companies providing specialized services and expertise to the major integrated oils.

Spare Production CapacityEmphasize companies with production capacity that canEmphasize companies with production capacity that can benefit from higher prices over the long-term.

ScarcityCompanies with more accessible reserves or superior recovery technology are at an advantage as resources become scarcetechnology are at an advantage as resources become scarce.

12

The Growth Potential Of Chinese Oil DemandAs of April 2008

35Oil consumption per capita for U.S., Japan, South Korea, China and India

United States, 25.125

30

35

/yea

r)

Lower U.S. labor costs vs. Europe ls/y

ear)

United States, 25.1

Japan 14 8

S. Korea, 17.4

15

20

25

per c

apita

(bar

rels

/

and the U.K. drive American industrialization, enrichment and

thus energy consumption.

on p

er c

apita

(bar

re

Japan, 14.8

5

10

15

Oil

cons

umpt

ion

Lower Korean labor costs. Lower Japanese

labor costs.

Taking just the coastal 1/3 of China to the Korea & Japan level of 16 bbl./capita, is almost 20 mb/d or two Saudi Arabias at 100% of capacity.

Oil

cons

umpt

io

India, 0.9China + Hong Kong, 2.1

0

5

1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000

p y

Oil per capita rises rapidly during early industrialization, then levels and segues to rapid real income growth. Rising world trade actually stimulates the industrialization phase.

13

Source: U.N. Energy Statistics Database, BP Statistical Review of World Energy, U.S. DOE/EIA, U.S. Census, Stifel, Nicolaus & Co., T. Rowe Price.

Tech / Media / Telecom

Digital Migrationg gMedia will increasingly be delivered by non-traditional channels on increasingly sophisticated hand held devices.

Telecommunication ServicesPrefer service providers in markets with rational competition and low penetration rates.

Technology Makes it all WorkFocus on companies that enable change such as those leveraged to the internet, IP routing or wireless data transfer.

14

Tech / Media / Telecom – Digital Migration and Wireless PenetrationAs of 31 December 2006

Allocation of Advertising Dollars50% $200

Wireless Service Penetration RatesIt l

40%

50%

$

$180

$200

Television

ItalyGreece

UKCzech

Hong KongSweden

SpainFinlandRussia

DenmarkGermany

Singapore

132%124%

117%114%114%114%

112%110%

105%103%102%

100%

20%

30%

Pen

etra

tion

Rat

e

$140

$160

($ billions)

NewspaperTotal Ad-Supported Media

(right axis)

SingaporeSwitzerland

AustraliaTaiwan

HungaryFranceKoreaJapanChileU.S.

TurkeyColombia

100%100%

99%95%

93%81%81%

76%75%

73%65%65%

Price Competition

10%

P

$100

$120Radio

Online

Magazines

ColombiaArgentina

CanadaVenezuela

BrazilMexico

PhilippinesChina

IndonesiaPeru

EgyptPakistan

65%63%

56%55%

53%47%

40%32%

25%22%22%

19%

Under Penetrated Markets

0%96 97 98 99 00 01 02 03 04 05 06 07E 08E

$80

PakistanNigeria

India

19%16%

9%

0% 20% 40% 60% 80% 100% 120% 140%

Penetration Rate

New online providers are taking share from traditional media and total ad-spend is rising.

Wireless service is still a growth story in under penetrated emerging markets.

15Source: Thomas Weisel Partners, Merrill Lynch, T. Rowe Price.

Questions and Answers

Global — More Than The Sum Of The PartsAs of 30 June 2008

Global

Regional Strategies

Global Equity Best Ideas Portfolio

U.S. PacificEx-Japan

Europe Japan Emerging Markets

42 Regional and DiversifiedPortfolio Managers1

FinancialServices

HealthSciences

Technology Media andTelecom

NaturalResources

Global Sector Strategies

7 Sector Portfolio Managers

Real Estate

Global Equity Research Resources 113 AnalystsWorldwide2

Global Equity Strategy Leverages our Global Structure.

17

1 36 Diversified Portfolio Managers and 6 Associate Portfolio Managers. 2 15 Portfolio Managers/Analysts, 72 Research Analysts, 22 Associate Research Analysts, 2 Distribution Management Services Associates, and 2 Specialty Analysts.

T. Rowe Price Global Equity Fund HoldingsAs of 30 June 2008

Issuer Name Industry% Mkt Value Mkt Cap

Issuer Country Description

America Movil Wireless T l i i

4.8% 91,058 Mexico America Movil S.A. de C.V. provides wireless communications services in ll i f M iTelecommunication

Servicesall regions of Mexico.

Google Internet Software & Services

4.0% 165,345 United States

Google Inc. provides a web based search engine through its Google.com website.

American T C

Wireless T l i ti

3.1% 16,755 United St t

American Tower Corporation owns, operates, and develops wireless i ti d b d t t i th U it d St tTower Corp Telecommunication

ServicesStates communications and broadcast towers in the United States.

Alcatel-Lucent Communications Equipment

3.0% 14,090 France Alcatel-Lucent manufactures telecommunications equipment, and offers telecommunications services.

Gazprom OAO

Oil, Gas & C bl F l

2.7% 337,003 Russia Gazprom extracts, transports, stores, and sells natural gas. The Company i th t th St t dOAO Consumable Fuels is the successor to the State-owned gas company.

BHP Billiton PLC

Metals & Mining 2.2% 222,912 United Kingdom

BHP Billiton Limited is an international resources company.

Amazon.com I

Internet & Catalog R t il

2.1% 30,628 United St t

Amazon.com is an online retailer of books, CDs, videos, DVDs, and other dInc Retail States consumer goods.

Orascom Telecom

Wireless Telecommunication Services

2.1% 13,311 Egypt Orascom Telecom Holding SAE operates and participates in joint ventures that run GSM networks and operations in Africa and the Middle East.

Telefonica SA Diversified T l i i

2.0% 126,953 Spain Telefonica S.A. provides telecommunications services mainly to countries i E d L i A iTelecommunication

Servicesin Europe and Latin America.

WellPoint Health Care Providers & Services

2.0% 25,078 United States

WellPoint Inc. is a health benefits company.

18

Top 10 Issuers % of TNA 28.0%

The specific securities identified and described do not represent all of the securities purchased or sold for this Fund and no assumption should be made that the securities identified and discussed were or will be profitable.

T. Rowe Price Global Equity Fund HoldingsAs of 30 June 2008

Issuer Name Industry% Mkt Value Mkt Cap

Issuer Country Description

Rolls-Royce Group Aerospace & 1.9% 12,382 United Rolls-Royce is a leading provider of power systems and services for the PLC Defense Kingdom civil aerospace, defence aerospace, marine and energy markets.

Juniper Networks Communications Equipment

1.8% 11,643 United States

Juniper Networks, Inc. provides Internet infrastructure solutions for Internet service providers and other telecommunications service providers.

E.ON AG Electric Utilities 1.7% 134,609 Germany E.ON's principal activity is the provision of energy services; the company also imports natural gas and supplies specialty chemicals.also imports natural gas and supplies specialty chemicals.

Grupo Financiero Banorte SAB de CV

Commercial Banks 1.6% 9,495 Mexico Grupo Financiero Banorte is one of Mexico’s leading bank groups, providing a variety of banking, lending, investment, and money exchange services through more than 1,000 branches and3,500 ATMs.

Sprint Nextel Corp Wireless T l i ti

1.6% 27,085 United St t

Sprint Nextel Corporation offers a range of wireless and wireline i ti i t b i d tTelecommunication

ServicesStates communications services to consumer, business, and government

customers.Murphy Oil Corp Oil, Gas &

Consumable Fuels1.6% 18,627 United

StatesMurphy Oil Corporation is a worldwide oil and gas exploration and production company with refining and marketing operations

Goldman Sachs Capital Markets 1.5% 74,787 United The Goldman Sachs Group, Inc. is a global investment banking and p ,States

p, g gsecurities firm specializing in investment banking, trading and principal investments, and asset management and securities services.

Deere & Co Machinery 1.5% 31,084 United States

Deere & Company manufactures and distributes a range of agricultural, construction, and commercial and consumer equipment.

Baker Hughes Inc Energy Equipment 1 5% 26 903 United Baker Hughes Incorporated supplies reservoir centered products servicesBaker Hughes Inc Energy Equipment & Services

1.5% 26,903 United States

Baker Hughes Incorporated supplies reservoir-centered products, services, and systems to the worldwide oil and gas industry.

Industrial & Commercial Bank of China

Commercial Banks 1.5% 238,377 China Industrial and Commercial Bank of China Ltd provides a broad range of personal and corporate commercial banking services all over China.

19

Top 20 Issuers % of TNA 46.5%

The specific securities identified and described do not represent all of the securities purchased or sold for this Fund and no assumption should be made that the securities identified and discussed were or will be profitable.

Total Return Performance

T. Rowe Price Global Equity FundPeriods Ending 30 June 2008 ($AUD)

Global Equity Fund

1 Month 3 Months YTD 1 Year

Since Inception

15 Sep 2006

T. Rowe Price Global Equity Fund (Gross of Fees)1 -10.23 -3.77 -17.41 -13.27 -2.86(Gross of Fees)

T. Rowe Price Global Equity Fund (Net of Fees) -10.34 -4.09 -17.97 -14.41 -4.12

MSCI AC World Index2 -8.77 -6.17 -18.03 -19.37 -7.39

Value Added3 -1.57 2.08 0.06 4.96 3.27

Calendar Years

YTD 2006 2007 2008

T. Rowe Price Global Equity Fund (Gross of Fees)1 6.69 7.76 -17.41

T. Rowe Price Global Equity Fund (Net of Fees) 6 29 6 38 -17 97

1 Gross-of-fees performance figures are estimated by taking month end net asset values and adding back the monthly prorated expenses based on the annual expense

(Net of Fees) 6.29 6.38 -17.97

MSCI All Country World Index25.59 0.70 -18.03

20

p g y g g y p p pratio as provided in the product disclosure statement.

2 Shown with gross dividends reinvested.3Value Added Global Equity Fund (Gross of Fees) compared to MSCI All Country World Index. Figures include changes in principal value, reinvested dividends and capital gain distributions. Investment return and principal value will vary, and an account may be

worth more or less at termination than at inception. Past performance cannot guarantee future results.

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